Trident At Over One-Week Low After Q4 Profit Declines
The textiles manufacturer's fourth-quarter consolidated net profit declined 54.8% on the year to Rs 59 crore.
Shares of Trident Ltd. slipped to their lowest level in more than one week on Tuesday after its net profit fell over 54% during quarter ended March 2024.
The textiles manufacturer's fourth-quarter consolidated net profit declined 54.8% on the year to Rs 59 crore. Trident's profit margin also declined 490 basis points on the year to 12% in the quarter ended in March.
Trident (Q4, Consolidated YoY)
Net profit down 54.8% to Rs 59 crore.
Revenue up 6.9% to Rs 1,682 crore.
Ebitda down 24.2% to Rs 202 crore.
Margin at 12% versus 16.9%.
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Shares of Trident Ltd. declined 9.14% to Rs 36.80, the lowest level since May 10. It pared losses to trade 6.17% down at Rs 38.00 as of 11:05 a.m., as compared to 0.01% decline in the NSE Nifty 50 index.
The stock gained 10.63% in 12 months and 4.82% so far this year. The total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 43.87.
Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data.
