Textile firm Trident Ltd has reported 88.22% year-on-year (YoY) jump in the consolidated profit at Rs 211.09 crore for the quarter ended December 2021. The company had posted a profit of Rs 112.15 crore in the corresponding quarter of the previous financial year.
Commenting on the performance, Rajinder Gupta, Chairman at Trident Group, said, “ÍžThe company has shown high resilience and displayed strong performance despite challenging environment. We will continue to create value and maintain TridentÍ›’s excellence-centric mindset to achieve even stronger and better results in the coming years.”
Trident’s consolidated revenue from operations grew by 51.94% YoY at Rs 1,980.01 crore as against Rs 1,303.15 crore posted in the same quarter a year ago. EBITDA stood at Rs 406.06 crore, up 143%, against Rs 166.96 crore posted last year. Total expenses were higher at Rs 1,673.88 crore in the third quarter as compared to Rs 1,157.73 crore.
The company in a regulatory filing said that its Net Debt increased in Q3 FY22 to reach the level of Rs 1,484.89 crore as compared to Rs 1,045.39 crore as of September 30, 2021. Net Debt to Equity ratio stood at 0.41x. Its Textile Segment Revenue stood at Rs 17,05.93 crore in Q3 FY22 compared to Rs 1,107.77 crore in Q3 FY21. Paper Segment Revenue stood at Rs 2,51.95 crore in Q3 FY22 as compared to Rs 1,82.41 crore in Q3 FY21.
Meanwhile, the company announced that its wholly-owned subsidiary Trident Global Corp issued 2,81,850, 9 per cent Compulsorily Convertible Debentures (CCDs) having a Face Value of Rs 600 each aggregating to Rs 16.91 crore to the promoter & promoter group.
Trident is a vertically integrated textile (yarn, bath & bed linen) and paper (wheat straw-based) manufacturer and is one of the largest players in the home textile space in India.