Trident results impact, Trident share price: Shares of textile major Trident Limited slumped over 12 per cent to touch the day’s low level of Rs 35 per share on the BSE and NSE intraday during Wednesday’s session. The decline in the stock was mainly due to two reasons – muted quarterly performance and stepping down of the founder/chairman.
On a consolidated basis, Trident’s net profit dropped by 37.45 per cent to Rs 129.35 crore in the first quarter of the financial year 2022-23 (Q1FY23) as against Rs 206.81 crore recorded in Q1FY22.
The company’s consolidated revenue from operations jumped 13.32 per cent to Rs 1,679.9 crore in the June-end quarter of FY23 from Rs 1,482.38 crore in a year-ago quarter. While its operating margin declined to 18.96 per cent against 29.37 per cent year-on-year.
Meanwhile, the company’s board had declared a first interim dividend of Rs 0.36 per fully paid-up equity share for the financial year 2022-23. The said interim dividend will be credited/ dispatched to the shareholders by Wednesday, 7 September 2022 i.e within 30 days from the date of declaration.
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While announcing the June quarter results, the textile major also said in a separate filing that its founder and chairman Rajinder Gupta has expressed his intention to step down as director and non-executive chairman of the company due to health issues and family commitments.
Respecting the request received from Gupta to relieve him from his duties, the company’s board commended the unparalleled contribution of the founder in building the company and graced the decision of prioritising healthcare and family commitments, Trident Limited said in a statement.
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Trident is the flagship company of Trident Group, a USD over 3-billion Indian business conglomerate. Headquartered at Ludhiana in Punjab, the company operates in three major business segments — textiles, paper and chemicals — with its manufacturing facilities in Punjab and Madhya Pradesh.
The stock of the textile company on Wednesday closed over 4 per cent lower to Rs 38.05 and Rs 38.15 per share on the BSE and NSE, respectively.
