Trident Q1 profit down 92% to Rs 10 crore

Business

Trident Ltd on July 18 reported 91.7 percent decline in consolidated net profit at Rs 10.11 crore for June quarter due to disruptions caused by COVID-19. The company posted a net profit of Rs 122.43 crore in April-June 2019-20, Trident said in a BSE filing.

Revenue from operations was down 46 percent to Rs 708.54 crore as against Rs 1,312.15 crore in the year-ago period.

“COVID-19 has impacted the normal business operations of the company by way of interruption in production, supply chain disruption, unavailability of personnel, closure/lockdown of production facilities etc. during the lockdown period and to an extent even subsequent to lifting/easing of lockdown restrictions,” the company said.

As a result of lockdown, the volumes of April and May were impacted.

“The decrease is primarily due to COVID-19 related market volatility during the current quarter. Therefore, results for Quarter 1 of 2020-21 are not comparable to previous corresponding period results,” the company said.

Trident’s total expenses were at Rs 700.95 crore in June quarter as against Rs 1,130.90 crore earlier.

Punjab-based Trident operates in segments as home textiles, yarns, papers and energy.

Its revenue from textiles was at Rs 586.30 crore, down 44.90 percent from the year-ago period.

Paper and chemicals segment’s revenue was down 50.69 percent to Rs 122.31 crore during the quarter.

Written by Rakesh Sashmal