Indian textiles firm Trident posts lower Q3 profit as expenses spoil festive mood

Shoppers Stop

06/02/2024 11:37

BENGALURU, Feb 6 (Reuters) - Indian textiles firm
Trident Ltd  TRIE.NS  posted a nearly 25% drop in its
third-quarter profit, hurt by a rise in expenses, even as
consumers bought more home linen during the festive season. 
    Trident - which counts cotton as its primary raw material -
said its total expenses jumped 16% for the quarter ended Dec.31,
with costs of raw materials climbing about 9%. This ate into its
profit, which fell to 1.09 billion.
    Shares of Trident - which supplies products to department
stores such as Shoppers Stop  SHOP.NS , D-Mart  AVEU.NS  and
Walmart  WMT.N  - closed 2.6% lower after the results. 
    India's festive season coincided with the third quarter,
with consumers spending more on home linen items such as
bedsheets. This helped Trident report a 12% jump in revenue to
18.35 billion rupees ($220.99 million).
    The company, which is also engaged in manufacturing paper
and chemicals, said revenue from its yarn and bedsheets segment
rose about 25% and 36%, respectively, while its towels division
fell 8%. 
    All three segments made up 86% of the total revenue.      

($1 = 83.0343 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia
Cheema)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))