Trident Ltd Share Price – NSE  /  BSE

Textiles, Small Cap

The total installed capacity of roof top solar power plant at Budhni facility in Madhya Pradesh has reached 29.5 MWp.

The power generated from solar power project shall be consumed for manufacturing facilities located at Budhni, Madhya Pradesh resulting in considerable reduction of carbon footprint, stated the company.

Trident is one of the largest towel manufacturers of the world, one of the world's largest agro–based paper manufacturers and one of the largest yarn producers in India. Trident is a vertically integrated textile (Yarn, Bath & Bed Linen) and Paper (Wheat Straw-based) manufacturer.

The company’s consolidated net profit decreased 24.59% to Rs 108.78 crore despite of 11.81% rise in revenue from operations to Rs 1,835.34 crore in Q3 FY24 over Q3 FY23.

The scrip rose 0.17% to settle at Rs 40.27 on Wednesday 10 April, 2024. The market is closed today on account of Id-Ul-Fitr (Ramzan Id).

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The agency has also affirmed the company’s short-term rating at “CARE A1+”.

CARE Ratings stated that the ratings assigned to bank facilities of Trident continue to derive strength from its experienced management, diversified and integrated operations across textile, paper and chemicals, geographically diversified revenue stream, and long and established customer relationship with large global retailers for its home textile business.

Ratings also factor its comfortable capital structure and debt coverage indicators, strong liquidity, and fiscal incentives available for textile sector. Despite increase in its term debt for large size debt funded capex, the overall gearing is expected to remain comfortable in medium term supported by healthy net-worth base.

The rating strengths are, however, tempered by decline in total operating income (TOI) and profitability in FY23 due to slowdown in textile exports followed by high interest rate and inflationary pressure in developed markets, however, TOI and profitability grew in 9MFY24 on y-o-y basis.

The ratings also factor the company’s working capital intensive operations, susceptibility of profitability margins to cotton price volatility and foreign exchange rate movements and its presence in the inherently cyclical, fragmented, and competitive textile and paper industries.

The ratings also take cognisance of stabilisation and saleability risks associated with the company’s large-size debt-funded expansion projects, albeit fiscal incentive associated with the project provides comfort.

Trident is the flagship company of the Punjab-based Trident group. The company is engaged in manufacturing of cotton yarn, towel, bed sheet, paper, and chemical products.

The scrip rose 0.49% to currently trade at Rs 40.99 on the BSE.

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Trident has received affirmation in credit ratings for bank facilities at CARE AA; Stable / CARE A1+.

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Trident announced the exercise of 7,500 equity shares under ESOS on 15 March 2024. Consequently, the Trident Limited Employees Welfare Trust, will transfer the said equity shares to the concerned option grantees/eligible employees in due course.

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