Trident falls over 10%

Trident is currently the top loser on the BSE, opening 5.5% lower at Rs.6.60 and then hitting an intraday low at Rs.6.25, a fall of 10.5%. Its 20% LC for today is at Rs.5.59.

The market is very disappointed with its Q3FY20 performance. The company, which is a vertically integrated Textile (Yarn, Bath & Bed Linen) and Paper (Wheat Straw-based) manufacturer, posted a 71% (YoY) drop in net profit at Rs.42 crore.

This was on a 13% fall in total revenue at Rs.1140 crore. EBITDA came in at Rs.28% at Rs.202 crore and margins fell 385 bps point from 21.6% to 17.6%.

Though its interest cost, YoY has come down 16% to Rs.23 crore, it was only thanks go the lower rates because its net debt actually rose from Rs.1506 crore to Rs.1663 crore.