Trident Ltd’s shares fell more than 5% on the bourses, after the company reported overall disappointing earnings for the September quarter on November 12.
The textile fabric manufacturers’ net profit for the September-ended quarter slumped 82.6% on year to 397 million rupees, and was down 67.9%, sequentially.
The company’s total income for July-September quarter stood at 14,239 million rupees as against 16,727 million rupees on year, which was down by nearly 15%.
The Punjab-based company, in its press release said that its revenue from the textile segment has fallen nearly 10% in H1FY23 compared to H1FY22.
On the technical front, analysts believe the stock to remain in the under-performer zone.
"Trident remains an under-performer, most recoveries in the recent past remained short lived. The stock is expected to consolidate at lower band with overhead resistance near 40,” said Amit Trivedi, market analyst, assistant vice president- technical and derivatives research at Yes Securities.
Further, the Trident Group company also announced capital expenditure plans worth 8,930 million rupees for capacity addition in yarn, bathlinen and chemical business.
In 2021, the company had announced capital expenditure plans worth 13,770 million rupees, for which it said that the projects are under different implementation stage, and commercial production is expected to commence by September 2023.