;
Home / Knowledge / News / Textiles / Q1FY16 net zooms 89% at home textiles exporter Trident
Q1FY16 net zooms 89% at home textiles exporter Trident
03
Aug '15
Net profit at one of the biggest Indian home textiles producer and exporter Trident Ltd zoomed 89 per cent year over year in the three months to June 30, 2015.

In a BSE filing, Trident said its net profit soared 89 per cent to Rs 61.0 crore in the first quarter of fiscal 2016 vis-à-vis Rs 32.3 crore in the three months to June 30, 2015.

Net revenue in the reporting quarter however climbed down 3.7 per cent at Rs 879.1 crore compared to Rs 913.3 crore in prior fiscal first quarter.

“Net sales declined due to lower yarn realisations and higher captive consumption of yarn,” the Rajinder Gupta led Trident explained.

Finance cost declined by 23.5 per cent to Rs. 44.5 crore in the quarter under review from Rs 58.1 crore in the previous fiscal's first quarter.

It also informed that, improvement in its credit rating has enabled the Company to significantly reduce the overall interest costs.

The Company repaid term loan amounting to Rs 102.9 crore during the quarter, which includes prepayment of high cost debt of Rs 32.2 crore, while outstanding term debt as on June 30, 2015 stood at Rs 1,896.5 crore

The equity ratio at the end of June 30, 2015 stood at 1.77:1, while the filing observed that debt level increased due to expanded capacities and return ratios improved due to improved margins

Cash profits at Rs 142.3 crore in the first quarter of fiscal 2016 were higher versus Rs 113.1 crore in the corresponding quarter of last fiscal.

The Trident board of directors has approved raising funds totaling to Rs 60 crore through issue of unlisted non-convertible cumulative redeemable preference shares on private placement basis.

The strategy committee of the Company has revisited Capex plan of yarn modernization project at Rs 103.9 crore and captive power project of Rs 393 crore at its facility in Budhni, Madhya Pradesh.

“This is in-line with management's focus on consolidating its existing terry towel operations and upcoming composite bed linen project,” it noted.

Going forward, based on free cash flow generation, Trident may evaluate a captive power plant at its Budhni Facility in smaller phases.

Chairman Rajinder Gupta said, “Trident has begun the year on a positive note with steady performance backed by healthy demand scenario and improved off-take of home textile products.”

“Our focus currently would be to drive growth by leveraging and consolidating the existing terry towel operations and stabilising the upcoming composite bed linen project,” he too added.

“Capex would be deployed only for necessary de-bottlenecking to enhance productivity and performance in the upcoming years,” Gupta too observed.


Must ReadView All

Government notifies 207 HSN Codes as technical textiles

Textiles | On 19th Jan 2019

Government notifies 207 HSN Codes as technical textiles

The government of India has notified 207 HSN Codes as technical...

Two US senators introduce Cambodian Trade Act of 2019 bill

Apparel/Garments | On 19th Jan 2019

Two US senators introduce Cambodian Trade Act of 2019 bill

Two US senators recently introduced the Cambodian Trade Act of 2019...

Rwanda to open silk factory in Kigali in Feb

Textiles | On 19th Jan 2019

Rwanda to open silk factory in Kigali in Feb

Rwanda will open a new silk factory in February at the Kigali Special ...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Textile institutes need to change their curriculum

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Saket Garg, Garg Corporation

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search