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Trident stock falls over 7% as Coronavirus affects Q1 earnings

The stock fell 7.23% intra day to Rs 5.90 against previous close of Rs 6.36

twitter-logoBusinessToday.In | July 20, 2020 | Updated 19:11 IST
Trident stock falls over 7% as Coronavirus affects Q1 earnings

Trident share price slipped on Monday after the firm reported a 91.7 per cent fall in consolidated net profit. The stock fell 7.23% intra day to Rs 5.90 against previous close of Rs 6.36.

It closed 2.83% lower at Rs 6.18.  Total 20.74 lakh shares changed hands amounting to turnover of Rs 1.27 crore on BSE.  The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

The share has gained 13.19% in one year but lost 8.44% since the beginning of this year.

Net profit fell to Rs 10.11 crore for June quarter due to disruptions caused by COVID-19.

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In June quarter of 2018-19, the firm posted a net profit of Rs 122.43 crore. Revenue from operations fell 46 per cent to Rs 708.54 crore against Rs 1,312.15 crore in the year-ago period.

"COVID-19 has impacted the normal business operations of the company by way of interruption in production, supply chain disruption, unavailability of personnel, closure/lockdown of production facilities etc. during the lockdown period and to an extent even subsequent to lifting/easing of lockdown restrictions," the company said.

Total expenses fell to Rs 700.95 crore in June quarter against Rs 1,130.90 crore earlier.  Punjab-based Trident operates in segments as home textiles, yarns, papers and energy.

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