Profit before tax tumbled 83.5% to Rs 50.61 crore in Q2 FY23 as against Rs 306.33 crore recorded in the corresponding quarter previous year.

EBITDA dropped by 64.2% to Rs 147.7 crore in Q2 FY23 from Rs 412.9 crore posted in Q2 FY22. EBITDA margin declined to 10.4% in Q2 FY23 as compared to 24.7% reported in the same period last year.

The company's revenue from Textiles division stood at Rs 1,077.47 crore (down 23.41% YoY) and revenue from Paper & chemicals division was at Rs 341.86 crore (up 33.55%) in Q2 FY23.

On the margins front, the company's operating margin declined to 11.70% in Q2 FY23 as against 27.55% reported in Q2 FY22. Net profit margin reduced to 3.57% in Q2 FY23 as compared to 1 8.43% recorded in Q2 FY22.

The company's net debt reduced by 42% amounting to Rs 751.1 crore as on 30 September 2022. Net debt to EBITDA increased to 1.27 times while net debt to equity declined 0.20 time as on 30 September 2022

On consolidated basis, the company's net profit tumbled 84.1% to Rs 35.30 crore on 15% decline in net sales to Rs 1,437.67 crore in Q2 FY23 over Q2 FY22.

Trident has announced capex worth Rs 893 crore for capacity addition in Yarn, Bathlinen & Chemical business. The company has earlier announced capex worth Rs 1,377 in 2021 for which the projects are under different implementation stage and expected to begin its commercial production by September 2023.

Meanwhile, the company's board has approved the appointment of Avneesh Barua as a chief financial officer & key managerial personnel (CFO & KMP) of the company. The board appointed Barua on 12 November 2022.

Headquartered in Punjab, Trident is vertically integrated textile (yarn, bath & bed linen) and paper (wheat straw-based) manufacturer and is one of the largest players in home textile space in India. The company operates in two major business segments: textiles and paper with its manufacturing facilities located in Punjab and Madhya Pradesh.