Indian towel-to-paper maker Trident Ltd reported a 29% fall in its first-quarter profit on Thursday, hurt by weak demand in its key yarn segment.
Consolidated net profit after tax fell to 913.4 million rupees ($11.15 million) for the quarter ended June 30, from 1.29 billion rupees a year earlier.
Profit after tax for the company, which makes bedsheets, towels, yarn and stationery paper, fell for the fifth straight quarter.
Trident continues to see slow demand from the last quarter of fiscal 2023 when India’s textile industry faced cuts in customer spending amid inflationary pressures.
The Punjab-based company’s consolidated revenue from operations fell 11% to 14.94 billion rupees, hurt by weak demand.
Revenue from the yarn segment, which makes 43% of the total revenue, fell 37%. Revenue from the towel and bedsheets businesses rose 12% and 7.7%, respectively.
Additionally, the company has approved the sale of a stake in its unit, Trident Global Corp Limited.
Trident shares closed 0.6% higher ahead of the results.