Trident is among the top five gainers on the BSE since the opening bell today despite a disappointing Q3FY23 performance; it’s a not-as-bad-as-expected kind of reaction to the numbers.

The stock price rose over 6% to an intraday high at Rs.34.45 on the back of more than 2x rise in volumes. Its 52-week high and low stands at Rs.63.75 and Rs.30.45 respectively.

Total consolidated revenue was down 17% (YoY) at Rs.1649 crore and net profit fell 32% to Rs.144 crore.

Except for paper and chemicals, all segments – yarn, towel and bedsheets have shown a decline.

In its home textile division, production of bath linen declined 18.77% (YoY) to 4,292 metric tonnes (MT). Production of bed linen dropped 20.56% to 2.86 million metres (MM). Production of yarn tumbled 30.9% to 7,486 MT. Its paper & chemicals division, production of paper fell 9.96% while production of chemicals rose 0.9%.