Trident (TRIDENT) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 total income reached INR 17,496 Mn, up 18.4% year-over-year and 2.94% sequentially, driven by increased demand.

• Net profit for Q1 FY25 was INR 736-738.9 Mn, down 18.51-19.1% year-over-year but up 14.64-25.2% sequentially.

• Board declared and paid a 1st interim dividend of INR 0.36 per share for FY25.

• Export revenue share remained strong, with 61% of FY24 revenue from exports.

• A fire at the Dhaula facility caused inventory loss, but no plant/machinery damage or casualties; net financial impact was not material.

Financial highlights

• Profit before tax for Q1 FY25 was INR 1,015 Mn, down 15.78% year-over-year but up 20.65% sequentially.

• EPS for Q1 FY25 was 0.15, a 16.67% decrease year-over-year but a 15.38% increase sequentially.

• Net debt as of June 2024 stood at INR 15,517 Mn, with net debt/EBITDA at 0.37x and net debt/equity at 1.51x.

• Consolidated EBITDA for Q1 FY25 was INR 2,245.3 Mn; EBITDA margin stood at 13.63%.

• Historical FY24 total income was INR 67,903 Mn, with EBITDA of INR 9,949 Mn and PAT of INR 3,896 Mn.

Outlook and guidance

• Focus on developing differentiated products, targeting luxury and sports segments, and increasing plant capacity utilization through digitization and lean practices.

• Management expects no material impact from the recent income tax search; business operations continue undisrupted.