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Economic Times
7 days ago
- Business
- Economic Times
JM Financial maintains Buy on Trident, target price Rs 38
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel JM Financial has maintained its Buy call on Trident with an unchanged target price of Rs 38. The current market price of Trident is Rs 33.13. The time period given by analyst is a year when Trident price can reach defined target. Trident, incorporated in 1990, is a Mid Cap company with a market cap of Rs 16882.90 crore, operating in Textiles key products/revenue segments include Towels, Yarn, Bed Sheets, Export Incentives, Waste, Other Operating Revenue, Paper, Others, Sale of services for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1883.36 crore, up 11.95% from last quarter Total Income of Rs 1682.36 crore and up 10.76% from last year same quarter Total Income of Rs 1700.45 crore. The company has reported net profit after tax of Rs 133.42 crore in latest company?s top management includes Gupta, Ahuja, Sangwan, Dewan, Nanda, De Sa, Gupta, Kamal, Ahuja, Sangwan, Dewan, Nanda, De Sa, Kamal. Company has S R Batliboi & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 510 crore shares reported consol. EBITDA of Rs 2.4 billion, marginally lower than JM Financial estimate of Rs 2.5 billion. Revenue from home?textile segment witnessed growth by ~11% QoQ while revenue from paper segment increased by ~4% QoQ. Textile segment EBIT margins came in at 7.6% during the quarter vs. 5.7% in 3Q while margins for the paper segment increased to 22.3% vs. 21% in 3Q. Consolidated EBITDA margin expanded by 30bps (13.1% vs. 12.8% in 3Q) driven by lower costs vis-a-vis sales. Net debt decreased to Rs 8.9 billion as at end of 4QFY25 vs INR15.3bn as at end of 4QFY24, a reduction of Rs 6.3bn. During the quarter, TGEPL acquired a wholly owned subsidiary THTL Trading LLC in Dubai and acquired 24.5% of equity shares of Trident Global Inc. (TGI) from Trident Home Textiles Limited. The company divested its entire stake in Trident Europe Limited (100%) and Trident Global Inc (73.5%) to TGEPL, following which both entities became wholly-owned subsidiaries of TGEPL. The company received insurance claim amounting to Rs 253.2 million for the fire accident in 1Q and charged off Rs 39 million, which it assessed as not recoverable after the final statement. JM Financial revised its earnings downward by 22% / 17% driven by lower than expected growth. They rolled forward the target price to FY28 with a P/E multiple of 28x. Maintains held 73.68 per cent stake in the company as of 31-Mar-2025, while FIIs owned 3.02 per cent, DIIs 0.1 per cent.
Time of India
7 days ago
- Business
- Time of India
JM Financial maintains Buy on Trident, target price Rs 38
JM Financial has maintained its Buy call on Trident with an unchanged target price of Rs 38. The current market price of Trident is Rs 33.13. The time period given by analyst is a year when Trident price can reach defined target. Trident, incorporated in 1990, is a Mid Cap company with a market cap of Rs 16882.90 crore, operating in Textiles sector. Trident's key products/revenue segments include Towels, Yarn, Bed Sheets, Export Incentives, Waste, Other Operating Revenue, Paper, Others, Sale of services for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1883.36 crore, up 11.95% from last quarter Total Income of Rs 1682.36 crore and up 10.76% from last year same quarter Total Income of Rs 1700.45 crore. The company has reported net profit after tax of Rs 133.42 crore in latest quarter. The company?s top management includes Gupta, Ahuja, Sangwan, Dewan, Nanda, De Sa, Gupta, Kamal, Ahuja, Sangwan, Dewan, Nanda, De Sa, Kamal. Company has S R Batliboi & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 510 crore shares outstanding. Investment Rationale Trident reported consol. EBITDA of Rs 2.4 billion, marginally lower than JM Financial estimate of Rs 2.5 billion. Revenue from home?textile segment witnessed growth by ~11% QoQ while revenue from paper segment increased by ~4% QoQ. Textile segment EBIT margins came in at 7.6% during the quarter vs. 5.7% in 3Q while margins for the paper segment increased to 22.3% vs. 21% in 3Q. Consolidated EBITDA margin expanded by 30bps (13.1% vs. 12.8% in 3Q) driven by lower costs vis-a-vis sales. Net debt decreased to Rs 8.9 billion as at end of 4QFY25 vs INR15.3bn as at end of 4QFY24, a reduction of Rs 6.3bn. During the quarter, TGEPL acquired a wholly owned subsidiary THTL Trading LLC in Dubai and acquired 24.5% of equity shares of Trident Global Inc. (TGI) from Trident Home Textiles Limited. The company divested its entire stake in Trident Europe Limited (100%) and Trident Global Inc (73.5%) to TGEPL, following which both entities became wholly-owned subsidiaries of TGEPL. The company received insurance claim amounting to Rs 253.2 million for the fire accident in 1Q and charged off Rs 39 million, which it assessed as not recoverable after the final statement. JM Financial revised its earnings downward by 22% / 17% driven by lower than expected growth. They rolled forward the target price to FY28 with a P/E multiple of 28x. Maintains BUY. Promoter/FII Holdings Promoters held 73.68 per cent stake in the company as of 31-Mar-2025, while FIIs owned 3.02 per cent, DIIs 0.1 per cent.
