Trident to invest ₹2,000 crore in Punjab to accelerate growth, generate employment

Trident Ltd.on Friday, November 21, said it will invest ₹2,000 crore in Punjab to accelerate growth and employment generation.

Trident Group's chairman and promoter announced the expansion strategy on Thursday.

Under the ₹2,000 crore expansion plant, Trident said it will invest ₹1,500 crore in Barnala to scale up Terry Towel production and modernise paper manufacturing facilities. It will also allocate ₹500 crore to Mohali to establish a corporate office and capacity building centre.

The initiative is expected to generate 2,000 employment opportunities with a focus on engaging semi-skilled rural women and advancing women's empowerment, the company added.

Trident reported its September quarter earnings last week. Its net profit increased 9.2% to ₹91 crore from ₹83.3 crore in the previous year. The company's revenue was up 4.3% at ₹1,787 crore from ₹1,713 crore in the second quarter last fiscal.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) declined 5.4% to ₹214 crore from ₹226.2 crore in the previous year.

Trident's margin contracted to 12% from 13.2% in the year-ago period.

Trident shares were trading 0.3% down at ₹28.5 apiece around 2.30 pm on Friday. The stock has declined 15.8% this year, so far.

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