Trident Q4 net rises 79 pc to Rs 22 cr

Trident Ltd,engaged in textiles and apparel business,Monday said its net profit grew nearly 79 per cent.

Trident Ltd,engaged in textiles and apparel business,Monday said its net profit grew nearly 79 per cent to Rs 22.05 crore in the fourth quarter ended March 31,2011,over the corresponding period an year-ago.

The company had a net profit Rs 12.33 crore in the same period last fiscal,Trident Ltd said in a filing to the Bombay Stock Exchange (BSE).

Total income increased to Rs 741.78 crore in the quarter under review from Rs 504.50 crore in the same period last year.

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For the year ended March 31,2011,its net profit rose to Rs 67.09 crore from Rs 56.46 crore in the 12-month period last fiscal.

Total income surged to Rs 2,550.43 crore in the year under review from Rs 1,807.31 crore an year-ago.

The Board of Directors of the company has recommended,subject to approval of shareholders,final dividend of Rs 1.20 per equity share of Rs 10 each. The dividend shall be paid in the month of September,2011.

The civil works for Yarn Expansion Project for setting up 275904 spindles & 2040 Rotors,including other balancing equipment at a total capital outlay of Rs 1,117 crore,are in progress.

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During the quarter,the Board has approved the Scheme for Amalgamation of Trident Agritech Limited and Trident Infotech Limited with Trident Limited as per terms and conditions mentioned in the Scheme of Amalgamation.

The name of the company has been changed to Trident Limited from Abhishek Industries Ltd from April 18,2011. The new name is in sync with the existing business objects,it said.

The firm is a part of Rs 3,000 crore Trident Group and has interest in yarn,home textiles,paper,chemicals and captive power.