Indian yarn maker Trident posts quarterly profit slump as exports soften

Indian towel and bedsheet maker Trident reported a 44% fall in profit on Monday, as a U.S. tariff-triggered slowdown in exports squeezed sales during the third quarter.

Consolidated net profit came in at 442.4 million Indian rupees ($4.88 million) for the three months ended December 31, compared to 797 million rupees a year earlier, according to a regulatory filing.

Overall revenue dropped 6% to 15.74 billion rupees. Revenue from its bedsheets business, which brings in a fifth of its topline, dropped by a third, while its towel sales dropped by 2%.

Trident supplies to many U.S. retailers, including Walmart , Macy’s and Target, bringing in more than 40% of its revenue from the United States. Other countries, including Europe, contribute roughly 16%.

Indian textile exporters had reeled under the impact of steep U.S. tariffs for several months, with some seeking new buyers in Europe and offering discounts to U.S. customers to stay afloat.

Earlier this month, U.S. President Donald Trump announced a trade deal with India, slashing tariffs on Indian goods to 18% from up to 50%, just days after New Delhi struck a separate deal with the European Union, offering much-needed relief for exporters.

Trident said its board on Monday approved setting up a domestic subsidiary to boost overseas sales, with a focus on the United States. It did not provide further details.