Shares of Trident Ltd fell 6% on the morning of May 25, a day after it reported a 28.4% year-on-year fall in net profit to Rs 129.7 crore for Q3FY22-23.

The paper towel maker posted an operating income of Rs 1,573.2 crore in the January-March quarter, down 15.9% from Rs 1,869.8 crore in the same period last year.

EBITDA at Rs 268.4 crore in the fourth quarter, down 20.5% from a year earlier.

The company’s board of directors declared its first interim dividend for FY23-24 at Rs 0.36 per share on a paid-up share capital of Rs 1. Trident told the stock exchange that the dividends will be credited to shareholders following the prescribed statutory schedule.

The board has also proposed to raise up to Rs 500 crore through non-convertible debentures (NCDs) in one or more tranches, subject to shareholder approval, through public or private placements. The Punjab-based company operates in home textiles, yarn, paper and energy.

Trident’s domestic sales slump continued from the previous quarter when exports fell for five consecutive months as India’s textile industry faced cutbacks in customer spending due to inflationary pressures.

Revenue at its yarn division fell 34%, while revenue at its towel and sheet businesses fell about 3% and 4%, respectively. However, the company’s paper and chemicals unit rose 22%.

Shares of Trident Ltd fell 5.47% to Rs 32.85 at 9:48 am on the National Stock Exchange.