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Trent Q2 net dips 71.66%

Trent results of the quarter have been impacted by a considerable increase in raw material input prices and the introduction of excise duty on branded garments, which were not passed on to customers fully due to market conditions

Hit by high input costs and increased excise duty on branded garments, Tata Group retail firm Trent Ltd today reported 71.66% decline in net profit to Rs3.40 crore for the second quarter ended 30 September  2011 as compared to the same period last fiscal. The company had a net profit of Rs12 crore in the same period last fiscal, Trent said in a filing to the BSE.

“The results of the quarter have been impacted by a considerable increase in raw material input prices and the introduction of excise duty on branded garments, which were not passed on to customers fully due to market conditions” the company said.

During the quarter, the company’s raw material costs soared nearly two-and-half fold to Rs1.05 crore as against Rs44.61 lakh in the same period last fiscal.

Trent said its total income, however, rose to Rs227.72 crore for the second quarter, as against Rs182.80 crore in the same period last financial year.

For the six months ended 30 September 2011 the company posted a net profit of Rs13.63 crore, compared to Rs20 crore in the same period previous fiscal.

In the late afternoon, Trent was trading at around Rs1027.30 per share on the Bombay Stock Exchange, 4.35% down from the previous close.

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