TRIDENT/CS/2023 July 21, 2023

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Na�onal Stock Exchange of India Limited

Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Scrip Code: TRIDENT

BSE Limited

Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001 Scrip Code: 521064

Sub: No�ce of 33[rd] Annual General Mee�ng

Dear Sir / Madam,

The 33[rd] Annual General Mee�ng (‘AGM’) of the Company is scheduled to be held on Saturday, the 12[th] day of August, 2023 at 11:00 AM IST through Video Conferencing (‘VC’) / Other Audio Visual Means (‘OAVM’), in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securi�es and Exchange Board of India.

Pursuant to Regula�on 29, Regula�on 34 read with Regula�on 30 and other applicable provisions of SEBI (Lis�ng Obliga�ons and Disclosure Requirements) Regula�ons, 2015, please find enclosed herewith the copy of the Annual Report for the Financial Year 2022- 23 including BRSR and No�ce of 33[rd] Annual General Mee�ng containing all the business to be transacted at the AGM. The same is being circulated to the Members of the Company.

The above documents are also available on the website of the Company i.e. www.triden�ndia.com.

This is for your reference and records.

Thanking you

Yours faithfully,

For Trident Limited Hari Krishan Digitally signed by Hari Krishan DN: c=IN, st=Punjab, 2.5.4.20=c9fde4193e20f1e8b95d484e29816ace4960e52f3dc34edd0532ba0eaf8695aa, postalCode=141001, street=Near Jagat Puri Chowki , Haibowal Kalan , Ludhiana , Ludhiana, pseudonym=d41d8cd98f00b204e9800998ecf8427e, serialNumber=ea533b4c2729ed8d50a21ffd76d3a9a9a834a51811b922737d7de692215d913e, o=Personal, cn=Hari Krishan Date: 2023.07.21 21:09:03 +05'30' (Hari Krishan) Company Secretary

Encl: As above

Disclaimer :- The details of the authorised signatories are uploaded on the official website of the Company. You may authenticate the authority of the signatory before relying upon the contents of this communication by visiting https://www.tridentindia.com/authority-matrix/ or may write to us on [email protected].

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21/07/2023

TL/2023/036431

Trident Limited Annual Report 2022-23

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Opportunities

Unlimited

CORPORATE MANAGEMENT FINANCIAL or a emen Overview Re S p ts t t ts

Standalone Financial Statements Consolidated Financial Statements

114

28 Management Discussion and Analysis

Leveraging Unlimited Opportunities

205

06 Global opportunities encourage us to Expand

38 Business Responsibility & Sustainability Reporting

08 Strengthening Our Business Segments

77 Directors’ Report 95 Corporate Governance Report
10 Chairman Emeritus’s Message

12 Transforming With Time, Embracing Opportunities

Globally

14 Financial Highlights

16 Amplifying Value With Sharper Focus on Opportunities 18 Macro Economic Trends That Drive Our Business

20 Awards & Credit Ratings 21 Our Future Prospects

22 Strengthening Our Esg Commitment to Deliver Long Term Value 26 Chairman Emeritus & Board of Directors

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opportunities around the world encourage us to Unlimited explore new markets and create differentiation across our brands and products.

We are one of the largest players in terms of Terry Towel capacity and also in Home Textile space in India. On the other hand, we continue to maintain one of the highest operating margins among listed players in the paper sector in India.

Unlimited opportunities around the world encourage us to explore new markets and create differentiation across our brands and products.

We have embarked upon an exciting journey of value-addition, with the aim of making Trident a national brand and also we are gradually adopting industry 4.0 practices.

Our future capex plans will help us leverage more opportunities, synergies and address the growing demand for our products and brands.

You can also find this report online on: www.tridentindia.com

Forward-Looking Statement

Some information in this report may contain forward-looking statements which include statements regarding Company’s expected financial position and results of operations, business plans and prospects etc. and are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Trident Limited | Annual Report 2022-23

Corporate Overview

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LEVERAGING UNLIMITED
Opportunities
is a leading manufacturer
of integrated home
textiles with a 30+ year
track record
Trident
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Trident Limited is the flagship Company Key highlights of Trident Group, an Indian business conglomerate and a global player. Trident

Limited is a vertically integrated textile ~100 J Million (Yarn, Towel & Bedsheets) and Paper 62,913 (Wheat Straw-based) manufacturer. Countries Total Income Trident’s towel, yarn, bed sheets and paper businesses have earned global

recognition and are delighting millions of consumers across India and the world. 46+ J Million 9,418 Trident is one of the largest players in E-com website presence EBITDA home textile in India. Supplying national, captive, and retailer owned brands, the organization is highly decorated with awards from its customers, vendors, and 53% J Million various government entities in recognition 6,553 of advancing the highest standards in Exports Free Cashflow product quality, social responsibility, and environmental stewardship.

The Company operates in four major 19+ Lakh 13,750

The Company operates in four major business segments: Yarn, Towel, Bedsheets and Paper & Chemicals with its manufacturing facilities located in Punjab and Madhya Pradesh.

Employees Shareholders

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World’s largest wheat straw-based paper manufacturer #1 in North India for branded copier segment

Corporate Overview

Trident Limited | Annual Report 2022-23

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Vision

Inspired by challenge, we will add value to life, and together, prosper globally

Investor Information (as at March 31, 2023) BSE Ticker Market Cap 521064 (in million) H142,433 NSE Ticker Trident Outstanding shares (in million) Bloomberg code H5096 TRID:IN Face value per Reuters share TRIE.NS H1 Market Price 52 week low/high H27.95 H25.10 / H49.50

Trident Limited | Annual Report 2022-23

Corporate Overview

GLOBAL OPPORTUNITIES ENCOURAGE US TO

Expand With a global footprint that reaches far and wide, we have established a strong presence in key markets around the world. Our wide-ranging geographical reach enables us to understand and cater to the unique needs and preferences of each region, ensuring that we deliver exceptional products and services.

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England
New York
Dubai
National / International Presence: Manufacturing Plants
New York, England, Dubai, New Sanghera, Punjab | Dhaula, Punjab | Budhni, Madhya Pradesh
Delhi, Mumbai, Gurugram, Ludhiana,
Chandigarh, Bhopal
Map not to scale. Only for representation purpose
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Trident Limited | Annual Report 2022-23 Corporate Overview 09
21%
14%
16%
20%
19%
19%
Paper
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STRENGTHENING OUR BUSINESS

Segments

At Trident, we prioritise providing our clients with best-in-class products. We continually design our products to meet the evolving preferences of consumers and their varied lifestyles. Our product range includes high-quality yarns, sophisticated bed and bath linens, and eco-friendly paper, all crafted to meet the highest standards of sustainability and durability.

We have invested in brand-building and promotional activities to strengthen our visibility and expand our reach. This has resulted in global recognition for our brand’s quality and sustainability commitments. Our efforts have also helped us to establish a loyal customer base worldwide. Our focus on delivering high-quality products and building a strong brand identity have been critical to our success.

At Trident, we have made significant strides in domestic and international markets with a strong distribution network and innovative sales strategies. Multi-brand shops, shop-in-shop concept, and long-standing partnerships deepen our customer engagement and expand reach. Alliances with major online companies meet changing customer demands.

Revenue Split between segments

FY23	55%		24%	21%
FY22	58%		28%	14%
FY21	64%		20%	16%
FY20	54%		26%	20%
FY19	51%		30%	19%
FY18	48%		33%	19%
	Bath & Bed Linen	Yarn		Paper

Trident Limited | Annual Report 2022-23

Corporate Overview

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Chairman Emeritus’s Message

Dear Shareholders

Hope you all are in good health and leading a secure life. Talking about this past year takes me back to the older days of Trident where any challange was an opportunity. In the year 2022-23 we came up with the fundamental, “Opportunities Unlimited”. Trident has always focused on having young talent, providing them with opportunities that are not limited to specific roles rather than pushing them to spread their wings towards our philosophy of Earn. Learn. Grow.

As we embark to make Trident one of India’s most trusted brands, we are focusing more on ESG through decreasing our carbon footprint, innovating and adapting to sustainable alternatives, Global Branding and Expanding our capabilities on the digital front. Achieving these would cater to our fundamental pillars of Great Place to Perform, Digital Trident & Global. Global Brand making us holistically more efficient and taking us a step closer towards excellence. It is imperative that our growth should be maximized in order to positively impact our stakeholder groups and we promise to create more opportunities at Trident than ever.

I assure all of you that we will reach the zenith of success with our passion to transform the world’s largest to the world’s finest!

Here’s to a year full of Opportunities Unlimited!

Regards,

Rajinder Gupta Chairman Emeritus

Trident Limited | Annual Report 2022-23

Corporate Overview

TRANSFORMING WITH TIME, EMBRACING OPPORTUNITIES

Globally 19902000 Started as a Commodity Player

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2010-
2020
Value Addition &
Consolidation Phase
Horizontal diversification into
segments such as Bed Linen
Strengthened presence in
E-commerce and domestic market
Secured 10 patents
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~~Inception~~

Started as a yarn manufacturer in 1990 with just 17k spindles

Forayed into Terry Towel in 1998-99

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segment
2000-
2010
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2020-
2025
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Transition &
Diversification Phase
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Going Forward
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~~Make Trident a National Brand~~ E-commerce Website Retail Outlets Social Media Presence Diversified products ~~Digital Trident - Completing Industry 4.0 Journey~~

Entered Paper, Chemical & Energy segment

Enhanced capacity expansion in Yarn and Terry towel

E-sourcing Real time performance monitoring Al enabled Projects Digitalization of products Virtual showrooms

Trident Limited | Annual Report 2022-23

Corporate Overview

FINANCIAL

Hi hli hts g g Total Income (H in million)

Exports

EBITDA

(H in million)

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FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
52,653 47,239 45,353 69,415 62,913 29,817 26,312 30,594 45,459 33,357 10,292 8,653 8,270 15,100 9,418
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EPS

PBT

PAT

(H in million)

(H per share)

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FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
5,469 4,212 4,452 10,917 5,543 3,709 3,418 3,457 8,150 4,219 0.7 0.7 0.7 1.63 0.84
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10-year Highlights

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Particulars unit FY 23 FY 22 FY 21 FY 20 FY 19 FY 18 FY 17 FY 16 FY 15 FY 14
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Particulars	unit	FY 23	FY 22	FY 21	FY 20	FY 19	FY 18	FY 17	FY 16	FY 15	FY 14

TOTAL INCOME	(million)	62,913	69,415	45,353	47,239	52,653	46,403	47,729	37,441	38,158	38,689
EXPORTS	(million)	33,357	45,459	30,594	26,312	29,817	24,645	26,665	21,500	21,348	20,847
EBITDA	(million)	9,418	15,100	8,270	8,653	10,231	9,140	9,919	7,635	6,951	7,439
PAT	(million)	4,219	8,150	3,457	3,418	3,709	2,658	3,370	2,423	1,178	1,970
NETWORTH	(million)	41,258	37,972	33,166	29,669	29,313	26,934	25,071	24,756	22,021	9,309
PROPERTY, PLANT & EQUIPMENT	(million)	39,638	36,202	36,979	35,734	36,725	38,517	41,274	46,930	36,812	17,912
GROSS DEBT	(million)	13,741	15,706	15,355	19,518	24,357	27,978	28,494	34,427	26,504	18,623
NET DEBT	(million)	10,225	12,972	14,232	16,145	24,106	26,210	27,121	33,608	26,361	18,223
LONG TERM DEBT	(million)	8,043	3,097	3,019	10,509	12,938	16,894	20,456	21,365	13,961	7,659
EBITDA MARGIN	(%)	15%	22%	18%	18%	20%	20%	21%	20%	18%	19%
NET DEBT-EQUITY RATIO	(Times)	0.25	0.34	0.42	0.54	0.82	0.97	1.08	1.36	1.20	1.96
NET DEBT TO EBITDA	(Times)	1.09	0.86	1.72	1.87	2.35	2.87	2.74	4.40	3.79	2.45
EPS#	H	0.84	1.63	0.70	0.70	0.70	0.50	0.70	0.50	0.20	0.60
CASH EPS#	H	1.46	2.25	1.30	1.30	1.40	1.30	1.50	1.10	0.90	1.50
BOOK VALUE/SHARE#	H	8.24	7.45	6.50	5.80	5.80	5.30	4.90	4.90	4.30	3.00
ROCE	(%)	11.5%	20.0%	10.1%	10.8%	12.3%	9.2%	10.8%	7.2%	7.7%	19.0%
DIVIDEND	(%)	36%	36%	36%	36%	30%	15%	15%	9%	6%	3%
DIVIDEND PAYOUT RATIO	(%)	43%	22%	53%	65%	50%	35%	27%	24%	29%	8%

Figures have been adjusted to Stock-split/Sub-Division in order to make them comparable.

Trident Limited | Annual Report 2022-23

Corporate Overview

AMPLIFYING VALUE WITH SHARPER FOCUS ON

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Opportunities
Inputs Our process Outputs SDG
Financial Focus on Renewal
Capital 01 02 03 J 62,913 million J 4,219 Million sources of Energy
Total Income PAT
J 41,258 J 39,638 INR 285
Million Million Procurement of Spinning raw Weaving yarn into Yarn: million
raw cotton cotton to yarn grey fabric
Net worth Property, Plant and incurred on ground
Equipment 5.89 Lacs 7464 320
mounted & Roof
Spindles Rotors Air Jet
Mounted Solar
Manufactured
Power Plant
Capital 1.2 Lacs 622 175,000
Mtrs/day Looms TPA
3
Bedlinen Bathlinen Paper
Manufacturing facilities
1.1 Lacs 49.4 The Parali
TPA MW Solution
Intellectual
Chemicals Co-Gen paddy residue
Capital
used as alternative
46+ biomass fuel in
Ecommerce presence Strong World-class manufacturing
market research infrastructure & locations
technology
Human
Capital
Young & energetic Health &
13,750
workforce Wellness
Employees
more than 5100+
free of cost OPD
Social & 3lacs+ consultation
Relationship Capital Sophisticated Members were provided medical facilities through free
Processing into Printing and
offering and health camps
finished product dispatch
11000+ strong brands
Woman were benefited through health 58%
& hygiene initiatives
Less emission of Co2/kg
Women
06 05 04
Empowerment
Natural free of cost skill
Zero
Capital development
Liquid discharge at Budhni
Verification process program to women
9 lacs Manufacturing location
in rural locations
Trees were planted
Farming Fingerprinting Weaving through self-help
groups
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Trident Limited | Annual Report 2022-23

Corporate Overview

MACRO ECONOMIC TRENDS THAT DRIVE OUR

Business

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Affordable manufacturing

At Trident, we have gained a competitive advantage through our cost-efficient production methods. With competitive costs of labour, power and raw materials, we have been able to offer products at a competitive price point without compromising on quality.

To further enhance our production capabilities, we have leveraged the Textile Upgradation Fund (TUF) to access advanced technology. This has enabled us to improve our efficiency, quality, and capacity, allowing us to meet the growing market demand.

Trident’s competitive cost of production, access to advanced technology through TUF, and commitment to sustainability have given a distinctive edge in the market. These factors have contributed to the growth and expansion, both nationally and internationally, and have enabled us to maintain our position as a leading industry player.

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Favourable Government Policies

A strong focus on the ‘Make in India’ aims to promote local manufacturing and reduce the dependence on imports. We have established a robust domestic manufacturing presence, with state-ofthe-art production facilities in Punjab and Madhya Pradesh. This emphasis on local production has also enabled us to offer competitive pricing for our products, helping us to establish a strong foothold in both domestic and international markets.

In addition, we have taken advantage of different government schemes to enhance our exports, including the Merchandise Exports from India Scheme (MEIS), which provides incentives for exporters. We have also taken advantage of the Scheme for the Establishment of Mega Textile Parks, which provides financial assistance to set up large-scale textile manufacturing facilities.

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Textiles: A dominant industry

India’s textile industry is a significant player in the global market, backed by a strong raw material base and robust manufacturing capabilities across the value chain. The sector provides employment to an enormous workforce of 45 million people. The Government of India has been extending strong support to the industry through favourable policies, incentives, and schemes aimed at promoting growth and development.

These measures have encouraged both domestic and foreign investment in the sector, driving Trident’s expansion and evolution. The government has also been proactive in addressing various challenges faced by the industry, such as infrastructure constraints and regulatory compliance. Overall, the government’s commitment to the textile sector has been instrumental in boosting the sector’s competitiveness and strengthening its position as a global manufacturing hub.

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Experienced and trained workforce

India has a large and youthful population, which provides a vast pool of skilled and talented workers. The country’s workforce is competitive, although the cost of labour has been increasing in recent years due to various factors such as inflation, increased demand, and regulatory changes. Despite these challenges, India’s workforce remains one of its key strengths, with a high level of education and technical expertise. With a growing emphasis on skill development and vocational training programmes, India’s workforce is expected to become even more competitive in the coming years, providing a significant advantage for businesses operating in the country.

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Cotton quality and availability

India is the largest cotton producer, and the quality of Indian cotton is renowned for its longer staple and fine texture. This has resulted in a surplus of cotton that is available for export, making India a significant player in the global cotton market. With a vast production capacity, India is well-positioned to meet the demand for cotton in various industries. The surplus availability of high-quality cotton has also contributed to the growth of the textile industry in India. The textile sector is one of the largest employers in the country and plays a crucial role in the country’s economy. The availability of quality cotton has helped the industry to produce highquality textiles that cater to both domestic and international markets.

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Backward integration with yarn

Trident’s emphasis on maintaining highquality standards and traceability of origin has enabled it to achieve a lower variance in profitability. By adopting backward integration with yarn, the company has been able to hedge against raw material price fluctuations, ensuring consistent delivery of products. Moreover, Trident’s commitment to maintaining high-quality standards has helped it to maintain customer loyalty and brand reputation.

With traceability of origin, the Company is able to provide customers with reliable and transparent information about the products they are purchasing, thereby enhancing customer trust. Overall, Trident’s emphasis on quality, consistency, and traceability has helped to create a sustainable business model that delivers long-term value to customers and stakeholders.

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Investment-friendly environment

India’s stable democracy and proficiency in global languages make it a welcoming environment for international businesses. Our country has embraced evolving practices that align with multinational corporations (MNCs), demonstrating a willingness to adapt to global standards. This, in turn, has attracted many foreign companies to invest in India, leading to a rise in collaborations and joint ventures. The government of India has also been taking various initiatives to improve the ease of doing business, such as simplifying regulations and streamlining procedures.

These measures have resulted in significant improvements in India’s ranking in the World Bank’s Ease of Doing Business Index in recent years. Additionally, the government’s policies which are aimed at promoting foreign investment have led to increased participation from international players in various sectors, including textiles. As a result, the country has emerged as a hub for foreign investment and a preferred destination for global companies looking to expand their businesses.

Trident Limited | Annual Report 2022-23

Corporate Overview

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Awards
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PLATINUM AWARD
GOLD AWARD
5RS CONCEPT (Most Innovative
(Grant Thornton Sabera (Highest Global
Covid Response - HR
Award - 2020-21) Distinction Awards - Exports - TEXPROCIL
- 2019-20)
2020-21)
ET BEST PLACES TO
FICCI
WORKPLACES FOR
(Industrial Water
WOMEN
Efficiency Award -
(Economic Times Now
2020-21)
powered by Femina
2020-21)
CREDIT
Ratings
India Rating CARE CRISIL
AA (Stable Outlook): AA (Stable Outlook):
AA(STABLE OUTLOOK):
LT BORROWINGS LT BORROWINGS
Non- Convertible
Debentures A1+: ST Borrowings A1+: ST Borrowings
D&B
5A1:
Business Rating
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OUR FUTURE
Prospects
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We are poised to seize new opportunities and drive business growth through strategic capital expenditure (capex) plans. These plans are designed to leverage our business expertise and capture synergies that will propel us to new heights of success.

With a clear focus on innovation, operational excellence, and customer satisfaction, Trident is well-positioned to navigate the everchanging market dynamics and emerge as a leader in our industry. Our capex initiatives will not only enhance our capabilities but also strengthen our competitive advantage, ensuring a promising future for Trident.

Products that our patrons adore

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Trident Limited | Annual Report 2022-23

Corporate Overview

STRENGTHENING OUR ESG COMMITMENT TO DELIVER

Long term value

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Water Management

At Trident, we recognize the crucial role that water plays as a natural resource and we are committed to its conservation. In order to achieve this, we have invested in state-of-the-art wastewater treatment facilities that utilize the latest technology and have the largest capacity in the world. This enables us to recover water from waste streams and recycle it back to our production units, minimizing our dependence on natural water resources.

Additionally, we have upgraded our sewage treatment facility to cater to the needs of water for plantation and to develop green belts within the Trident campus. Our focus on water conservation is a key component of our larger environmental strategy, which aims to combat global warming, reduce emissions, and protect natural resources through a range of engineering and management solutions.

Trident's efficient water management practices have resulted in an impressive 95% water recovery rate, consuming 15% less water compared to the industry benchmark of 50 meters/cubic per ton. The zero liquid discharge mechanism covers 100% of our towel and sheeting processing at Budhni location.

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Energy management

Our Company recognizes the crucial role of energy conservation in mitigating the adverse impact of global warming and climate change. Therefore, we place a high priority on implementing energy-efficient practices across our operations. We have adopted various measures to reduce our carbon footprint and minimize our energy consumption.

We are utilising renewable energy sources goals. We continuously explore innovative such as a solar plant to reduce our carbon and sustainable energy solutions to reduce

footprint and rely on non-renewable energy our environmental impact and ensure a sources. The solar plant has significantly sustainable future. reduced our energy consumption and helped us in achieving our sustainability

17.8 MW Captive solar power plant

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Trident Limited | Annual Report 2022-23

Corporate Overview

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Reducing emissions

Our Company is fully committed to reducing our environmental impact and we take the necessary steps to achieve this goal. We have adopted various measures to accurately measure our carbon footprint and implement effective strategies to mitigate our impact. Our efforts include reducing energy consumption, promoting sustainable practices, and implementing eco-friendly technologies.

To reduce the impact of climate change, tree plantation is being done. Trees absorb carbon dioxide from the atmosphere and

store it in their biomass, reducing the concentration of greenhouse gases that contribute to climate change. Additionally, trees release oxygen as a byproduct of photosynthesis, which helps improve air quality and help in reduction of emissions.

Over 9 lacs trees Planted to reduce the impact of climate change

Certified by Carbon Footprint for releasing approximately 58% less emission of Co2/kg with the use of wheat straw paper vs wood pulp,

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Women Empowerment

We are deeply committed to women empowerment and have made significant strides in this area. Through our health and hygiene initiatives, we have positively impacted the lives of women, promoted their well-being and enabled them to lead healthier lives. Additionally, our sewing centres in five villages have become hubs of empowerment, offering handicraft training to women and equipping them with valuable skills for self-sufficiency. Through our Hastkala initiative, we have reached out to 200+ families, providing them with sustainable livelihood opportunities and fostering economic independence.

11000+

Women were benefited

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Promoting healthy lifestyle

Medical facilities

We are dedicated to promote a healthy We are committed to provide medical lifestyle with our initiatives to raise facilities and healthcare services to our awareness about the harmful effects of community. Through our Mega Medical single-use plastic. We aim to educate and Camps and Mobile dispensaries, we have encourage the adoption of sustainable been able to benefit individuals, ensuring alternatives, reducing plastic waste they have access to essential medical care. and preserving our environment. Our Our Madhuban Hospital plays a vital role in commitment extends to improving delivering affordable healthcare services to sanitation practices, as we have more than 18,080 families, ensuring that constructed toilets for more than 2000 quality medical care is accessible to all. individuals, discouraging open defecation Additionally, we have served 13,070 patients and promoting hygiene. Moreover, by by providing specialized ophthalmologist providing drinking water facilities to over services, prioritizing the well-being of our 18500 people, we prioritize their health community’s vision health. and well-being, ensuring access to clean and safe water.

5000

3 Lakhs +

Families refused single use of plastics

Individuals were benefitted

We are committed to making a positive societal impact through initiatives that focus on transforming the lives of individuals and communities. Our efforts are geared towards several important causes that are particularly close to our hearts. We are dedicated to improving access to education, empowering women, promoting healthcare, creating sustainable livelihoods, supporting de-addiction programmes, and reducing our carbon footprint.

Uplifting the differently-abled

We are committed to uplifting differentlyabled individuals through our initiatives at the Takshashila Academy. Through our short and long-term skill development programmes, we have impacted the lives of many young people with disabilities, equipping them with valuable skills for a brighter future.

By providing sponsored education to 900+ students and supplying books to 10,000+ children, we ensure that differently-abled individuals have access to quality education and resources. Our aim is to empower them with the necessary tools and knowledge to overcome challenges and thrive in their personal and professional lives.

only benefit the environment, but also contribute to their own economic wellbeing. Through village cluster adoption, we have reached out to 200 villages, engaging 26,500+ hectares of land in this initiative. By providing the necessary inputs and support, we have empowered farmers to turn their agricultural waste into a valuable resource, unlocking new income streams and promoting a cleaner and healthier environment for all.

10000+ Young people were benefited

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Empowering farmers

At Trident, we have successfully motivated farmers to sell their wheat straw waste, instead of resorting to burning it in open fields. By creating awareness about the 17,498 harmful effects of burning agricultural Farmers were benefited waste, we have encouraged farmers to adopt sustainable practices that not

Farmers were benefited

Governance

We believe that effective governance is the cornerstone of our success. With a robust and transparent governance structure in place, we ensure that our operations are conducted in a responsible, ethical, and compliant manner. Our commitment to good governance is reflected in our decision-making processes, which are guided by integrity, accountability, and a focus on long-term sustainability. We prioritize the interests of our stakeholders, including shareholders, employees, customers, and the communities we serve, by maintaining strong governance practices that foster trust, transparency, and fairness. Through our commitment to sound governance principles, we strive to uphold the highest standards of corporate conduct and create value for all our stakeholders.

Achievements

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----- Start of picture text -----

Received Twice ranked Thrice received
NATIONAL among the TOP 25 NATIONAL
AWARD for Indians Corporates RECOGNITION for
EXCELLENCE in for adopting good corporate governance
corporate governance corporate governance
----- End of picture text -----

Trident Limited | Annual Report 2022-23

Corporate Overview

CHAIRMAN Emeritus

Mr. Rajinder Gupta is the Founder of Trident Limited and had been Managing Director of the Company from 1992 to 2012. Mr. Gupta is a first generation entrepreneur having rich & varied exposure of promoting industrial ventures over last three decades. He is the person behind the stupendous growth of the Trident Group. His business acumen, foresightedness and integrity have led Trident Group to prosper globally and reach zenith. Mr. Gupta has been awarded with the prestigious ‘Padmashree’ title by Late Dr. APJ Abdul Kalam, the then President of India, in 2007, in recognition of his distinguished services in the field of trade and industry. He has also been awarded ‘PHD Chamber of Commerce Distinguished Entrepreneurship Award’ by The President of India and also conferred with the ‘Udyog Ratna’ award by PHD Chamber of Commerce and Industry.

Mr. Rajinder Gupta

BOARD OF Directors

Mr. Rajiv Dewan Mr. Rajiv Dewan is a Fellow Member of the Institute of Chartered Accountants of India (DIN 00007988) and is a practicing Chartered Accountant. He possesses rich and varied experience in Tax Planning, Management Consultancy, Business Restructuring, Capital Market Operations, SEBI-related Matters and other corporate laws. Prior to starting his own practice, Mr. Dewan worked in senior positions in renowned textile companies.

Mr. Anthony De Sa Mr. Anthony De Sa completed his Post Graduation in Economics and Environmental (DIN 05290160) Sciences from Harvard University, USA and is a fellow Member of the Royal Institution of Chartered Surveyors, London.

During his professional tenure, Mr. De Sa has served to various eminent Authorities. Mr. De Sa has served as Chief Secretaries of Madhya Pradesh and also appointed as Chairman of the Real Estate Regulatory Authority of MP. He has also rendered his professional services to the Government of India in the Ministry of Commerce & Industry as Joint Secretary and in the Ministry of Environment & Forests and Controller of Bhabha Atomic Research Centre (BARC), Mumbai as Director.

He got deputed to the United Nations as a Director of the UNIDO Centre for South-South Industrial Cooperation for five years. He was the reputed member of the CII National Committee for Technology & Innovation and currently serving as Chairman, Advisory Board of the Wildlife Fund for Nature (WWF) for Madhya Pradesh and Chhattisgarh.

Ms. Usha Sangwan (DIN 02609263)

Prof. Rajeev Ahuja (DIN 09196228)

Mr. Raj Kamal (DIN 07653591)

Mr. Deepak Nanda (DIN 00403335)

Ms Usha Sangwan, holds a Master’s Degree in Economics and a Post Graduate Diploma in Human Resource Management. She has 37 years of work experience with LIC of India including more than 30 years of Board level experience in reputed companies like Axis Bank, BSE Limited, Grasim Industries, Ultratech Cements, Ambuja Cement, Voltas, LIC, LIC Housing Finance, GIC RE of INDIA, LIC Baharain, Singapore, Nepal, SRI Lanka etc. She has been awarded the “Women Leadership Award” in BFSI sector by Institute of Public Enterprise and “Brand Slam Leadership Award” by CMO Asia for her excellent contribution to LIC. She has featured in FORBES amongst 50 top business women of South East Asia and been Awarded most powerful business woman award by Business Today for three consecutive years.

Prof. Rajeev Ahuja, is one of the most highly cited researchers in Sweden & India. He has been associated with Indian Institute of Technology (IIT) Ropar as Director and Professor of Computational Materials science at Uppsala University, Sweden. He holds a Ph.D. from IIT Roorkee. He has published 1070 scientific papers in peer reviewed journals. He been awarded the Wallmark prize for 2011 from KVA [Royal Swedish Academy of Sciences] and has previously received the Eder Lilly & Sven Thureus prize and the Benzelius prize from KVS. He was been awarded best alumnus award from IIT Roorkee for excellence in research for 2021. He is Fellow of Royal Society of Chemistry (FRSC), London & Elected Fellow of American Physical Society (APS). Prof. Rajeev Ahuja is an elected member of the Swedish Royal Society of Sciences [KVS] & was on the board of the European High Pressure Research Group as well as of the executive board of the International Association for the Advancement of High-Pressure Science and Technology.

Mr. Raj Kamal is an accomplished leader with over 25 years of track record of operating, consulting, and investing in financial services and tech-enabled businesses coupled with the unique experience of having operated across geographies - India, Asia Pacific, Europe, LatAm, Middle-East & Africa. Mr. Raj Kamal started his career as an IAS officer before taking on the leadership roles at multiple prestigious institutions like McKinsey & Company, PayU [a Naspers company). OYO Hotels & Homes. He is the Founder and CEO of Blockchain based Startup in USA and also serves as Independent Director in Life Insurance Corporation of India.

Mr. Deepak Nanda possesses more than three decades of experience in Business Development, Client Relationship, Contract Negotiations, Project Implementation and Delivery, improving the Efficiency and Effectiveness of businesses.

He has vast experience in working closely with different State Governments, PSUs, boards and corporations, educational institutions in North-West India helping them develop e-governance strategies, IT roadmaps, deploying key solutions and facilitating change management. He holds a Master of Science in Chemistry from the Panjab University, Chandigarh and has also participated in the Programme on Strategic IT Outsourcing at the Indian Institute of Management, Ahmedabad. In addition, he is the Chairman of the District Cricket Association, Barnala.

Trident Limited | Annual Report 2022-23

Statutory Reports

in 2024 because of policy interventions by major central banks and declining global oil prices.

Non-fuel commodity prices are predicted to fall by an average of 6.3% in 2023 expecting to feed into the existing demand and creating more demand, contributing to the growth of the global economy.[3]

Strong labour markets and robust wage growth may gradually strengthen consumer demand, while easing supply chain disruptions could help cool inflation and limit the need for further monetary tightening measures.

Indian economic review

Despite a grim global outlook, the Indian economy recorded a growth of 7.2%, reveals the NSO. Banks and the corporate sector both displayed healthy balance sheets, indicating an elevated credit demand. This recovery was considerably facilitated by the Central Government’s significant boost in capital expenditure.

Government initiatives, including the PM Gati Shakti - National Master Plan, the National Monetisation Plan (NMP) and the Production-Linked Incentive (PLI), are expected to foster economic growth, going forward. The Reserve Bank of India (RBI) has also exercised prudent and proactive measures to ensure financial stability and address liquidity constraints.

Private consumption in FY23 is projected to have clocked a growth rate of 7.7%. The surge in private consumption has also fuelled production activities, leading to higher capacity utilisation across various sectors.[4]

Outlook

Management Discussion and Analysis

Global economic overview

However, the IMF’s forecast indicates that EMDEs will grow at a 5.3% rate in 2023, reflecting the fact that the region’s economic challenges are starting to subside. The aim of global central banks is to improve sentiment while continuously monitoring liquidity positions.

The global economy faced numerous headwinds such as the food and energy crises in Europe, rising inflation, tight financial conditions, and rising commodity prices during FY23. The conflict between Russia and Ukraine has exacerbated the problem, as has the resurgence of COVID-19 in China. Muted consumer demand and rising prices are affecting 2023 growth prospects. Policy paths in major economies may diverge, leading to US dollar appreciation and cross-border tensions. Energy and food price shocks may also increase inflationary pressures.

The proper calibration of monetary policy, the outcome of the war in Ukraine, and the likelihood of additional supply-side shocks due to the pandemic, however, will have a significant impact on how the world economy grows.

Outlook

Advanced economies are expected to slow down in the upcoming fiscal, however, a fall in inflation following a peak in 2022 and adjustments to initial energy crisis are expected to cause the global economic growth of 2.9%[1] in 2023.

This would be led by emerging economies like China and India, which are anticipated to have stronger growth. It is predicted that worldwide inflation will decline from 6.6% in 2023 to 4.3%[2]

1 IMF, World Economic Outlook, April 2023

Strong domestic demand, rising employment indicators, reducing inflationary pressures, and a high corporate sector debt profile augur well for the domestic economy’s growth in the years ahead. As the current account deficit is expected to decrease from the beginning of the year, it would provide a larger safety buffer for capital expenditures, the macroeconomic stability is predicted to further improve in FY23 providing the government more flexibility in managing unforeseen risks and more financial resources to cover unforeseen costs.[5] The trends suggest that India's economy is on an upward trajectory, and the country is well-positioned to continue its growth despite global turbulence.

2 https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/world-economic-outlook-update-january-2023#:~:text=Global%20inflation%20is%20 expected%20to,since%20the%20October%202022%20WEO

3 https://market-insights.upply.com/en/economic-outlook-gloomy-indicators-for-the-start-of-2023

4 https://www2.deloitte.com/us/en/insights/economy/asia-pacific/india-economic-outlook.html

5 https://dea.gov.in/sites/default/files/Monthly%20Economic%20Review_Feb%202023.pdf

Trident Limited | Annual Report 2022-23

Statutory Reports

GDP projections (%)

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----- Start of picture text -----

8
7
6
5
4
3
2
1
0
UK USA Japan Saudi Arabia China India
- 1
(Source: IMF, World Economic Outlook, January 2023)
2024 2025
0.9 1.4 1 1.8 0.9 2.6 3.4 5.2 4.5 6.4 6.8
-0.6
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Textile industry overview

Growth drivers[8]

Global textile market

Competitive manufacturing costs and organized retail landscape & e-Commerce

Global trade, supply chain digitalisation, and the growth of e-commerce are among the key forces determining the market’s growth. However, it is important to note that recent shifts in the market dynamics have affected certain countries, particularly China. As the world’s leading textile exporter, China has experienced a decline in trade due to heightened concerns about cotton sourcing, with customers becoming more cautious. This shift in sentiment has prompted a reduced reliance on China, following the US embargo on Xinjiang cotton. Consequently, it has created a favourable environment for other nations such as India, Bangladesh, and Vietnam to capitalise on the situation by ramping up their production and expanding exports in the textiles and apparels sector.

Presence of entire value chains and large and growing domestic market
Increased focus on technical textiles due to growth of end-user industries
Presence of world class infrastructure and modern production process.

improve credit availability for capital expenditure in the industry, the budget proposed allocating H 900.0 crores for the Amended Technology Upgradation Fund Scheme (ATUFS) for 2023-24 as opposed to H 650.0 crores for 2022-23.[9]

The global textile market grew from $573.22 billion in 2022 to $610.91 billion in 2023, at a CAGR of 6.6%, and is projected to reach $755.38 billion in 2027 at a CAGR of 5.5%.[6]

Paper industry overview

Global paper industry

India’s textile market

Put this first -The global paper industry encountered several challenges during FY23, including supply chain disruptions, declining consumer spending and reduced demand for paper products. The industry faced increased environmental scrutiny and regulations, leading to a shift towards more sustainable packaging alternatives and a decline in paper usage. Moreover, the rising costs of raw materials, such as wood pulp and energy, posed significant challenges for paper manufacturers, affecting their profitability. The global pulp and paper market is estimated to be $387.6 billion in 2022 and is expected to grow at a CAGR of 3.5% to $477.7 billion from 2023 to 2028.

The textile sector is one of the largest employers in the nation, employing an estimated 45 million people directly, including a significant percentage of women and rural residents. The value chain of the textile industry is complex and extends from fibre through ready-to-wear clothing. With a sizeable raw material base and manufacturing strength across its value chain, it is also one of the largest in the world.

Looking at the potential of the industry, the Indian government has launched various programmes to support domestic textile producers. Under the broad objectives of several government policy programmes, including ‘Skill India’ and ‘Make in India’, the government is encouraging investment in this area, which will generate more employment, enterprises, and chances for skill development. The government has launched various schemes such as Scheme for Capacity Building in Textile Sector (SAMARTH), Amended Technology Up-gradation Fund Scheme (ATUFS), Production Linked Incentive (PLI) Scheme, PM Mega Integrated Textile Region and Apparel (PM MITRA), Integrated Processing Development Scheme (IPDS) to increase capacity, investments and job opportunities in the industry.[7]

However,the surge in demand for paper in both developed and emerging nations’ chemical and industrial processing industries will result in long-term growth. In addition, the market is expected to be driven by the expansion of several end-user industries and the expanding markets for paper and pulp in packaging, particularly in emerging countries.

Indian paper industry

The paper market in India expanded at a CAGR of more than 8% during 2022 to 2027. The entire paper market is made up of paperboard and industrial packaging, stationery, newspaper print and specialty paper. Paperboard and industrial packaging paper and paper stationery together provided about two-thirds of the market share of the overall paper market among all of these categories. During the forecast period, it is expected that the paperboard and industrial packaging paper and newspaper print markets would account for over 70% of the total paper

To boost the productivity of the sector, the central government increased the budget allocation of ministry of textiles from H 3,579.61 crores in the previous fiscal to H 4,389.34 crores in the current fiscal in the Union Budget 2023-24. It aims to increase coordination between farmers, the State, and industry for input supply, extension services, and market links. Additionally, to

6 https://ficci.in/pressrelease-page.asp?nid=4600

7 https://www.thebusinessresearchcompany.com/report/textile-global-market-report

8 https://www.investindia.gov.in/sector/textiles-apparel

9 https://pib.gov.in/Pressreleaseshare.aspx?PRID=1808759

10 https://www.indiabudget.gov.in/doc/eb/sbe98.pdf

11 https://www.researchandmarkets.com/reports/5661719/global - pulp - and - paper - market - volume - value?utm_source = GNOM&utm_ medium=PressRelease&utm_code=fs2dvp&utm_campaign=1819992+-+Global+Pulp+and+Paper+Market+Report+2022%3a+Rising+Demand+for+Pulp-Based+ Packaging+to+Foster+Growth&utm_exec=como322prd-pulp-and?w=12

Trident Limited | Annual Report 2022-23

Statutory Reports

market. In terms of annual market growth in volume terms, it is anticipated that the paper stationery and specialty paper markets would witness a growing trend. The government is focused on to reforming the forest policy as it would be necessary for the woodbased paper sector so that plantations can be grown by industry, cooperatives of farmers, and state governments, which would increase the competitiveness of the paper industry in India.[10]

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Growth drivers

The Company operates in four major business segments: Yarn, Towel, Bedsheets and Paper & Chemicals with its manufacturing facilities located in Punjab and Madhya Pradesh.

Government initiatives to ban single-use plastic
Rising disposable income
Higher literacy rate

Trident limited, which caters to the domestic markets of the Company through online & offline channels. founded over three decades ago, is a globally recognised integrated home textile manufacturer with a proven track record of excellence. With world-class infrastructure and advanced technology, the Company has established itself as one of the world's largest wheat straw-based paper manufacturers. This remarkable achievement is a testament to Trident's unwavering commitment to sustainability and eco-friendliness. Trident is also renowned for its business partnerships. It has become the number one brand in the North Indian region for the branded copier segment.

Growth of FMCG market

Company overview

Trident limited is the flagship Company of Trident Group, an Indian business conglomerate and a global player. Headquartered in Ludhiana, Punjab, Trident Limited is a vertically integrated textile (Yarn, Towel & Bedsheets) and Paper (Wheat Strawbased) manufacturer. Trident’s towel, yarn, bed sheets and paper businesses have earned global recognition and are delighting millions of consumers across India and the world. Trident is one of the largest players in home textile in India. Supplying national, captive, and retailer owned brands, the organization is highly decorated with awards from its customers, vendors, and various government entities in recognition of advancing the highest standards in product quality, social responsibility, and environmental stewardship.

Trident's success is not just limited to its resilient performance but has deep-rooted values of sustainability and social responsibility. The Company's mission is to create products that meet customers' expectations while adhering to the highest standards of sustainability. Trident believes in delivering not just quality products, but also a positive impact on society and the planet.

textile manufacturing. The Company’s manufacturing facilities are equipped with cutting-edge technology, The Company has a broad range of high-quality yarns in its product portfolio.

At Trident, innovation and creativity are encouraged, and new ideas are continuously explored to meet the ever-evolving demands of the market. The Company’s commitment to sustainability, combined with its strong financials, advanced technology, and dynamic workforce, makes it a force to be reckoned with in the global business landscape.

The Company intends to investigate a range of capital allocation methodologies, improve return ratios, expand present operations, and diversify into new industries through both organic and inorganic means to increase shareholder value. The Company investigates various methods to unlock value, create synergies and investigate business ties. The Company's growth plan also includes product development, e-commerce, brand promotion, and the best utilisation of leverage capacity to create value. Business overview Textiles Key highlights Sales (Hmillion) EBIT margin FY 2023 49,243 6.6% FY 2022 59,395 18.4% Yarn Yarn business has been operational for over three decades and presently offers one of India’s largest spinning facility on a single campus. It generates premium cotton yarn used in domestic technology, and dynamic workforce, makes it a force to be reckoned with in the global business landscape. Trident Global Corp Limited is the Company’s retail arm, which caters to the domestic markets of the Company through online and offline channels. Trident Europe Limited offers proximity to European markets and strengthens the Company’s brand presence. The company has a presence in over 100 countries around the world, with national presence in Chandigarh, Bhopal, Gurugram, New Delhi and Mumbai, and international presence in New York, USA, Dubai and UK.	Highlights 2022-23	Revenue split
		Yarn
	FY23 FY22	24% 28%
	Cotton yarn product portfolio • 100% cotton combed yarn • Special open-end yarn • Organic cotton yarn • Core spun yarn • Blended yarn • Eli-twist yarn • Slub yarn • Compact yarn • Air rich yarn • Certified cotton yarn • Mélange yarn • Packed dye yarn • Gassed mercerized yarn • Zero twist yarn • Wrapper yarn • Bamboo/ cotton yarn • Modal/ cotton yarn • Soya/ cotton yarn • Polyester/ cotton yarn • BCI cotton yarn • BMP cotton yarn • 100% dyed yarn

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9https://www.researchandmarkets.com/reports/4593544/india-paper-market-overview-2022-28

Trident Limited | Annual Report 2022-23

Statutory Reports

Home textiles

The Company is one of the biggest vertically integrated businesses in the home textile industry globally, Bath and bed linen are the Company's two primary industry segments. Trident is dedicated to innovation in all facets of its business, including the infrastructure for manufacturing, the use of fibres, yarn

Online presence

Due to its omni-channel retail expertise, the Company has gained a footing on e-commerce platforms. To take advantage of emerging market opportunities, Trident is now focusing on accelerating expansion through digital channels.

Bath linen division

The Company is the largest terry towel manufacturer and a significant bath linen supplier in the US. Trident has always been at the forefront of innovation, launching products of the highest quality that adhere to global standards. Two of the Company’s production facilities for home linens are in Barnala (Punjab) and Budni (Madhya Pradesh).

Bath linen product portfolio

Luxury
Organic
Spa and hotel
Beach
Designer
Jacquard
Dobby texture
Bath mats
Checkered
Waffle
Infants and kids
Bath rugs

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production and processing. The business is well-versed in every aspect of its value chain.

The Company keeps up with industry trends and its clients, thanks to its design studios in the US and the UK. It has a professional team of trained designers from renowned Indian colleges for end-to-end product and print design innovation.

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Bed linen division

Trident offers comprehensive bedding solutions and has an extensive product line and strong design capabilities. ITrident’s commitment to quality and innovation has made it a trusted name in the industry.

Bed linen product portfolio

Bed linen
Luxury
Organic
Spa and hotel
Beach
Designer
Jacquard
Dobby texture
Bath mats
Checkered
Waffle
Infants and kids
Bath rugs

Hometextiles Revenue split FY 2023 54% FY 2022 58%

Competitive advantage:

Qualified and skilled manpower
Cotton quality and availability
Favourable government policies
Competitive cost of production
Backward integration with yarn
Global friendly environment

Copier paper

Trident is a leading supplier of multi-color, quick-turn publishing and branded copier paper, with a 175,000 TPA capacity. It is among the world’s largest wheat straw-based paper producers and prioritises technological superiority with top-notch equipment and environmental awareness. Trident’s brand equity has improved due to its customer-centric approach.

Branded copier paper

Trident Spectra
Trident My Choice
Trident Natural
Trident Eco Green
Trident Royal Touch
Trident Digi Print
Trident Spectra Bond

Writing and printing maplitho paper

Super Line

Prime Line

Cartridge paper

Index paper

Stiffener paper

Diamond Line

Drawing paper

Platinum Line

Silver Line

Trident Royale

Copier Grade

Bible and offset printing paper

Bible
Cream wove
Offset (watermark)
Paper

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Chemical and power segment

Based on a borosilicate glass manufacturing facility from Germany's De Dietrich Process Systems, a leader in the world of glass plants, Trident is among the top producers of sulphuric acid in India, producing exceptional quality LR/AR grade sulphuric acid. The Company is one of the main manufacturers of industrial and battery-grade sulphuric acid in North India. It produces consistent, effective and high-quality output on a larger scale.

The Company specialises in three varieties of sulphuric acids— commercial grade, battery grade, and laboratory reagent (LR) grade. Each of these varieties has a unique composition and is employed in a variety of ways. The Company's sulphuric acid serves several battery needs and is used to make zinc sulphate, alum, fertilisers, detergent and dyes.

Trident Limited | Annual Report 2022-23

Statutory Reports

Financial Performance

Finance cost

Finance cost in FY23 reduced by 9.8% to H 774 million.

The total income of the Company during the year under review has been H62,913 million as against H69,415 million in the previous financial year. The Operating Profit (EBITDA) for the year stood at H9,418 million as compared to H15,100 million in the previous financial year, a decrease of 38 percent. The Company has earned a net profit of H4,219 million as against H8,150 million in the previous financial year, a decrease of 48 percent. The Company’s earnings per share were H 0.84 during the current year (previous year INR 1.63).

Segmental revenues

Textiles:Revenue stood at H 49,243 million in FY23 over H 59,423 million in FY22. EBIT margin for the segment stood at 6.6% (previous year EBIT margin 18.4%)

Paper & chemicals: Revenue stood at H 13,432 million in FY23 over H 9,797 million in FY22. EBIT margin for the segment stood at 30.6% Previous year EBIT margin 24.3%.

Statement of profit and loss

Balance sheet

Revenue

Paid-up capital

Total Revenue for the FY23 stood at H 62,913 million as compared to H 69,415 million in FY22. This is mainly because of high inflation resulting into input price & increase in supply chain cost impacting margins.

The total equity share capital for FY23 stood at H 5,096 million. There has been no change in the equity share capital of the company over last fiscal.

Net worth

EBITDA

Net worth for FY 2023 stood at H 41,258 million from H 37,972 million in FY 2022. The increase was mainly on account of increased profitability of the Company.

EBITDA for FY23 stood at H9,418 million, (Previous Year H 15,100 million) which translates into a margin of 15% (Previous Year 22%).

Key financial ratios

Net profit

A detailed note on Key financial ratios has been provided in Note 56 to Standalone financial statements.

Net profit for FY23 stood at H4,219 million (Previous Year H 8,150 million) translating to EPS of H 0.84 (Previous Year H 1.63)

Dividend

The company has maintained healthy dividend percentage of 36% on face value of each equity share. The dividend pay-out ratio stood at 43% for FY 2022-23.

Risk Management-

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RISKS MITIGATION
Changes in existing policies The Company’s management team diligently monitors
or introduction of new policies policy regulations and strategically formulates plans that
Policy/regulatory risk may impact the business of the align with these guidelines. It enables the Company to stay
Company abreast of any changes to the regulatory landscape and
integrate compliance measures into its business strategy.
Fluctuations in foreign By keeping a close eye on currency fluctuations, the
currency may impact the Company adjusts its pricing strategies accordingly
D international businesses of the and mitigate the impact of any adverse exchange rate
Foreign currency risk
Company. movements. Additionally, measured hedging in foreign
currency is also a valuable tool for the Company to manage
foreign exchange risk.
Disruptions in the day-to-day The Company establishes and maintains robust and
operations of the Company enduring vendor relationships to ensure the timely
due to unavailability or price availability of raw materials. By forging strong ties with
Raw material risk
change of raw materials like vendors, the Company secures access to the necessary raw
cotton and wheat. materials they need to maintain production schedules and
meet customer demand.
Negative impact the Company The competitive edge of the Company is based on utilising
may face due to availability economies of scale, advanced technology, and strategic
of cheaper foreign goods, partnerships with stakeholders to provide competitive
Import risk
resulting in decreased demand pricing on a global scale. It also leverages the latest
and lower profit margins. technologies to optimise its operations, reduce costs, and
enhance customer experience.
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Human resources

ensure smooth and sustainable growth. These internal control systems are crucial for maintaining transparency, preventing fraud, and ensuring compliance with regulatory requirements.

The Company always puts its people first and considers its human capital as its most valuable asset. To boost productivity, Trident aims to build a workplace that is safe, open, healthy, progressive, and inclusive. Effective and progressive HR policies are in place to help recruit, retain, and develop the best employees. Periodically, training and development programmes are offered to employees to groom future leaders.

Finally, by providing robust financial reporting and operational support, the Company enhances stakeholder confidence, attract investment, and achieve long-term success in the market.

Cautionary statement

Organisational capabilities

The Management Discussion and Analysis Report containing your Company’s objectives, projections, estimates and expectations may incorporate certain statements, which are forward looking within the meaning of applicable laws and regulations. The statements in this Management Discussion and Analysis Report could differ materially from those expressed or implied elsewhere. Important factors that could make a difference to the Company’s operations include raw material availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in governmental regulations, tax regimes, forex markets, economic developments within India and the countries within which the Company conducts business besides other incidental factors. The Management Discussion and Analysis Report of the Company may contain forwardlooking statements regarding its objectives, projections, estimates, and expectations, which are subject to applicable laws and regulations. The actual outcomes may vary from these statements, and certain factors could significantly impact the Company's operations.

These include Trident's collective knowledge, skills and experience that have been improved through constant investments in knowledge management and enhancement practices.

Internal control systems and adequacy

The Company has implemented internal control systems for financial reporting that are well-suited to its size and industry. These systems are designed to enhance productivity and efficiency across all levels of the organisation while safeguarding Company assets. To ensure accuracy in financial reporting and provide reliable operational support, the Company has established rigorous procedures.

An internal team and audit committee closely monitor business activities and promptly report any irregularities to the Management Board. Based on these observations, the Company develops strategies to identify, assess, and mitigate risks to

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Trident Limited | Annual Report 2022-23

Statutory Reports

Business Responsibility & Sustainability Reporting

B. What is the contribution of exports as a percentage of the total turnover of the entity?

53%

C. A brief on types of customers

SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity

Corporate Identity Number (CIN) of the Listed Entity 2. Name of the Listed Entity

L99999PB1990PLC010307

TRIDENT LIMITED

Year of incorporation

1990

Trident Group, Sanghera, Barnala – 148101, India

Registered office address
Corporate address

E-212, Kitchlu Nagar, Ludhiana [email protected] 0161-5039999 www.tridentindia.com 2022-23

E-mail
Telephone
Website
Financial year for which reporting is being done
10 Name of the Stock Exchange(s) where shares are listed
National Stock Exchange of India Ltd
BSE Limited
Paid-up Capital

INR 5,096.0 million

Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report

Mr. Deepak Nanda, Managing Director, +91 161-5039999, [email protected] Standalone

Reporting boundary Are the disclosures under this report made on a standalone basis (i.e., only for the entity) or on a consolidated basis (i.e., for the entity and all the entities which form a part of its consolidated financial statements, taken together).

II. Products/services

14. Details of business activities (accounting for 90% of the turnover):

Sl. No.	Description of main activity	Description of business activity	% of turnover of the entity (FY23)
1. 2.	Textile Manufacturing Paper Manufacturing	Sourcing, manufacturing and supply of high- performance yarn, bath and bed linen. Manufacturing of high-quality, multi-colour, high-speed printing and publishing papers and high-quality branded copierpaper,and Wheat straw-basedpaper	79% 21%

15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):

Sl. No.	Product/Service	NIC Code	% Of total turnover contributed
1. 2.	Textile Products (High performance yarn, bath and bed linen) Paper Products(Pulp,Paper and Paperboard)	131 1701/170	79% 21%

III. Operations

16. Number of locations where plants and/or operations/offices of the entity are situated:

Location	Number ofplants	Number of offices	Total
National International	3 Nil	1 1	4 1

17. Markets served by the entity:

A. Number of locations

Number of locations
Location	Number
National (No. of States) International(No. of Countries)	Pan India 100+

Trident Limited is a leading Indian textile and paper manufacturing Company that caters to a diverse range of customers worldwide. With its extensive product portfolio and commitment to quality, the Company has developed a strong customer base across various industries. Here’s a brief overview of Trident Limited’s customers:

Retailers and Brands: The Company serves numerous retailers and brands in the textile industry, both in India and globally. Its customers include well-known names in the fashion and home decor sectors. The Company provides a wide range of textile products, including towels, bedsheets, bathrobes, blankets, and yarn, meeting the requirements of retailers and brands for their private labels or store brands.

Hospitality Industry: The Company offers a comprehensive range of high-quality linens and textiles for hotels, resorts, and restaurants. The products are known for their durability, comfort, and aesthetic appeal, making them popular choices among hospitality businesses.

Paper Industry: In addition to textiles, Trident also operates in the paper manufacturing sector. The Company’s paper division supplies a range of high-quality paper products to customers across industries, including packaging, publishing, printing, and stationery. The customers in this sector include printing houses, publishing companies, and packaging manufacturers.

Export Market: The Company has a significant presence in the international market. It exports its products to numerous countries, including the United States, Europe, the Middle East, and Africa. Its customers abroad consist of retailers, distributors, and wholesalers who value Trident’s commitment to quality, timely delivery, and competitive pricing.

The diverse customer base highlights Trident’s ability to cater to different industry sectors in domestic and international market. Through its quality-driven approach, innovative product offerings, and focus on customer satisfaction, the Company has successfully established enduring relationships with its customers over the years.

IV. Employees

18. Details as at the end of Financial Year:

A. Employees and workers (including differently abled):

S. No.	Particulars	Total (A)	Total (A)	Total (A)	Female No. (C) % (C / A) 290 16.05% 11 12.64% 301 15.89% 2,205 18.46% 484 21.63% 2,689 18.96% Female No. (C) % (C / A) 1 25% 0 0 1 25% 3 12.00% 0 0 3 7.89%	Female No. (C) % (C / A) 290 16.05% 11 12.64% 301 15.89% 2,205 18.46% 484 21.63% 2,689 18.96% Female No. (C) % (C / A) 1 25% 0 0 1 25% 3 12.00% 0 0 3 7.89%
			No. (B)	% (B / A)	No. (C)	% (C / A)
1. 2. 3. 4. 5. 6.	EMPLOYEES Permanent (D) 1,807 Other than Permanent (E) 87 Total employees (D + E) 1,894 WORKERS Permanent (F) 11,943 Other than Permanent (G) 2,238 Total workers (F + G) 14,181		1,571 76	83.95% 87.36%	290 11	16.05% 12.64%
		1,894	1,593	84.11%	301	15.89%
			9,738 1,754	81.54% 78.37%	2,205 484	18.46% 21.63%
		14,181	11,492	81.04%	2,689	18.96%
B. Differently abled Employees and workers: S. No. Particulars		Total (A)
			No. (B)	% (B / A)	No. (C)	% (C / A)
1. 2. 3. 4. 5. 6.				75% 0 75% 88.00% 100% 92.11%	1 0 1 3 0 3	25% 0 25% 12.00% 0 7.89%

Trident Limited | Annual Report 2022-23

Statutory Reports

7. Participation/Inclusion/Representation of women

	Total (A)	No. and percentage of Females	No. and percentage of Females
		No. (B)	% (B / A)
Board of Directors (as on March 31, 2023) Key Management Personnel	13 2	1 0	7.7% -

8. Turnover rate for permanent employees and workers

	Male	FY 2022-23			FY 2021-22
		Female	Total	Male	Female	Total
Permanent Employees Permanent Workers	18.36% 15.85%	31.25% 27.43%	18.14% 20.74%	24.73% 23.57%	29.18% 32.11%	25.54% 25.37%

*The Company have presented the number of employees and workers number, instead of percentage.

9. Holding, Subsidiary and Associate Companies (including joint ventures)

(a) Names of holding / subsidiary / associate companies / joint ventures

S. No.	Name of the holding/ subsidiary/ associate companies/ joint ventures (A)	Indicate whether holding/ Subsidiary/ Associate/ Joint Venture	% of shares held by listed entity	Does the entity indicated at column A, participate in the Business Responsibility initiatives of the listed entity? (Yes/No)
1 2 3 4 5 6	Trident Global Corp Limited Trident Home Textiles Limited Trident Innovations Limited Trident Home Décor Limited Trident Global Inc Trident Europe Limited	Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary	100% 100% 100% 100% 73.5 % 100%	No No No No No No

10. CSR Details

(i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) - Yes

(ii) Turnover (in Rs.) - INR 62,912.7 million

(iii) Net worth (in Rs.) – INR 41,257.7 million

11. Transparency and Disclosures Compliances

Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:

Stakeholder group from whom complaint is received	Grievance Redressal Mechanism in Place (Yes/No)	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year Number of complaints filed during the year Number of complaints pending resolution at close of the year Remarks NA	FY 2021-22 Previous Financial Year Number of complaints filed during the year Number of complaints pending resolution at close of the year Remarks NA	FY 2021-22 Previous Financial Year Number of complaints filed during the year Number of complaints pending resolution at close of the year Remarks NA
	(If yes, then provide web-link for grievance redress policy)	Number of complaints filed during the year	Number of complaints pending resolution at close of the year	Remarks	Number of complaints filed during the year	Number of complaints pending resolution at close of the year	Remarks
Communities	Yes	100+	0	Addressing community issues.		NA
Investors (other than shareholders)		Yes			NA
Shareholders	Yes			NA
Employees and workers	Yes	100+	0	Key issues resolved- Canteen and Meals complaints, worker grievances		NA
Customers	Yes	17	0	Addressed Customer grievances on product and service quality	39	0	Addressed Customer grievances on product and service quality
Value Chain Partners	Yes			NA

Trident Limited | Annual Report 2022-23

Statutory Reports

12. Overview of the entity’s material responsible business conduct issues

’	’	’	’	’
12. Overview of the entitys material responsible business conduct issues Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format S. No. Material issue identified Indicate whether risk or opportunity (R/O) Rationale for identifying the risk / opportunity In case of risk, approach to adapt or mitigate Financial implications of the risk or opportunity (Indicate positive or negative implications) 1 Energy & Climate Change Risk and Opportunity Risk:Trident is dependent on fossil fuels as a source of energy. The Company is also dependent on heavy amount of water intake for paper and pulp manufacturing. Any disruption in the supply chain of traditional fuel will have direct and significant increase in the price and could adversely affect the Company’s operations and profitability. Secondly, as climate change is leading to more intense weather events such as- heat waves, droughts, extreme floods and cyclones, it can impact the water availability at extreme high temperatures, forest degradation, and also impact the supply chain during extreme weather events. These events can have direct impact on the Company’s value chain operations and could lead to a declining revenue. Opportunity:The Company can adapt to innovate processes to achieve energy efficiency and reduce carbon footprint throughout the value chain. The Company can explore decarbonization opportunities through out the value chain and develop products which has low/zero emissions. The Company has implemented ESG principles across the business functions and operations and have undertaken some key targets under the pillars of Energy, Nature, Waste, Packaging, Transportation, Product use and Enterprise. Trident has undertaken Science Based Targets to reduce Scope 1 and Scope 2 emissions by 2031 and become a Net-Zero Company 2040. Some of the best practices implemented includes- replacing coal with biomass fuel, electricity transition from coal-based grid supply to renewable purchases and PPAs, water conservation and recycling and CAPEX investment in energy efficient equipment. Positive 2 Health and Safety Risk As a manufacturing Company Trident is likely to encounter several health and safety risks within its operations. Some of the common health and safety risks the Company will need to address are- Occupational Hazards, Chemical Hazards, Fire and Electrical Hazards, Mechanical and Equipment Hazard, and Climate Related Hazards (extreme heat and health related). The Company places strong emphasis on health and safety within operations and corporate spaces. Various measures are implemented to promote a safe and healthy working environment, such as- Compliance to Regulations (ISO45001 certified), Periodic Risk Assessment, Employee and Worker Training, Safety Equipment and Infrastructure, Ongoing Safety Audits and continuous employee and worker engagements. By implementing these measures, Trident aims to create a safety culture, protect employees and ensure compliance throughout operations. Negative					S. No.	Material issue identified	Indicate whether risk or opportunity (R/O)	Rationale for identifying the risk / opportunity	In case of risk, approach to adapt or mitigate	Financial implications of the risk or opportunity (Indicate positive or negative implications)
					3 4	Resource Efficiency Customer Satisfaction	Opportunity Opportunity	Trident sees resource efficiency as on opportunity to optimize its use of resources, reduce waste generation, and enhance sustainability. Some potential area of resource utilization improvement includes- Energy Efficiency, Water Conservation, Raw Material Optimization, Circular Economy, Supply Chain Engagement and Trainings. The Company has adopted 5Rs Practice- Reduce, Reuse, Recycle, Re-engineer and Redesign, within its operational boundary. The Company has also invested heavily in R&D and CAPEX for new products (increased recycled material input), efficient equipment, plastic recycling through EPR, circular economy (Alternative Fuels) and utilizing waste polyesters in process (Alternative Raw Material), to improve the resource- efficiency of the Company. The Company is also engaged with its marginalized suppliers to procure agriculture waste and utilize as fuel in boilers. Implementing resource efficiency measures not only benefits the environment but can also lead to cost savings, improved operational efficiency, and enhanced brand reputation for Trident Limited. Trident sees several opportunities to enhance customer satisfaction. Some of the potential areas to consider includes- Product Quality and Reliability, Timely Delivery, Customer Service and Communication, Innovation and Sustainable Products, and Feedback surveys. By focusing on these key areas, Trident can strengthen its relationship with customers and foster long-term engagement. The Company engages with its customers through feedback surveys, in person meetings, media campaigns, and through grievance mechanisms.		Positive Positive
1 2	Energy & Climate Change Health and Safety	Risk and Opportunity Risk	Risk:Trident is dependent on fossil fuels as a source of energy. The Company is also dependent on heavy amount of water intake for paper and pulp manufacturing. Any disruption in the supply chain of traditional fuel will have direct and significant increase in the price and could adversely affect the Company’s operations and profitability. Secondly, as climate change is leading to more intense weather events such as- heat waves, droughts, extreme floods and cyclones, it can impact the water availability at extreme high temperatures, forest degradation, and also impact the supply chain during extreme weather events. These events can have direct impact on the Company’s value chain operations and could lead to a declining revenue. Opportunity:The Company can adapt to innovate processes to achieve energy efficiency and reduce carbon footprint throughout the value chain. The Company can explore decarbonization opportunities through out the value chain and develop products which has low/zero emissions. As a manufacturing Company Trident is likely to encounter several health and safety risks within its operations. Some of the common health and safety risks the Company will need to address are- Occupational Hazards, Chemical Hazards, Fire and Electrical Hazards, Mechanical and Equipment Hazard, and Climate Related Hazards (extreme heat and health related).	The Company has implemented ESG principles across the business functions and operations and have undertaken some key targets under the pillars of Energy, Nature, Waste, Packaging, Transportation, Product use and Enterprise. Trident has undertaken Science Based Targets to reduce Scope 1 and Scope 2 emissions by 2031 and become a Net-Zero Company 2040. Some of the best practices implemented includes- replacing coal with biomass fuel, electricity transition from coal-based grid supply to renewable purchases and PPAs, water conservation and recycling and CAPEX investment in energy efficient equipment. The Company places strong emphasis on health and safety within operations and corporate spaces. Various measures are implemented to promote a safe and healthy working environment, such as- Compliance to Regulations (ISO45001 certified), Periodic Risk Assessment, Employee and Worker Training, Safety Equipment and Infrastructure, Ongoing Safety Audits and continuous employee and worker engagements. By implementing these measures, Trident aims to create a safety culture, protect employees and ensure compliance throughout operations.

Trident Limited | Annual Report 2022-23

Statutory Reports

S. No.	Material issue identified	Indicate whether risk or opportunity (R/O)	Rationale for identifying the risk / opportunity	In case of risk, approach to adapt or mitigate	Financial implications of the risk or opportunity (Indicate positive or negative implications) Positive Negative Positive	S. No.	Material issue identified	Indicate whether risk or opportunity (R/O)	Rationale for identifying the risk / opportunity	In case of risk, approach to adapt or mitigate	Financial implications of the risk or opportunity (Indicate positive or negative implications)
5 6 7	Employment Value, Ethics and Compliance Community Engagement & Local employment	Opportunity Risk and Opportunity Opportunity	The Company sees employment as an opportunity to attract, retain, and develop a skilled and diverse workforce that is essential for its business operations. Trident provides fair and competitive compensation and benefits to its employees, as well as opportunities for learning and career growth. The Company also fosters a culture of providing skill development training to underprivileged candidates and provide them employment after training. Trident also respects the human rights and labour rights of its employees and workers, ensuring a safe, healthy and inclusive work environment. Risk:Trident recognises that value, ethics and compliance are essential for its reputation and trust in the international and national market and society. Some of the potential risks that needs to be addressed in those areas are- Ethical Conduct (unethical behaviour, bribery, conflict of interest, and corruption), supply chain compliance (supplier labor practice and compliance), Environment Impact (risk of improper waste disposal, excessive resource consumption and pollution), Employee and Social Responsibility (risks related to community relationship, stakeholder expectation and employee wellbeing). Trident understands the risk of legal or regulatory violations or ethical breaches can harm the Company’s image and reputation. Opportunity:By establishing itself as an ethical and compliant organization, Trident can differentiate itself from its competitors and build trust and loyalty with its customers, attract and retain talent who share the Company’s values and vision, minimize reputational risks, reduce environment impact, ensure compliance and build transparency across value chain. Trident understands that community engagement and local employment are opportunities to support the social development of the communities where it operates and strengthen the relationship with community. The Company engages with the society to provide education, build infrastructure, health and wellness engagement, skill development and employment opportunities.	The Company has established Code of Conduct that outlines the Company values and principles. Trident also has various policies and procedures to ensure compliance with the applicable regulations. Regular audits, trainings and surveys are conducted to monitor and ensure compliance on ethical conduct across the organization.		8 9	Supply Chain Sustainability Product Responsibility & Association	Risk and Opportunity Opportunity	Risk:Trident has identified that a sustainable supply chain is critical for its business continuity and performance. The Company faces risk of disruptions through various factors such as- global fuel price, political instability, ESG compliance, natural disasters and non-compliance of suppliers. Opportunity: Implementation of a Sustainable Supply Chain is essential for Trident, to minimize its environmental impact, promoting social responsibility, and ensuring long-term business resilience. Some of the supply chain sustainability opportunities for Trident includes- Supplier sustainability assessment, responsible sourcing audits, green logistics, waste recycling and reducing, sustainable way of waste disposal, and manage supplier emissions. By embracing these sustainable supply chain opportunities, Trident can reduce its environmental footprint, promote responsible business practices, and contribute to the overall sustainability operations. It also helps the Company to meet the evolving stakeholder expectations and build reputation. Trident has identified product responsibility and association as an opportunity to improve the product quality, increase customer satisfaction, develop green and environment friendly products and capture additional markets. Trident ensures that the product meets the desired standards for quality, packaging and communication. The Company has also developed products from recycled fibres and fosters circular economy through alternative materials use and reduce dependency on environment. The Company also adds labels on its products to inform consumers about the features, benefits and direction to use, to improve durability. Trident has also association with different Industry association bodies to collaborate, implement best practices and advocate regulatory changes.	The Company has deployed several measures to manage supply chain related risks. The Company is engaged with suppliers through regular audits for critical material supplies. Engagement with local farmers is also done to ensure procurement of biomass fuel and replace coal in boilers. The Company has also defined code of corporate governance and conduct, which is extended coverage with suppliers to ensure ethical compliance. Overall, Trident has adopted to a proactive and comprehensive approach towards supply chain risk management. By identifying, assessing, and addressing risks at various stages of the supply chain, the Company strives to build a resilient and sustainable supply chain that can adapt to changing market conditions and mitigate potential disruptions.	Positive Positive

Trident Limited | Annual Report 2022-23

Statutory Reports

S. Material issue Indicate Rationale for identifying the risk / In case of risk, approach to adapt Financial implications No. identified whether opportunity or mitigate of the risk or risk or opportunity (Indicate opportunity positive or negative (R/O) implications) 10 Diversity & Opportunity Trident understands diversity and inclusion Positive Inclusion as an opportunity to leverage best talent for its operations. The Company promotes diversity by undertaking targets to achieve 50% women workforce, inclusive working environment for specially abled people, ensuring that workforce is treated fairly and equitably in terms of compensation, benefits, opportunities and recognition. The Company also engages with multilevel stakeholders to address diversity and inclusion throughout the value chain.

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the NGRBC Principles and Core Elements.

S. Principle Description Reference of Policies No. P1 Businesses should conduct and govern themselves with Combined Code of Corporate Governance and Conduct Policy integrity, and in a manner that is Ethical, Transparent and Accountable
P2 Businesses should provide goods and services in a Environment Health and Safety Policy manner that is sustainable and safe
P3 Businesses should respect and promote the well-being of all employees, including those in their value chains
P4 Businesses should respect the interests of and be Combined Code of Corporate Governance and Conduct Policy responsive to all its stakeholders
P5 Businesses should respect and promote human rights Combined Code of Corporate Governance and Conduct Policy Vigil Mechanism and Whistle Blower Policy
P6 Businesses should respect and make efforts to protect Environment Health and Safety Policy and restore the environment
P7 Businesses, when engaging in influencing public and CSR Policy regulatory policy, should do so in a manner that is responsible and transparent
P8 Businesses should promote inclusive growth and CSR Policy equitable development
P9 Businesses should engage with and provide value to Combined Code of Corporate Governance and Conduct Policy their consumers in a responsible manner

Disclosure Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
Policy and management processes 1. A. Whether your entity’s policy/policies cover each principle and its core elements of the NGRBCs. (Yes/No) Y Y Y Y Y Y B. Has the policy been approved by the Board? (Yes/No) Y Y Y Y Y Y c. Web Link of the Policies, if available** Code of Corporate Governance and Conduct							Y Y	Y Y	Y Y

(https://assets.Tridentindia.com/Combined_Code_of_Corporate_Governance_and_Conduct_ efbab7cb35_99515d759a.pdf)

Environment Health & Safety Policy (https://assets.Tridentindia.com/ENVIRONMENTAL_ HEALTH_and_SAFETY_POLICY_eb75053f4b.pdf)

Vigil Mechanism and Whistle Blower Policy (https://assets.tridentindia.com/VIGIL_ MECHANISM_and_WHISTLE_BLOWER_POLICY_54d50bdb08.pdf)

Corporate Social Responsibility (CSR) Policy

(https://assets.tridentindia.com/Corporate_Social_Responsibility_CSR_Policy_095ba2f916.pdf)

2. Whether the entity has Y Y Y Y Y Y Y Y Y translated the policy into procedures. (Yes / No)

3. Do the enlisted policies Yes, few of the enlisted policies of the Company have extend to your value chain extended coverage to the value chain partners. partners? (Yes/No)

4. Name of the national and international codes/certifications/labels/standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustee) standards (e.g. SA 8000, OHSAS, ISO, BIS) mapped to each principle.

Principle 1

Principle 2 Principle 3 Principle 4 Principle 5 Principle 6 Principle 7 Principle 8

All the policies are based on the prescribed principles, conformance to the spirit of international standards like ISO 9001, ISO 14001, ISO 45001, ISO 27001, ISO 50001 and Forest Stewardship Council.

Principle 9

5. Specific commitments, goals and targets set by the entity with defined timelines, if any.

The Company has undertaken specific targets to address the environmental concerns. Trident as a group has committed to reach Net-Zero GHG emissions by 2040. In order to achieve the targets, the Company have established short-, medium- and long-term targets. Please refer to the targets below-
(1) 46.2% GHG emission reduction (Scope 1 and Scope 2) by 2031, validated by SBTi under 1.5D target setting.
(2) 50% renewable energy consumption by 2025.
(3) 20% reduction in virgin plastic use (target own brand) by 2025.
(4) Achieve zero waste to landfill by 2030.
(5) Achieve 50% gender equity by 2030.

Trident Limited | Annual Report 2022-23

Statutory Reports

Disclosure Questions

P1 P2 P3 P4 P5 P6 P7 P8 P9

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:

6. Performance of the Trident is already on the track to implement the undertaken targets. The current renewable entity against the specific energy share is 2.83% and are committed to increase to 50% by 2025, through capex investment commitments, goals and and power purchasing agreements. The Company has current gender equity stands at 18%, targets along-with reasons against the target of reaching 50% by 2030. We have also diverted 91% of waste from the landfill in case the same are not met. against the target of 100% zero land fill.by 2030 target. Trident has developed long term ESG strategy to achieve net-zero target and are also developing value chain strategy to address the supplier ESG engagement.

Governance, leadership, and oversight

7. Statement by director At Trident, we have always believed in driving business with purpose. Through reporting, we responsible for the business would like to communicate to our stakeholders, our progress on Environmental, Social and responsibility report, Governance performance. We believe Sustainability is a journey, and while we believe there is highlighting ESG related more work to be done, we are also poised to take up challenges and improvements through challenges, targets and transforming our ways of doing business. achievements (listed entity has flexibility regarding the placement of this disclosure)

8. Details of the highest Mr. Deepak Nanda authority responsible Managing Director for implementation and Tel- +91 161-5039999 oversight of the Business E-Mail id: [email protected] Responsibility policy/policies

9. Does the entity have a Yes. specified Committee of the Board/ Director responsible The CSR Committee of the Board of Directors is responsible for implementation of BR policies. for decision making on Mr. Deepak Nanda, MD is authorised by CSR Committee for decision making on sustainability

sustainability related issues? related issues.

(Yes / No). If yes, provide details.

10. Details of Review of NGRBCs by the Company:

Subject for Review	Subject for Review	Subject for Review	Subject for Review	Subject for Review	Subject for Review	Subject for Review	Subject for Review	Subject for Review	Subject for Review
	P 1	P 2	P 3	P 4	P 5	P 6	P 7	P 8	P 9	P 1	P 2	P 3	P 4	P 5	P 6	P 7	P 8	P 9
Performance against above policies and Health & Safety Committee POSH Committee Workers Committee Canteen Committee Compliance with statutory requirements of relevance to the principles, and rectification of any non- compliances Health & Safety Committee Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency? (Yes/No). If yes, provide name of the agency. P1 P2							P3

Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
The entity does not consider the Principles material to its business (Yes/No)	-	-	-	-	-	-	-	-	-
The entity is not at a stage where it is in a position to formulate and implement	-	-	-	-	-	-	-	-	-
the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical resources	-	-	-	-	-	-	-	-	-
available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)	-	-	-	-	-	-	-	-	-
Anyother reason (please specify)	-	-	-	-	-	-	-	-	-

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

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Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable

E: Essential Indicators

1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:

Segment	Total number of training and awareness programmes held	Topics / principles covered under the training and its impact	%age of persons in respective category covered by the awareness programmes
Board of Directors	4	Business strategy, risk, update of laws, Principle of corporate Governance	100%
Key Managerial Personnel	10	Business strategy, risk, update of laws, Principle of corporate Governance Six Sigma, TPM,	100%
Employees other than BoD and KMPs	24	Business Code of Conduct, Fire Safety and Evacuation Training, Waste Handling, Chemical Safety, handling and storage, Human Rights Awareness- Equal Wages, Child Labour and Working hours	65%
Workers	52

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/judicial institutions, in the financial year, in the following format

		Monetary
	NGRBC Principle	Name of the regulatory/ Enforcement agencies/ judicial institutions	Amount (In INR)	Brief of the Case	Has an appeal been preferred? (Yes/No)
Penalty/ Fine Settlement Compounding fee	P1 P1 P1	NIL NIL NIL Non-Monetary	NIL NIL NIL	NIL NIL NIL	No No No
	NGRBC Principle	Name of the regulatory/ enforcement agencies/ judicial institutions	Brief of the Case	Has an appeal been preferred? (Yes/No)
Imprisonment Punishment	P1 P1	NIL NIL	NIL NIL	No No

Trident Limited | Annual Report 2022-23

Statutory Reports

3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or nonmonetary action has been appealed.

Case Details	Name of the regulatory/ enforcement agencies/ judicial institutions
Not Applicable	Not Applicable

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a weblink to the policy.

Yes, the Company believes in conducting affairs in a fair and transparent way with high standard of professional behaviour, honesty, integrity and ethical behaviour. Complete transparency in operations with clear communication to all relevant stakeholders is practiced by the Company. The policy is applicable to all directors, employees and stakeholders are protected under this policy.

Link- https://assets.Tridentindia.com/VIGIL_MECHANISM_and_WHISTLE_BLOWER_POLICY_54d50bdb08.pdf

Adequate control mechanisms are placed to address the issues related to ethics, bribery and corruption, guided by Internal Complaints Committee wherein any unethical conduct is reported and investigated.

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption.

FY 2022-23 FY 2021-22 Current Financial Year Previous Financial Year Nil

Directors

KMPs

Employees

Workers

Details of complaints with regard to conflict of interest:

FY	2022-23			FY 2021-22
Current	Financial Year		Previous Financial Year
Number	Remarks		Number	Remarks
		Nil

Number of complaints received in relation to issues of Conflict of Interest of the Directors Number of complaints received in relation to issues of Conflict of Interest of the KMPs

7. Provide details of any corrective action taken or underway on issues related to fines / penalties /action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.

During the reporting year, no complaints or fines or penalties were received with regards to regulators, law enforcements, judicial institutions or any corruption and conflicts of interest.

L: Leadership Indicators

1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:

The Company regularly interacts with its suppliers, has discussions with suppliers, about the possibility of reusing or recycling the input material, and to discuss the roadmap towards green or sustainable supply chain.

2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No) If yes, provide details of the same.

Yes, the entity has policy in place to avoid conflict of interests involving members of the board. This also includes annual declarations from the board members to confirm the entities in which they have an interest.

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Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe

E: Essential Indicators

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.

	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year	Details of improvements in environmental and social impacts
R&D Capex	- INR 284.9 million	- INR 241.6 million	Installation of ground mounted & Roof Mounted Solar Power Plant at Budhni Location to reduce coal consumption and power cost.

2. Does the entity have procedures in place for sustainable sourcing? (Yes/No) b. If yes, what percentage of inputs were sourced sustainably?

Yes, the business of the Company is deep routed in an agro-based economy leading to farmer prosperity. The sourcing of raw material is done within the proximity of its manufacturing location, boosting the local economy and support community to increase per capita income. The code of conduct discourages child labour, unethical practices, and forced labours, for business associates as a strategy of sustainable sourcing. Apart from this, Trident is also engaged in sustainable packaging solutions. All the sourcing of raw materials for paper manufacturing are certified sustainable by Forest Stewardship Council (FSC). The collection of material safety certificates, declarations and code of conduct is conducted for all supplier to ensure ethical sourcing.

Controllable check points have been implemented within the sourcing system and has also implemented ‘annual supplier audit’ for critical material procurement to evaluate availability traces of hazardous materials among the supply. Through these procedures, the Company has achieved around 20% raw material procurement sustainable sourcing within our manufacturing units.

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.

The Company does have mechanism to reduce waste generation, increase efforts in recycling and sustainable methods for waste disposal; and practice 5Rs Practice- Reduce, Reuse, Recycle, Re-engineer and Redesign. Trident aims to seek alternatives for plastic waste and focus on products to help reduce plastic waste littering. Extended Producer Responsibility initiative for plastic packaging has been undertaken by the Company through partnership with authorized recyclers. Under this initiative the Company has taken EPR targets and engaged in collection and recycling of plastic waste from municipal sources. The Company has also installed E-waste collection centres within office and operation premises to collect, segregate and recycle the waste through authorized recyclers with valid certifications. The Company has also integrated zero liquid discharge systems which removes release of hazardous liquid waste into the environment. The manufacturing facilities use biological plant for biodegradation of wastewater and recover the entire wastewater. To treat other waste such as food and paper, Trident has incorporated food waste and other biomass waste to generate electricity at one of the manufacturing locations, through biogas plant. The Company has launched an innovative product to support paper packaging through “Good Paper” campaign. The product has shown significant reduction in reducing water intensity and reduced consumption of raw material to manufacture the product. The Company has also aggressively incorporated utilization of Forest Stewardship Council (FSC) certified papers which have less carbon and water footprint as compared to plastic packaging products.

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same.

Yes, the Company has identified the environmental emergency and has identified its role in engaging with Extended Producer Responsibility (EPR) under the plastic waste management rules, 2016, with registration under brand owner. The Company has duly submitted the targets to the local state pollution control board.

Policy Link- https://assets.Tridentindia.com/Combined_Code_of_Corporate_Governance_and_Conduct_efbab7cb35_99515d759a.pdf

Trident Limited | Annual Report 2022-23

Statutory Reports

L: Leadership Indicators

1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in the following format?

NIC Code	Name of Product /	% of total Turnover		Boundary	Whether	Results
	Service	contributed		for which the	conducted by	communicated
				Life Cycle	independent	in public domain
				Perspective/	external agency	(Yes/No) If yes,
				Assessment was	(Yes/No)	provide the web-
				conducted		link.
-	NA	-		-	-	-
If there are any significant social or environmental concerns and/or risks arising from					production or disposal of your products
/ services, as identified in the Life Cycle		Perspective / Assessments (LCA) or through any other means, briefly describe the
same along-with action taken to mitigate		the same.
Name of Product / Service		Description of the		risk / concern	Action Taken
	NA		-			-
	NA		-			-

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same.

3. Percentage of recycled or reused input material to total material (by value) used in production (For manufacturing industry) or providing services (for service industry).

Indicate input material	Recycled or re-used input material to total material	Recycled or re-used input material to total material
	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year
Recycled Polyester(Yarn Business)	13%	NA

*The company participates in certain customer program, through which it uses 13% recycled materials as an input to operations.

4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed of.

	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year
	Re-Use	d Recycled	Safely Disposed	Re-Used	Recycled	Safely Disposed
Plastics (Including packaging) E-waste Hazardous waste Other waste		- 0 - 8.73 - - - -	- - 3,429.91 -	- - - -	- 14.63 - -	- - 3,472.32 -

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.

Indicate product category Reclaimed products and their packaging materials as % of total products sold in respective category Bed and Bath Linen products 13%

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Principle 3: Businesses should respect and promote the well-being of all employees, including those in their value chains

E: Essential Indicators

1. a. Details of measures for the well-being of employees.

Category	Total (A)			% Of employees covered by	% Of employees covered by	% Of employees covered by	% Of employees covered by
		Health insurance		Accident insurance				Paternity Benefits		Day Care facilities
		Number (B)	% (B/ A)	Number (C)	% (C/A)	Number (D)	% (D/A)	Number (E)	% (E/ A)	Number (F)	% (F/ A)
Male Female Total Male Female Total	1,517 290 1,807 76 11 87	1,517 290 1,807 76 11 87	100% 100% 100% 100% 100% 100%					1,517 0 1,517 76 0 76	100% 0 83.95% 100% 0 87.35%	0 290 290 0 11 11	0 100% 16.04% 0 100% 12.64%

b. Details of measures for the well-being of workers:

Category	Total (A)	Health insurance Number (B) % (B/ A)	Health insurance Number (B) % (B/ A)	% Of workers covered by	% Of workers covered by	% Of workers covered by	% Of workers covered by
				Accident insurance		Maternity benefits		Paternity Benefits
			% (B/ A)	Number (C)	% (C/A)	Number (D)	% (D/A)	Number (E)	% (E/ A)	Number (F)
Male Female Total Male Female Total	9,738 2,205 11,943 1,754 484 2,238	9,738 2,205 11,943 1,754 484 2,238	100% 100% 100% 100% 100% 100%	Permanent employees 9,738 100% 0 0 2,205 100% 2,205 100% 11,943 100% 2,205 18.46% Other than Permanent employees 1,754 100% 0 0 484 100% 484 100% 2,238 100% 484 21.63%				9,738 0 9,738 1,754 0 1,754	100% 0 81.53% 100% 0 78.37%	0 2,205 2,205 0 484 484

2. Details of retirement benefits.

Benefits	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year
	No. of employees covered as a % of total employees	No. of workers covered as a % of total workers	Deducted and deposited with the authority (Y/N/N.A.)	No. of employees covered as a % of total employees	No. of workers covered as a % of total workers	Deducted and deposited with the authority (Y/N/N.A.)
PF Gratuity ESI	100% 100% 0	100% 100% 100%	Y Y Y	100% 100% 0	100% 100% 100%	Y Y Y

Trident Limited | Annual Report 2022-23

Statutory Reports

3. Accessibility of workplaces

Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.

Yes, the office and work premises are accessible to differently abled employees and workers. The differently abled employees are assisted during any visit with safety members to ensure safe movement of the employee. Based on the type of differently abled, Trident’s facilities and offices are equipped with wheelchairs, accessible restrooms, and high standard communication mechanism to support the employee a smooth movement throughout the premises. Trident has ‘Equal-Opportunity’ policy under the umbrella policy of ‘Combined Code of Corporate Governance and Conduct’, and the premises are largely accessible as per the requirements.

Policy Link- https://assets.Tridentindia.com/Combined_Code_of_Corporate_Governance_and_Conduct_efbab7cb35_99515d759a. pdf

7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:

Category	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year		FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year
	Total employees / workers in respective category (A)	No. of employees / workers in respective category, who are part of association(s) or Union (B)	% (B/A)	Total employees / workers in respective category (C)	No. of employees / workers in respective category, who are part of association(s) or Union (D)	% (D/C)

Total Permanent Employees

- Male

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a weblink to the policy.

Yes, the entity has an equal opportunity policy as per the Rights of Persons with Disability Act, 2016. The details are wired within the ‘Combined Code of Corporate Governance and Conduce’, link- https://assets.Tridentindia.com/Combined_Code_of_ Corporate_Governance_and_Conduct_efbab7cb35_99515d759a.pdf. The Company provides equal opportunity for differently abled people and also conducts formal hiring process for differently abled people. As on date, the Company have more than 50 employees who are differently abled. Trident also emphasizes on topics related to equal pay and have formal complaint process for discrimination. This helps address any issues related to discrimination or harassment of especially abled employees.

5. Return to work and Retention rates of permanent employees and workers that took parental leave.

Gender	Permanent employees Return to work rate Retention rate 83.33% 77.40% 52.78% 69.92% 68.05% 73.66%	Permanent employees Return to work rate Retention rate 83.33% 77.40% 52.78% 69.92% 68.05% 73.66%	Permanent workers Return to work rate Retention rate 79.75% 77.30% 63.18% 56.82% 71.47% 67.06%	Permanent workers Return to work rate Retention rate 79.75% 77.30% 63.18% 56.82% 71.47% 67.06%
	Return to work rate	Retention rate	Return to work rate	Retention rate
Male Female Total	83.33% 52.78% 68.05%	77.40% 69.92% 73.66%	79.75% 63.18% 71.47%	77.30% 56.82% 67.06%

6. Is there a mechanism available to receive and redress grievances for the following categories of employees and workers? If yes, give details of the mechanism in brief.

(If Yes, then give details of the mechanism in brief)

Yes, Trident has an integrated approach on receiving and redressing grievances from employees and workers. Ours is an integrated approach which includes all levels of employees and workers.

Permanent Workers

Other than Permanent Workers

KAAN Meeting- The Company conducts ‘Kaan Meetings’ where members indulge in a healthy exchange of ideas, share any concerns or any opinion that can promote value of the Company are encouraged. This meeting is conducted for different category of employees and workers to create a positive impact, making it a valuable workplace.

Permanent Employees

SAMEEP- The Company has also adopted digital chatbot to stay connected with 15,000+ employees and support them in creating emergency support desk, internal communication, communication directory and many more services to name a few.

Other than Permanent Employees We also support factory level grievance committee, which includes unit level management, to address any specific concern related to that location. This committee addresses issues related to health and safety, sexual harassment, canteen issues and labor related issues.

- Female

Total Permanent Workers

- Male

- Female

8. Details of training given to employees and workers:

Category		FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year		FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year
	Total (A)	On Health and safety measures Number (B) % (B/ A) 195 13% 63 22% 258 14% 4,316 44% 1,019 58% 5,335 46%		On Skill upgradation Number (C) % (C/A) Employees 1070 71% 263 91% 1,333 74% Workers 3,672 38% 995 57% 4,667 41%		Total (D)	On Health and safety measures		On Skill upgradation
		Number (B)	% (B/ A)	Number (C)	% (C/A)		Number (E)	% (E/D)	Number (F)	% (F/D)
Male Female Total Male Female Total	1,517 290 1,807 9,738 1,754 11,492	195 63 258 4,316 1,019 5,335	13% 22% 14% 44% 58% 46%			1,599 333 1,932 10,537 2,529 13,066	774 166 940 4,082 913 4,995	48% 50% 51% 39% 36% 38%	1,097 209 1,306 3,288 666 3,954	69% 63% 68% 31% 26% 30%

9. Details of performance and career development reviews of employees and worker:

Category	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year	FY 2021-22 Previous Financial Year
	Total (A)	No. (B)	% (B/A)	Total (C)	No. (D)	% (D/C)
Male Female Total Male Female Total	1,517 290 1,807 9,738 1,754 11,492	Employees 1,517 100% 290 100% 1,807 100% Workers 9,738 100% 1,754 100% 11,492 100%		1,599 333 1,932 10,537 2,529 13,066	1,599 333 1,932 10,537 2,529 13,066	100% 100% 100% 100% 100% 100%

Trident Limited | Annual Report 2022-23

Statutory Reports

10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, what is the coverage of such a system?

Yes, the organization is 45001-2018 (OH&SMS) certified and follows all the guidelines related to health and safety, which covers 100% of the operational boundary of the reporting year. Robust health and safety policy is also in place to ensure the Company’s members are provided a safe and healthy working environment, while complying with all the necessary regulations to protect the environment, reduce waste impact and sustainable disposal, ensuring all the stakeholders safety and security. An EHS committee is constituted by the reporting Company with senior leadership whose responsibility is to ensure safety and healthy working environment. Various sub-committee are formed for effective monitoring and risk mitigation. The committees implement standardized compliance requirements, monitor performance against targets, develop guidelines and promote awareness. The committee is also responsible for driving safety training sessions to upskill stakeholders in maintaining safety workplace.

b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?

The Company conducts ‘Hazard Identification and Risk Assessment (HIRA)’, on a periodic basis for all the routine and nonroutine tasks. This process is also followed for any addition of new process and equipment.

13. Number of complaints on the following made by employees and workers

		FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year Filed during the year Pending resolution at the end of year Remarks 0 0 - 0 0 -	FY 2021-22 Previous Financial Year Filed during the year Pending resolution at the end of year Remarks 0 0 - 0 0 -	FY 2021-22 Previous Financial Year Filed during the year Pending resolution at the end of year Remarks 0 0 - 0 0 -
	Filed during the year	Pending resolution at the end of year	Remarks	Filed during the year	Pending resolution at the end of year	Remarks
Working Conditions Health & Safety	14 0	0 0	All complaints addressed -	0 0	0 0	- -

14. Assessments for the year

	% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Health and safety practices Working Conditions	100% 100%

c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks.

Yes, the Company has written procedures and guidelines to support reporting of identified risks by all the stakeholders to the supervisor, department head or safety officer. The report raised then gets discussed in safety committee meetings to implement best practices.

d. Do the employees/ workers of the entity have access to non-occupational medical and healthcare services?

Yes, all employees and contract workmen have full-fledged access to occupational healthcare centre for doctor consultation and healthcare service. This access is available both during and after the working hours.

11. Details of safety related incidents, in the following format:

Safety Incident/Number	Category	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year
Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked) Total recordable work-related injuries No. of fatalities High consequence work-related injury or ill-health (excluding fatalities)	Employees Workers Employees Workers Employees Workers Employees Workers	0 2000 0 95 0 0 0 19	0 2400 0 115 0 0 0 10

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns arising from assessments of health & safety practices and working conditions.

The company has incorporated robust internal health and safety audit systems to address any significant risks, concerns and incidents. Beginning of every month an audit schedule is finalized and an intra plant audit is conducted to validate the documentation process, safety conditions and other aspects through checklists. For this activity, the company is in the process of implementing a digital tool to capture all stakeholders and assign tasks as per audit checklist. The company has deep routed leadership in health and safety vigilance and monitors working conditions all day to avoid any incidents.

L: Leadership Indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N) (B) Workers (Y/N).

Yes, the Company has extended life insurance and compensation package in event of demise of any employee and contract workforce, both.

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners.

As a part of our code of conduct, which is extended to our suppliers, Trident undertakes declarations including confirmation of statutory due clearance. As submission of proof, Trident also collects statutory documentation from value chain partners.

12. Describe the measures taken by the entity to ensure a safe and healthy workplace.

The Company has always been fully committed to ensure a safe and healthy workplace. An EHS committee has been formed under the guidance of Chief Risk Officer, whose overall responsibility is to implement safety workplace regulations. Various subcommittee are formed under the committee who integrate monitoring and reporting systems for EHS related operations. The Company has created a loop which works on training members, contractors, employees and others who work with the Company. Every location has a committee who reports on incidents, fatalities, Lost time injuries and training hours. The sub-committee drive hazard and risk associated activities to evaluate the potential impact and train stakeholders, as a mitigation measure. Apart from these activities, the committees undertake targets such as- zero incidents, firefighting capacity building, conduct regular mock-drills, source and distribute relevant protective personal equipment for members at site, and build a safe, healthy and sustainable working environment.

Trident Limited | Annual Report 2022-23

Statutory Reports

3. Provide the number of employees / workers having suffered high consequence work related injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment:

	Total no. of affected	employees/ workers	No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment	No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment
	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year
Employees Workers	0 19	0 10	0 0	0 0

4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (Yes/ No)

Yes, the Company provides assistance related to retirement of employees. The benefits also include Provident fund, gratuity and other compensation. The Company have defined gratuity plan (Funded) and is governed by The Payment of Gratuity Act 1972, under which employees who have completed 5 years of service are entitled for gratuity benefit and is also payable on termination/ retirement of the employee.

5. Details on assessment of value chain partners:

	% of value chain partners (by value of business done with such partners) that were assessed
Health and safety conditions Working conditions	50% 70%

6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners.

The Company is engaged with critical material suppliers through awareness sessions and physical site visits. Among chemical suppliers a few corrective actions undertaken to increase safety working condition includes- (1) improvement in shopfloor lighting, (2) Night reflectors installation, (3) Transparent maintenance report for machineries, and (4) shopfloor cleanliness.

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Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders

E: Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity.

The key stakeholder groups for Trident involves Regulatory Bodies, Institutions, Suppliers, Communities and Customers. The Company follows a structured approach to identify the stakeholder and purpose of engagement. The initial stage involves defining scope of engagement such as- survey, training and engagement, regulatory and tax, audit, appraisal and many more. After the scope of engagement, stakeholder groups are identified relevant for the stakeholder group, followed by prioritizing, strategy building and communication and engagement. Through this methodology the Company has identified the key stakeholders impacted and built engagement sessions to address issues and share best practices and build value adding to business and brand building space.

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.

Stakeholder Group	Whether identified as Vulnerable & Marginalized Group (Yes/No)	Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website), Other	Frequency of engagement (Annually/ Half yearly/ Quarterly / others – please specify)	Purpose and scope of engagement including key topics and concerns raised during such engagement
Government and regulatory authorities	No	o Industry Bodies o Corporate Reports and Presentations o Written and Email Communication. o In-Person Meeting	As per requirement, and applicable to rules and laws	Purpose and Scope: a) Regulatory Compliance b) Pollution Control Board statutory reporting Topics of Engagement: a) Compliance monitoring and reporting
Academia,	No	o Written and Email o In-Person Meeting Seminars and Knowledge sharing platforms	Ongoing- throughout the year	Purpose and Scope: a) Collaboration b) Student Hiring c) Leadership and Employee Training Topics of Engagement: a) Sharing Industry Best practices b) Hiring of fresher candidates c) Training of Trident employees.

Trident Limited | Annual Report 2022-23

Statutory Reports

Stakeholder Group	Whether identified as Vulnerable & Marginalized Group (Yes/No)	Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website), Other	Frequency of engagement (Annually/ Half yearly/ Quarterly / others – please specify)	Purpose and scope of engagement including key topics and concerns raised during such engagement
Employees	No	o In-Person Meetings o Email Communication o Employee Survey o Employee Trainings o Orientation/Induction o Town Hall Programs o Learning and Development o Rewards and Recognitions	Ongoing- throughout the year	Purpose and Scope: a) Collaboration b) Employee Wellbeing c) Training and Development Topics of Engagement: a) Safety Trainings b) Technical Trainings c) Compensation and benefits d) Employee Programs e) Communication and Best Practices sharing
Customers	No	o Customer Meetings o In-person or Telephonic o Media Campaigns o Email Communication o Survey Communication o Seminars and Events	Ongoing- throughout the year	Purpose and Scope: a) Assessment and product survey b) Product feedback c) Environment Protection Collaboration Topics of Engagement: a) Pricing, policy and features b) Product design, quality and delivery c) Emission Reduction Target engagement d) Communication and Best Practices sharing

Stakeholder Group	Whether identified as Vulnerable & Marginalized Group (Yes/No)	Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website), Other	Frequency of engagement (Annually/ Half yearly/ Quarterly / others – please specify)	Purpose and scope of engagement including key topics and concerns raised during such engagement
Suppliers	No (Few Segments of Supply Chain Partners, yes)	o Site Audits o In-person and telephonic communication o Supplier Onboarding o Quality Trainings o Email Communication	Ongoing- throughout the year	Purpose and Scope: a) Material quality supply b) Supplier audit c) Supplier Negotiations Topics of Engagement: a) Pricing, policy and material features b) Material design, Quality and Delivery c) Communication and Best Practices sharing d) Health and Safety training e) Awards and Recognition Program
Local community	Yes	o In-Person Meeting o Focused Group Meeting o Capacity building sessions o Telephonic communication	Ongoing- throughout the year	Purpose and Scope: a) Community Engagement b) Capacity Building c) CSR Activities Topics of Engagement: a) Grievance addressing b) Livelihood Building c) Training and Development d) Infrastructure development

Trident Limited | Annual Report 2022-23

Statutory Reports

Stakeholder Group	Whether identified as Vulnerable & Marginalized Group (Yes/No)	Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website), Other	Frequency of engagement (Annually/ Half yearly/ Quarterly / others – please specify)	Purpose and scope of engagement including key topics and concerns raised during such engagement
Investors & shareholders	No	o Annual Report o Annual General Meetings o Disclosures, Seminars, Investor Calls, and in- person meetings o Media and Press Release o Email and Telephonic Communication	Quarterly	Purpose and Scope: a) Respond to concerns and queries b) Financial Performance c) Governance and Strategy Topics of Engagement: a) Company’s financial performance b) Corporate Strategy updates c) Research and Innovation

Education- Trident is supporting more than 200 children, who do not have access to education, free of cost classes at a private school in Punjab. To provide basic infrastructure in schools the Company has provided Ceiling Fans, Water Coolers, RO Water Purifiers, Almirahs, Printers etc. to 5 schools and free books and notebooks were distributed among more than 2000 children in Madhya Pradesh and Punjab. Extra efforts were taken by Trident to renovate High School at Fateh Nagar, to improve the quality of education and has impacted more than 600 children. The renovation drive also covered senior secondary government school at Dhaula, to improve sanitation at education centre and constructed more than five common washrooms, impacting more than 1200 children.

Health & Wellness: The Company has organized three blood donation camps wherein 180 units of Blood was donated by our members to the local government Medical Units. Trident also addresses the SDG goal – Access to Healthcare, by providing more than 5100+ free of cost OPD consultation through free health camps and through partnership with hospitals. In another similar drive, more than 7000 beneficiaries have been reported for free OPD consultation and medicines. The medical drive is also accompanied by donation to tribal areas and lesser privileged members of society by giving them clothes, blankets, shoes, books and other necessary supplies. More than 2000 direct beneficiaries are recorded through this drive during FY 22-23.

Women Empowerment: As a part of CSR activity, the Company had engaged with women in rural locations through skill development training programs in Sewing. The free of cost training program focuses on stitching and embroidery skills to help develop self-help groups. The impact was created among more than 90 women. Through self-help groups, the women of rural areas have now been able to generate 7 lakhs+ revenue through Stitching services.

The Parali Solution: This initiative was undertaken to reduce the emission through paddy residue burning. Through this initiative, the Company assisted farmers to manage paddy residue within their manufacturing units and replace coal with alternative biomass fuel.

L; Leadership Indicators

1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.

The company believes in conducting the affairs of its constituents in a fair and transparent manner, by adopting high level of professionalism and honesty. The company has formulated various policies by taking inputs from multiple stakeholders and are updated regularly in the light of changing scenario. The inputs from stakeholders on key environment and social topics is shared with the board through the Managing Director of the company and acts as an interface between the stakeholders and Board of Directors.

2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.

Yes, the company is engaged in stakeholder consultation to support the identification and management of environment and social topics. The company has incorporated one of the initiatives advised by a customer to address the paddy stubble burning issue. The burning of paddy stocks causes large scale air pollution across the wind footprint. To address this issue, the company undertook ‘Better Air Project’, and started collection of paddy straw from nearby land and utilized as alternative fuel in boilers. After successful piloting, the company installed large scale project for paddy straw utilization. The company also works with multiple education institutes and incorporates suggestions to adopt new and efficient technologies to create industry benchmark.

3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized stakeholder groups.

The Company has identified key concerns raised through engagement with marginalized stakeholders of the society who are majorly lack of access to quality education among children, lack of healthcare facilities among weaker sections of the society, limitations to the means of skill development and livelihood generation among women and lack of means to cater to the problem of agricultural waste among poor/ landless small farmers. The Company has taken many initiatives to address the concerns namely:

Trident Limited | Annual Report 2022-23

Statutory Reports

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Principle 5: Businesses should respect and promote human rights

4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (Yes/No)

Yes, the Company does have Grievance Committee responsible for addressing human rights issues caused by the business. The Company advocates the supremacy of human rights and does have internal policy to acknowledge the support. The employees are trained on the issues related to human rights and covers supply chain partners with a formal policy and annual surprise audit to validate the claim. Trident strongly discourage our stakeholders from conducting unethical violation of Human Rights.

E: Essential Indicators

5. Describe the internal mechanisms in place to redress grievances related to human rights issues.

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:

Category		FY 2022-23			FY 2021-22
	Total (A)	No. of employees / workers covered (B)	% (B/A)	Total (C)	No. of employees / workers covered (D)	% (D/C)
Permanent Other than permanent Total employees Permanent Other than permanent Total workers	1,807 87 1,894 11,943 2,696 14,639			1,632 365 1,997 10,660 2,581 13,241	482 9 491 4,887 975 5,862	30% 2% 25% 46% 38% 44%

2. Details of minimum wages paid to employees and workers, in the following format

Category		FY 2022-23	FY 2022-23	FY 2022-23	FY 2022-23		FY 2021-22	FY 2021-22	FY 2021-22	FY 2021-22
	Total (A)	Equal to minimum wage More than minimum wage Total (D) No. (B) % (B/ A) No. (C) % (C/A) Employees Permanent and Other than Permanent 0 0% 1,517 100% 1,599 0 0% 290 100% 333 Workers Permanent and Other than Permanent 0 - 9,738 100% 10,537 0 - 1,754 100% 2,529		More than minimum wage		Total (D)	Equal to minimum wage No. (E) % (E/D) 0 0 0 - 0 - 0 -		More than minimum wage No. (F) % (F/D) 1,599 100% 333 100% 10,537 100% 2,529 100%
		No. (B)	% (B/ A)	No. (C)	% (C/A)		No. (E)	% (E/D)	No. (F)	% (F/D)
Male Female Male Female	1,517 290 9,738 1,754	0 0 0 0	Employees Permanent and Other than Permanent 0% 1,517 100% 1,599 0% 290 100% 333 Workers Permanent and Other than Permanent - 9,738 100% 10,537 - 1,754 100% 2,529				0 0 0 0	0 - - -	1,599 333 10,537 2,529	100% 100% 100% 100%

The Company does have internal mechanism to redress grievances related to human rights issues. Trident has Grievance committee and Internal Complaints committee who captures the complaint and investigate it. Key management personnel are involved in such cases due to the sensitivity of the complaint. In situation of any supplier getting a red flag on human rights abuse, an imminent audit committee will be established to further investigate the complaint.

6. Number of Complaints on the following made by employees and workers:

	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year Filed during the year Pending resolution at the end of year Remarks 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA	FY 2021-22 Previous Financial Year Filed during the year Pending resolution at the end of year Remarks 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA	FY 2021-22 Previous Financial Year Filed during the year Pending resolution at the end of year Remarks 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA 0 0 NA
	Filed during the year	Pending resolution at the end of year	Remarks	Filed during the year	Pending resolution at the end of year	Remarks
Sexual Harassment Discrimination at workplace Child Labour Forced Labour/ Involuntary Labour Wages Other human rights related issues	0 0 0 0 0 0	0 0 0 0 0 0	NA NA NA NA NA NA	0 0 0 0 0 0	0 0 0 0 0 0	NA NA NA NA NA NA

7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

The Company has integrated a control mechanism to address issues of harassment and misconduct. The internal Complaints Committee oversees any complaints and engage with the stakeholders to investigate and resolve the issue. The engagement is kept highly confidential looking at the sensitivity of the situation. The Company has Whistle Blower Policy to address such cases.

Policy Link- https://assets.Tridentindia.com/VIGIL_MECHANISM_and_WHISTLE_BLOWER_POLICY_54d50bdb08.pdf

8. Do human rights requirements form part of your business agreements and contracts? (Yes/No)

Yes. The Company has Combined Code of Governance and Conduct policy to address Human Rights requirement as a part of business agreements and contracts.

3. Details of remuneration/salary/wages, in the following format:

	Number	Male		Female
		Median remuneration/ salary/ wages of respective category	Number	Median remuneration/ salary/ wages of respective category
Board of Directors (BoD) Key Managerial Personnel Employees other than BoD and KMP Workers	12 2 1153 9448	9.8 million 2.9 million 1.78 million 0.27 million	1 0 220 2001	5.7 million 0 1.35 million 0.21 million

Trident Limited | Annual Report 2022-23

Statutory Reports

9. Assessments of the year

Child labour

Forced/involuntary labour

% Of your plants and offices that were assessed (By entity or statutory authorities or third parties)

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E: Essential Indicators

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Principle 6: Businesses should respect and make efforts to protect and restore the environment

Sexual harassment

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100%
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Discrimination at workplace

Wages

Others – please specify

10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 9 above.

Not Applicable

L: Leadership Indicators

1. Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints.

Trident Limited regularly provides training programs to its employees on Business Code of Conduct.

2. Details of the scope and coverage of any Human rights due diligence conducted.

Trident Limited undertakes Human rights due diligence internally.

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016?

Yes, the premise/office of the company have ramps for easy movement of differently abled visitors.

4. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that were assessed

Sexual harassment	-
Discrimination at workplace	-
Child labour	-
Forced/involuntary labour	-
Wages	-
Others – please specify	-

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.

The Company have not encountered any concerns with regards to harassment, labour abuse or any other human rights related issues.

1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:

Parameter	Unit	FY 2022-23 (Current Financial Year)	FY 2021-22 (Previous Financial Year)
Total electricity consumption (A) Total fuel consumption (B) Energy consumption through other sources (C) Total energy consumption (A+B+C) Energy intensity per rupee of turnover (Total energy consumption/ turnover in rupees) Energy intensity (optional) – the relevant metric may be selected by the entity	TJ TJ TJ TJ TJ/INR million turnover TJ/INR million turnover	2,399.81 6,239.18 0 8,638.99 0.124	2,803.14 6,589.52 0 9,392.66 0.133

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.

Yes, The Company have facilities identified as designated consumers under Performance, Achieve and Trade Scheme of the Government of India.

SN BUSINESS REMARKS	Pat Cycle Ii Base Line Toe/Mt	Target Sec Toe/Mt	Achieved 2020- 21 Toe/Mt	Achieved 2020- 21 Toe/Mt
1 HOME TEXTILES Under Progress 2 YARN Under Progress 3 PAPER Achieved	1.927 0.409 0.57	1.821 0.389 0.541	2.07 0.41 0.47	Under Progress Under Progress Achieved

3. Provide details of the following disclosures related to water, in the following format:

Parameter	FY 2022-23 FY 2021-22 Water withdrawal by source (in kilolitres) 13,346.72 13,558.39 265.87 322.28 0 0 0 0 1294.39 1526.61 14,906.98 15,407.28 11,563.98 13,259.53 0.166 0.188	FY 2022-23 FY 2021-22 Water withdrawal by source (in kilolitres) 13,346.72 13,558.39 265.87 322.28 0 0 0 0 1294.39 1526.61 14,906.98 15,407.28 11,563.98 13,259.53 0.166 0.188
(i) Surface water (ii) Groundwater (iii) Third party water (Municipal water supplies) (iv) Seawater / desalinated water (v) Others Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) Total volume of water consumption (in kilolitres) Water intensity per rupee of turnover (Water consumed / turnover) Water intensity (optional) – the relevant metric may be selected by the entity
	13,346.72
	265.87
	0
	0
	1294.39
	14,906.98	15,407.28
	11,563.98	13,259.53
	0.166	0.188

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

Trident Limited | Annual Report 2022-23

Statutory Reports

4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.

Yes, the Company has maintained the zero liquid discharge facility from the beginning of our operations and save more than 6 million litres of fresh water every day. The zero liquid discharge mechanism covers 100% of our towel and sheeting processing at Budhni location. The recovery of water is through a biological plant for biodegradation of wastewater, membrane technology, reverse osmosis and multi effect evaporator systems. This system recovers all the wastewater. The Company also treats water through effluent treatment plant at Punjab location and uses the water for gardening and horticulture purposes. The Company is one of the largest among industries, in terms of water recovery from waste streams capacity and best in class technology implementation.

5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:

Parameter	Please specify unit	FY 2022-23 (Current Financial Year)	FY 2021-22 (Previous Financial Year)
NOx SOx Particulate matter (PM) Persistent organic pollutants (POP) Volatile organic compounds (VOC) Hazardous air pollutants (HAP) Others – Ozone Depleting Substances (HCFC – 22 or R-22)	Tons/annum Tons/annum Tons/annum Tons/annum Tons/annum Tons/annum tons/annum	222.47 405.08 235.02 0 0 0 0	226.78 478.82 331.76 0 0 0 0

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:

Parameter	Unit	FY 2022-23 (Current Financial Year)	*FY 2021-22 (Previous Financial Year)
Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) Total Scope 1 and Scope 2 emissions per rupee of turnover Total Scope 1 and Scope 2 emission intensity (optional) – the relevant metric may be selected by the entity	Metric tonnes of CO2 Equivalent Metric tonnes of CO2 Equivalent tCO2e/INR million of revenue	7,67,867.30 2,59,305.69 Scope 1- 11.06 Scope 2- 3.73	8,15,236.30 3,28,587.48 Scope 1- 11.69 Scope 2- 4.66

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency. –

7. Does the entity have any project related to reducing Greenhouse Gas emission? If yes, then provide details.

Trident has undertaken some key projects to reduce greenhouse gas emissions. Mentioned below are description of projects undertaken-
(1) Co-firing of rice-husk with coal by up to 30% to further increase heat consumption from renewable sources of fuel.
(2) Investment in captive solar power plant of capacity 17.8 MW has been commissioned. As a part of long-term investment planning, another 22 MW solar park is aimed to commission by 2025.
(3) Energy efficiency measures through replacement of old equipment and reduction of energy consumption through total quality management approach.

8. Provide details related to waste management by the entity, in the following format:

Parameter	FY 2022-23 (Current Financial Year)	FY 2021-22 (Previous Financial Year)
Plastic waste (A) E-waste (B) Bio-medical waste (C) Construction and demolition waste (D) Battery waste (E) Radioactive waste (F) Other Hazardous waste. (ETP Sludge, Oil-soaked cotton, Used Oil (G) Other Non-hazardous waste generated (H). Please specify, if any. (ETP Sludge, process waste, fly ash) Total (A+B + C + D + E + F + G + H)	Total Waste generated (in metric tonnes) 614.03 15.74 0.434 0 10.58 0 5674.01 90,092.47 96,407.47	834.75 18.87 0.452 0 9.89 0 5904.31 114,599.87 1,21,368.14

For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in metric tonnes)

(i) Recycled (ii) Re-used (iii) Other recovery operations Total	Category of waste - - - - - - - -
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes) Category of waste (i) Incineration - - (ii) Landfilling - - (iii) Other disposal operations - - Total - -

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.

Waste management practice- The Company has adopted 5Rs Practice framework to address waste generation, namely- Reduce, Reuse, Recycle, Re-engineer, Redesign. We are a zero liquid discharge Company, creating an impact on environment by saving more than 6 million liters of fresh water every day. We have also implemented optimization systems to reduce the steam and power consumption. Furthermore, as an effort to eliminate dependency on tradition fuels, we have started utilizing agricultural waste for power generation, including the utilization of daily food waste and other waste to energy conversion. This also supports the farmer segment from our supplier base to increase the per capita income. Our power plants are equipped with latest multifuel AFBC boilers which consumes wastes such as- ETP sludge, pet-coke, cotton dust, and other agro-wastes.

The zero liquid discharge units generate sodium sulphate as a byproduct, which was disposed of in secured landfills earlier due to poor-quality material. The Company has undertaken a circular economy strategy to eliminate landfill practices. The poor-quality waste generated have been diverted from landfills and purified, which then got converted as a raw material for washing power manufacturing. More than 180 tons of material have been diverted and is expected to increase to more than 540 tons annually.

Trident Limited | Annual Report 2022-23

Statutory Reports

10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format:

Not Applicable

2. Provide the following details related to water discharged:

Not Applicable

3. Water withdrawal, consumption, and discharge in areas of water stress (in kilolitres):

For each facility / plant located in areas of water stress, provide the following information:

S. Location of Type of Whether the conditions of environmental approval / clearance are being complied No. operations/offices operations with? (Y/N) If no, the reasons thereof and corrective action taken, if any.

-	-	-
-	-	-

11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year:

Not Applicable

Name and brief details of project	EIA Notification No.	Date	Whether conducted by independent external agency (Yes / No)	Results communicated in public domain (Yes / No)	Relevant Web link
- -	- -	- -	- -	- -	- -

12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:

(i) Name of the area: Not Applicable

(ii) Nature of operations: Not Applicable

(iii) Water withdrawal, consumption, and discharge in the following format: Not Applicable

4. Please provide details of total Scope 3 emissions & its intensity, in the following format:

Parameter	Unit	FY 2022-23 (Current Financial Year)	FY 2021-22 (Previous Financial Year)
Total Scope 3 emissions(Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) Total Scope 3 emissions per rupee of turnover Total Scope 3 emission intensity (optional) – the relevant metric may be selected bythe entity	tCO2e tCO2e/Million INR Turnover tCO2e per Crore of revenue	- - -	- - -

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.

Yes, the Trident Limited is compliant with the applicable environment laws/guidelines.

Not Applicable

S. No.	Specify the law / regulation / guidelines which was not complied with	Provide details of the non-compliance	Any fines / penalties / action taken by regulatory agencies such as pollution control boards or by courts	Corrective action taken, if any
-	-	-	-	-

L: Leadership Indicators

1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources, in the following format:

Parameter	Unit	FY 2022-23 (Current Financial Year)	FY 2021-22 (Previous Financial Year)
Total electricity consumption (A) Total fuel consumption (B) Energy consumption through other sources (C) Total energy consumed from renewable sources (A+B+C) Total electricity consumption (D) Total fuel consumption (E) Energy consumption through other sources (F) Total energy consumed from non- renewable sources (D+E+F)			0.16 21.78 0 21.94 2,802.98 6,567.74 9,370.72

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.

6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format:

S. No.	Initiative undertaken	Details of the initiative (Web-link, if any, may be provided along-with summary)	Outcome of the initiative
1 2	- -	- -	- -

7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.

Yes, the Company has robust internal control systems to evaluate business continuity and disaster management plan. Business operations are closely monitored by the internal unit management teams and internal audit committee. The Company has evaluated the need for sustainable transformation of business and integrated ESG principles within the business, to undertake emission reduction targets. The climate response strategy is already in place and is being tracked continuously to further achieve the target.

The company has also established emergency response plan for all sites to prevent potential cause of serious injuries and loss of lives or extensive damage to property and environmental disruption. The ‘Onsite Emergency Plan’ outlines the basic course of action to be followed by the company in case of major fire or explosion, chemical spillage, release of toxic chemicals, and any natural disaster which may occur either in or around the manufacturing plant premises.

8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard.

Not Applicable

9. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.

Not Applicable

Trident Limited | Annual Report 2022-23

Statutory Reports

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PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent

E: Essential Indicators

1. a. Number of affiliations with trade and industry chambers/ associations-10.

b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such a body) the entity is a member of/ affiliated to.

S. No.	Name of the trade and industry chambers/ associations	Reach of trade and industry chambers/ associations (State/National)
1 2 3 4 5 6 7 8 9 10	Federation of Indian Chambers of Commerce and Industry (FICCI) Confederation of Indian Industry (CII) All India Management Association (AIMA) Confederation of Indian Textile Industry PHD Chamber of Commerce and Industry Federation of Indian Export Organizations (FIEO) The Cotton Textiles Export Promotion Council (TEXPROCIL) Apparel Export Promotion Council (AEPC) Northern Indian Textile Mills Association (NITMA) Associated Chambers of Commerce and Industry of India	National National National National National National National National Regional National

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on adverse orders from regulatory authorities.

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PRINCIPLE 8: Businesses should promote inclusive growth and equitable development

E: Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year.

Not Applicable

Name and brief details of project	SIA Notification No.	Date of notification	Whether conducted by independent external agency (Yes / No)	Results communicated in public domain (Yes / No)	Relevant Web link
- -	- -	- -	- -	- -	- -

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format:

Not applicable

S. No.	Name of Project for which R&R is ongoing	State	District	No. of Project Affected Families (PAFs)	% of PAFs covered by R&R	Amounts paid to PAFs in the FY (In INR)
- -	- -	- -	- -	- -	- -	- -

3. Describe the mechanisms to receive and redress grievances of the community.

Not Applicable

Name of authority	Brief of the case	Corrective action taken
- -	NA NA	- -

The Company has established mechanism to receive and address grievances of the community, through the on-ground CSR team and overseen by CSR Committee. The ground team engages with the community gram panchayats to conduct focused group discussions and surveys to understand the requirements and concerns. After the analysis of field visit, interactions and financials, the findings are submitted to the board for needful intervention.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:

L: Leadership Indicators

1. Details of public policy positions advocated by the entity:

S. No. Public policy Method resorted Whether information Frequency of Review by Board Web Link, if advocated for such available in the public (Annually/ Half yearly/ Quarterly / available advocacy domain? (Yes/No) Others – please specify)

	FY 2022-23 Current Financial Year	FY 2021-22 Previous Financial Year
Directly sourced from MSMEs/ small producers Sourced directlyfrom within the district and neighbouringdistricts	34.8% 38.7%	32.4% 36.9%

L: Leadership Indicators

NA NA

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above):

Not Applicable

Details of negative social impact identified Corrective action taken

Trident Limited | Annual Report 2022-23

Statutory Reports

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies:

S. No.	State	Aspirational District	Amount spent (In INR)
- -	- -	- -	- -

3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized /vulnerable groups? (Yes/No)

(b) From which marginalized /vulnerable groups do you procure?
(c) What percentage of total procurement (by value) does it constitute?

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge:

Not Applicable

S. No.	Intellectual Property based on traditional knowledge	Owned/ Acquired (Yes/No) - -	Benefit shared (Yes / No)	Basis of calculating benefit share
- -	- -		- -	- -

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved.

Not Applicable

Name of authority	Brief of the Case	Corrective action taken
- -	- -	- -

6. Details of beneficiaries of CSR Projects:

S. No.	CSR Project	No. of persons benefited from CSR Projects Over 5000 Over 15,000 Over 2000 Over 150	% of beneficiaries from vulnerable and marginalized groups
1. 2. 3. 4.	Education Health & Wellness Women Empowerment Agro Waste Management		100% 100% 100% 90%

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PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner

E: Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

The Company has integrated complaint management with its SAP system. The retail consumers can reach out through toll free contact number and common group email address. All the complaints are recorded through SAP system and intimates the concerned department over email. The department then evaluates the complaint and address through effective communication networks.

2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about:

	As a percentage to total turnover
Environmental and social parameters relevant to the product Safe and responsible usage Recyclingand/or safe disposal	- 100% -

3. Number of consumer complaints in respect of the following:

	FY 2022-23 (Current Financial Year)	FY 2022-23 (Current Financial Year)	FY 2022-23 (Current Financial Year)	FY 2021-22 (Previous Financial Year) Received during the year Pending resolution at end of year Remarks - - - - - - - - - - - - - -	FY 2021-22 (Previous Financial Year) Received during the year Pending resolution at end of year Remarks - - - - - - - - - - - - - -	FY 2021-22 (Previous Financial Year) Received during the year Pending resolution at end of year Remarks - - - - - - - - - - - - - -
	Received during the year	Pending resolution at end of year	Remarks	Received during the year	Pending resolution at end of year	Remarks
Data privacy Advertising Cyber-security Delivery of essential services Restrictive Trade Practices Unfair Trade Practices Other	- - - - - - -	- - - - - - -		- - - - - - -	- - - - - - -

4. Details of instances of product recalls on account of safety issues:

	Number	Reasons for recall
Voluntary recalls Forced recalls	- -	- -

5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of the policy.

Yes, the Company is following ISMS based on ISO 27001 standards and have written policy in place to address data privacy and security.

Policy on Preservation of Documents- Policy_on_Preservation_of_Documents_2018_05_07_eeae925e16.pdf (Tridentindia.com)

Website Content Archival Policy- Website Content Archival Policy (Tridentindia.com)

Combined Code of Corporate Governance and Conduct- Combined_Code_of_Corporate_Governance_and_Conduct_ efbab7cb35_99515d759a.pdf (Tridentindia.com)

Trident Limited | Annual Report 2022-23

Statutory Reports

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services.

The Company have a dedicated risk registry with IT security team which is periodically shared with senior management to evaluate issues and risks related to information and technology. Why-why analysis is conducted for every complaint raised and is punched in the system, to avoid duplicity. Although, the Company have not received any such complaints from customers, the registry is still maintained to comply and provide timely resolution to all the risks and vulnerability.

L: Leadership Indicators

DIRECTORS’ REPORT

Dear Members,

Your Directors are pleased to present the 33rd Annual Report and Audited Financial Statements of the Company for the Financial Year ended on March 31, 2023.

1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available).

The Company has published all relevant information about the products and services on its official website, which can be accessed from here- www.Tridentindia.com
Dealerships
Print Media and Electronic Media

Results of Operations

Corporate Overview

The Company operates in diversified business segments viz. Bed Linen, Bath Linen, Yarn, Paper and Chemicals. The Company also has a captive power plant to cater the needs of its various business segments.

Influencer Meets
Client Submissions

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.

The Company has labelled its products to inform consumers about the direction of use and washing instructions for better use of products.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

The company has mechanism in place to inform customers of any risk of disruption/discontinuation in essential services. For any interruption of services, the relevant team engaged with customers formally notifies them about the disruption and the potential impact. Since majority of the customers are predominantly located overseas, the company shares relevant national information to share updates on the disruption. There is no standard operating procedure for this purpose, however the company reached out to the designated customer point of contact via phone calls to address any concerns on delay in services.

4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/Not Applicable) If yes, provide details in brief.

Yes, the Company mentions on packaging to share all the mandatory information to be shared with the consumer. The Company furnish the information about its product as required under applicable laws.

5. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)

Yes, the company conducts survey with regards to consumer satisfaction relating to products.

6. Provide the following information relating to data breaches:

a. Number of instances of data breaches along-with impact - Nil

b. Percentage of data breaches involving personally identifiable information of customers –

Not Applicable

Financial Results

The financial performance of your Company, on standalone basis, for the year ended on March 31, 2023 is summarised below:

Particulars	Current Year	(HIn Millions) Previous Year Growth 69,415.2 (9%) 58,498.4 (2%) 15,100.1 (38%) 3,326.1 (7%) 11,774.0 (46%) 857.2 (10%) 10,916.8 (49%) 8.149.5 (48%) 32,876.2 10% 1.63 (48%) 36% -
Total Income Total Expenses EBITDA Depreciation EBIT Interest (Finance Cost) Profit before tax Profit after tax Other Equity EPS inH(Diluted) face value ofH1/- each Dividend	62,912.7 57,369.8 9,418.0 3,101.5 6,316.5 773.6 5,542.9 4,219.0 36,161.7 0.84 36%

Financial performance and review

of Employee Stock Option Scheme. Details of the same are provided in note 15 of financial statements. Further no profits are transferred to general reserves and entire amount of profit for the year forms part of the ‘Retained Earnings’.

The total income of the Company during the year under review has been H 62,912.7 million as against H 69,415.2 million in the previous financial year. The Operating Profit (EBITDA) for the year stood at 9,418.0 million as compared to H 15,100.1 million in the previous financial year, a decrease of 38 percent. The Company has earned a net profit of H 4,219.0 million as against H 8,149.5 million in the previous financial year, a decrease of 48 percent. The Company’s earnings per share were H 0.84 during the current year.

Changes in Share Capital

During the period under review, there is no change in share capital of the Company.

Details of Debentures issued by the Company

A detailed discussion on financial and operational performance of the Company is given under “Management Discussion and Analysis Report” forming part of this Annual Report.

On March 29, 2023, the Company has issued 250 unrated, unlisted, secured, redeemable, senior, non-convertible debentures (‘NCDs’) of the face value of H 10,00,000/- each aggregating to H 250 million, at par on Private Placement basis. The NCD’s carry a coupon rate of 9% per annum. These NCDs are redeemable at par in four equal installments at the end of 18th, 24th, 30th and 36th months from the date of allotment.

Transfer to Reserves

During the year under review, the Company has transferred amount of Rs. 294.5 million to the ‘General Reserve’ on account

Trident Limited | Annual Report 2022-23

Statutory Reports

Dividend

Your Company has a dividend policy that balances the dual objectives of rewarding shareholders through dividends whilst also ensuring availability of sufficient funds for growth of the Company.

The dividend distribution policy of the Company is annexed herewith as Annexure V.

Consistent with this policy, the following is the summary of dividend paid/ declared by the Company:

Dividend type	Current year Dividend (%) Dividendper share 36% `0.36<br>36%<br>`0.36	Previous Year Dividend (%) Dividendper share 36% `0.36<br>36%<br>`0.36	Previous Year Dividend (%) Dividendper share 36% `0.36<br>36%<br>`0.36
	Dividendper share	Dividend (%)	Dividendper share
Interim Total	`0.36\|36%\|`0.36
	`0.36\|36%\|`0.36

The audited accounts of the Subsidiary Companies are available on the official website of the Company at www.tridentindia.com/ financial-reports

Under the Income-tax Act, 1961, as amended by Finance Act, 2020, dividend paid on distributed profits by the Company shall be taxable in the hands of the shareholders. Accordingly, the payment of dividend is subject to deduction of tax at source.

The annual accounts of the Company and of the Subsidiary Companies are open for inspection by any investor at the Registered Office of the Company. The Company will also make available copies of these documents to investors upon receipt of request from them. The investors, if they desire, may write to the Company to obtain a copy of the financial statements of the Subsidiary Companies.

Credit Rating

The details on Credit Rating are set out in Corporate Governance Report, which forms part of this report.

Expansions/Modernisation

The statement containing highlights of performance of each Subsidiary, salient features of their financial statements for the financial year ended on March 31, 2023 and their contribution to the overall performance of the Company is attached as Annexure ‘AOC-I’ and Note 59 to the Consolidated Financial Statements of the Company for the reference of the members. The same is not being repeated here for the sake of brevity.

During the year under review, your Company has successfully expanded the production capacity of its Bed Linen segment by 55,000 meters per day, Bath Linen Segment by installing 42 Looms and Yarn Segment by installing 23,712 spindles. The project has been financed through External Borrowings and Internal accruals. This capacity addition shall further strengthen the position of your Company in Textile Sector.

Further, the Board in its meeting held on November 12, 2022 has approved Expansion / Modernization plan for Home Textiles and Chemicals business of the Company for which the projects are under different development and implementation stages. These projects have been financed through External Borrowings and Internal accruals.

Board of Directors and Key Managerial Personnel

Directors Retiring by Rotation

a.

Pursuant to provisions of Companies Act, 2013 (‘Act’) and the Articles of Association of the Company, Mr. Deepak Nanda (DIN: 00403335) is liable to retire by rotation and being eligible, offer himself for re-appointment. The Nomination and Remuneration Committee and Board of Directors have recommended his re-appointment for the approval of the shareholders of the Company in the forthcoming Annual General Meeting of the Company.

Consolidated Financial Statements

The Audited Consolidated Financial Statements prepared by the Company are duly provided in the Annual Report of the Company.

Subsidiary and Associate Companies

b. Changes during the year

As on March 31, 2023, the Company had 6 (six) subsidiaries namely 1. Trident Global Corp Limited, Wholly-owned Subsidiary 2. Trident Innovations Limited, Wholly-owned Subsidiary 3. Trident Home Decor Limited, Wholly-owned Subsidiary 4. Trident Home Textiles Limited, Wholly-owned Subsidiary 5. Trident Europe Limited, Wholly-owned Subsidiary (Incorporated in UK) 6. Trident Global Inc, Subsidiary (Incorporated in USA).

During the year under review, Mr. Pradeep Kumar Markanday, Mr. Swapan Nath, Mr. Kamal Gaba, Mr. Kavish Dhanda and Mr. Naveet Jindal were appointed as Managing Director(s) Mr. Kapil Ghorse was appointed as NonExecutive & Non-Independent Director effective August 9, 2022. The Board further appointed Mr. Raj Kamal and Prof. Rajeev Ahuja as Independent Directors on the Board effective August 9, 2022.

The Company on December 1, 2022 acquired 100% equity share capital of Trident Home Textiles Limited. Trident Home Textiles Limited was already holding 24.5% shareholding of Trident Global Inc., therefore, due to the acquisition of Trident Home Textiles Limited, the Company holds 73.5% shareholding of Trident Global Inc. (Direct holding 49% and Indirect holding 24.5%).

c. Mr. Rajinder Gupta was appointed as ‘Chairman Emeritus’ of the Company effective August 9, 2022 following his resignation as Non-Executive Chairman of the Company on the aforesaid date.

d. Independent Directors

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149 (6) of the Act and Regulations 16(1)(b) and 25(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the SEBI Listing Regulations”) and that they are independent from the Management of the Company and they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact his ability to discharge his duties with an objective independent judgment and without any external influence. Further, all the Independent Directors have given declarations that they complied with the provisions of Companies (Appointment and Qualifications of Directors) Rules, 2014. Further they have given declarations that they have complied with the Code for Independent Directors prescribed in Schedule IV to the Act and the Code of Business Conduct and Ethics of the Company

e. Number of Board Meetings

During the year under review, the Board duly met 6 times. The maximum gap between any two consecutive Board meetings did not exceed 120 days. The details of the Board meeting are set out in the Corporate Governance Report which forms part of this Report.

f. Evaluation of performance of the Board

The Company has duly approved Nomination and Remuneration Policy prescribing inter-alia the criteria for appointment, remuneration and performance evaluation of the directors. As mandated by Section 134 & 178 read with Schedule IV of the Act and Regulation 25 of the SEBI (LODR) Regulations, 2015 as applicable on the Company, the Independent Directors in their separate meeting held on January 30, 2023 have reviewed the performance of Non-Independent Directors, Chairperson and Board as a whole alongwith review of quality, quantity and timeliness of flow of information between Board and management and expressed their satisfaction over the same.

Further the Board, in its meeting held on May 24, 2023 also evaluated the performance of the Board, its committees and all Individual Directors including Chairman of the Company and expressed its satisfaction over the performance of the Board, its Committees and Individual Directors. Furthermore, Board is of the opinion that Independent directors of the company are persons of high repute, integrity & possess the relevant expertise & experience in their respective fields.

g. Board Training, Induction and familiarization of Directors

At the time of appointing a Director, a formal letter of appointment is given to him/her, which inter alia explains the role, function, duties and responsibilities expected of him/her as a Director of the Company. The Director is also explained in detail the compliances required from him/ her under the Act, the SEBI Listing Regulations and other relevant Laws and Regulations. Details of Familiarization

of Directors are disclosed on the Company’s website and also are provided in the Corporate Governance Report of the Company which forms part of this report.

h. Board Committee

The Company has duly constituted Board level Committees as mandated by the applicable laws and as per the business requirements. The details of the same are provided in the Corporate Governance Report of the Company which forms part of this report.

Audit Committee

All the recommendations made by the Audit Committee were accepted by the Board.

Details of Key Managerial Personnel

Mr. Avneesh Baura was appointed as Chief Financial Officer and Key Managerial Personnel of the Company with effect from November 12, 2022.

Mr. Dinesh Kumar Mittal ceased to to be Non Executive Non Independent Director of the company with effect from closure of Business hours on April 21, 2023

As on March 31, 2023, Mr. Deepak Nanda, Mr. Pradeep Kumar Markanday, Mr. Swapan Nath, Mr. Kamal Gaba, Mr. Kavish Dhanda, Mr. Naveet Jindal, Managing Director(s), Mr. Avneesh Barua, Chief Financial Officer and Mr Hari Krishan, Company Secretary are designated as Key Managerial Personnel of the Company.

Further, pursuant to resignation of Mr. Pradeep Kumar Markanday, Mr. Swapan Nath, Mr. Kamal Gaba, Mr. Kavish Dhanda and Mr. Naveet Jindal as Managing Director(s), they ceased to be Key Managerial Personnel of the Company effective closure of Business hours on April 21, 2023.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Energy conservation continues to be an area of major emphasis in your Company. A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo, in accordance with Section 134(3)(m) of the Act, read with the Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed as Annexure I hereto and forms part of this report.

Particulars of Employees

The information required pursuant to Section 197 read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, is provided in Annexure-VI. Having regard to the provisions of the second proviso to Section 136(1) of the Act, the Annual Report excluding the aforesaid information is being sent to the members of the Company. If any Member is interested in obtaining information on Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel)

Trident Limited | Annual Report 2022-23

Statutory Reports

Rules, 2014, such Member may, write to the Company Secretary at the Registered Office in this regard or can inspect the related documents/information at the Registered Office of the Company.

Disclosure on ESOP

The Board of Directors and the Shareholders of the Company have approved the ‘Trident Limited Employee Stock Purchase Scheme – 2020’ (‘Scheme’) in their meeting held on May 16, 2020 and July 9, 2020 respectively. This scheme is effective from July 9, 2020. Pursuant to the Scheme, the Company has constituted Trident Limited Employees Welfare Trust (‘Trust’) to acquire, hold and allocate/transfer equity shares of the Company to eligible employees from time to time on the terms and conditions specified under the Scheme.

The disclosure in terms of Section 67 of the Act read with Rule 16 of the Companies (Share Capital and Debentures) Rules, 2014 is not applicable.

The Disclosure as per SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 has been given on the website of the Company under the following link: www.tridentindia.com/ statutory-disclosure

Nomination and Remuneration Policy

In compliance with Section 178 of the Companies Act, 2013, the Nomination and Remuneration Policy of the Company has been designed to keep pace with the dynamic business environment and market linked positioning. The Policy has been duly approved and adopted by the Board pursuant to recommendations of Nomination and Remuneration Committee of the Company and is duly available on the website of the Company at following link: https://assets.tridentindia.com/Nomination_ and_Remuneration_Policy_7f607b935f.pdf

As mandated by proviso to Section 178(4) of the Companies Act, 2013, salient features of Nomination and Remuneration Policy are annexed as Annexure II hereto and forms part of this report.

Vigil Mechanism & Whistle Blower policy

The Company has implemented Vigil Mechanism & Whistle Blower policy and the oversight of the same is with Audit committee of the Company. The policy inter-alia provides that any Directors, Employees, Stakeholders who observe any unethical behavior, actual or suspected fraud or violation of the Company’s code of conduct or ethics, policies, improper practices or alleged wrongful conduct in the Company may report the same to Chairman of the Audit Committee or e-mail on the email-Id: whistleblower@ tridentindia.com. Identity of the Whistle Blower shall be kept confidential to the greatest extent possible.

The detailed procedure is provided in the policy and the same is available on official website of the Company at following link: https://assets.tridentindia.com/VIGIL_MECHANISM_and_ WHISTLE_BLOWER_POLICY_54d50bdb08.pdf

During the year under review, there were no instances of fraud reported to the Audit Committee/ Board. Further, all recommendations of the Audit Committee were accepted by the Board.

Corporate Social Responsibility (CSR) Committee & Business Responsibility and Sustainability Report

CSR Committee comprises of Mr. Rajiv Dewan (Chairman of the Committee), Mr Anthony Desa and Mr. Deepak Nanda, members of the Committee. The disclosure of the contents of CSR Policy as prescribed and amount spent on CSR activities during the year under review are disclosed in ‘Annual Report on CSR activities’ annexed hereto as Annexure III and forms part of this report.

The Business Responsibility and Sustainability Report describing the initiatives taken by them from an environmental, social and governance perspective, in the specified format is included in the Annual Report of the Company.

Risk Management Policy

The Company has adopted a Risk Management Policy with the objective of ensuring sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues. The Risk management framework has been provided in the Management Discussion and Analysis Report of the Company.

Internal Financial Controls

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weaknesses in the design or operation were observed. The details of Internal Control System are provided in the Management Discussion and Analysis Report of the Company.

Fixed Deposits

During the year under review, your Company has neither accepted any fixed deposits nor any amount was outstanding as principal or interest as on balance sheet date and disclosures prescribed in this regard under Companies (Accounts) Rules, 2014 are not applicable.

No Default

The Company has not defaulted in payment of interest and/or repayment of loans to any of the financial institutions and/or banks during the year under review.

Corporate Governance

Your Company is committed to adhere to the best practices & highest standards of Corporate Governance. It is always ensured that the practices being followed by the Company are in alignment with its philosophy towards corporate governance. The well-defined vision and values of the Company drive it towards meeting business objectives while ensuring ethical conduct with all stakeholders and in all systems and processes.

Your Company proactively works towards strengthening relationship with constituents of system through corporate fairness, transparency and accountability. In your Company, prime importance is given to reliable financial information, integrity, transparency, fairness, empowerment and compliance with law in letter & spirit. Your Company proactively revisits its governance principles and practices as to meet the business and regulatory needs.

Detailed compliances with the provisions of the SEBI (LODR) Regulations, 2015 and Companies Act, 2013 for the year 2022-23 are given in Corporate Governance Report, which is attached and forms part of this report. The certificate of Practising Company Secretary on compliance with corporate governance norms is also attached thereto.

Human Resources Development and Industrial Relations

The human resources development function of the Company is guided by a strong set of values and policies. Your Company strives to provide the best work environment with ample opportunities to grow and explore. Your Company maintains a work environment that is free from physical, verbal and sexual harassment. The details of initiatives taken by the Company for development of human resources are given in Management Discussion and Analysis Report.

The Company maintained healthy, cordial and harmonious industrial relations at all levels during the year under review.

Auditors & Auditors’ Report

M/s. S.R. Batliboi & Co. LLP, Chartered Accountants, and M/s. Deloitte Haskins & Sells, Chartered Accountants, the Joint Statutory Auditors of the Company have submitted Auditors’ Report on the financial statements of the Company for the financial year ended on March 31, 2023. The Auditors’ Report for the year is self-explanatory & does not contain any qualifications/ modified opinion, hence need no comments.

Cost Audit

The Company is maintaining the Cost Records, as specified by the Central Government under section 148(1) of Companies Act, 2013.

The Board of Directors of your Company, on the recommendations of the Audit Committee, have re-appointed M/s Ramanath Iyer & Co., Cost Accountants, New Delhi as cost auditors for the

financial year 2023-24 to carry out an audit of cost records of the Company in respect of Textiles, Paper and Chemical divisions. The Cost Audit Report for the financial year ended March 31, 2023 is under finalization and shall be filed with the Central Government within the prescribed time limit.

Secretarial Audit

M/s Vinod Kothari & Co., Company Secretaries, have submitted Secretarial Audit Report for the financial year 2022-23 and same is annexed as Annexure IV and forms part of this report. The Secretarial Audit Report for the year is self-explanatory & does not contain any qualification/adverse remarks, hence need no comments.

Annual Return

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at the link: www.tridentindia.com/ statutory-disclosure

Particulars of loans, guarantees or investments

The Particulars of loans, investments or guarantees have been disclosed in the financial statements and the Company has duly complied with Section 186 of the Companies Act, 2013 in relation to Loans, Investment and Guarantee during the financial year 2022-23.

Contracts or arrangements with related parties

All contracts / arrangements / transactions entered by the Company during the year under review with related parties were in the ordinary course of business and on an arm’s length basis. During the period under review, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the Policy on Materiality of and Dealing with Related Party Transactions and accordingly, the disclosures in Form No. AOC2 is not applicable. The related party disclosures are provided in the notes to financial statements.

The Policy on Materiality of and Dealing with Related Party Transactions as approved by the Board is available on the official website of the Company at the following link: https://assets. tridentindia.com/Policy_0f77d4e4db.pdf

The Company in terms of Regulation 23 of SEBI (LODR) Regulations, 2015, the Company submits the disclosures of Related Party on consolidated basis within the prescribed timelines from the date of publication of its standalone and consolidated financial results for the respective half year.

Secretarial Standards

The Company has complied with all the applicable secretarial standards issued by the Institute of Company Secretaries of India.

Trident Limited | Annual Report 2022-23

Statutory Reports

Responsibility Statement of Directors

Directors’ Responsibility Statement pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Act on the annual accounts of the Company for the year ended on March 31, 2023 is provided below:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed alongwith proper explanation relating to material departures from the same;
b) The Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at end of the financial year and of the profit/loss of the Company for that period;
c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) The Directors had prepared the annual accounts on a going concern basis;
e) The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
f) The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

General

A. The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All women employees (permanent, contractual, temporary, trainees) are covered under this policy. During the year, no complaints were received by the Company under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
B. The Company has complied with all the applicable laws, rules, regulations and Secretarial Standards.
C. All Policies as required under the Act or the SEBI Listing Regulations are available on the website of the Company i.e. www.tridentindia.com
D. Your Directors state that no disclosure or reporting is required with respect to the following items as there were no transactions on these items during the year under review:
Material changes and commitments after the closure of the financial year till the date of this Report, which affects the financial position of the Company.
Change in the nature of business of the Company.
Details relating to deposits covered under Chapter V of the Act.
Issue of equity shares with differential rights as to dividend, voting or otherwise.
Issue of sweat equity shares to its Directors or Employees.
Any remuneration or commission received by Managing Director of the Company, from any of its subsidiary.
Significant or material orders passed by the Regulators or Courts or Tribunals which impact the going concern status and Company’s operations in future.
No fraud has been reported by the Auditors to the Audit Committee or the Board.
No application has been made under the Insolvency and Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year alongwith their status as at the end of the financial year is not applicable; and
The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

Acknowledgments

It is our strong belief that caring for our business constituents has ensured our success in the past and will do so in future. Your Directors acknowledge with sincere gratitude the co-operation and assistance extended by the Central Government, Government of Punjab, Government of Madhya Pradesh, Financial Institution(s), Bank(s), Customers, Dealers, Vendors and society at large.

Your Directors also wish to convey their appreciation for collective contribution & hard work of employees across all levels. The Board, also, takes this opportunity to express its deep gratitude for the continued co-operation and support received from its valued shareholders and their confidence in management and look forward to their continued support in future too.

ANNEXURE I TO THE DIRECTORS’ REPORT

Information as per Section 134(3)(m) of the Companies Act, 2013, read with the Rule 8(3) of the Companies (Accounts) Rules, 2014, and forming part of the Directors’ Report for the financial year ended on March 31, 2023.

(A) CONSERVATION OF ENERGY

iii. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) :
(i) Steps taken or impact on conservation of energy:
(a) details of technology imported :
Upgradation of old Machinery with new latest Machinery improving overall equipment efficiency;

The latest state-of-the-art technology in spinning, weaving, fabric dyeing, cutting, stitching, packing from the world’s renowned supplier considering in mind improved product quality & reduced energy consumption.

Installation of Solar power plant

Replacement of conventional lights with energy efficient LED lights.
(b) year of import : 2021-22
(ii) Steps taken by the Company for utilizing alternate sources of energy
(c) whether the technology been fully absorbed : Yes
(d) if not fully absorbed, areas where absorption has not taken place and reasons thereof : Not applicable
Utilization of Cotton Waste, Bio mass, Rice Husk as fuel in boiler
Increase in biomass consumption in comparison to conventional solid fuels
iv. Expenditure incurred on Research and Development:

Expenses incurred on Research and Development are booked under respective General Accounting Heads and as such no amount can be quantified separately under the head Research and Development expenses.

Utilization of food waste for bio gas generation as an alternative source of LPG
(iii) Capital investment on energy conservation equipment

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO

Capital investment of H 284.89 million on installation of energy conservation equipment.

(i) Activities relating to exports, initiatives taken to increase exports; development of new export markets for products and services; and export plans

(B) TECHNOLOGY ABSORPTION

The Company exports its products to about 100 countries across the globe. The Company is growing its market base. Consistent efforts are being made to capture new avenues for exports.

i. Efforts made towards technology absorption :

Installation of artificial demand controlling system to reduce power consumption.

ii. Benefits derived like product improvement, cost (ii) Total foreign exchange used and earned reduction, product development or import substitution :

Particulars	Currentyear	(Hmillion) Previousyear
Earnings Outgo	33,357.3 3,937.2	45,459.4 2,888.6

Increase of Boiler efficiency, Minimizing thermal losses due to poor insulation of steam line.

For and on behalf of the Board

Rajiv Dewan

Rajiv Dewan Deepak Nanda Chairman Managing Director DIN: 00007988 DIN: 00403335

May 24, 2023

For and on behalf of the Board

Rajiv Dewan Deepak Nanda Chairman Managing Director DIN: 00007988 DIN: 00403335

May 24, 2023

Trident Limited | Annual Report 2022-23

Statutory Reports

ANNEXURE II TO THE DIRECTORS’ REPORT

Salient features of the Nomination and Remuneration Policy

ANNEXURE III TO THE DIRECTORS’ REPORT

Annual Report on CSR Activities

[As per proviso to Section 178(4) of the Companies Act, 2013]

Applicability

thereunder or any other enactment for the time being in force and as decided by the Board from time to time.

This Policy is applicable to:

The Non-Executive/ Independent Director(s) may also receive remuneration / compensation / commission etc as per criteria/limit thereof prescribed under Companies Act, 2013 and rules made thereunder.
a. Directors (Executive, Non-Executive and Independent)
b. Key Managerial Personnel (KMP)
c. Senior Management Personnel
Non-Executive Directors may also receive stock options. Limits shall be set for the maximum number of stock options that can be granted to Non-Executive Directors in any financial year and in the aggregate. However Independent Directors shall not be entitled to any stock option.
d. Other employees as may be decided by the Committee (“NRC”)

Objective

The Policy provides criteria for: Non-Executive Directors are eligible for minimum remuneration as per Schedule V of the Companies Act,
1. Determining qualifications, positive attributes and 2013, subject to the approval of the Shareholders’.
independence of a Director;
Any increase in the maximum aggregate remuneration payable beyond permissible limit under the Companies Act, 2013 shall be subject to the approval of the Shareholders’, as may be applicable.
Performance evaluation of Independent Directors, non independent Directors, Chairman and the Board;
Remuneration of Directors, Key Managerial Personnel, Senior Management Personnel and other employees, as may be decided by the Committee;

Evaluation

The evaluation will be done on following parameters:

Provisions relating to remuneration of Managing Director, Key Managerial Personnel, Senior Management Personnel and other employees

Role which he/she is expected to play, internal Board Relationships to make decisions objectively and collectively in the best interest of the Company to achieve organizational successes and harmonizing the Board;

The following are the guiding factors:

The scope of duties, the role and nature of responsibilities;
Attendance and contribution at Board and Committee meetings;
The level of skill, knowledge, experience, local factors and expectations of individual;
Subject expertise, skills, behavior, experience, leadership qualities, understanding of business and strategic direction to align company’s values and standards;
The Company’s performance, long term strategy and availability of resources;
Ability to monitor the performance of management and satisfy himself with integrity of the financial controls and systems in place by ensuring right level of contact with external stakeholders;
The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors, KMPs, Senior Management Personnel and other employees of the quality required to run the Company successfully;
Vision on Corporate Governance and Corporate Social Responsibility;
Relationship of remuneration to performance is clear and meets appropriate performance benchmark; and
Ability to create a performance culture that drives value creation and a high quality of discussions;
Remuneration involves a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the Company and its goals.
Effective decision making ability to respond positively and constructively to implement the same to encourage more transparency;

Provisions relating to remuneration of Non- Executive / Independent Director(s)

Open channels of communication with executive management and other colleague on Board to maintain high standards of integrity;

The following are the guiding factors:

1. Brief outline on CSR Policy of the Company

Trident Limited believes in corporate excellence and social welfare. This corporate philosophy is the force behind integrating Corporate Social Responsibility (CSR) into Trident values, culture, operation and business decisions at all levels of the organization. Being a responsible corporate citizen, Trident has a value system of giving back to society and improving life of the people and the surrounding environment.

The Company’s CSR initiatives are inspired by the opportunity to contribute to a more secure and sustainable future. Trident believes that the corporate strategy which embraces social developments as an integral part of the business activities ensure long term sustainability of business enterprises. With this belief, the Company is committed to make substantial improvements in the social framework of the nearby community. Looking at the social problems which the country faces today, we believe that every such contribution shall bring a big change in our society.

2. Composition of CSR Committee

S No	Name of Director	Designation / Nature of Directorship	Number of meetings of CSR Committee held during theyear	Number of meetings of CSR Committee attended during theyear
1 2 3	Mr Rajiv Dewan Mr Anthony Desa* Mr Deepak Nanda	Chairman of the Board and of the Committee Member of the Committee Managing Director and Member of the Committee	3 1 3	3 1 3

*appointed as a Member on August 9, 2022, accordingly, only 1 meeting held during the tenure as member.

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company:

www.tridentindia.com/code-policies

www.tridentindia.com/statutory-disclosure

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable :

Not Applicable for the financial year under review.

5. Details of the amount available for set-off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set-off for the financial year, if any : Not applicable

6. Average net profit of the company as per Section 135(5) : J 6320.1 million

7. (a) Two percent of average net profit of the company as per section 135(5) : H 126.4 million (b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years : NIL (c) Amount required to be set-off for the financial year, if any : H 25.1 million (d) Total CSR obligation for the financial year (7a+7b-7c) : H 101.3 million

The amount of sitting fees shall be subject to ceiling/ limits 9. Contribution to enhance overall brand image of the as provided under Companies Act, 2013 and rules made Company.

Trident Limited | Annual Report 2022-23

Statutory Reports

8. (a) CSR amount spent or unspent for the financial year:

Total Amount Spent for the Financial Year.	(HIn Millions) Amount Unspent	(HIn Millions) Amount Unspent
	Total Amount transferred to Unspent CSR Account asper section 135(6).	Amount transferred to any fund specified under Schedule VII asper secondproviso to section 135(5).
103.2	Not applicable,since the Companyhas dulyspent the CSR amount asper spendingmandate.

(b) Details of CSR amount spent against on going projects for the financial year:


S No	Name of the Project.	Item from the list of activities in Schedule VII to the Act.	Local area (Yes/ No)		Location of the project. State District				Project duration as on March 31, 2022	Amount allocated for the project		Amount spent in the current financial Year	Amount transferred to Unspent CSR Account for the project as per Section 135(6)		Mode of Implementation - Direct (Yes/ No)	(HIn Millions) Mode of Implementation - Through Implementing Agency
							District									Name		CSR Registration No.

(c) S No	Details of CSR amount spent against other than ongoing projects for the financial year: (HIn Millions) Name of the Project. Item from the list of activities in schedule VII to the Act. Local area (Yes/ No) Location of the project. Amount spent for the project Mode of implementation - Direct (Yes/No) Mode of implementation - Through implementing agency State, District Name CSR Registration No. Healthcare Item (i) Yes MP, Bhopal 78.7 No Trident Institute of Social Sciences CSR00007388 Healthcare Item (i) Yes Punjab, Ludhiana 1.8 Yes Healthcare Item (i) Punjab, Barnala 1.5 No Trident Foundation CSR00007307 Education Item (ii) Yes Punjab, Ludhiana 0.6 Yes Education Item (ii) Yes Punjab, Barnala 4.3 No Trident Foundation CSR00007307 Social Welfare Item (iii) Yes South Delhi, Delhi 10.0No Indian National Centre of Asian Buddhist Conference for Peace CSR00039582 Social Welfare Item (iii) Yes PAN India 0.7 No Shri Vedic Mission Trust CSR00026020 Animal Welfare Item (iv) Yes Punjab, Ludhiana 0.1 Direct Promotion of Sports I t e m (vii) Yes Punjab, Ludhiana 1.5 Trident Foundation CSR00007307 Rural Development Item (x) Yes Punjab, Barnala 4.0Direct Trident Foundation CSR00007307 Carry forward of Excess amount spent during previous financial year (refer note 48 of standalone financial statements 25.1 128.3
								State, District						Name			CSR Registration No.
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.	Healthcare Healthcare Healthcare Education Education Social Welfare Social Welfare Animal Welfare Promotion of Sports Rural Development Carry forward of Excess amount spent during previous financial year (refer note 48 of standalone financial statements			Item (i) Item (i) Item (i) Item (ii) Item (ii) Item (iii) Item (iii) Item (iv) I t e m (vii) Item (x)		Yes Yes Yes Yes Yes Yes Yes Yes Yes		MP, Bhopal Punjab, Ludhiana Punjab, Barnala Punjab, Ludhiana Punjab, Barnala South Delhi, Delhi PAN India Punjab, Ludhiana Punjab, Ludhiana Punjab, Barnala			78.7 No 1.8 Yes 1.5 No 0.6 Yes 4.3 No 10.0No 0.7 No 0.1 Direct 1.5 4.0Direct 25.1 128.3			Trident Institute of Social Sciences Trident Foundation Trident Foundation Indian National Centre of Asian Buddhist Conference for Peace Shri Vedic Mission Trust Trident Foundation Trident Foundation			CSR00007388 CSR00007307 CSR00007307 CSR00039582 CSR00026020 CSR00007307 CSR00007307

(d) Amount spent in Administrative Overheads (e) Amount spent on Impact Assessment, if applicable (f) Total amount spent for the Financial Year (8b+8c+8d+8e)

: [NIL] : [NIL] : 128.3

(g) Excess amount for set-off, if any


S No	Particular	(HIn Millions)
		Amount
i ii iii iv v	Two percent of average net profit of the company as per section 135(5) Total amount spent for the Financial Year Excess amount spent for the financial year Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any Amount available for set-off in succeeding financialyears [(iii)-(iv)]	126.40 128.30 1.90 0.00
		*

*refer note 48 of standalone financial statements

9. (a) Details of Unspent CSR amount for the preceding three financial years

S No	Amount spent in the reporting Financial Year (in Rs.)	Amount spent in the reporting Financial Year (in Rs.)	(HIn Millions) Amount remaining to be spent in succeeding financial years. (in Rs.)
	Name of the Fund	Amount (in Rs)

Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): S No Project ID Name of the Project. Financial Year in which the project was commenced. Project duration@ Total amount allocated for the project Amount spent on the project in the reporting Financial Year Cumulative amount spent at the end of reporting Financial Year NOT APPLICABLE AS THERE IS NO UNSPENT AMOUNT FOR PRECEDING FINANCIAL YEARS			(HIn Millions) Status of the project - Completed / Ongoing.

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year

(a) Date of creation or acquisition of the capital asset(s).

(a) Date of creation or acquisition of the capital asset(s). NIL (b) Amount of CSR spent for creation or acquisition of capital asset. NIL (c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their NIL address etc.

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital NIL asset).

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5) : Not applicable in view of Para 8(g) above.

For and on behalf of the Board

Rajiv Dewan

Rajiv Dewan Deepak Nanda Chairman-CSR Committee Managing Director DIN: 00007988 DIN: 00403335

May 24, 2023

Trident Limited | Annual Report 2022-23

Statutory Reports

ANNEXURE IV TO THE DIRECTORS’ REPORT

Form No. MR-3

Secretarial Audit Report

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023

[Pursuant to Section 204(1) of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

d. Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;

To,

The Members,

Trident Limited

e. Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 to the extent applicable to / dealing with the Company;

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Trident Limited (hereinafter called ‘Company’) for the financial year ended March 31, 2023 (‘Audit Period’) in terms of the engagement letter dated 08.12.2022. The secretarial audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conduct/statutory compliances and expressing our opinion thereon.

f. Securities and Exchange Board of India (Debenture Trustee) Regulations, 1993 (in relation to obligations of Issuer Company);
Laws specifically applicable to the industry to which the Company belongs, as identified and confirmed by the management, that is to say:

Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, subject to our comments herein, the Company has, during the Audit Period, complied with the statutory provisions listed hereunder and also that the Company has proper Boardprocesses and compliance-mechanism in place.

a. The Textile (Development and Regulation) Order, 2001

We have also examined compliance with the applicable clauses of the Secretarial Standards for Board Meetings (SS-1) and for General Meetings (SS-2) issued by the Institute of Company Secretaries of India.

We report that during the Audit Period, the Company has complied with the provisions of the applicable Act, rules, regulations, guidelines, standards.

We have examined the books, papers, minutes, forms and returns filed and other records maintained by the Company for the Audit Period, according to the provisions of applicable law provided hereunder:

Recommendations as a matter of best practice:

In the course of our audit, we have made certain recommendations for good corporate practices to the compliance team, for its necessary consideration and implementation by the Company.

The Companies Act, 2013 (‘Act’) and the rules made thereunder including any re-enactment thereof;
Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Overseas Direct Investment;

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the Audit Period were carried out in compliance with the provisions of the Act.

The Depositories Act, 1996 and the Regulations and byelaws framed thereunder;
The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
- Adequate notice is given to all directors to schedule the Board Meetings and Committee Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, except for the meeting(s) convened at shorter notice, with due compliance of the Act and SS-1. Further, a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992:
a. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’);
b. Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
All the decisions are carried through unanimous approval and there was no minuted instance of dissent in Board or Committee
c. Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, meetings. 2011;

We further report that there are adequate systems and processes in the Company, which commensurate with its size and operations to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the Audit Period, the Company has not undertaken any specific events/ actions that can have a major bearing on the Company’s compliance responsibility in pursuance of the above-referred laws, rules, regulations, guidelines, standards, etc, except the following:

1. Incorporation of a wholly owned subsidiary

The Company incorporated a wholly owned subsidiary in the name of Trident Home Decor Limited on June 22, 2022 .

The Board has also accorded its no objection for the usage of the word “TRIDENT” (a trademark of the Company) for the purpose of the said incorporation.

2. Acquisition of subsidiaries

During the Audit Period, the Company purchased the equity shares from M/s Madhuraj Foundation (belonging to the Promoter Group of the Company) :

a. 10,000 equity shares, being 100% shareholding, of Trident Innovations Limited (‘TIL’) on July 22, 2022 at a cash consideration of H 1,00,000/- thus making TIL a wholly owned subsidiary..
b. 50,000 equity shares, being 100% shareholding, of Trident Home Textiles Limited (“THTL”) on December 1, 2022 at a cash consideration of H 5,00,000/- thus making THTL a wholly owned subsidiary.

3. Indirect acquisition of Trident Global Inc.

During the Audit Period, the Company acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 24.5% equity shares of Trident Global Inc (‘TGI’) (earlier associate of the Company). Pursuant to the acquisition of THTL, the Company holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Company w.e.f. December 1, 2022.

4. Amendment in the Articles of Association (AoA)

During the Audit Period, the Company’s AoA was amended four times with the consent of the Board as well as the members thereof. The details pertaining to the same forms part of the table below:

S Particulars

no.

1 Substitution and adoption of entire new set of Articles of Association pursuant to special resolution passed by the members in the Annual General Meeting held on July 23, 2022

S Particulars

no.

2 Insertion of new clause 169(f) and (g) in Articles of Association pursuant to special resolution passed by the members vide Postal Ballot dated January 14, 2023
3 Insertion of new clause 169(h) in Articles of Association pursuant to special resolution passed by the members vide Postal Ballot dated January 28, 2023
4 Substitution of entire Article 169 in Articles of Association pursuant to special resolution passed by the members vide Postal Ballot dated March 9, 2023

5. Issuance of Non- Convertible Debentures (NCDs)

During the Audit Period, the Company had issued 250, Senior, Secured, Unrated, Unlisted, Redeemable, NonConvertible Debentures (unlisted NCDs) having face value of H 10,00,000/- each aggregating to H 25 Crores, at par on Private Placement basis at the rate of 9% per annum, payable quarterly from the date of allotment i.e. March 29, 2023. These unlisted NCDs are redeemable at Par in four equal installments at the end of 18th, 24th, 30th and 36th months from the date of allotment.

The NCDs are secured by way of pledge of receipt of fixed deposit of H 27.50 Crores being the asset cover in respect of the Non-Convertible Debentures of the Company as on March 31, 2023.

6. Exercise of shares under the “Trident Limited Employee Stock Purchase Scheme - 2020” (“ESPS Scheme”) and acceptance of options under the “Trident Limited Employee Stock Option Scheme - 2020” (“ESOS Scheme”) (together referred as “Schemes”)

During the Audit Period the:

a) eligible employees had exercised options equivalent to 89,78,330 Equity Shares under ESPS Scheme.
b) eligible employees have accepted 15,98,500 options and remaining unexercised options have lapsed. The granted Options shall vest within a minimum period of 1 year and maximum period of 4 years from the date of grant. The vesting is staggered over a period of 4 years i.e. 10% at the end of first year, 20% at the end of second year, 30% at the end of third year and 40% at the end of fourth year. All Options upon vesting shall be exercisable within 4 years from the date of respective vesting.

7. Winding up of Trident Limited Employee Stock Purchase Scheme – 2020

During the Audit period, Nomination and Remuneration Committee (“NRC”) has approved the winding-up of Trident Limited Employee Stock Purchase Scheme – 2020 and approved the excess monies or shares remaining with the Trust after meeting all the obligations, if any, to be utilised for repayment of loan to Trident Limited and subject to approval of the shareholders, be transferred to another

Trident Limited | Annual Report 2022-23

Statutory Reports

scheme. Accordingly, Trident Limited Employees Welfare Trust (‘Trust’) has sold 1,82,93,707 shares and proceeds from transfer of shares has been utilized for the repayment of loan to the Company.

8. Formation of Trident Limited General Employee Benefits Scheme – 2023

Based on approval of NRC, for remaining excess monies and 6,23,28,640 Equity Shares, the Company is seeking approval of shareholders of the Company for implementation of Trident Limited General Employee Benefits Scheme – 2023.

9. Change in status of Promoter Chairman to Chairman Emeritus

Mr Rajinder Gupta, stepped down from the directorship of the Company w.e.f 09.08.2022. However, acknowledging his rich experience and vast knowledge, he was appointed

to continue in the capacity of Chairman Emeritus for his continued mentorship and guidance.

For M/s Vinod Kothari & Company Practicing Company Secretaries Unique Code: P1996WB042300

Nitu Poddar Partner Membership No.: A37398 CP No.:15113 Place: New Delhi UDIN: A037398E000362228 Date: 23.05.2023 Peer Review Certificate No.: 781/2020

The report is to be read with our letter of even date which is annexed as Annexure ‘I ’ and forms an integral part of this report.

Annexure II

List of Documents

Minutes for the meetings of the following held during the Audit Period:
a. Board of Directors;
b. Audit Committee;
c. Nomination and Remuneration Committee;
d. Corporate Social Responsibility Committee;
e. Stakeholders Relationship Committee;
f. Risk Management Committee;
g. Financial Management Committee;
h. Annual General Meeting;

Annexure I

i. Postal Ballot.
Proof of circulation of draft and signed minutes of the Board and Committee meetings on a sample basis;

Auditor and Management Responsibility ANNEXURE TO SECRETARIAL AUDIT REPORT (NON- QUALIFIED)

To,

conducted online verification & examination of records, as facilitated by the Company;

The Members,

Trident Limited

We have not verified the correctness and appropriateness of financial records and books of accounts of the Company as well as the correctness of the values and figures reported in various disclosures and returns as required to be submitted by the Company under the specified laws, though we have relied to a certain extent on the information furnished in such returns;

Our Secretarial Audit Report of even date is to be read along with this letter.

Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit. The list of documents for the purpose, as seen by us, is listed in Annexure II ;
We have held discussion with the management on several points and wherever required, we have obtained the management representation about the compliance of laws, rules and regulations and happening of events etc;
We have followed the audit practices and the processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on a test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices we followed, provide a reasonable basis for our opinion;
The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of the management. Our examination was limited to the verification of procedure on test basis;
Due to the inherent limitations of an audit including internal, financial, and operating controls, there is an unavoidable risk that some misstatements or material non-compliances may not be detected, even though the audit is properly planned and performed in accordance with audit practices;
Our Audit examination is restricted only upto legal compliances of the applicable laws to be done by the Company, we have not checked the practical aspects relating to the same;
Wherever our Audit has required our examination of books and records maintained by the Company, we have relied upon electronic versions of such books and records, as provided to us through online communication. Considering the effectiveness of information technology tools in the audit processes, we have conducted online verification and examination of records, as facilitated by the Company, for the purpose of issuing this Report. In doing so, we have followed the guidance as issued by the Institute. We have
The contents of this Report has to be read in conjunction with and not in isolation of the observations, if any, in the report(s) furnished/to be furnished by any other auditor(s)/ agencies/authorities with respect to the Company;
The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.
Resolutions passed by circulation;
Agendas of various Board and Committee meetings on a sample basis;
Annual Report for financial year 2021-22;
Draft financial statement for financial year 2022-23;
Directors’ disclosures under the Act and rules made thereunder;
Statutory registers maintained under the Act;
Forms filed with the Registrar;
Policies framed under LODR and the Act, as available on the website of the Company;
Code of Conduct to regulate, monitor and report trading by its designated persons and immediate relatives of designated persons;
Memorandum of Association and Articles of Association of the Company;

Trident Limited | Annual Report 2022-23

Statutory Reports

ANNEXURE V TO THE DIRECTORS' REPORT

DIVIDEND DISTRIBUTION POLICY

(Amended version as approved by the Board of Directors of the Company w.e.f. January 29, 2020)

shall have the absolute power to declare interim dividend during the financial year, as and when they consider it fit.

OBJECTIVE

The objective of the Dividend Distribution Policy of the Company is to reward its shareholders by sharing a portion of the profits, whilst also ensuring that sufficient funds are retained for growth of the Company.

DIVIDEND GUIDELINE

The Board at its discretion, while approving the annual accounts in each financial year, may also recommend the dividend for approval of the shareholders after taking into account the free cash flow position, the profit earned during that year, the Capex requirements and applicable taxes. If during any financial year the profits of the Company are inadequate, the Board may decide not to declare dividends for that financial year. A dividend policy stated by the current Board cannot be binding on the extant Board. However, the current Board can form a guideline on dividend payout in future in the interest of providing transparency to the shareholders.

POLICY

The Company shall declare and pay dividend in accordance with the provisions of the Companies Act 2013, rules made thereunder and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.

The Shareholders may or may not expect Dividend based on following factors to be considered by the Board while declaring dividend:

TARGET DIVIDEND

Consistency with the Dividend Guidelines as laid out by the Board
The Company strikes to maintain an equilibrium between retaining sufficient funds for the growth of the Company & meeting contingency and also rewarding & providing return to shareholders.
Sustainability of dividend payout ratio in future
Dividend payout ratio of previous years

Depending on the long term growth strategy of the Company and the prevailing circumstances, the Board of Directors may recommend/ declare the dividend for declaration as deemed fit.

Macroeconomic factors and business conditions
Retained earnings are intended to be utilized for:
Investments for future growth of the business

Rationale for Change in Dividend Distribution Policy

Dealing with any possible downturns in the business

At the time of adoption of Dividend Distribution Policy, the Board of Directors of the Company have been empowered to periodically review the policy and make out the necessary changes as they deem fit. Keeping in view the requirements of current scenario, the Board of Directors in their Board meeting, which was held on January 29, 2020, have amended the existing policy and adopted the revised one with effect from January 29, 2020.

Strategic investment in new business opportunities
Any other purpose as may be deemed fit

CATEGORY OF DIVIDENDS

The Companies Act provides for two forms of Dividend- Final & Interim. The Board of Directors shall have the power to recommend final dividend to the shareholders for their approval in the general meeting of the Company. The Board of Directors

REVIEW

This policy shall be reviewed by Board from time to time.

DISCLOSURE REGARDING MANAGERIAL REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the Financial Year 2022-23 and the percentage increase in remuneration of each Director, Chief Financial Officer & Company Secretary during the financial year 2022-23 are as under:

Remuneration of Director/ KMP for financial year 2022-23	% increase / (Decrease) in Remuneration in the Financial Year 2022-23	Ratio of remuneration of each Director/ to median Remuneration of Employees
Jmillion	%	times
		NA 26 23 NA 24 NA NA NA 80 NA NA NA NA NA NA NA NA
98.7	NA
6.2	675
5.4	-
6.0	NA
5.7	16.33
3.6	NA
3.6	NA
13.9	NA

19.2	-
23.7	NA
21.2	NA
12.7	NA
21.1	NA
21.0	NA
5.3	NA
2.0	NA
3.9	NA

@ Ceased to be Director of the Company w.e.f. August 9, 2023, accordingly not comparable

Appointed as Director w.e.f. August 9, 2022, accordingly not comparable

~ Appointed as Director w.e.f. January 18, 2022, accordingly not comparable

% Ceased to be CFO/KMP w.e.f. September 3, 2022, accordingly not comparable

^ Appointed as CFO/KMP w.e.f. November 12, 2022, accordingly not comparable

Appointed as CS/KMP w.e.f. May 12, 2022, accordingly not comparable
During the year under review, there is no increase in the median % remuneration of employees.
There were 13,750 permanent employees on the rolls of Company as on March 31, 2023.
It is hereby affirmed that the remuneration paid is as per the Nomination & Remuneration Policy of the Company.

Statement containing particulars of employees as per Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forming part of the Directors’ report for the Financial year ended March 31, 2021

S No., Full Name, Designation of the employee, Gross Remuneration (INR million) , Qualifications and experience of employee, , the age of such employee, the last employment held by such employee before joining the company, %age of equity shares held by the employee, Date of Commencement of employment, DOL, Experience (Years), Qualifications

1, DEEPAK NANDA, MD, 19.2 , 42, M.SC, 63, SME BUSINESS SERVICES LIMITED, Nil, 25.06.2009, NA, 2, SWAPAN NATH, MD, 21.0 , 36, B. Tech, 51, Modern Group, 0.0%, 27.11.2020, NA, 3, ABHISHEK GUPTA, IB, 18.2 , 13, BA, 36, Trident Corporation Ltd, Nil, 01.04.2014, NA, 4, KAVISH DHANDA, MD, 21.2 , 21, MBA, 42, First employement, 0.0%, 21.01.2019, NA, 5, NAVEET JINDAL, MD, 23.7 , 23, MBA,

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Statutory Reports

45, First employement, 0.0%, 01.07.2000, NA, 6, KAMAL GABA, MD, 12.7 , 28, B. Tech, 52, IKEA SERVICES INDIA PRIVATE LTD, 0.0%, 17.02.2020, NA, 7, ABHINAV GUPTA, CFO, 4.9 , 17, MBA, 43, SBI Capital Markets Limited, 0.0%, 11.03.2019, 04.09.2022, 8, SHAMBHU KUMAR, IB, 7.7 , 29, B. Tech, 53, ARIHANT SPINNING MILLS LIMITED , 0.0%, 06.12.1997 , 09.01.2023, 9, SUNEEL MOHNOT, IB, 8.0 , 30, MBA, 64, First employement, Nil, 14.02.2022, 30.09.2022, 10, DEEPAK KUMAR, IB, 5.5 , 18, MBA, 48, DALMIA GROUP, Nil, 20.12.2022, 24.04.2023, 11, ROOP NARAIN MALOO, IB, 1.8 , 37, CA, 61, Surya Roshni Limited, Nil, 14.02.2022, 26.04.2022, 12, AMIT SHARMA, IB, 10.9 , 9, Diploma, 37, ACSL, 0.0%, 28.03.2017, 02/01/2023, 13, DEEPESH GOVIL, IB, 10.8 , 15, MBA, 54, DHANYA AGROINDUSTRIAL PRIVATE LIMITED, 0.0%, 15.04.2019, 25.05.2023, 14, SHAILESH LADDHA, IB, 10.2 , 25, B.E, 48, WESLPUN INDIA LIMITED, 0.0%, 24.06.2013, 04/01/2023, 15, RAJEEV JAIN, IB, 9.2 , 37, MBA, 62, RSWM Ltd., 0.0%, 24.05.2021, 31.03.2023, 16, VIKAS KALUCHA, IB, 8.9 , 28, B. Tech, 51, ERNST & YOUNG LLP, 0.0%, 31.01.2022, 16.01.2023, 17, ROHIT JHANJI, IB, 8.0 , 22, MBA, 46, Golden Group, 0.0%, 06.12.2021, 19.12.2022, 18, BRIJESH KISHOR SARAF, IB, 7.8 , 20, BE, 47, WELSPUN GROUP, 0.0%, 13.12.2021, 02.01.2023, 19, SATYENDRA KUMAR MALLIK, IB, 2.5 , 25, MBA, 53, Rashmi Group, Nil, 20.12.2022, 25.03.2023, 20, RAHUL GOYAL, IB, 1.9 , 14, CA, 37, Dalmia Bharat Refractories Limited, Nil, 02.01.2023, 24.03.2023, 21, MOHIT SONI, IB, 17.6 , 19, B.Tech, 40, First Employement, 0.0%, 01.07.2004, NA, 22, POOJA LUTHRA, IB, 16.9 , 18, MA, 44, GALLUP, 0.0%, 18.02.2022,

NA, 23, PARDEEP KUMAR MARKANDAY, MD, 10.8 , 40, MBA, 66, , 0.0%, 09.08.2022, NA, 24, MANISH KAPOOR, IB, 10.8 , 12, MCA, 44, RAMKY ENVIRO ENGINEERS LIMITED, 0.0%, 17.01.2022, NA, 25, JITENDRA PRASAD SHUKLA, IB, 10.3 , 20, M.SC, 53, WELSPUN INDIA, 0.0%, 29.06.2020, NA, 26, SATISH KUMAR ARORA, IB, 10.2 , 20, B.SC, 59, , 0.0%, 22.08.2022, NA, 27, SREENU LINGAM, IB, 9.8 , 30, ITI, 55, Indocount Industries Ltd., Nil, 15.10.2021, NA, 28, SUBODH CHANDRA MANCHANDA, IB, 9.8 , 13, B.E, 53, HERO MOTORCORP LTD, 0.0%, 11.11.2019, NA, 29, MANJUL JAIN, IB, 9.5 , 36, PGDM, 59, VARDHMAN TEXTILES LIMITED, 0.0%, 01.02.2021, NA, 30, HARDIK SEMLANI, IB, 9.1 , 14, MBA, 38, T.C.C.E.T, 0.0%, 19.04.2010, NA, 31, SIRIGI SHIVA SHANKAR REDDY, IB, 8.8 , 25, MBA, 46, Jyotirmaye Textiles, Nil, 20.12.2021, NA, 32, AJAY GUPTA, IB, 8.2 , 15, B.E, 58, Kuantum Papers Ltd, 0.0%, 23.05.2022, NA, 33, ROHIT JHANJI, IB, 5.4 , 15, MBA, 46, Golden Group, 0.0%, 20.12.2022, NA, 34, SHAILESH LADDHA, IB, 3.6 , 18, B.E, 48, WESLPUN INDIA LIMITED, 0.0%, 05.01.2023, NA, 35, AMIT SHARMA, IB, 2.9 , 14, Diploma, 37, ACSL, 0.0%, 03.01.2023, NA, 36, SHAMBHU KUMAR, IB, 2.6 , 30, B. Tech, 53, ARIHANT SPINNING MILLS LIMITED, 0.0%, 10.01.2023, NA, 37, BRIJESH KISHOR SARAF, IB, 2.5 , 20, BE, 47, WELSPUN GROUP, 0.0%, 03.01.2023, NA

Information about qualifications and last employment is based on particulars furnished by the concerned employee.

Remuneration received includes salary and other allowances

CORPORATE GOVERNANCE REPORT

Company’s Philosophy on Corporate Governance

appropriate in the best interests of the Company or as required by applicable laws of land.

A corporation is a congregation of various stakeholders, namely, customers, employees, investors, vendor partners, government and society. A corporation should be fair and transparent to its stakeholders in all its transactions. Corporate Governance at Trident Limited (‘the Company’) cares for the overall well-being and welfare of all constituents of the system and takes into account the stakeholders’ interest in every business decision.

Our Code is an extension of our values and reflects our continued commitment to ethical business practices across our operations. This is demonstrated in shareholder returns, high credit ratings, awards and recognitions, governance processes and an entrepreneurial performance focussed work environment.

Board of Directors

The Company is committed to pursue growth by adhering to the highest national and international standards of Corporate Governance. The Company’s philosophy on Corporate Governance is based on following principles:

Board Leadership

The Board of Directors are inter-alia responsible for making strategies, long term plans, set operational goals, identify and mitigate risks etc and expansion. The Board is committed to the goal of sustainably elevating the Company’s value creation. The Company has defined guidelines and an established framework for the meetings of the Board and its Committees. These guidelines seek to systematise the decision-making process at the meetings of the Board and its Committees in an informed and efficient manner.

Lay solid foundations for management
Structure the Board to add value
Promote ethical and responsible decision-making
Safeguard integrity in financial reporting 5. Make timely and balanced disclosures 6. Recognise and manage business risks 7. Respect the rights of the shareholders 8. Encourage enhanced performance 9. Remunerate fairly and responsibly

Board Composition and Category of Directors

One of the fundamental principles of Governance at Trident is to structure the Board to add value. The Board has a good and diverse mix of Executive and Non-Executive Directors with majority of the Board Members comprising Independent Directors and the same is also in line with the applicable provisions of Companies Act, 2013 (‘the Act’) and Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) . The composition of the Board represents an optimal mix of professionalism, knowledge and experience and enables the Board to discharge its responsibilities and provide effective leadership to the business.

Recognise the legitimate interest of the stakeholders
Legal and statutory compliances in letter and spirit

In order to foster above beliefs, the Board of Directors of the Company has adopted a ‘Combined Code of Corporate Governance and Conduct’ (hereinafter referred to as ‘Code’) based on the principles of good Corporate Governance and best management practices being followed globally besides complying with the laws of land. The Code is subject to modification from time to time as the Board of Directors deems

The composition of the Board, Category, Director Identification Number (‘DIN’) and shareholding of Directors as on the date of this report are as follows:

Sr. No.	Name of the Director	DIN	Category / Designation	Shareholding as on March 31, 2023
1 2 3 4 5 6	Mr. Rajiv Dewan Ms. Usha Sangwan Mr. Anthony De Sa Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Deepak Nanda	00007988 02609263 05290160 07653591 09196228 00403335	Non-Executive / Independent Director / Chairman Non-Executive / Independent Director Non-Executive / Independent Director Non-Executive / Independent Director Non-Executive / Independent Director Executive / Managing Director	1,44,450 - - - - -

None of the Directors of the Company are inter-se related to each other. There are no outstanding GDRs / ADRs / Warrants / Convertible Instruments issued by the Company.

Trident Limited | Annual Report 2022-23

Statutory Reports

Further, the following director have been appointed / resigned during the financial year 2022-23:

Sr. No.	Name of the Director	DIN	Category / Designation	Date of Appointment	Date of Resignation
1 2 3 4 5 6 7 8 9	Mr. Rajinder Gupta Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Kapil Ghorse Mr. Swapan Nath Mr. Kamal Gaba Mr. Naveet Jindal Mr. Kavish Dhanda Mr. Pardeep Kumar Markanday	00009037 07653591 09196228 02049491 00806810 09696801 07741144 01086776 02252335	Promoter / Non-Executive Director Non-Executive / Independent Director Non-Executive / Independent Director Non-Executive / Non-Independent Director Executive / Managing Director – Bath Linen Business Executive / Managing Director – Bed Linen Business Executive / Managing Director – Paper, Chemicals & Energy Business Executive / Managing Director – Yarn Business Executive / Managing Director – Growth and Projects	NA August 9, 2022 August 9, 2022 August 9, 2022 August 9, 2022 August 9, 2022 August 9, 2022 August 9, 2022 August 9, 2022	August 9, 2022 NA NA Refer table below Refer table below Refer table below Refer table below Refer table below Refer table below

Furthermore, the following directors have resigned after the end of financial year and before the date of this report:

Sr. No.	Name of the Director	DIN	Category / Designation	Date of Resignation
1 2 3 4 5 6 7	Mr. Dinesh Kumar Mittal Mr. Kapil Ghorse Mr. Swapan Nath Mr. Kamal Gaba Mr. Naveet Jindal Mr. Kavish Dhanda Mr. PardeepKumar Markanday	00040000 02049491 00806810 09696801 07741144 01086776 02252335	Non-Executive / Independent Director Non-Executive / Non-Independent Director Managing Director – Bath Linen Business Managing Director – Bed Linen Business Managing Director – Paper, Chemicals & Energy Business Managing Director – Yarn Business ManagingDirector – Growth and Projects	April 21, 2023 April 21, 2023 April 21, 2023 April 21, 2023 April 21, 2023 April 21, 2023 April 21, 2023

Retirement / Resignation of Independent Director

Appointment and Tenure

The Directors of the Company are appointed / re-appointed by the Board on the recommendations of the Nomination and Remuneration Committee and approval of the Members at the General Meetings. In accordance with the Articles of Association of the Company and provisions of the Act, all Directors, except the Independent Directors of the Company, are liable to retire by rotation at the Annual General Meeting (‘AGM’) each year and, if eligible, offer themselves for re-election. The Executive Directors on the Board have been appointed as per the provisions of the Act and serve in accordance with the terms of their contract of employment / contract of service with the Company.

During the year under review, Mr. Dinesh Kumar Mittal, Independent Director of the Company has resigned from the Board of Directors of the Company due to personal reasons and other pre-occupations. In terms of Schedule III of the Listing Regulations the Company has received a declaration from Mr. Dinesh Kumar Mittal that there are no other material reasons for the resignation from the Board of Directors of Trident Limited other than those provided above.

Board Independence

The definition of ‘Independence’ of Directors is governed by Section 149(6) of the Act and Regulation 16 of Listing Regulations. The Company has received necessary declaration from each of the Independent Directors of the Company confirming that they meet the criteria of independence. Based on the confirmations / disclosures received from the Directors and on evaluation of the relationships disclosed, the Board confirms, that the Independent Directors fulfil the conditions as specified under Schedule V of the Listing Regulations and are independent of the management. Your board hereby confirms that in its opinion, the independent directors fulfill the conditions specified in these regulations and are independent of the management.

Core Skills / Expertise / Competencies available with the Board

The Board of Trident Limited comprises of qualified members who bring in required skills, expertise and competence so that fruitful contribution is made by the Board and its committees and Trident Limited achieves highest standards of Corporate Governance.

Financial : Proficiency in Financial Management, Capital Allocation, Treasury and Accountancy, Costing, Budgetary Controls.

Operations : Understanding Organizations, Business processes, Strategic Planning, Driving change, Risk Management, Economics of Scale, Innovation.

Global Business Leader : Handling diverse business scenario, Global market opportunities, Macro policies and business economics.

Governance : Protecting the interest of stakeholders, enterprise reputation, accountability and following governance practice.

The table below summarizes the key attributes and skills matrix, identified by the Board of Directors, as required in the context of business, which is to be considered while selecting the Director:

Director			Attributes
	Financial	Operations	Global Business Leader	Governance
Mr. Rajiv Dewan Ms. Usha Sangwan Mr. Anthony De Sa Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Deepak Nanda	    - 	    - 	     	     

carry out the evaluations/ review as prescribed under Schedule IV of the Act and Regulation 25 of Listing Regulations. During the year a separate Meeting of Independent Directors was held on January 30, 2023.

Meetings

Board and Committees’ meeting details

The Board meets at regular intervals to discuss and decide on Company/business policy and strategy apart from other Board businesses. At least four Board meetings have been held in a year, one in each quarter to review the financial results and other items of the agenda. The maximum gap between any two consecutive Board meetings does not exceed 120 days. Apart from the four scheduled Board meetings, keeping in view the business requirements, as and when required, additional Board meeting(s) have been convened. Urgent matters have also been approved by the Board by passing resolutions through circulation.

The Company also holds at least one Audit Committee meeting in each quarter, inter-alia, to review financial results. The Cost Auditors, Statutory Auditors and Internal Auditors attended the meetings of Audit Committee on the invitation of Chairperson of the Audit Committee, for their respective agenda items. The Company also holds at least one meeting of Nomination and Remuneration Committee, Stakeholders Relationship Committee and Risk Management Committee and during the financial year 2022-23, meetings of other committees of the Board are held whenever matters falling under their terms of reference need discussion and decision.

Every Director on the Board/ Committee is free to suggest any item for inclusion in the agenda for the consideration of the Board/ Committee. The information as required under Regulation 17 and Part A of schedule II of the Listing Regulations and Combined Code of Corporate Governance and Conduct are made available to the members of the Board/ Committee.

Following are the details of meetings of Board of Directors, and Committees thereof held during the Financial Year 2022-23:

During the year under review, 6 (six) meetings of Board were held on May 12, 2022, May 30, 2022, July 23, 2022, August 9, 2022, November 12, 2022 and January 30, 2023.

The separate meeting of Independent Directors of the Company is also held at least once in a financial year, without the attendance of Non-Independent Directors and members of management, to

The following is the detail of Directors’ Attendance in respective meetings held during their tenure:

Name	Annual General Meeting	Board Meeting	Audit Committee	Risk Management Committee	Stakeholders’ Relationship Committee	Corporate Social Responsibility Committee	Nomination & Remuneration Committee
Meetings held	1	6	5	3	3	3	8
Mr. Rajiv Dewan Ms. Usha Sangwan Mr. Anthony De Sa Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Deepak Nanda	1 of 1 1 of 1 1 of 1 1 of 1	6 of 6 6 of 6 6 of 6 2 of 2 2 of 2 6 of 6	5 of 5 3 of 3 5 of 5 2 of 2 ~ 5 of 5	3 of 3 1 of 1 ~ ~ ~ 3 of 3	3 of 3 ~ 1 of 1 ~ ~ 3 of 3	3 of 3 ~ 1 of 1 ~ ~ 3 of 3	8 of 8 4 of 4 8 of 8 ~ 3 of 4 ~

During the year under review, no meeting of Strategy Committee, Restructuring Committee, Securities Committee was held. ~ Not a member of the Committee

appointed as Director w.e.f. August 9, 2022, accordingly, the no. of meetings held during the tenure has been considered.

Trident Limited | Annual Report 2022-23

Statutory Reports

Familiarisation Programmes for Board Members

The Board members are provided with necessary documents / brochures, reports and internal policies to enable them to familiarise with the Company’s procedures and practices.

Periodic presentations are made at the Board and Committee meetings on business and performance updates of the Company.

Board Level Committees

The Board has constituted various statutory and non-statutory Committees for smooth and efficient operation of the activities and is responsible for constituting, assigning, co-opting and fixing the terms of reference for the committees in line with the laws of land. The Chairperson, quorum and the terms of reference of each committee have been approved by the Board.

As on the date of Report, following is the composition of Board and committees of the Company:

Audit Committee Mr. Rajiv Dewan (Chairman of the Committee) Mr. Anthony De Sa Mr. Raj Kamal Mr. Deepak Nanda Risk Management Committee Ms. Usha Sangwan (Chairperson of the Committee) Mr. Rajiv Dewan Mr. Deepak Nanda	Nomination & Remuneration Committee Mr. Anthony De Sa (Chairman of the Committee) Mr. Rajiv Dewan Prof. Rajeev Ahuja CSR Committee Mr. Rajiv Dewan (Chairman of the Committee) Mr. Anthony De Sa Mr. Deepak Nanda	Stakeholders’ Relationship Committee
		Mr. Rajiv Dewan (Chairman of the Committee) Mr. Anthony De Sa Mr. Deepak Nanda

		Financial Management Committee (Non-Statutory Committee)
		Mr. Rajiv Dewan (Chairman of the Committee) Mr. Deepak Nanda Mr. Avneesh Barua

The Board in its meeting held on April 21, 2023 has reviewed and dissolved three non-statutory committees i.e. Strategy Committee, Restructuring Committee and Securities Committee.

During the year under review, all the recommendations of respective committees have been duly accepted by the Board

Terms of reference of committees

Agenda and Minutes

All the departments in the Company, communicate with the Company Secretary well in advance with regard to matters requiring approval of the Board/Committees, to enable her to include the same in the agenda for the Board/Committee meeting(s). Agenda papers are circulated to the Directors / Committee Members well in advance before the respective meetings of the Board / Committees.

The Board while approving terms of reference of the Committees ensures that the same is in line with laws of land. The Board proactively reviews terms of reference of the Committees and modifies the same, if necessary, to meet the strategic and business needs.

Following are brief terms of reference of Board level committees:

The Company Secretary while preparing the agenda and minutes of the Board/Committee meeting ensures adherence to the applicable provisions of the law including Companies Act, 2013 and the rules made thereunder. The applicable Secretarial Standards issued by the Institute of Company Secretaries of India (‘ICSI’) are also complied with by the Company. The draft minutes of the proceedings of each Board/Committee meeting are circulated to the Board/Committee members for their comments, within 15 days of respective meetings and thereafter considering the comments received, if any, the minutes are entered in the minute book within 30 days of the respective meetings. Copy of the signed minutes are also circulated to the Directors / members of the Committees, as applicable, within 15 days of signing by the Chairperson. The Board also takes note of the minutes of the Committee meetings duly approved by their respective Chairperson.

Statutory Committees:

Audit Committee

The Audit Committee of the Company is entrusted with the responsibility to supervise the Company’s internal controls and financial reporting process and, inter-alia, performs the following functions:

Review with the management, the quarterly financial statements before submission to the Board for approval.
Recommend appointment, remuneration and terms of appointment of auditors.
Approval of payment to statutory auditors, including cost auditors, for any other services rendered by them.
Review with the management, the statement of uses / application of funds.
Review and monitor the auditor’s independence, performance and effectiveness of audit process.
Review the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.
Review the functioning of the Whistle-blower mechanism / oversee the vigil mechanism.
Review financial statements, in particular the investments made by the Company’s unlisted subsidiaries.

The detailed terms of reference of the Committee are available on the website of the Company.

Nomination & Remuneration Committee

The role of Nomination and Remuneration Committee, interalia, includes:

Formulate the criteria for determining qualifications, positive attributes and independence of a Director and recommend to the Board a policy, relating to the remuneration of the Directors, Key Managerial Personnel and other employees.
Formulate the criteria for evaluation of performance of the Independent Directors and the Board of Directors.
Devise a policy on Board Diversity.
Identify persons who are qualified to become Directors and who may be appointed in senior management in accordance with the criteria laid down and to recommend to the Board their appointment and / or removal.
Recommend to the Board, all remuneration, in whatever form, payable to senior management.

The detailed terms of reference of the Committee are available on the website of the Company.

Stakeholders’ Relationship Committee

The broad terms of reference of Stakeholders’ Relationship Committee include, inter-alia:, resolving of grievances of the security holders of the listed entity including complaints related to transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/ duplicate certificates, general meetings, measures taken for effective exercise of voting rights by shareholders, adherence to the service standards adopted by the Company in respect of various services being rendered by the Registrar & Share Transfer Agent, reviewing of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the shareholders of the Company and all other acts or deeds as may be necessary or incidental thereto.

It is hereby affirmed that as on date of this report there are no pending complaints not resolved to the satisfaction of shareholders.

Risk Management Committee

The terms of reference of Risk Management Committee are in line with the Listing Regulations and include, inter-alia, the implementation of Risk Management Systems and Framework, review the Company’s financial and risk management policies, assess risk and procedures to minimise the same.

The detailed terms of reference of the Committee are available on the website of the Company.

CSR Committee

The broad terms of reference of Corporate Social Responsibility (CSR) Committee include, inter-alia: formulating and recommending to the Board a CSR policy, recommending the amount of expenditure to be incurred on CSR activities and monitoring the implementation of the CSR policy and Business Responsibility Guiding Principles suggested by SEBI from time to time.

Non-Statutory Committees:

Financial Management Committee

The broad terms of reference of Financial Management Committee include, inter-alia: deciding bank operating powers & modifications therein, other banking related issues of the Company, approval and monitoring of borrowings, investments, loans and corporate guarantees, creation of securities, conversion of loans into INR/foreign currency or vice-versa and review of foreign exchange transactions of the Company.

Directors’ Remuneration

Policy for Directors’ Remuneration

Executive Director’s Remuneration is recommended by the Nomination & Remuneration Committee in accordance with Nomination & Remuneration Policy adopted by the Company and approved by the Board of Directors subject to the approval by the shareholders, if required.

Non-Executive Directors are paid remuneration by way of sitting fee for attending meetings of the Board and/or Committees thereof. Further, the remuneration paid to Non-Executive Directors/ criteria of making payment to Non-Executive Directors, is in accordance with Nomination & Remuneration Policy adopted by the Company and approved by the Board of Directors subject to the requisite approvals, as may be applicable.

The members of the Company, in the Annual General Meeting held on July 23, 2022 have approved the payment of Commission to Independent Directors of the Company @ 1 % of the of net profit of the Company, payable monthly / quarterly / annually as computed under Section 197 and 198 of the Act.

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Statutory Reports

The members of the Company, in the Annual General Meeting held on July 9, 2020, have also approved the payment of Commission to Mr. Rajinder Gupta, Non-Executive Director of the Company @ 5 % of net profit of the Company, payable monthly/ quarterly/ annually as computed under Section 198 of the Act, or any other percentage of net profits as may be permissible under the provisions of the Act and other applicable statutory enactments at the time of payment, in excess of the limit of 50% of the total annual remuneration payable to all Non-executive directors, over and above the usual sitting fees for attending meetings of Board/ Committees of the Company, through special resolution.

However, pursuant to the resignation of Mr. Rajinder Gupta, Non-Executive Director of company the commission was proportionally paid upto August 09, 2022

The details of the remuneration paid to the Directors along with their relationships and business interests are detailed below:

Remuneration of the Executive Directors for the financial year 2022-23

Name	Designation	Gross Salary	Commission	Stock Option	(INR Million) Sitting Fee / Others, if any Total Amount	(INR Million) Sitting Fee / Others, if any Total Amount
Mr. Swapan Nath Mr. Kamal Gaba Mr. Naveet Jindal Mr. Kavish Dhanda Mr. Pardeep Kumar Markanday Mr. Deepak Nanda	Managing Director – Bath Linen Business Managing Director – Bed Linen Business Managing Director – Paper, Chemicals & Energy Business Managing Director – Yarn Business Managing Director – Growth and Projects Managing Director	19.2 12.4 19.2 12.4 12.3 19.2	- - - - - -	1.8 0.3 4.5 8.8 8.8 -	- - - - - -	21.0 12.7 23.7 21.2 21.1 19.2

Remuneration of the Non-executive Directors for the financial year 2022-23

Name	Designation	Gross Salary	Commission	Stock Option	(INR Million) Sitting Fee / Others, if any Total Amount	(INR Million) Sitting Fee / Others, if any Total Amount
Mr. Rajinder Gupta^ Mr. Kapil Ghorse# Mr. Rajiv Dewan Ms. Usha Sangwan Mr. Anthony De Sa Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Dinesh Kumar Mittal	Non-Executive / Non-Independent Director Non-Executive / Non-Independent Director Non-Executive / Independent Director / Chairman Non-Executive / Independent Director Non-Executive / Independent Director Non-Executive / Independent Director Non-Executive / Independent Director Non-Executive / Independent Director	- - - - - - - -	98.3 - 5.0 5.0 5.0 3.2 3.2 5.0	- 6.6 - - - - - -	0.4 7.3 1.2 0.7 1.0 0.4 0.4 0.4	98.7 13.9 6.2 5.7 6.0 3.6 3.6 5.4

^ Mr. Rajinder Gupta ceased to be Director of the Company w.e.f. August 9, 2023. Accordingly, the Commission for the relevant term as Director has been provided. For further details, please refer note 39 of standalone financial statements.

Mr. Kapil Ghorse has been paid consultancy fee pursuant to the approval of shareholders vide their resolution passed by Postal Ballot dated November 5, 2022.

Pecuniary Relationships or Transaction of NonExecutive Directors Vis-A-Vis the Company

Details of fixed component and performance linked incentives, along with the performance criteria

The detail of transactions, entered into with entities in which Non-Executive Directors are interested, is set out in Note No. 39 of Standalone Financial Statements.

Details of fixed component and performance linked Incentives, in the form of commission is depicted above. Performance criteria of all the Directors of the Board is as per the Nomination and Remuneration Policy of the Company.

Service Contracts, Notice Period and Severance Fees

The employment of Managing Director shall terminate automatically in the event of his ceasing to be a Director of the Company in the General Meeting and/or in the event of his resignation as a Director of the Company and subsequent acceptance of the resignation by the Board and no severance fee is payable to the Managing Director. Notice period shall be as per the appointment letter issued by the Company at the time of joining.

Further, during the financial year 2022-23 the Company has neither advanced any loan to any of its directors.

The Company has also taken Directors’ and Officers’ (‘D&O’) Liability Insurance to protect its Directors’/ officers and their spouses’ personal liability for financial losses that may arise out of their unintentional wrongful acts.

Directorship(s) / Committee Membership(s) / Chairmanship(s) and number of other Board and Committees :

S No.	Name of the Director	Details of Directorship(s) in other Companies / Name of other listed company(ies) and category of Directorship	Details of positions held in committees of other Companies #
1 2 3 4 5 6	Mr. Rajiv Dewan Ms. Usha Sangwan Mr. Anthony De Sa Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Deepak Nanda	Listed: 1 Mrs. Bectors Food Specialities Ltd – Independent Director Unlisted: Nil Listed: 2 SBI Life Insurance Company Ltd- Independent Director Torrent Power Ltd- Independent Director Unlisted: 4 Listed: Nil Unlisted: Nil Listed: 1 Life Insurance Corporation of India Unlisted: Nil Listed: Nil Unlisted: Nil Listed: Nil Unlisted: 1	Member: Nil Chairperson: 2 Member: 3 Chairperson: Nil Member: Nil Chairperson: Nil Member: Nil Chairperson: Nil Member: Nil Chairperson: Nil Member: Nil Chairperson: Nil

Includes only Audit Committee and Stakeholders’ Relationship Committee.

The number of Directorship(s), Committee Membership(s)/ Chairmanship(s) of all Directors is within respective limits prescribed under the Act and Listing Regulations as amended from time to time.

Management Discussion and Analysis

The Management Discussion and Analysis report is given in the annual report, which forms part of this Corporate Governance report.

A brief profile of the Directors is given in the annual report, which forms part of the Corporate Governance report.

Shareholders

Disclosures regarding appointment / re-appointment of Directors

Evaluation of Directors

The performance evaluation of the Board, Committees of the Board and Individual Directors including Independent Directors is done by the Nomination & Remuneration Committee and Board of Directors, excluding the director being evaluated, as per criteria detailed in Nomination & Remuneration Policy of the Company.

In terms of Articles of Association of the Company, Trident Group Limited, the specified investor has the right to appoint upto 2 directors on Board of Trident Limited. Trident Group Limited has nominated Mr. Deepak Nanda as specified investor’s Director pursuant to the Articles of Association of the Company.

The Salient features of Nomination & Remuneration Policy of the Company are provided in Annexure - III to the Directors’ Report and complete policy is duly available on the website of the Company at following link : https://www.tridentindia.com

Pursuant to the Act and Articles of Association of the Company, all the directors on the Board of the Company (other than Independent Directors) shall retire from office at the completion of the Annual

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Statutory Reports

General Meeting. Accordingly, Mr. Deepak Nanda (DIN: 00403335) shall retire at the forthcoming Annual General Meeting and they also has offered himself for re-appointment. The Nomination & Remuneration Committee and Board of Directors have recommended reappointment of Mr. Deepak Nanda.

Means of communication

The quarterly, half yearly and annual financial results and quarterly shareholding pattern are posted on Company’s official website www.tridentindia.com . As per the requirements of the provisions of Listing Regulations, the Company also provides information to the stock exchanges and updates its website on regular basis to include new developments in the Company. All material information including press releases, corporate presentations and Investors presentations etc. about the Company are promptly sent to the stock exchanges where the Equity Shares of the Company are listed for the information of investors and analysts. Simultaneously, the same is also uploaded on the Company’s official website www.tridentindia.com.

The annual report including the notice of Annual General Meeting, Management’s Discussion and Analysis Report, Corporate Governance Report, Financial Statements along with the notes thereon, Directors’ Report and Auditors’ Report are sent to the shareholders electronically within the stipulated time and are also uploaded on Company’s official website at the following link : www. tridentindia.com/financial-reports

The Company generally publishes its financial results in Business Standard and Punjabi Jagran. During the year under review, the Company published its financial results in the following newspapers:

Financial Results	Newspapers	Date ofpublication
Unaudited financial results for the quarter ended June 30, 2022 Unaudited financial results for the quarter and half year ended September 30, 2022 Unaudited financial results for the quarter and nine months period ended December 31, 2022 Audited financial results for the quarter and year ended March 31, 2023	Business Standard Punjabi Jagran Business Standard Punjabi Jagran Business Standard Punjabi Jagran Business Standard Punjabi Jagran	August 10, 2022 November 13, 2022 January 31, 2023 May 26, 2023 (Tentative)

*Tentative

Displays official news releases - The official news releases and presentations made to institutional investors has been uploaded on the official website at the following link : www.tridentindia.com.

AGM Details 31st Day, Date and Time : Friday, August 27, 2021 at 11:00 AM Venue: Through Video Conferencing (VC) / Other Audio Visual Means (OAVM) Special Resolutions passed : 1. 2. of the total annual remuneration payable to all non-executive directors 3. To approve raising of finance i) To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’) 30th Day, Date and Time : Thursday, July 9, 2020 at 11:00 AM Venue: Through Video Conferencing (VC) / Other Audio Visual Means (OAVM) Special Resolutions passed :

To approve appointment and remuneration of Mr Deepak Nanda (DIN: 00403335) as a Managing Director 2. To approve annual remuneration payable to a single non-executive director in excess of the limit of 50% of the total annual remuneration payable to all non-executive directors
To approve raising of finance
To approve annual remuneration payable to a single non-executive director in excess of the limit of 50% of the total annual remuneration payable to all non-executive directors
To approve appointment and remuneration of Mr Deepak Nanda (DIN: 00403335) as a Managing Director 3. To approve raising of finance
To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’)
To approve Trident Limited Employee Stock Option Scheme – 2020
To approve extending the benefits to the employees of subsidiary company(ies) under Trident Limited Employee Stock Option Scheme – 2020
To approve acquisition of equity shares by way of secondary acquisition under Trident Limited Employee Stock Option Scheme – 2020
To approve of Trident Limited Employee Stock Purchase Scheme – 2020
To approve extending the benefits to the employees of subsidiary company(ies) under Trident Limited Employee Stock Purchase Scheme – 2020
To approve acquisition of equity shares by way of secondary acquisition under Trident Limited Employee Stock Purchase Scheme – 2020
To approve provision of money by the Company for purchase of its own shares by the trust / trustees for the benefit of employees under Trident Limited Employee Stock Option Scheme – 2020 and Trident Limited Employee Stock Purchase Scheme – 2020
To ratify the revised limit of Investments by Foreign Portfolio Investors

Postal Ballot:

During the period under review, postal ballot has been conducted for seeking the approval of shareholders of the Company by way of Special Resolution, for the following matters:

Postal Ballot date Details

Compliance Officer

The Board has appointed Mr. Hari Krishan, Company Secretary as Compliance Officer of the Company.

The compliance officer can be contacted for any investor related matters relating to the Company at the dedicated email id i.e. [email protected]

Annual General Meetings of the Company

Details of last three Annual General Meetings of the Company is given hereunder:

AGM Details

32nd Day, Date and Time : Saturday, July 23, 2022 at 11:00 A.M Venue: Through Video Conferencing (VC) / Other Audio Visual Means (OAVM)

Special Resolutions passed :

To approve Commission to Independent Directors of the Company
To approve annual remuneration payable to a single non-executive director in excess of the limit of 50% of the total annual remuneration payable to all non-executive directors
To ratify the remuneration of Cost Auditors of the Company
To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’)
To approve alteration in Articles of Association of the Company

April 19, 2022 Details of Special Resolution

Appointment of Mr Anthony De Sa (DIN: 05290160) as an Independent Director of the Company
Ratification & Adoption of amended Trident Limited Employee Stock Option Scheme, 2020
To approve grant of benefits to employees of Group Company(ies) including Subsidiary(ies) and Associate Company(ies) of the Company under Trident Limited Employee Stock Option Scheme – 2020
Ratification & Adoption of amended Trident Limited Employee Stock Purchase Scheme, 2020
To approve grant of benefits to employees of Group Company(ies) including Subsidiary(ies) and Associate Company(ies) of the Company under Trident Limited Employee Stock Purchase Scheme – 2020

November 7, 2022 Details of Special Resolution

To approve appointment of Prof. Rajeev Ahuja (DIN: 09196228) as an Independent Director of the Company
To approve appointment of Mr. Raj Kamal (DIN: 07653591) as an Independent Director of the Company
To approve re-appointment of Mr. Dinesh Kumar Mittal (DIN: 00040000) for the second term as an Independent Director of the Company
To approve appointment of Mr. Kapil Ghorse (DIN: 02049491) as a Non Executive/Non Independent Director of the Company
To ratify and approve payment of consultancy fee to Mr. Kapil Ghorse (DIN: 02049491) as a Non Executive/Non Independent Director of the Company
To approve appointment of Mr. Kavish Dhanda (DIN: 01086776) as Director of the Company
To approve appointment and remuneration of Mr. Kavish Dhanda (DIN: 01086776) as Managing Director – Yarn Business of the Company
To approve appointment of Mr. Swapan Nath (DIN: 00806810) as Director of the Company
To approve appointment and remuneration of Mr. Swapan Nath (DIN: 00806810) as Managing Director – Bath Linen Business of the Company

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Statutory Reports

Postal Ballot date Details

To approve appointment of Mr. Kamal Gaba (DIN: 09696801) as Director of the Company
To approve appointment and remuneration of Mr. Kamal Gaba (DIN: 09696801) as Managing Director – Bed Linen Business of the Company
To approve appointment of Mr. Naveet Jindal (DIN: 07741144) as Director of the Company
To approve appointment and remuneration of Mr. Naveet Jindal (DIN: 07741144) as Managing Director – Paper, Chemicals and Energy Business of the Company
To approve appointment of Mr. Pardeep Kumar Markanday (DIN: 02252335) as Director of the Company
To approve appointment and remuneration of Mr. Pardeep Kumar Markanday (DIN:02252335) as Managing Director – Growth and Projects function of the Company
To ratify and approve existing employment of Ms. Shreya Markanday as related party transaction
To approve agreement as per sub-clause (e) of Article 169 of the Articles of Association of the Company Details of Special Resolution
January 14, 2023 1. To approve alteration in Articles of Association to restrict Unsecured Loans and Advances
Details of Special Resolution
January 28, 2023 1. To approve alteration in Articles of Association Details of Special Resolution
March 9, 2023 1. To approve alteration in Articles of Association

filed with Stock exchanges on Half yearly basis & have been duly disseminated on the website of stock exchanges i.e BSE & NSE.

As on the date of report, there is no special resolution proposed to be conducted through postal ballot.

Procedure for postal Ballot- The aforesaid Postal Ballots were conducted by the Company as per the provisions of Sections 108 and 110 and other applicable provisions of the Act, read with the Rules framed thereunder and General Circulars issued by the Ministry of Corporate Affairs from time to time.

All details relating to financial and commercial transactions, where directors may have a potential interest are considered, recommended and approved by the Audit Committee. Such transactions are thereafter approved by the Board of Directors and, if required, by the Shareholders of the Company. The interested directors are not present in the meeting at the time of discussion on such agenda items and do not participate in the discussion or decision on such matters.

Person who conducted the postal ballot exercise- The Board of Directors had appointed Ms. Jyotsna, Practicing Company Secretary (FCS 10334 | CP 21804), Proprietor of Jyotsna & Associates, Company Secretaries, as Scrutinizer for conducting the Postal Ballot, through the e-voting process, in a fair and transparent manner.

Policy on Materiality of and dealing with Related Party Transactions has been duly adopted by the Company and the same is uploaded on the official website of the Company.

Compliances made by the Company

The Scrutinizer, after the completion of scrutiny, submitted her report to Mr. Hari Krishan, Company Secretary, who was duly authorised by the Chairperson to accept, acknowledge and countersign the Scrutinizer’s Report as well as declare the voting results in accordance with the provisions of the Act, the Rules framed thereunder and the Secretarial Standard - 2 issued by the Institute of Company Secretaries of India. The consolidated results of the voting by Postal Ballot and e-voting were announced. The results were also displayed on the website of the Company at www.tridentindia.com.in and on the website of electronic service providers (ESP) and communicated to BSE Limited (BSE), National Stock Exchange of India Limited (NSE).

The Company has continued to comply with the requirements as specified in Regulation 17 to 27 & Regulation 46(2)(b) to 46(2)(i) alongwith other applicable provisions of the Listing Regulations and other statutory authorities on all matters related to capital market and no penalties or strictures have been imposed on the Company by the stock exchanges, SEBI or any other authority on any matter related to capital market during the last three years.

The Company has complied with all mandatory requirements of Regulation 34 of the Listing Regulations. The Company has adopted the discretionary requirements of the Listing Regulations:

Disclosures

Suspension from Trading

Related party transactions

The securities of the Company have not been suspended from trading during the financial year ended March 31, 2023

There was no material related party transaction, pecuniary transaction or relationship between the Company and its Directors, promoters or the management that may have potential conflict with the interests of the Company at large. The details of related party transactions are detailed in the notes to the Financial Statements disclosed as per applicable Accounting Standards. Also in compliance with Regulation 23 of the Listing Regulations, the details of Related party are being

The Board

The non-executive chairman is entitled to maintain a chairman’s office at the expense of the Company and is also allowed reimbursement of expenses incurred in performance of his duties.

Shareholder Rights

Presently, half yearly financial performance is not being sent to each household of shareholders. However, Company on quarterly basis sends financial results to all shareholders who have registered their e-mail ids with depositories / RTA.

Audit Qualification

The Company is in the regime of unmodified opinions on financial statements.

Reporting of Internal Auditor

The Internal Auditors reports directly to the Audit Committee.

Further, the Board has accepted all recommendations of the committees during the year under review.

Whistle Blower Policy

The Company has adopted Vigil Mechanism & Whistle Blower Policy in which any Employee, Director, Stakeholder who observes any unethical behavior, actual or suspected fraud, improper practices or wrongful conduct may report the same to the Audit Committee through email on the email ID: [email protected]. No personnel is denied access to the Audit Committee and whistle blower policy protects such whistle blowers from adverse personnel action.

Familiarization Program for Independent Directors

The details of familiarization program for Independent Directors are available on the official website of the Company at the following link: https://www.tridentindia.com/code-policies

Material Subsidiary

The Company has duly adopted Policy for determining material subsidiary. The same is available on the official website of the Company at the following link: https://www.tridentindia.com/ code-policies

Based on criteria mentioned in provisions of Listing Regulations and Policy for determining material subsidiary, the Company do not have any material subsidiary as on March 31, 2023.

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

a. number of complaints filed during the financial year : Nil
b. number of complaints disposed of during the financial year : Nil

c. number of complaints pending as on end of the financial year

: Nil

Loans to Directors

During the year, neither the Company nor its subsidiaries has granted any loan(s) to firms/ companies in which directors are interested.

General Shareholders Information

The following information would be useful to our shareholders:

Annual General Meeting

Date August 12, 2023 Day Saturday Time 11:00 AM Venue Through Video Conferencing (VC) / Other Audio Visual Means (OAVM)

Financial calendar

Next financial year April 1, 2023 to March 31, 2024 Dividend Payment Date: The Board has not proposed final dividend for the Financial Year 2022-23.

The financial results will be adopted as per the following tentative schedule:

For the quarter ended June 30, 2023 July 2023 (4th week) For the quarter and half year ended September October 2023 30, 2023 (4th week) For the quarter and nine months ended January 2024 December 31, 2023 (4th week) For the Quarter and year ended March 31, 2024 May 2024 (3rd week)

Listing fees

Listing fees for the year 2023-24 have been paid to the stock exchanges, where the equity shares of the Company are listed, within the stipulated time.

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Statutory Reports

Disclosure with respect to demat suspense account/ unclaimed suspense account

As per Regulation 34(3) read with Schedule V of the Listing Regulations, the details of the shares in the Suspense Account are as follows:

Particulars	No of Shareholders	No of Shares
Aggregate Number of Shareholders and the Outstanding Shares in the suspense account lying at the beginning of the year number of shareholders who approached listed entity for transfer of shares from suspense account during the year number of shareholders to whom shares were transferred from suspense account during the year Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year that the voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares.	1,145 56 56 1,090	5,320,940 815,290 815,290 4,505,650

Fee paid to Statutory auditors (including entities in the network firm/network entity of the statutory auditors)

The Company has paid total fees of Rs. 20.1 million (Previous year Rs. 16.4 million) for the financial year 2022-23, for all services (including statutory audit, limited reviews, tax audit fee, certifications/others and reimbursement of expenses), on a consolidated basis for the Company and its subsidiaries, to the joint statutory auditors of the Company.

Details of credit ratings obtained by the Company

Rating Agency	Instrument/Facility rated	Rating/Outlook
India Ratings and Research (‘Ind-Ra’) CARE Ratings Limited (‘CARE’) CRISIL Limited	Non-Convertible Debentures (‘NCDs’) Long term Bank Facilities Short term Bank Facilities Commercial Papers (‘CPs’) Long term Bank Facilities Short term Bank Facilities	IND AA/Positive CARE AA/ Positive CARE A1+ CRISIL A1+ CRISIL AA/Stable CRISIL A1+

Plant locations

The Company’s manufacturing facilities are located at the following locations:

	Textiles Division		Paper and Chemicals Division
Trident Group, Sanghera, Barnala – 148 101, Punjab	Trident Complex, Mansa Road, Dhaula, Barnala - 148 107 Punjab	Trident Complex, Hoshangabad Road, Budhni, Sehore-466 445 Madhya Pradesh	Trident Complex, Mansa Road, Dhaula, Barnala - 148 107 Punjab

Address for correspondence

TRIDENT LIMITED

Investor Service Cell Trident Group, Sanghera, Barnala – 148 101, India

Registrar and Share Transfer Agent and Share Transfer System

KFin Technologies Limited Unit: Trident Limited

Exposure of the listed entity to commodity and commodity risks faced by the entity throughout the year: There is no exposure in commodity derivatives

Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad, Rangareddi, Telangana - 500 032

a. Total exposure of the listed entity to commodities in INR :

Nil

Email: [email protected] | Telephones: 1-800-309-4001

b. Exposure of the listed entity to various commodities :

All activities in relation to share transfer facility as per Regulation 7(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, are being maintained by Registrar and share transfer agent KFin Technologies Limited. As per proviso to Regulation 40(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, securities cannot be transferred unless they are held in dematerialized form with a depository. Further SEBI vide its Circular SEBI/HO/MIRSD/ MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022 mandated that transmission, transposition, duplicates, renewal, exchange, sub-division, splitting, consolidation shall be effected only in dematerialize form. All the valid service requests are processed within the prescribed timelines.

Nil

c. Commodity risks faced by the listed entity during the year and how they have been managed :

Nil

During the period under review, funds have not been raised by the Company through preferential allotment or qualified institutional placement as specified under Regulation 32 (7A).

Listing on Stock Exchanges and Stock code

The equity shares of the Company are compulsory traded and settled in the dematerialised form under ISIN: INE 064C01022. As on March 31, 2023, the equity shares of the Company were listed on the following exchanges with the following stock codes :

Commodity Price Risk or Foreign Exchange Risk and Hedging Activities

Name of Stock Stock Reuters Bloomberg Exchanges code code BSE Limited (‘BSE’) 521064 TRIE.BO TRID:IN National Stock Exchange TRIDENT TRIE.NS TRID:IN of India Limited (‘NSE’)

Risk management policy of the listed entity with respect to commodities including through hedging :

The Company prudently hedges the Foreign Exchange Risk as per Risk Management Policy of the Company.

Market Price Data and Liquidity

Monthly high and low prices of equity shares and Liquidity of Trident Limited at the BSE Limited (BSE) and at the National Stock Exchange of India Limited (NSE) during the year under review:

	Month		BSE	BSE		NSE	NSE
		High	Low	Traded Volume	High	Low	Traded Volume
2022 2023	April May June July August September October November December January February March	58.00 52.35 48.80 43.75 42.00 41.85 38.65 39.20 38.70 34.65 35.00 31.82	51.70 43.40 33.05 35.50 34.95 35.55 34.25 30.70 30.45 31.30 29.35 25.10	14620153 23242600 35345839 29126542 49249023 55906969 28493873 41885901 41091354 21472155 23671877 52227929	57.40 52.40 48.40 43.75 41.85 41.90 38.70 39.25 38.70 34.65 35.00 31.85	56.05 51.15 46.75 40.70 40.05 40.00 37.25 37.65 37.40 34.30 32.50 30.90	77407911 106696868 143144018 113694992 209163447 244361471 82385199 162324485 191579782 80302682 77233378 183249415

KFin Technologies Limited is the Registrar and Share Transfer Agent of the Company for handling the share transfer work both in physical and electronic form. All correspondences relating to dividend, share transfer, transmission, dematerialisation and rematerialisation can be made at the following address:

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Statutory Reports

Sensitivity at BSE/ NSE

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----- Start of picture text -----

Sensitivity at NSE
200.00
150.00
100.00
50.00
-
01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23
Nifty Indexed Trident NSE Indexed
Sensitivity at BSE
200.00
150.00
100.00
50.00
-
01-Apr-22 01-May-22 01-Jun-22 01-Jul-22 01-Aug-22 01-Sep-22 01-Oct-22 01-Nov-22 01-Dec-22 01-Jan-23 01-Feb-23 01-Mar-23
Sensex Indexed Trident BSE Indexed
----- End of picture text -----

Distribution of shareholding as on March 31, 2023

Category	Folio 1947036 16351 6845 1804 722 562 759 456 1974535	%	Shares	%
1 - 5000 5001 - 10000 10001 - 20000 20001 - 30000 30001 - 40000 40001 - 50000 50001 - 100000 100001 & above Total		98.607318 0.828094 0.346664 0.091363 0.036566 0.028462 0.038439 0.023094	592321908 121986150 98300916 44970415 25534463 26298653 54498992 4132044173	11.623372 2.393784 1.928999 0.882473 0.501073 0.516069 1.069456 81.084775
		100	5095955670	100

As on March 31, 2023, the Company neither issued any convertible instrument or any American Depository Receipt / Global Depository Receipt.

Dematerialization of shares as on March 31, 2023

Dematerialization of shares as on March 31, 2023	Dematerialization of shares as on March 31, 2023
Category		No. of shares deamterialised	% of equity share capital
National Securities Depository Limited Central Depository Services (India) Limited Total dematerialized shares		4508540180 567061100	88.47 11.13
		5075601280	99.6
As on March 31, 2023, the details of unlisted Non-convertible Debentures of the Company a Issue Date Maturity date		re as below:
	Maturity date	Amount
March 29, 2023	March 29, 2026	INR 250 Million

Details of Debenture Trustee of the Company:

Catalyst Trusteeship Limited

810, 8th Floor, Kailash Building, 26,Kasturba Gandhi Marg, New Delhi –110001

Weblinks for the matters referred in this Report are as under:

Policies and code

Weblink

Familarisation Programme for Independent Directors
Nomination And Remuneration Policy
Policy For Determining Material Subsidiary
Policy on Materiality of And Dealing With Related Party Transactions
Materiality of Events Policy
Website Content Archival Policy
Vigil Mechanism & Whistle Blower Policy
Composition of Board of Director and Profile of Directors
Code of Conduct
IEPF
Annual Return
Disclosure under SEBI (Share Based Employee Benefits and SweatEquity)
Regulations, 2021

www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure
https://www.iepf.gov.in/IEPF/refund.html
www.tridentindia.com/statutory-disclosure
www.tridentindia.com/statutory-disclosure

Annexure to Corporate Governance Report

Certificate of company secretary in practice on compliance of conditions of Corporate Governance is duly enclosed with this report as Annexure-A.
Certificate from company secretary in practice that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors is duly enclosed with this report as Annexure-B .
Managing Director certification on Compliance with Code of Conduct by Board of Directors and senior management personnel is duly enclosed with this report as Annexure-C .
CEO / CFO Certificate Under Regulation 17(8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as Annexure-D .

Category wise shareholding and Dematerialisation of shares as on March 31, 2023

Category		Shareholding	Shareholding
		No. of shares	%age
Promoter & Promoter Group - Institutions (Domestic) - Institutions (Foreign) - Non-Institutions Public Non Promoter-Non Public Total	A	3729513805	73.19
		2076418 123639559 1176798748	0.04 2.43 23.09
	B	1302514725	25.56
	C	63927140	1.25
	A+B+C	5095955670	100

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Statutory Reports

Annexure-B

Annexure-A

CERTIFICATE ON CORPORATE GOVERNANCE

To,

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

The Members,

Trident Limited

We have examined the compliance of Corporate Governance by Trident Limited (“the Company”) for the financial year ending on March 31, 2023, as stipulated in Regulations 17 to 27 and clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) basis examination of documents provided in Annexure I.

The compliance of conditions of Corporate Governance is the responsibility of the Management of the Company. Our examination was limited to review of the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above-mentioned Listing Regulations.

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted its affairs.

For M/s Vinod Kothari & Company Practicing Company Secretaries Unique Code: P1996WB042300

Nitu Poddar

Partner Membership No.: 37398 CP No.: 15113 Place: New Delhi UDIN: A037398E000362239 Date: May 23, 2023 Peer Review Certificate No.: 781/2020

ANNEXURE I

LIST OF DOCUMENTS

Minutes for the meetings of the following held during the Audit Period:
a. Board of Directors;
b. Audit Committee;
c. Nomination and Remuneration Committee;
d. Stakeholders Relationship Committee;

(Pursuant to Para C (10)(i) Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,

The Members,

Trident Limited

We have examined the relevant registers, records, forms, returns and disclosures received from the directors of Trident Limited having CIN L99999PB1990PLC010307 and having registered office at, Trident Group, Sanghera, Barnala, Punjab-148101 (hereinafter referred to as the “Company”), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Para C of Schedule V to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company and its officers, we hereby certify that none of the directors on the Board of the Company, as stated below, for the financial year ending on 31st March, 2023, have been debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs.

Sl. No.	Name of the director	Director Identification Number	Category of Directorship as on March 31, 2023	Date of appointment in Company
1. 2. 3. 4. 5. 6.	Mr. Rajiv Dewan Ms. Usha Sangwan Mr. Anthony Desa Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Deepak Nanda	00007988 02609263 05290160 07653591 09196228 00403335	Independent Director	14/05/2005 15/05/2021 18/01/2022 09/08/2022 09/08/2022 12/11/2011
			Independent Director
			Independent Director
			Independent Director
			Independent Director
			ManagingDirector

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

e. Risk Management Committee;
f. Annual General Meeting and Postal Ballot.
1.2 Annual Report 2020-21;
1.3 Memorandum and Articles of Association;

For M/s Vinod Kothari & Company Practicing Company Secretaries Unique Code: P1996WB042300

1.4 Disclosures under Act, 2013 and Listing Regulations;
1.5 Policies framed under Act, 2013 and Listing Regulations;
1.6 Documents pertaining to Listing Regulations compliance;
1.7 Forms and returns filed with the ROC;
1.8 Checklists duly filled for specific laws;
1.9 Registers maintained under Act, 2013;
1.10 Disclosures under SEBI (Prohibition of Insider Trading) Regulations, 2015

Place: Delhi Date: May 24, 2023

Nitu Poddar Partner Membership No.: 37398 CP No.: 15113 UDIN: A037398E000362448 Peer Review Certificate No.: 781/2020

1.11 Disclosures under SEBI (Substantial Acquisition & Shares Takeover) Regulations, 2011.

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Statutory Reports

Annexure-D

Annexure-C

Compliance with Code of Conduct

The Company has adopted “Combined Code of Corporate Governance & Conduct”. This code deals with the ‘Governance Practices’ which the Company is expected to follow and ‘Code of Conduct’ for Board members and Senior Management of the Company.

It is hereby affirmed that during the year 2022-23, all the Directors and Senior Managerial personnel have complied with the Code of Conduct and have given a confirmation in this regard.

The Board of Directors

Trident Limited

Sanghera, Barnala-148101

Sub: Certification Pursuant to Regulation 17(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for Standalone & Consolidated Financial Results for the Quarter & Year ended March 31, 2023

Dear Sir/ Madam,

Date: May 24, 2023

(Deepak Nanda) Managing Director DIN: 00403335

This is to certify that the Standalone & Consolidated Financial Results of the Company for the Quarter &Year ended March 31, 2023 have been prepared in accordance with applicable laws, rules, regulations and accounting standards. It is further certified that:

A. We have reviewed Financial Statements and the Cash Flow Statement of Trident Limited for the financial year ended March 31, 2023 and that to the best of our knowledge and belief:
(1) These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading.
(2) These statements together present a true and fair view of the Company’s affairs and are incompliance with existing accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the financial year which are fraudulent, illegal or violative of the Company’s code of conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated the effectiveness of Company’s internal control systems pertaining to financial reporting and we have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which they are aware and the steps we have taken or propose to take to rectify these deficiencies.
D. We have indicated to the auditors and the Audit Committee:
(1) Significant changes in internal control over financial reporting during the financial year;
(2) Significant changes in accounting policies during the financial year and that the same have been disclosed in the notes to the financial statements; and
(3) Instances of significant fraud of which they have become aware and the involvement therein, if any, of the management or an employee having a significant role in the Company’s internal control system over financial reporting.

Date: May 24, 2023

Avneesh Barua Deepak Nanda Chief Financial Officer Managing Director DIN- 00403335

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Financial Statements

Independent Auditor’s Report

To The Members of Trident Limited

Basis for Opinion

Report on the Audit of the Standalone Ind AS Financial Statements

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditor in terms of their report referred to in the other Matter section below is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

We have audited the accompanying standalone Ind AS financial statements of Trident Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone Ind AS financial statements, including a summary of significant accounting policies and other explanatory information in which are included the financial statements/financial information of Trident Limited Employee Welfare Trust which have been audited by the other auditor for the year ended on that date.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of the other auditor on separate financial statements and on the other financial information of the Trident Limited Employee Welfare Trust, the aforesaid standalone Ind AS financial statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and its profit including the other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2023. These matters were addressed in the context of our audit of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter

How our audit addressed the key audit matter

Valuation of raw materials inventories (Refer note 2.1(J), 2.2 and 8 to the standalone Ind AS financial statements)

The Company’s raw materials inventories primarily comprises cotton Principal audit procedures performed and fibers, yarn, dyes and chemicals and agro based products. which amounts to Rs. 5,631.5 million as at March 31, 2023. Raw materials inventories are valued at cost and net realisable value, whichever is lower. Raw materials inventories held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decline in the price of raw materials indicates that the cost of the finished products exceeds net realisable value, the raw materials are written down to net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and cost necessary to make the sale.

Obtained understanding and evaluated the design and implementation of controls that the Company has established for determining the valuation of raw materials inventories and tested the operating effectiveness of such controls;
Read and assessed the Company’s accounting policy with regard to valuation of raw materials inventories and its compliance with applicable accounting standards

Key Audit Matter

As a result, the management has applied judgement in determining the appropriate valuation of raw materials inventories, based on the consumption analysis of raw materials inventories, current market trend and future expectation of consumption for these raw materials inventories.

Other Information

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Company’s Annual report, but does not include the consolidated Ind AS financial statements, standalone Ind AS financial statements and our auditor’s report thereon.

Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the standalone Ind AS financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate

How our audit addressed the key audit matter

For selected samples:
tested the accuracy of the purchase cost of raw materials inventories by examining supporting documents such as vendor contract, purchase invoices and shipping documents.
in connection with valuation of raw materials inventories at net realisable value, we understood, tested and evaluated the reasonableness of judgements i.e. current market price, utilisation/consumption pattern, expected sales applied by the management in determining the net realisable value.
verified that raw materials inventories are valued as per Company’s policy i.e. at cost and net realisable value, whichever is lower.
Tested appropriateness of the disclosures in the financial statements in respect of write-down of raw materials inventories to net realisable value.

internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Company’s Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures, and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the Company of which we are the independent auditors to express an opinion on the standalone Ind AS financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities or business activities included in the standalone Ind AS financial statements of which we are the independent auditors. For Trident Limited Employee Welfare Trust included in the standalone Ind AS financial statements, which have been audited by other auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships

and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone Ind AS financial statements for the financial year ended March 31, 2023 and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

We did not audit the financial statements/ and other financial information of Trident Limited Employee Welfare Trust included in the accompanying standalone Ind AS financial statements of the Company whose financial statements and other financial information reflect total assets of Rs. 514.8 million as at March 31, 2023 and the total revenues of Rs. 436.5 million and net cash inflow of Rs. 33.7 million for the year ended on that date. The financial statements and other financial information of Trident Limited Employee Welfare Trust have been audited by the other auditor whose report has been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of Trident Limited Employee Welfare Trust, is based solely on the report of such other auditor.
Our opinion on the standalone Ind AS financial statements and our report on Other Legal and Regulatory Requirements below is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure 1” a statement on the matters specified in paragraphs 3 and 4 of the Order.
Section 143(3) of the Act is not applicable to Trident Limited Employee Welfare Trust. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books of the Company;
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of Directors, none of the directors is disqualified as on March, 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to standalone Ind AS financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure 2” to this report. The said Annexure expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to standalone Ind AS financial statements;
(g) In our opinion, to the best of our information and according to the explanations given to us, the managerial remuneration for the year ended March 31, 2023 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements – Refer Note 32 to the standalone Ind AS financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses – Refer Note 46 to the standalone Ind AS financial statements;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company;
iv. a) The Management has represented that, to the best of knowledge and belief, as disclosed in the note 55(v) to the standalone Ind AS financial statements, no funds have been advanced or loaned or invested (either from

For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E30005

per Anil Gupta Partner Membership No.: 87921 UDIN: 23087921BGXAUE7166

Place: Chandigarh Date: May 24, 2023

  - borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The Management has represented that, to the best of it’s knowledge and belief, as disclosed in the note 55(vi) to the standalone Ind AS financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures that were considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. The interim dividend declared and paid by the Company during the year and until the date of this audit report is in accordance with section 123 of the Act.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company w.e.f. April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.

For Deloitte Haskins & Sells

Chartered Accountants (Firm’s Registration No. 015125N)

Alka Chadha

Partner

(Membership No. 93474) UDIN: 23093474BGYFHA4528

Place: Chandigarh Date: May 24, 2023

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Financial Statements

Annexure “1” to the Auditors’ Report

(Referred to in paragraph 1 under the heading of ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:

in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain property, plant and equipment were due for verification during the year and were physically verified by the management during the year. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(i) (a) In respect of property, plant and equipment, right of use assets and intangible assets:
A. The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.
- (c) With respect to immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) disclosed in the standalone Ind AS financial statements included in property, plant and equipment, according to the information and explanations given to us and based on the examination of the registered sale deed/ transfer deed/conveyance deed provided to us, we report that, the title deeds of such immovable properties are held in the name of the Company as at the balance sheet date, except for the following:
B. The Company has maintained relevant details of right of use assets.
C. The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a program of verification of property, plant and equipment, so to cover most of the items in a phased manner over a period of three years which,

As at balance sheet date Whether title deed Carrying holder is a promoter, Reason for not Description of Gross value in the Held in the director or relative of Period being held in property carrying Standalone name of promoter/ held the name of value financial director or employee Company statements of promoter/director Building Rs. 74.4 Rs. 72.3 Al Fahim No July 1, Title deed is to million million 2021 be transferred in the name of Company on fulfillment of all the conditions mentioned in the apartment sale & purchase agreement.

(d) The Company has not revalued any of its property, plant and equipment (including right of use assets) and intangible assets during the year ended March 31, 2023.
(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2023 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended) and rules made thereunder.
(ii) (a) The inventories except for goods-in-transit, were physically verified during the year by the management at reasonable intervals. However, in respect of certain items, the inventories were verified by the management on a visual estimation which has been relied upon by us. In our opinion and based on information and explanations given to us, the coverage and procedure of such verification by the management is appropriate having regard to the size of the Company and the nature of its operations. No discrepancies of 10% or more in the aggregate for each class of inventories were noticed on such physical verification of inventories. In respect of goods in-transit, subsequent evidence of receipts/delivery acknowledgement/bill of lading has been verified with inventory/sales records.
(b) According to the information and explanations given to us, the Company has been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at points of time during the year, from banks on the basis of security of current assets. In our opinion and according to the information and explanations given to us, the revised quarterly returns/statements submitted for each quarter till the date of this audit report with such banks are in agreement with the unaudited books of account of the Company of the respective quarters and no material discrepancies have been observed.
(iii) (a) The Company has not provided any guarantee or security or advances in the nature of loans, secured or unsecured, to companies, firms, limited liability partnerships or any other parties during the year. The Company has not made any investments in or granted any loans, secured or unsecured, to firms and limited liability partnership or any other parries during the year. The Company has made investments in companies during the year. The Company has granted unsecured loans to companies, during the year, which are as follows:

	Loans (Rs. in million)
A. Aggregate amount provided during the year: - Others B. Balance outstanding as at balance sheet date in respect of above cases: - Others	70.0 -

(b) The investment made and the terms and conditions of the grant of all the above-mentioned loans, during the year are, in our opinion, prima facie, not prejudicial to the Company’s interest.
(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the Companies Act, 2013 and the rules made thereunder, to the extent applicable. Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.
(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts and receipts of interest are regular as per stipulation.
(vi) The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013 related to manufacture of products. We have broadly reviewed the books of account maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, prescribed by the Central Government for maintenance of cost records under Section 148(1) of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained by the Company. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(d) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.
(e) There were no loans or advance in the nature of loan granted by the Company which has fallen due during the year that have been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties.
- (vii) (a) The Company is regular in depositing with appropriate authorities undisputed statutory dues, including goods and services tax, provident fund, employees’ state insurance, income-tax, sales tax, duty of customs, service tax, duty of excise, value added tax, cess and other statutory dues applicable to the Company during the year, though there has been a slight delay in some cases of provident fund, employee’s state insurance and income tax. According to the information and explanations given to us and based on audit procedures performed by us, there were no undisputed amounts payable in respect of these statutory dues in arrears as at March 31, 2023 for a period of more than six months from the date they became payable.
(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the year. Accordingly, reporting under clause 3(iii)(f) of the Order is not applicable to the Company.
(iv) The Company has not granted any loan, or provided any guarantee or security as specified under Section 185 of the Companies Act, 2013. In respect of loans given and investments made by the Company during the year, the Company has complied with the provisions of Section 186 of the Companies Act, 2013.

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Financial Statements

(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2023 on account of disputes are given below:

Nature of statute Central Sales Tax Act, 1956 Finance Act, 1994 Finance Act, 1994 Building and other construction workers (regulation of employment and conditions of service) Act, 1996 Building and other construction workers (regulation of employment and conditions of service) Act, 1996 Income Tax Act, 1961	Nature of dues	Amount (Rs. in million)	Period to which the Amount relate	Forum where dispute is pending
	Sales tax Demand of service tax on notice pay Demand of service tax on commission paid to non-executive director Building Cess Building cess Income tax (including interest)	0.4 0.3 64.2 8.1 59.7 22.9	2010-11 2017-18 2014-15 to 2016-17 From FY 2007 – 2009 till June 30, 2017 Financial Year 2020-21 to 2022-23 2015-16 and 2016-17	Madhya Pradesh Commercial Tax Appellate Board Principal Commissioner Central Goods and service tax Commissionerate- Ludhiana CESTAT, Chandigarh High Court of Madhya Pradesh Based on stay order issued by High Court of Madhya Pradesh, no action shall be taken against the Company for recovery till next date of hearing Commissioner of Income tax (Appeals)

The following matters have been decided in the favour of the Company, although the department has preferred appeals at higher levels:

Nature of statute	Nature of dues	Amount (Rs. in million)	Period to which the Amount relate	Forum where dispute is pending
Central Excise Act, 1944 Income Tax Act, 1961	Excise duty Income tax (including interest and penalty)	10.7 250.9	2013 – 14 Assessment year 2004- 2005, 2005-2006, 2006- 2007, 2008-2009, 2009- 2010 and 2010-2011	Joint Secretary Revenue, New Delhi High Court of Punjab and Haryana

(viii) There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during the year. Accordingly, the requirement to further report on clause 3(viii) of the Order is not applicable to the Company.

on short-term basis have, prima facie, not been used during the year for long-term purposes by the Company.

  - (e) On an overall examination of the standalone Ind AS financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries or associate. The Company does not have any joint venture.

(ix) (a) The Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender during the year.
(b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.
(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries or associate. Hence, the requirement to report on clause 3(ix)(f) of the Order is not applicable to the Company. The Company does not have any joint venture.
(c) Term loans availed by the Company were applied by the Company during the year for the purposes for which the loans were obtained.
(x) (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable to the Company.
(d) On an overall examination of the standalone Ind AS financial statements of the Company, funds raised
(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) during the year under audit and hence reporting under clause 3(x)(b) of the Order is not applicable to the Company.
(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.
(b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by cost auditor, secretarial auditor or by us in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) As represented to us by the management, there were no whistle blower complaints received by the Company during the year and upto the date of this report.
(xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013 and hence reporting under clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.
(xiii) The Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone Ind AS financial statements, as required by the applicable accounting standards.
(xiv) (a) The Company has an adequate internal audit system commensurate with the size and the nature of its business.
(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.
(xv) The Company has not entered into any non-cash transactions with any of its directors or directors of its subsidiary companies, associate company or persons connected with such directors and hence, reporting under clause 3(xv) of the Order is not applicable to the Company.
(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clauses 3(xvi)(a), (b) and (c) of the Order are not applicable.

For S.R. Batliboi & Co. LLP

Chartered Accountants ICAI Firm Registration Number: 301003E/E30005

per Anil Gupta Partner Membership No.: 87921 UDIN: 23087921BGXAUE7166

Place: Chandigarh Date: May 24, 2023

(b) There is no Core Investment Company as a part of the Group and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors of the Company during the year. Accordingly, reporting under Clause 3(xviii) of the Order is not applicable to the Company.
(xix) On the basis of the financial ratios disclosed in Note 56 to the Standalone Ind AS Financial Statements, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements and our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(xx) (a) In respect of other than ongoing projects, there are no unspent CSR amount for the year that are required to be transferred to a Fund specified in Schedule VII to the Companies Act, 2013, in compliance with second proviso to sub section 5 of Section 135 of the Companies Act, 2013.
(b) There are no ongoing projects of Corporate Social Responsibility (CSR). Accordingly, reporting under clause 3(xx)(b) of the Order is not applicable to the Company.
(xxi) The requirement to report on clause 3(xxi) of the Order is not applicable to the standalone financial statements of the Company.

For Deloitte Haskins & Sells

Chartered Accountants (Firm’s Registration No. 015125N)

Alka Chadha

Partner

(Membership No. 93474) UDIN: 23093474BGYFHA4528

Place: Chandigarh Date: May 24, 2023

123

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Trident Limited | Annual Report 2022-23

Financial Statements

Annexure “2” to the Independent Auditor’s Report

(Referred to in paragraph (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

Report on the Internal Financial Controls with reference to standalone Ind AS financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

and their operating effectiveness. Our audit of internal financial controls with reference to standalone Ind AS financial statements included obtaining an understanding of internal financial controls with reference to these standalone Ind AS financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We have audited the internal financial controls with reference to standalone Ind AS financial statements of Trident Limited (“the Company”) as of March 31, 2023 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to these standalone Ind AS Financial Statements.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls with reference to standalone Ind AS financial statements based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India(“ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Meaning of Internal Financial Controls with reference to these standalone Ind AS financial statements

A company's internal financial controls with reference to standalone Ind AS financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to standalone Ind AS financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls with reference to these standalone Ind AS financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to these standalone Ind AS financial statements was established and maintained and if such controls operated effectively in all material respects.

Inherent Limitations of Internal Financial Controls with reference to standalone financial statements

Because of the inherent limitations of internal financial controls with reference to standalone Ind AS financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone Ind AS financial statements to future periods are subject to the risk that the internal financial control with reference to standalone Ind AS financial statements may become

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to these standalone Ind AS financial statements

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us and, the Company has, in all material respects, an adequate internal financial controls with

For S.R. Batliboi & Co. LLP

Chartered Accountants ICAI Firm Registration Number: 301003E/E30005

per Anil Gupta Partner Membership No.: 87921 UDIN: 23087921BGXAUE7166

Place: Chandigarh Date: May 24, 2023

reference to standalone Ind AS financial statements and such internal financial controls with reference to standalone Ind AS financial statements were operating effectively as at March 31, 2023, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Deloitte Haskins & Sells

Chartered Accountants (Firm’s Registration No. 015125N)

Alka Chadha

Partner

(Membership No. 93474) UDIN: 23093474BGYFHA4528

Place: Chandigarh Date: May 24, 2023

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Financial Statements

Standalone Balance Sheet

Standalone Statement of Profit and Loss

as at March 31, 2023

for the year ended March 31, 2023

Particulars Note No.		Particulars Note No.		(Rs. million) For the year ended March 31, 2022
	As at March 31, 2023		For the year ended March 31, 2023
I ASSETS Non current assets a) Property, plant and equipment 3 b) Capital work in progress 3,38 c) Intangible assets 3 d) Right of use assets 41 e) Intangible assets under development f) Financial assets i) Investments 4 (a),4 (b),45 ii) Other financial assets 5,45 g) Non current tax assets (net) 6 h) Other non current assets 7 Total non current assets Current assets a) Inventories 8 b) Financial assets i) Trade receivables 9,45 ii) Cash and cash equivalents 10,45 iii) Other bank balances (other than ii above) 11,45 iv) Other financial assets 12,45 c) Other current assets 13 Total current assets Total assets II EQUITY AND LIABILITIES Equity a) Equity share capital 14 b) Other equity 15 Total equity Non current liabilities a) Financial liabilities i) Borrowings 16,45 ii) Lease liabilities 41 iii) Other financial liabilities 17 b) Deferred tax liabilities (net) 44 (b) Total non current liabilities Current liabilities a) Financial liabilities i) Borrowings 18,45 ii) Lease liabilities 41 iii) Trade payables 19,45 a) Total outstanding dues of micro enterprises and small enterprises; and b) Total outstanding dues of creditors other than micro enterprises and small enterprises iv) Other financial liabilities 20,45 b) Provisions 21 c) Other current liabilities 22 d) Current tax liabilities (net) 23 Total current liabilities Total liabilities Total equity and liabilities		1 Revenue from operations 24 2 Other income 25 3 Total Income (1+2) 4 Expenses: Cost of raw materials consumed 26 Purchase of stock in trade 27 Changes in inventories of finished goods, waste, work-in-progress and stock in trade 28 Employee benefits expenses 29 Finance costs 30 Depreciation and amortisation expense 3 Forex (gain)/loss (including MTM) Other expenses 31 Total expenses 5 Profit before tax (3-4) 6 Tax expenses – Current tax 44 (a) – Deferred tax charge/(credit) 44 (a) – Current tax adjustments related to earlier years 44 (a) – Deferred tax adjustments related to earlier years 44 (a) 7 Profit for the year (5-6) 8 Other comprehensive income/ (loss) Items that will not be reclassified to profit or loss : – Remeasurement gain of the defined benefit plan – Income tax related to items that will not be reclassified to profit or loss Items that will be reclassified to profit or loss : – Net movement in effective portion of cash flow hedge reserve – Income tax related to items that may be reclassified to profit or loss Other comprehensive Income/ (loss), net of taxes 9 Total comprehensive income (7+8) 37 10 Earnings per share (EPS) face value (of INR 1/- each) – Basic – Diluted	62,674.7	69,191.8 223.4

			238.0
	39,637.9
	3,622.4		62,912.7	69,415.2
	315.6			33,689.4 118.3 (769.6) 6,648.4 857.2 3,326.1 (225.3) 14,853.9
	586.6		33,851.5
	59.6		271.9

			(494.6)
	32.1
	2,397.1
	141.0		6,244.2
	655.0		773.6
	47,447.3		3,101.5

			10.7
	10,343.1
			13,611.0
	2,720.2		57,369.8	58,498.4
	1,133.9		5,542.9	10,916.8 2,926.6 (160.1) (2.4) 3.2 2,767.3
	2,382.5
	1,534.2		1,360.3
	1,570.9
			(2.6)
	19,684.8
	67,132.1		(4.5)
			(29.3) 1,323.9
			4,219.0	8,149.5
	5,096.0			72.8 (18.3)
	36,161.7

	41,257.7
			87.2
			(21.9)
	8,042.5
	261.5		65.3	54.5
	32.8
				(119.9) 30.2
	3,003.3
	11,340.1		(13.9)
			3.5
			(10.4)	(89.7)
	5,698.6
			54.9	(35.2)
	35.0
			4,273.9	8,114.3
	1,553.1			1.63 1.63
	3,931.0		0.84
			0.84
	2,362.9
		See accompanying notes forming part of the standalone Ind AS financial statements 1 to 58 As per our report of even date As per our report of even date FSR Blibi & C LLPFDli Hki & Sll
	104.5
	783.5
	65.7
	14,534.3
	25,874.4
	67,132.1

For S.R. Batliboi & Co. LLP For Deloitte Haskins & Sells For and on behalf of the Board of Directors Chartered Accountants Chartered Accountants (ICAI Firm’s Registration No. 301003E/E300005) (Firm’s Registration No. 015125N) Rajiv Dewan Deepak Nanda Anil Gupta Alka Chadha Chairman Managing Director Partner Partner DIN: 00007988 DIN: 00403335 (Membership No. 87921) (Membership No. 93474) Avneesh Barua Hari Krishan Chief Financial Officer Company Secretary Place : Chandigarh Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023 Date : May 24, 2023

See accompanying notes forming part of the standalone Ind AS financial statements

1 to 58

As per our report of even date As per our report of even date

For Deloitte Haskins & Sells For and on behalf of the Board of Directors Chartered Accountants

Rajiv Dewan Deepak Nanda Anil Gupta Alka Chadha Chairman Managing Director Partner Partner DIN: 00007988 DIN: 00403335 (Membership No. 87921) (Membership No. 93474) Avneesh Barua Hari Krishan Chief Financial Officer Company Secretary Place : Chandigarh Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023 Date : May 24, 2023

127

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Trident Limited | Annual Report 2022-23

Financial Statements

Total	Total	33,165.5 8,149.5 (89.7) 54.5 8,114.3 139.5 66.1 84.6 (3,597.8)	37,972.2
ensive income	Effective portion of cash flow hedge	155.2 – (89.7) – (89.7) – – – –	65.5
Other compreh	Share based payment reserve	– – – – – 139.5 (139.5) – –	–
	Retained earnings	16,331.6 8,149.5 – 54.5 8,204.0 – – – (3,597.8)	20,937.8
	Capital redemption reserve	600.0 – – – – – – – –	600.0
	Treasury shares	(751.0) – – – – – 66.1 – –	(684.9)
nd surplus	PPE fair valuation reserve *	6,907.7 – – – – – – – –	6,907.7
Reserves a	Trident employee welfare trust reserve	– – – – – – – – –	–
	General reserve	558.4 – – – – – 139.5 84.6 –	782.5
	Securities premium reserve	3,333.7 – – – – – – – –	3,333.7
	Capital reserve	933.9 – – – – – – – –	933.9
		5,096.0 – – – – – – – –	5,096.0
		As at March 31, 2021 Profit for the year Net movement in effective portion of cash flow hedge reserve, net of tax effect Remeasurement of the benefit plan, net of tax effect Total comprehensive income Compensation options granted during the year (refer note 14 and 43 B) Share options exercised during the year (refer note 14 and 43 B) Share options exercised during the year (refer note 14) Dividend paid on equity shares As at March 31, 2022

129

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Trident Limited | Annual Report 2022-23

Financial Statements

Standalone Cash Flow Statement

for the year ended March 31, 2023

Standalone Cash Flow Statement

for the year ended March 31, 2023

Particulars			(Rs. million) For the year ended March 31, 2022	(Rs. million) For the year ended March 31, 2022	Particulars	Particulars				(Rs. million) For the year ended March 31, 2022	(Rs. million) For the year ended March 31, 2022	(Rs. million) For the year ended March 31, 2022
	For the year ended March 31, 2023						For the year ended March 31, 2023
A. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amortisation expense Interest expenses on financial liabilities measured at amortised cost Interest income Profit on sale of non current/current investments Fair valuation gain on non current investments (net) Investment in associate recognised (written off in earlier years) Fair value loss on non-current investments Share based payment expense Irrecoverable Balances written off (net) Expected credit loss allowance on trade receivables Unrealized foreign exchange loss Gain on disposal of property, plant and equipment (net) Operating profit before working capital changes Changes in working capital: Adjustments for (increase)/decrease in operating assets: Inventories Trade receivables Other current financial assets Other non current financial assets Other current assets Other non current assets Adjustments for increase/(decrease) in operating liabilities: Trade payables Other current financial liabilities Other current liabilities Current provisions Cash generated from operations Direct taxes paid (net) Net cash flow from operating activities (A) B. CASH FLOW FROM INVESTING ACTIVITIES Payment for property, plant and equipment, capital work in progress, intangible assets and intangible assets under development Proceeds from sale of property, plant and equipment Purchase of current investments Proceeds from sale of current investments Loans given Loans given received back Purchase of non current investments Proceeds from sale of non current investments Interest received Fixed deposits and other bank balances not considered as cash and cash equivalents – Placed – Matured Net cash (used) in investing activities (B)					C. CASH FLOW FROM FINANCING ACTIVITIES					– 164.7 – (312.5) 959.4 (89.0) 8,513.2 (8,720.0) (922.5) (6.0) (22.9) (3,597.8)
		5,542.9	3,326.1 811.7	10,916.8	Amount received by Trident Limited Employee Welfare Trust against sale of treasury shares Amount received by Trident Limited Employee Welfare Trust from employees against issuance of stock options Proceeds from issue of non-convertible debentures		487.8

	3,101.5						153.5
	756.3
							250.0
	(166.5)		(74.0)		Repayment of non-convertible debentures		(937.5)
	–		(1.5)		Proceeds from non current borrowings		5,493.9
	–		(0.7)		Repayment of non current borrowings		(164.7)
	–		(1.1) – 139.5 – 5.5 10.0 (35.7)	4,179.8 15,096.6 (3,350.8) 11,745.8 (2,682.0) 9,063.8 (3,494.7)	Net increase/(decrease) in working capital borrowings payable on demand/having maturities of less than three months Repayment of short term borrowings having a maturity of more than three months Interest paid Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities Dividend paid on equity shares Net cash (used) in financing activities (C) Net (decrease)/increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Comprises: Cash on hand Remittances in Transit Balances with banks : – In current accounts – In cash credit accounts – In bank deposits accounts (original maturity of less than 3 months)		(6,610.1)
	2.8
	220.3						–
	6.8
	–						(897.4)
	64.9						(21.9)
	(5.3)	3,980.8					(23.1)
		9,523.7					(1,802.3)
			(2,821.1) (737.5) (118.4) 56.0 (1,404.8) (0.2) 1,574.6 (23.9) 150.1 (25.6)						(4,071.8)			(4,033.4)
									(1,385.9)			1,535.7
	2,560.8								2,519.8			984.1
	2,497.6								1,133.9			2,519.8
	(413.5)											32.7 – 12.1 – 2,475.0
	(71.4)								27.4
	1,382.6								45.7
	(407.6)
									25.1
	931.8								153.3
	32.4								882.4
	10.7								1,133.9			2,519.8
	(92.1)	6,431.3			Particulars					(Rs. million) For the year ended March 31, 2022
		15,955.0
		(1,623.9)				For the year ended March 31, 2023
		14,331.1
			(3,616.1) 99.4 (70.0) 70.1 – – – 5.1 71.1 (61.6) 7.3		Change in liabilities arising from financing activites	Current		Non current (including current maturities)		Current	Non current (including current maturities)
	(7,777.7)
					Opening Balance Cash flow (net) Effective interest rate adjustment Closing Balance	12,129.3		3,576.9		12,336.1	3,019.0
	31.5					(6,610.1)		4,641.7		(206.8) -	557.9 -
						-		3.3
	–
						5,519.2		8,221.9		12,129.3	3,576.9
	–
					See accompanying notes forming part of the standalone financial statements 1 to 58 As per our report of even date As per our report of even date ForDeloitte Haskins & Sells For and on behalf of the Board of Directors ForS.R. Batliboi & Co. LLP Chartered Accountants Chartered Accountants (ICAI Firm’s Registration No. 301003E/E300005) (Firm’s Registration No. 015125N) Rajiv Dewan Deepak Nanda Anil Gupta Alka Chadha Chairman Managing Director Partner Partner DIN: 00007988 DIN: 00403335 (Membership No. 87921) (Membership No. 93474) Avneesh Barua Hari Krishan Chief Financial Officer Company Secretary Place : Chandigarh Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023 Date : May 24, 2023
	70.0
	(70.0)
	(1.1)
	3.3
	115.4

	(4,732.2)
	715.6
		(11,645.2)

131

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 1 - CORPORATE INFORMATION

New and amended standards and interpretations

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standard) Amendment Rules 2022 dated March 23, 2022, to amend the following Ind AS which were effective from April 01, 2022:

Trident Limited (“the Company”) is a public company domiciled in India and incorporated on April 18, 1990 under the provisions of the Companies Act, 1956. The name of the Company was changed from Abhishek Industries Limited to Trident Limited on April 18, 2011. The equity shares of the Company are listed on two stock exchanges in India i.e. National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The Company is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels & Bedsheets) and Paper & Chemicals.

(i) Onerous Contracts – Costs of Fulfilling a Contract – Amendments to Ind AS 37

An onerous contract is a contract under which the unavoidable costs of meeting the obligations under the contract (i.e., the costs that the company cannot avoid because it has the contract) exceed the economic benefits expected to be received under it.

The registered office of the Company is situated at Sanghera, India. The principal activities of the Company are described in Note 40. These standalone Ind AS financial statements were approved for issuance by the Board of Directors of the Company in their meeting held on May 24, 2023.

The amendments specify that when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfil the contract and costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.

NOTE 2.1 - SIGNIFICANT ACCOUNTING POLICIES

A. Statement of compliance

The standalone Ind AS financial statements of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (IND AS compliant Schedule III), to the extent applicable.

(ii) Property, Plant and Equipment: Proceeds before Intended Use – Amendments to Ind AS 16

The amendments modified paragraph 17(e) of Ind AS 16 to clarify that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment.

Basis of preparation and presentation

The standalone Ind AS financial statements have been prepared under the historical cost convention on accrual basis except for following assets and liabilities which have been measured at fair value:

(iii) Ind AS 109 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities
Derivative financial instruments
Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments in Note O)

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf.

Defined benefit plans - plan assets are measured at fair value

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

All aforesaid amendments had no impact on the standalone Ind AS financial statement of the Company for the year ended March 31, 2023.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Standards notified but not yet effective

The standalone Ind AS financial statements of the Company are presented in Indian Rupee (‘INR’) and all values are rounded to the nearest million with one decimal place (INR 000,000), except when otherwise indicated.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

31, 2023, MCA amended the Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1, 2023, as below:

The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax assets (provided that sufficient taxable profit is available) and a deferred tax liability should also be recognised for all deductible and taxable temporary differences associated with leases and decommissioning obligations. Consequential amendments have been made in Ind AS 101. The amendments to Ind AS 12 are applicable for annual periods beginning on or after 1 April 2023.

(i) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates. The definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty.

The Company is currently assessing the impact of the amendments on its financial statements.

Revenue recognition

B

Sale of products

Revenue from contracts with customers is recognised when control of the goods is transferred to the customer on satisfaction of performance obligations. The Performance obligations as per contracts with customers are fulfilled at the time of dispatch or delivery of goods depending upon the terms agreed with customer. .

The amendments are effective for annual reporting periods beginning on or after 1 April 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period.

The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods before transferring them to the customer.

The amendments are not expected to have a material impact on the Company’s financial statements.

(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold is net of variable considerable on account of trade discounts and rebates offered by the Company as part of the contract.

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. Accounting policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of general purpose financial statements.

Amounts disclosed as revenue are net of returns and allowances. The Company collects goods and services tax on behalf of the government and therefore, these are not economic benefits flowing to the Company. Hence, these are excluded from the revenue.

Variable consideration includes trade discounts, volume rebates and incentives, etc. The Company estimates the variable consideration with respect to above based on an analysis of accumulated historical experience. The Company adjusts estimate of revenue at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed.

The amendments to Ind AS 1 are applicable for annual periods beginning on or after 1 April 2023. Consequential amendments have been made in Ind AS 107.

The Company is currently revisiting its accounting policy information disclosures to ensure consistency with the amended requirements.

The revenue in respect of duty drawback and similar other export benefits (Refer Note C) is recognized on post export basis at the rate at which the entitlements accrue and is included in the ‘sale of products’.

(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12

The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

relating to construction/development of the qualifying assets upto the date of capitalisation of such assets are added to the cost of the assets. Qualifying assets is one that necessarily takes substantial period of time to get ready for its intended use. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

Interest Income

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial assets or to the amortised cost of a financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in finance income in the Statement of Profit and Loss.

Interest revenue earned on the temporary investment of specific borrowings for qualifying assets pending their expenditure, is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.

E

Income taxes

Dividend income

Income tax expense comprises current income tax and deferred tax.

Dividend on financial assets is recognised when the Company’s right to receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can be measured reliably.

Current tax expense for the year is ascertained on the basis of assessable profits computed in accordance with the provisions of the Income Tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Other income

Deferred tax is recognised using the liability method on temporary differences between the carrying amounts of assets and liabilities in the standalone Ind AS financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are generally recognised for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Insurance claims are recognised when there exists no significant uncertainty with regards to the amounts to be realized and the ultimate collection thereof.

Contract balances - Trade receivables

A trade receivable is recognised if the amount of consideration is unconditional (i.e., only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in section - Financial instruments – initial recognition and subsequent measurement.

C Government grants/subsidies

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the government grant related to assets is presented by deducting the grant in arriving at the carrying amount of the asset.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the assets realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

D Borrowing costs

Current and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

are also recognised in other comprehensive income or directly in equity respectively. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company shall reflect the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value method, depending on which method predicts better resolution of the treatment.

by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:

service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
net interest expense or income; and
re-measurement

The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

Short-term employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised on an undiscounted accrual basis during the year when the employees render the services. These benefits include performance incentive and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related services.

F Retirement and Employee benefits

The Company has schemes of employees benefits such as Provident fund, Gratuity and Compensated absences, which are dealt with as under:

Long-term employee benefits

Defined Contribution

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance Sheet date. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. The Company presents the entire leave liability as current liability, since it does not have an unconditional right to defer its settlement for 12 months after the reporting period.

Provident fund is the defined contribution scheme. The contribution to this scheme is charged to Statement of Profit and Loss of the year in which contribution to such scheme become due and when services are rendered by the employees. The Company has no obligation other than the contribution payable to the provident fund. If the contribution payable to the scheme for services received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

G Property, Plant and Equipment (PPE)

Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the Balance Sheet at cost less accumulated depreciation and accumulated impairment losses (if any). Freehold land is not depreciated and have been measured at fair value at the date of transition i.e. April 01, 2015 to Ind AS. The Company regards the fair value as deemed cost at the transition date.

Defined Benefit plan

Gratuity liability in respect of employees of the Company is covered through trusts’ gratuity schemes managed by Life Insurance Corporation of India, SBI Life Insurance Company Limited, Kotak Mahindra and Bajaj Allianz. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date by an independent valuer. Remeasurement gains and losses are recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and is not reclassified to Statement of Profit and Loss. Past service cost is recognised in Statement of Profit and Loss in the period of a plan amendment. Net interest is calculated

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

to Ind AS. Cost comprises of its purchase price including non-refundable duties and taxes and excluding any trade discount and rebates and any directly attributable costs of bringing the asset to it working condition and location for its intended use. Cost also includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Company’s accounting policy (refer note 2.1 (D)). Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets commences when the assets are ready for their intended use.

tatements
	As per manage- ment estimate	As per schedule II
General plant and equipment on triple shift basis End user devices, such as, desktops, laptops, etc (included under Computers) Servers and networks (included under Computers) Office equipment Vehicles Tube wells and water reservoirs Boundary walls Roads	- 9.5 years - 5 years - 5 years - 10 years - 6 years - 10 years -20 years - 10years	- 7.5 years - 3 years - 6 years - 5 years - 8 years - 5 years -30 years - 5years

The Company reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Company considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values.

Leasehold improvements are depreciated over the remaining lease period.

Subsequent expenditure related to an item of PPE is capitalised only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably. Such cost includes the cost of replacing part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives.

Foreign exchange gains/losses capitalised in earlier years as a part of PPE are depreciated over the remaining useful life of the assets to which it relates.

When parts of an item of Property, plant and equipment have different useful life, they are accounted for as separate items (Major components) and are depreciated over the useful life of part or the parent asset to which it relates, whichever is lower.

Gains or losses arising from derecognition of the assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.

When significant spare parts, stand-by equipment and servicing equipment have useful life of more than one period, they are accounted for as separate items and are depreciated over the useful life of such item or the parent asset to which it relates, whichever is lower.

H Depreciation on tangible assets

Intangible assets

I

Depreciable amount for assets is the cost (net of amount received towards government grant) of an asset, or other amount substituted for cost, less its estimated residual value.

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets with finite lives are amortised on a straight line basis over the estimated useful economic life. The estimated useful life and amortisation method are reviewed at the end of each reporting period.

Depreciation on tangible property, plant and equipment has been provided on the straight-line method as per the useful life prescribed in Schedule II to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of the assets has been assessed as under based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc.:

Development expenditures on an individual project are recognised as an intangible asset when the Company can demonstrate:

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
Its intention to complete and its ability and intention to use or sell the asset
How the asset will generate future economic benefits
The availability of resources to complete the asset

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Work in progress: cost of raw materials plus conversion cost depending upon the stage of completion. Cost is determined on a moving weighted average basis except for work-in-progress inventory of towel and sheeting divisions for which cost is determined on a monthly weighted average basis.
The ability to measure reliably the expenditure during development

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. Amortisation expense is recognised in the Statement of Profit and Loss unless such expenditure forms part of carrying value of another asset.

Stock-in-trade (acquired for trading) - Cost is determined on a moving weighted average basis.
Finished goods (including stock in transit): cost of raw materials plus conversion cost and packing cost. Cost is determined on a moving weighted average basis except for finished goods inventory of towel and sheeting divisions for which cost is determined on a monthly weighted average basis.

Intangible assets are amortised on the straight-line method as per the useful life assessed based on expected future benefit, taking into account the nature of the asset and the estimated usage of the asset:

Process waste is valued at net realisable value.

	As per management estimate
SAP ECC 6 licences SAP Hana licences Other softwares and Websites	– 10 years – 5 years – 5years

Stores and spares: moving weighted average cost - Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

Includes by products which is valued at net realisable value

During the period of development, the asset is tested for impairment annually.

Impairment of Non Financial Assets

K

An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Statement of Profit and Loss. when the asset is derecognised.

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

J Inventories

Raw materials, work in progress, finished goods, process waste and stores and spares are valued at cost and net realisable value, whichever is lower. Raw materials inventories held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decline in the price of raw materials indicates that the cost of the finished products exceeds net realisable value, the raw materials are written down to net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and cost necessary to make the sale. The basis of determining cost for various categories of inventories is as follows:

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if available, and if no such transactions can be identified an appropriate valuation model is used.

The Company bases its impairment calculation on detailed budgets and forecast calculations which are prepared separately for each of the Company’s CGU’s to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long term growth rate is calculated and applied to projected future cash flows after the fifth year.

Raw materials: moving weighted average cost *- Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

i) Right of use assets

Impairment losses, including impairment on inventories, are recognized in the Statement of Profit and Loss.

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

An assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the Statement of Profit and Loss.

Leasehold land 30 to 99 years
• Office premises and guest houses 5 to 20 years • Factory premises (including plant & 10 years equipment)

Segment reporting

L

The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organisation and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. Refer to the accounting policies in section (K) Impairment of non-financial assets.

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. Chief Operating Decision Maker review the performance of the Company according to the nature of products manufactured with each segment representing a strategic business unit that offers different products and serves different markets. The analysis of geographical segments is based on the locations of customers.

ii) Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments are fixed payments.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

M Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Company as a lessee

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

The Company’s lease liabilities are disclosed separately in the balance sheet (see Note 41).

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

iii) Short-term leases and leases of low-value assets

Onerous contracts

The Company applies the short-term lease recognition exemption to its short-term leases except in case of lease contracts with related parties since there exist economic incentive for the Company to continue using the leased premises for a period longer than the 11 months and considering the contract is with the related parties, it does not foresee non-renewal of the lease term for future periods, thus basis the substance and economics of the arrangements, management believes that under Ind AS 116, the lease terms in the arrangements with related parties have been determined considering the period for which management has an economic incentive to use the leased asset (i.e. reasonable certain to use the asset for the said period of economic incentive). Such assessment of incremental period is based on management assessment of various factors including the remaining useful life of the asset as on the date of transition. The management has assessed period of arrangements with related parties as 10 years as at April 01, 2019. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

If the Company has a contract that is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Company recognises any impairment loss that has occurred on assets dedicated to that contract.

An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Company cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.

Contingent liabilities

A contingent liability is a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise. Contingent liabilities are disclosed by way of note to the standalone Ind AS financial statements.

Company as a lessor

Contingent Assets

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

A contingent asset is a possible asset that arises from past events the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise.

Contingent assets are neither recognised nor disclosed in the standalone Ind AS financial statements.

O

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

N Provisions, contingent liabilities and contingent assets

Provisions

(a) Financial assets

A provision is recognised when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are determined based on the best estimate required to settle the obligation at the balance sheet date and measured using the present value of cash flows estimated to settle the present obligations (when the effect of time value of money is material). These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the Statement of Profit and Loss. The losses arising from impairment are recognised in the Statement of Profit and Loss.

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the Statement of Profit and Loss. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset. Trade receivables that do not contain a significant financing component are measured transaction price.

Financial assets at FVTOCI (debt instrument)

A ‘financial asset’ is classified as at the FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
b) The asset’s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses and reversals and foreign exchange gain or loss in the Statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to the Statement of Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Subsequent measurement

Subsequent measurement of financial assets depends on the Company’s business model for managing the asset and the cash flow characteristics of the asset. For the purposes of subsequent measurement, financial assets are classified in four categories:

Financial assets at amortised cost (debt instruments)
Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of cumulative gains and losses (debt instruments)

Financial assets designated at fair value through OCI (equity instruments)

In the case of equity instruments which are not held for trading and where the Company has taken irrevocable election to present the subsequent changes in fair value in other comprehensive income, these elected investments are initially measured at fair value plus transaction costs and subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the ‘Equity instruments through other comprehensive income’ under the head ‘Other Equity’. The cumulative gain or loss is not reclassified to profit or loss on disposal of the investments. The Company makes such election on an instrument -byinstrument basis.

Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and
Financial assets at fair value through profit or loss

Financial assets at amortised cost (debt instruments)

A ’financial asset’ is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in OCI. There is no recycling of the amounts from OCI to Statement of Profit and Loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

A financial asset is held for trading if:

obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
it has been acquired principally for the purpose of selling it in the near term; or
on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

Impairment of financial assets

it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.

The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, debt instruments at FVTOCI, trade receivables and other contractual rights to receive cash or other financial asset.

Gains and losses on these financial assets are never recycled to Statement of Profit and Loss. Dividends are recognised as other income in the Statement of Profit and Loss when the right of payment has been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets). The Company estimates cash flows by considering all contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) through the expected life of that financial instrument.

Financial assets at FVTPL (equity instruments)

Financial assets at fair value through profit or loss are carried in the Balance Sheet at fair value with net changes in fair value recognised in the Statement of Profit and Loss.

In case of equity instruments which are held for trading are initially measured at fair value plus transaction costs and subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in Statement of Profit and Loss.

The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. 12-month expected credit losses are portion of the life-time expected credit losses and represent the lifetime cash shortfalls that will result if default occurs within the 12 months after the reporting date and thus, are not cash shortfalls that are predicted over the next 12 months.

This category includes derivative instruments and listed equity investments which the Company had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognised in the Statement of Profit and Loss when the right of payment has been established.

Investment in Subsidiaries and Associates

Investment in Subsidiaries and Associates is carried at deemed cost in the separate financial statements.

Derecognition

For trade receivables, the Company follows “simplified approach for recognition of impairment loss. The application of simplified approach does not require the Company to track changes in credit risk.

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:

The rights to receive cash flows from the asset have expired, or

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Company has used a practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision matrix which takes into

The Company has transferred its rights to receive cash flows from the asset or has assumed an

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

account historical credit loss experience and adjusted for forward-looking information.

(b) Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade and other payables, loans and borrowings including derivative financial instruments.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

Earnings per share

P

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

For calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss (FVTPL) include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Company that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109 ‘Financial instruments’.

Treasury shares are reduced while computing basic and diluted earnings per share.

Q

Operating cycle

Based on the nature of products/activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial liabilities at amortised cost (Loans and borrowings)

R Derivative financial instruments and hedge accounting

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in Statement of Profit and Loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the Statement of Profit and Loss. This category generally applies to borrowings.

Derivative financial instruments and hedge accounting

The Company uses derivative financial instruments such as foreign currency forward contracts and option currency contracts to hedge its foreign currency risks arising from highly probable forecast transactions. The counterparty for these contracts is generally a bank.

Derivatives not designated as hedging instruments

This category has derivative assets or liabilities which are not designated as hedges.

Derecognition

Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109. Any derivative that is either not designated a hedge, or is so designated but is ineffective, is recognized on balance sheet

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another financial liability from the same lender on substantially different terms, or the terms of an existing

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

and measured initially at fair value. Subsequent to initial recognition, derivatives are re-measured at fair value, with changes in fair value being recognized in the Statement of Profit and Loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

S Fair Value Measurement

The Company measures financial instruments, such as, derivatives at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

Hedge Accounting

The derivatives that are designated as hedging instrument under Ind AS 109 to mitigate risk arising out of foreign currency transactions are accounted for as cash flow hedges. The Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with written principles which is consistent with the risk management strategy of the Company.

In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The hedge instruments are designated and documented as hedges at the inception of the contract. The effectiveness of hedge instruments is assessed and measured at inception and on an ongoing basis.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in OCI, e.g., cash flow hedging reserve and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the Statement of Profit and Loss. The amount accumulated is retained in cash flow hedge reserve and reclassified to profit or loss in the same period or periods during which the hedged item affects the Statement of Profit and Loss. Under fair value hedge, the change in the fair value of a hedging instrument is recognized in the Statement of Profit and Loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the Statement of Profit and Loss.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone Ind AS financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument is terminated or exercised prior to its maturity/ contractual term, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is reclassified to the Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified immediately in the Statement of Profit and Loss.

-Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities
-Level 2-Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
-Level 3-Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the standalone Ind AS financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

The Company’s management determines the policies and procedures for both recurring fair value measurement, such as derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement, such as assets held for disposal in discontinued operation.

Foreign currency transactions are recorded at the exchange rate that approximates the actual rate at the date of transaction. Monetary items denominated in a foreign currency are reported at the closing rate as at the date of balance sheet. Non-monetary items, which are carried at fair value denominated in foreign currency, are reported at the exchange rate that existed when such values were determined, otherwise on historical exchange rate that existed on the date of transaction.

External valuers are involved for valuation of significant assets, such as properties and unquoted financial assets, and significant liabilities, such as contingent consideration, if any.

The exchange difference arising on the settlement of monetary items or on reporting these items at rates different from the rates at which these were initially recorded/ reported in previous financial statements are recognized as income/expense in the period in which they arise. Further, where foreign currency liabilities have been incurred in connection with property, plant and equipment, the exchange differences arising on reinstatement, settlement thereof during the construction period are adjusted in the cost of the concerned property, plant and equipment to the extent of exchange differences arising from foreign currency borrowings are regarded as an adjustment to interest costs in accordance of para 6 (e) as per Ind AS 23.

At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re-measured or re-assessed as per the Company’s accounting policies. For this analysis, the management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.

The management, in conjunction with the Company’s external valuers, also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

W

Treasury shares

The Company has created an Employee Benefit Trust (EBT) for providing share-based payment to its employees. The Company uses EBT as a vehicle for distributing shares to employees under the Employee Stock Purchase Scheme 2020. The EBT buys shares of the Company from the market, for giving shares to employees. The Company treats EBT as its extension and shares held by EBT are treated as treasury shares.

This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

T Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short term deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of change in value.

Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from other equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Treasury shares are reduced while computing basic and diluted earnings per share.

U Dividend to equity holders of the Company

The Company recognises a liability to pay dividend to equity holders of the Company when the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the corporate laws in India a distribution is authorised when it is approved by the shareholders, However, Board of Directors of a company may declare interim dividend during any financial year out of the surplus in Statement of Profit and Loss and out of the profits of the financial year in which such interim dividend is sought to be declared. A corresponding amount is recognised directly in equity.

The Company transfers the excess of exercise price over the cost of acquisition of treasury shares, net of tax, by EBT to General Reserve.

Share-based Payments

X

Employees (including senior executives) of the Company receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions).

Equity-settled transactions

V Foreign exchange gains and losses

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. Further details are given in Note 43.

The Company’s functional and reporting currency is INR. Exchange differences are dealt with as follows:

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

That cost is recognised, together with a corresponding increase in share-based payment (SBP) reserves in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefits expense. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the Statement of Profit and Loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in employee benefits expense.

The following are the areas of estimation uncertainty and critical judgements that the management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the standalone Ind AS financial statements: -

Useful lives of Intangible assets

The intangible assets are amortised over the estimated useful life. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Company’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

Useful lives of depreciable tangible assets

Management reviews the useful lives of depreciable assets at each reporting date. As at March 31, 2023 management assessed that the useful lives represent the expected utility of the assets to the Company. Further, there is no significant change in the useful lives as compared to previous year.

Defined benefit plans

No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

When the terms of an equity-settled award are modified, the minimum expense recognised is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognised for any modification that increases the total fair value of the sharebased payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss.

Fair value measurement of Land

Fair value of the Company’s land as at April 1, 2015 has been arrived at on the basis of a valuation carried out as on the respective date by an independent valuer not related to the Company. The fair value was derived using the market comparable approach based on recent market prices without any significant adjustments being made to the market observable data. In estimating the fair value of the properties, the highest and best use of the properties is their current use.

NOTE 2.2 - KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’s accounting policies, the management of the Company is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Impairment of non-financial assets

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

incentive to use the leased asset (i.e. reasonably certain to use the asset for the said period of economic incentive). Such assessment of incremental period is based on management assessment of various factors including the remaining useful life of the asset as on the date of transition. The management has assessed period of arrangements with related parties as higher of lease period mentioned in the agreement or 10 years as at April 01, 2019.

arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for determined period and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows, the growth rate used for extrapolation purposes and the impact of general economic environment (including competitors).

Determining the lease term of contracts with renewal and termination options – Company as lessee

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

Leases - Estimating the incremental borrowing rate

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company ‘would have to pay’, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Company estimates the IBR using observable inputs (such as market interest rates) when available.

The Company has several lease contracts that include extension and termination options. The Company applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.

Leases - Estimating the period of lease contracts with related parties

Valuation of raw materials inventories

In case of lease contracts with related parties, there exist economic incentive for the Company to continue using the leased premises for a period longer than the 11 months. The period of expected lease in these cases is a matter of estimation by the management. The estimate of lease period impacts the recognition of ROU asset, lease liability and its impact of Statement of Profit and Loss. The lease terms in the arrangements with related parties have been determined considering the period for which management has an economic

At each reporting date, the management applies judgement in determining the appropriate valuation of raw materials inventories, based on the consumption analysis of raw materials inventories, current market trend and future expectation of consumption for these raw materials inventories. These judgements are reviewed and adjusted regularly in the light of market driven changes, past experience and internally generated information.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

Particulars	As at March 31, 2022	Gross Block	Gross Block		Depreciation/Amortisation	Depreciation/Amortisation	Depreciation/Amortisation	Depreciation/Amortisation	Net Block	Net Block
		Additions 65.0 2,513.0 3,789.9 17.4 14.6 20.2 4.5 6,424.6 58.7 1.5 60.2	Sales / Discard	As at March 31, 2023	As at March 31, 2022	For the year	Sales / Discard	As at March 31, 2023	As at March 31, 2023	As at March 31, 2022
A) Property, plant and equipment Freehold land Buildings Plant and equipment Furniture and fixtures Office equipment Computers Vehicles Total B) Intangible assets Softwares Websites Total	14,240.4 11,720.8 33,019.4 548.6 374.3 500.5 206.0 60,610.0 721.1 33.7 754.8
			–	14,305.4	–	–	–	–	14,305.4	14,240.4
			8.3	14,225,5	2,077.7	375.6	2.5	2,450.8	11,774.7	9,643.1
			57.2	36,752.1	21,624.6	2,424.9	39.4	24,010.1	12,742.0	11,394.8
			-	566.0	217.6	45.7	–	263.3	302.7	331.0
			0.8	388.1	114.9	33.0	0.6	147.3	240.8	259.4
			10.8	509.9	259.2	63.0	9.7	312.5	197.4	241.3
			10.3	200.2	114.4	19.9	9.0	125.3	74.9	91.6
			87.4	66,947.2	24,408.4	2,962.1	61.2	27,309.3	39,637.9	36,201.6

			24.8	755.0	399.9	91.5	24.8	466.6	288.4	321.2
			–	35.2	1.0	7.0	-	8.0	27.2	32.7
			24.8	790.2	400.9	98.5	24.8	474.6	315.6	353.9

Particulars		Gross Block	Gross Block		Depreciation/Amortisation	Depreciation/Amortisation	Depreciation/Amortisation	Depreciation/Amortisation	Net Block	Net Block
	As at March 31, 2021	Additions	Sales / Discard	As at March 31, 2022	As at March 31, 2021	For the year	Sales / Discard	As at March 31, 2022	As at March 31, 2022	As at March 31, 2021
A) Property, plant and equipment Freehold land Buildings Plant and equipment Furniture and fixtures Office equipment Computers Vehicles Total B) Intangible assets Softwares Websites Total	14,186.8 11,346.3 31,240.2 488.3 349.8 453.3 157.9	53.6 415.7 1,839.4 60.3 25.8 49.4 56.4	– 41.2 60.2 0.0 1.3 2.2 8.3	14,240.4 11,720.8 33,019.4 548.6 374.3 500.5 206.0	– 1,692.4 19,002.7 170.6 82.5 193.1 102.5	– 391.7 2,656.9 47.0 33.3 67.3 18.0	– 6.4 35.0 0.0 0.9 1.2 6.1	– 2,077.7 21,624.6 217.6 114.9 259.2 114.4	14,240.4 9,643.1 11,394.8 331.0 259.4 241.3 91.6	14,186.8 9,653.9 12,237.5 317.7 267.3 260.2 55.4
	58,222.6	2,500.6	113.2	60,610.0	21,243.8	3,214.2	49.6	24,408.4	36,201.6	36,978.8
	705.6 –	15.5 33.7	– –	721.1 33.7	318.7 –	81.2 1.0	– –	399.9 1.0	321.2 32.7	386.9 –
	705.6	49.2	–	754.8	318.7	82.2	–	400.9	353.9	386.9

Notes:

Property, plant and equipment have been pledged to secure borrowings of the Company (refer note 16 and 18)
The amount of borrowing costs capitalised during the year is Rs. 109.1 million (Previous year Rs. 8.3 million) at the actual rate of interest on specific borrowings utilised.
In accordance with Ind AS 101, the Company had carried out fair valuation of all its land on first time adoption as at April 01, 2015 consequent to which deemed cost of land was increased by Rs. 7,905.2 million.
Capital work in progress includes goods in transit of Rs. 281.1 million (Previous year Rs. 203.1 million).

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (Contd..)

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 4 (a) -INVESTMENT IN SUBSIDIARIES AND ASSOCIATE

Title deed of immovable property not held in the name of the Company:

Relevant line item in the Balance Sheet Gross carrying value Net carrying value	Description of item of property Buildings	Title deeds held in the name of	Whether title deed holder is a promoter, director or relative of promoter/ director or employee of promoter/ director	Property held since which date	Reason for not being held in the name of Company
Property, plant and equipment Rs. 74.4 million (Previous year Rs. 74.4 million) Rs. 72.3 million (Previous year Rs. 73.5 million)		Al Fahim	No	July 1, 2021	Title deed is to be transferred in the name of Company on fulfillment of all the conditions mentioned in the apartment sale & purchase agreement

Capital Work in progress (CWIP) and Intangible assets under development ageing

March 31, 2023

Particulars	Amount in CWIP and Intangible assets under development	Amount in CWIP and Intangible assets under development
	Less than 1 year 1-2 years 2-3 years More than 3 years	Total
Capital work in progress Intangible assets under development	3,496.0 72.6 47.9 5.9 49.7 – 9.9 –	3,622.4
		59.6

March 31, 2022

Particulars	Amount in CWIP and Intangible assets under development	Amount in CWIP and Intangible assets under development
	Less than 1year 1-2 years	2-3 years More than 3years Total
Capital work in progress Intangible assetsunder development	763.1 52.1 – 9.9	1.1 7.8 824.1 – – 9.9

Depreciation and amortisation expense

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022 3,214.2 82.2 29.7 3,326.1
Depreciation of property, plant and equipment Amortisation of intangible assets Depreciation of Right of use assets (refer note 41) Depreciation and amortisation charged to the Statement of Profit & Loss	2,962.1
	98.5
	40.9
	3,101.5

Particulars	As at March 31, 2023	As at March 31, 2022
Unquoted Investments (all fully paid) Carried at cost Investments in equity instruments - of subsidiaries 5,000,000 equity shares (Previous year 500,000 equity shares) ofRe. 1each (Rs. 10 each in previous year) Trident Global Corp Limited (TGCL) 213,000 equity shares (Previous year 213,000 equity shares) of GBP 1 each of Trident Europe Limited 10,000 equity shares (Previous year Nil) of Rs. 10 each of Trident Innovations Limited 50,000 equity shares (Previous year Nil) of Rs. 10 each of Trident Home Décor Limited 50,000 equity shares (Previous year Nil) of Rs.10 each of Trident Home Textiles Limited 24,500 equity shares (Previous year Nil) of USD 1 each of Trident Global Inc. - of associate Nil (Previous year 24,500 equity shares) of USD 1 each of Trident Global Inc./ Total 4 (a)**		5.0 20.0 – – – – 1.1



	5.0
	20.0
	0.1
	0.5
	0.5
	1.1

	-
	27.2	26.1

During the current year, the equity shares of the TGCL have been sub-divided from existing face value of Rs. 10 per equity share to face value of Re. 1 per equity share based on approval of shareholders of TGCL in its Extra ordinary General Meeting held on November 2, 2022.

**During the current year, the Company has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 12,250 (24.5%) equity shares of Trident Global Inc (‘TGI’) (earlier associate of the Company). Pursuant to the acquisition of THTL, the Company holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Company w.e.f. December 1, 2022.

*** During the previous year, on account of positive net worth of the associate, the Company had recognised the investment in associate which was written off in earlier years.

NOTE 4 (b) -OTHER NON CURRENT INVESTMENTS

A. Carried at fair value through profit or loss (FVTPL) Unquoted Investments (all fully paid) Investments in equity instruments 120,000 equity shares (Previous year 120,000 equity shares) of Rs. 10 each of Nimbua Greenfield (Punjab) Association Investments in other instruments 32,000 units (Previous year 32,000 units) of face value of Rs. 117 each of Kotak India Venture Fund (Private Equity fund) Nil (Previous year 250,000 units) of face value of Rs. 10 each of Canara Robeco Capital Protection Oriented Fund Total 4 (b) Total 4 (a) and 4 (b) Aggregate value of unquoted investments		1.2 6.5 3.3


	1.2

	3.7
	–
	4.9	11.0
	32.1	37.1
	32.1	37.1

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 5 - OTHER NON-CURRENT FINANCIAL ASSETS

Particulars	As at March 31, 2023	As at March 31, 2022
(Unsecured and considered good) Security deposits Bank deposits with remaining maturity more than 12 months* Interest accrued on deposits		451.2 – –
	520.6
	1,850.0
	26.5
	2,397.1	451.2

include Rs. 275.0 million (Previous year Rs. Nil) held as security against non-convertible debentures (refer note 16)

NOTE 6 - NON CURRENT TAX ASSETS (NET)

Particulars	As at March 31, 2023	As at March 31, 2022
Advance income tax (net of provision for tax) Total	141.0	141.0
	141.0	141.0

NOTE 7 - OTHER NON-CURRENT ASSETS

Particulars	As at March 31, 2023	As at March 31, 2022
(Unsecured and considered good) Capital advances Prepaid expenses Total		804.5 24.1
	223.3
	431.7
	655.0	828.6

NOTE 8 - INVENTORIES *

Particulars	As at March 31, 2023	As at March 31, 2022
– Raw materials (including Rs. 156.0 million (Previous year Rs. 438.6 million) in transit) – Work in progress – Finished goods (Including Rs. 11,14.6 million (Previous year Rs. 377.1 million) in transit) – Waste – Stock in trade – Stores and spares Total	5,631.5	8,797.6 1,780.5 1,824.6 96.9 – 404.3
	1,941.8
	2,042.9
	206.3
	5.6
	515.0
	10,343.1	12,903.9

At cost and net realisable value, whichever is lower.

As at year end, the above inventories are net of loss on account of net realisable value of Rs. 467.5 million (Previous year Rs. 119.1 million).

All inventories of Company have been hypothecated to secure borrowings of the Company. (refer note 16 and 18).

The Company is carrying certain raw materials inventories whose present market value is lower than the purchase cost and the net realisable value of the finished goods in which they will be incorporated are expected to be sold below purchase cost. At each reporting date, the management applies judgement in determining the appropriate valuation of raw materials inventories, based on the consumption analysis of raw materials inventories, current market trend and future expectation of consumption for these raw materials inventories. These judgements are reviewed and adjusted regularly in the light of market driven changes, past experience and internally generated information..

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 9 - TRADE RECEIVABLES

NOTE 9 - TRADE RECEIVABLES
Particulars	As at March 31, 2023	As at March 31, 2022
Trade receivables : – From related parties (refer note 39) – From others Total Breakup of trade receivables – Unsecured, considered good – Trade receivables which have significant increase in credit risk Impairment allowance (allowance for bad and doubtful debts) – Trade receivables which have significant increase in credit risk Net trade receivables		677.2 4,608.1
	175.6
	2,544.6
	2,720.2	5,285.3
		5,285.3 7.3
	2,720.2
	6.9
	2,727.1	5,292.6
		(7.3)
	(6.9)
	(6.9)	(7.3)
	2,720.2	5,285.3

For trade receivables ageing refer note 58

The Company follows “simplified approach” for recognition of impairment loss. The application of simplified approach does not require the Company to track changes in credit risk.

For terms and conditions relating to related parties receivables, refer note 39.

All book debts have been hypothecated to secure borrowings of the Company (refer note 16 and 18).

NOTE 10 - CASH AND CASH EQUIVALENTS

Particulars	As at March 31, 2023 As at March 31, 2022
Cash on hand Remittances in transit Balances with banks : – In current accounts – In cash credit accounts – In bank deposits accounts (original maturity of less than 3 months) Total *	27.4 32.7 45.7 – 25.1 12.1 153.3 - 882.4 2,475.0 1,133.9 2,519.8 882.4 2,475.0

For the purpose of statement of cash flows, the above has been considered as cash and cash equivalents.

Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates.

NOTE 11 - OTHER BANK BALANCES

Particulars	As at March 31, 2023	As at March 31, 2022
In bank deposits accounts (remaining maturity of less than 12 months) In earmarked accounts (i) Unpaid dividend accounts (ii) Held as margin money in deposits acccounts (iii) In current accounts Total*	2,194.1	7.8 148.6 57.7 –


	150.4
	3.8
	34.2
	2,382.5	214.1

Balances in current accounts of Trident Employee Welfare Trust kept for Trident Limited General Employee Benefits Scheme-2023 (subject to shareholders approval).

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 12 - OTHER CURRENT FINANCIAL ASSETS

Particulars	As at March 31, 2023	As at March 31, 2022
(Unsecured, considered good, unless otherwise stated) Security deposits Advances to employees – Considered good – Advances to employees - credit impaired Less: Impairment allowance for advances to employees - credit impaired Interest accrued on deposits Export incentives and other receivables from government authorities Derivative Instruments at fair value through OCI Foreign exchange forward contracts and option contracts – Cash flow hedges – Option contracts Derivative instruments at fair value through profit or loss – Foreign exchange forward contracts Recoverable from Trident Trust (refer note 35 and 39) Others – from related parties (refer note 39) – from others Total*		98.2 26.0 2.5 28.5 2.5 26.0 5.7 845.7 98.2 0.5 2.6 – 1.8 27.3
	37.2

	67.4
	2.5
	69.9
	2.5 67.4
	30.3
	916.0


	81.3
	–

	5.6
	360.0

	5.4
	31.0
	1,534.2	1,106.0

*includes advances to related parties of Rs. 1.6 million (Previous year Rs. 2.5 million) (refer Note 39).

NOTE 13 - OTHER CURRENT ASSETS

NOTE 13 - OTHER CURRENT ASSETS
Particulars	As at March 31, 2023	As at March 31, 2022
(Unsecured and considered good) Advances to vendors Prespent CSR expenditure (refer note 48) Prepaid expenses Balances with government authorities/Export incentives receivables Gratuity fund (refer note 35) Total		312.7 25.1 140.1 2,276.4 112.0
	247.0
	–
	316.8
	879.4
	127.7
	1,570.9	2,866.3

NOTE 14 - SHARE CAPITAL

Particulars	As at March 31, 2023 No. of shares Amount 1,50,93,00,00,000 1,50,930.0 3,10,50,00,000 31,050.0 1,81,980.0 5,09,59,55,670 5,096.0 5,096.0	As at March 31, 2023 No. of shares Amount 1,50,93,00,00,000 1,50,930.0 3,10,50,00,000 31,050.0 1,81,980.0 5,09,59,55,670 5,096.0 5,096.0	As at March 31, 2022 No. of shares Amount 1,50,93,00,00,000 1,50,930.0 3,10,50,00,000 31,050.0 1,81,980.0 5,09,59,55,670 5,096.0 5,096.0	As at March 31, 2022 No. of shares Amount 1,50,93,00,00,000 1,50,930.0 3,10,50,00,000 31,050.0 1,81,980.0 5,09,59,55,670 5,096.0 5,096.0
	No. of shares	Amount
Authorised Equity shares of Re.1 each (with voting rights) Preference shares of Rs.10 each Total Issued, subscribed and paid up [refer (a) to (d)] Equity shares of Re.1 each (with voting rights) fully paid up Total			1,50,93,00,00,000 3,10,50,00,000	1,50,930.0 31,050.0
	1,50,93,00,00,000	1,50,930.0
	3,10,50,00,000	31,050.0
		1,81,980.0		1,81,980.0
			5,09,59,55,670	5,096.0
	5,09,59,55,670	5,096.0
		5,096.0		5,096.0

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 14 - SHARE CAPITAL (Contd..)

(a) Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the year:

Particulars	Equity share capital For theyear ended March 31, 2023 For theyear ended March 31, 2022 No. of shares Amount No. of shares Amount 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0 – – – – 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0	Equity share capital For theyear ended March 31, 2023 For theyear ended March 31, 2022 No. of shares Amount No. of shares Amount 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0 – – – – 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0	Equity share capital For theyear ended March 31, 2023 For theyear ended March 31, 2022 No. of shares Amount No. of shares Amount 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0 – – – – 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0	Equity share capital For theyear ended March 31, 2023 For theyear ended March 31, 2022 No. of shares Amount No. of shares Amount 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0 – – – – 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0
	For theyear ended March 31, 2023
	No. of shares	Amount	No. of shares	Amount
Issued, subscribed and paid up equity shares and equity share capital Outstanding at the beginning of the year Increase/(decrease) during the year Outstanding at the end of theyear			5,09,59,55,670 –	5,096.0 –
	5,09,59,55,670	5,096.0
	–	–
	5,09,59,55,670	5,096.0	5,09,59,55,670	5,096.0

(b) Rights, preferences and restrictions attached to the equity shareholders:

The Company has only one class of equity shares having par value of Re. 1 per share (Previous year Re. 1 per share). Each shareholder is eligible for one vote per equity share held. In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in the ensuing Annual general meeting.

(c) The details of equity shareholders holding more than 5 % of the aggregate equity shares:

Particulars	Equity share capital As at March 31, 2023 As at March 31, 2022	Equity share capital As at March 31, 2023 As at March 31, 2022
	As at March 31, 2023
	No. of shares % held 1,38,30,22,010 27.1% 2,33,11,69,835 45.7%	No. of shares % held 1,37,06,37,010 26.9% 2,33,11,69,835 45.7%
Madhuraj Foundation Trident GroupLimited

(d) Disclosure of shareholding of promoters:

Disclosure of shareholding of promoters as at March 31, 2023 is as follows:

Particulars	Equity share capital As at March 31, 2023 As at March 31, 2022	Equity share capital As at March 31, 2023 As at March 31, 2022	Equity share capital As at March 31, 2023 As at March 31, 2022
	As at March 31, 2023
	No. of shares % held	No. of shares	% held % Change during theyear
Madhuraj Foundation Trident Group Limited Lotus Global Foundation Mr. Rajinder Gupta	1,38,30,22,010 27.1%	1,37,06,37,010 2,33,11,69,835 41,66,000 1,11,55,960	26.9% 0.24% 45.7% 0.00% 0.1% 0.00% 0.2% 0.00%
	2,33,11,69,835 45.7%
	41,66,000 0.1%
	1,11,55,960 0.2%

Disclosure of shareholding of promoters as at March 31, 2022 is as follows:

Particulars	Equity share capital As at March 31, 2022 As at March 31, 2021	Equity share capital As at March 31, 2022 As at March 31, 2021	Equity share capital As at March 31, 2022 As at March 31, 2021	Equity share capital As at March 31, 2022 As at March 31, 2021
	No. of shares	% held	No. of shares	% held	% Change during theyear
Madhuraj Foundation Trident Group Limited Lotus Global Foundation Mr. Rajinder Gupta	1,37,06,37,010 2,33,11,69,835 41,66,000 1,11,55,960	26.9% 45.7% 0.1% 0.2%	1,37,06,37,010 2,33,11,69,835 81,66,000 1,11,55,960	26.9% 45.7% 0.2% 0.2%	0.0% 0.0% –0.1% 0.0%

153

152

Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 15 - OTHER EQUITY

NOTE 15 - OTHER EQUITY
Particulars	As at March 31, 2023	As at March 31, 2022
a) Capital reserve Opening balance Add: Addition during the year Capital reserve of Rs. 847.3 million (March 31, 2022 Rs. 847.3 million) represents reserve recognised on amalgamation being the difference between consideration amount and net assets of the transferor company. Capital reserve of Rs. 20.6 million (March 31, 2022 Rs. 20.6 million) represents reserve recognised as Investment subsidy received from the government. Capital reserve of Rs. 66.0 million (March 31, 2022 Rs. 66.0 million) represents reserve recognised on account of forfeiture of equity warrants. b) Securities premium Opening balance Add: Addition during the year This reserve represents amount of premium recognised on issue of shares to shareholders at a price more than its face value. c) General reserve Opening balance Add: Addition on share options exercised Add: Addition on share options exercised Represents difference (net of tax) between exercise price of the share options to the eligible employees and cost of treasury shares. Represents difference between fair value of options on date of grant and exercise price under the share options scheme to the eligible employees. The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. The general reserve is created by a transfer from one component of equity to another. d) Trident employee welfare trust reserve Opening balance Add: Addition on share options exercised Represents difference (net of tax) between sale of shares by Trident Limited employee welfare trust and cost of treasury shares and this reserve can only be utilised for the purpose of employee welfare schemes by Trident Limited Employee Welfare Trust. e) PPE fair valuation reserve Opening balance Add: Addition during the year This reserve represents amount recognised on fair valuation of property, plant and equipment (freehold land) pursuant to first time adoption of Ind AS 101 net of reversal of deferred tax liabilities as at the time of transition to Ind AS. The impact of reversal of deferred tax liability thereafter on account of indexation benefit has been taken to retained earnings. f) Treasury shares Opening balance Add: Change during the year (Refer note 43 B) This reserve represents own equity shares held by Trident Limited Employee Welfare Trust. g) Other comprehensive income** Opening balance Movement in effective portion of cash flow hedge reserve This reserve represents the cumulative effective portion of gains or losses, net of taxes arising on changes in fair value of designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the designated portion of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be reclassified to the Statement of Profit and Loss only when the hedged transaction affects the profit or loss.
	933.9	933.9
	– 933.9	– 933.9

		3,333.7 – 3,333.7 558.4


	3,333.7
	– 3,333.7


	782.5
	75.8	84.6
	218.7 1,077.0	139.5 782.5
		– – – 6,907.7 – 6,907.7 (751.0) 66.1 (684.9) 155.2 (89.7) 65.5



	–
	308.5 308.5


	6,907.7
	– 6,907.7


	(684.9)
	204.8 (480.1)


	65.5
	(10.4) 55.1

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 15 - OTHER EQUITY (Contd..)

NOTE 15 - OTHER EQUITY (Contd..)
Particulars	As at March 31, 2023		As at March 31, 2022 600.0 – 600.0 – 139.5 (139.5) – 16,331.6 8,149.5 54.5 1,799.3 1,798.5 20,937.8 32,876.2
h) Capital redemption reserve			600.0 –	600.0 – 20,937.8
Opening balance	600.0
Add: Transferred from retained earnings	–	600.0
Capital redemption reserve has been created pursuant to Section 55 of the Companies Act, 2013 on account of redemption of preference shares out of the profits of the Company.			– 139.5 (139.5)
i) Share based payment reserve Opening balance Add: Compensation options granted during the year Less: Options exercised during the year (refer note 43 B) The above relates to share options granted by the Company under its employee share option plans. The share options-based payment reserve is used to recognise the grant date fair value of options issued to employees under Employee stock option plan. Upon exercise of the share options by the employees, difference of fair value of options on date of grant and exercise price of the share options is transferred to general reserve. Further information about share based payments to employees is set out in Note 43.
	–
	224.8
	(218.7)	6.1
			16,331.6 8,149.5 54.5 1,799.3 1,798.5
j) Retained earnings
Opening balance	20,937.8
Add: Profit for the year Add: Other comprehensive income net of income tax Less: Interim dividend (Rs. 0.36 per share) (Previous year Rs. 0.36 per share) Less: Final dividend declared and distributed for the year ended March 31, 2021 to equity shareholders (Previous year Rs. 0.36 per share) Total*	4,219.0
	65.3
	1,802.3
	–	23,419.8
		36,161.7		32,876.2

*Interim dividend declared and distributed is after waiver of dividend of Rs. 32.3 million on equity shares held by Trident Limited Employee Welfare Trust (Previous year Rs. 35.3 million represented adjustment of interim dividend related to equity shares held by Trident Limited Employee Welfare Trust).

**Final dividend declared and distributed for the year ended March 31, 2021 is after adjusting dividend of (Previous year of Rs. 36.1 million) related to equity shares held by Trident Limited Employee Welfare Trust.

Retained earnings refer to net earnings not paid out as dividends, but retained by the Company to be reinvested in its core business. This amount is available for distribution of dividends to its equity shareholders.

NOTE 16 - NON CURRENT BORROWINGS

Particulars	As at 31 March 2023	As at March 31, 2022
Non convertible debentures Nil (Previous year: 6.83%, 1250, Senior, Secured, Rated, Listed, Redeemable, Non- Convertible Debentures (NCD) of face value of Rs. 7,50,000 each) (net of unamortised borrowing cost of Rs. Nil (Previous year Rs. 1.4 million)# 9.00%, 250, Senior, Secured, Un Rated, Un-listed, Redeemable, Non-Convertible Debentures (NCD) of face value of Rs. 10,00,000 each Less: disclosed as current maturities under short term borrowings (refer note 18) Non convertible debentures Term loans - secured From banks Other loans - secured Vehicle loans from banks Total*		936.1 – 311.7
	–
	250.0
	–
	250.0	624.4
		2,468.3 3.9
	7,792.5

	–
	8,042.5	3,096.6

155

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 16 - NON CURRENT BORROWINGS (Contd..)

a) Non Convertible debentures

*The non-convertible debentures are secured against pledge of receipt of bank deposit of Rs. 275.0 million. (refer note 5 and note 42-I(B))

The non-convertible debentures were secured by way of first ranking pari-passu charge by way of mortgage (shared between the Debentures Trustee and Existing Lenders) on the mortgaged properties, first ranking pari-passu charge by way of hypothecation (shared between the Debentures Trustee and Existing Lenders) on the movable fixed assets and second ranking pari-passu charge by way of hypothecation (as shared between the Debentures Trustee and the Existing Lenders) on the hypothecated assets (excluding the moveable fixed assets) of the Company as defined in trust deed.

As per debenture trustee deed, the Debenture holder had the right to either reset the interest rate type from fixed to floating and to increase the effective rate of interest on the NCD w.e.f. November 3, 2022 or in the event, the same is not acceptable to the Company, the put option would be deemed to be exercised by the Debenture Holder and the Company had to repay the entire outstanding along with all dues payable to Debenture Holder on November 3, 2022.

During the current year, the Debenture holder of the Company has requested to increase the effective rate of interest on the NCD w.e.f. November 3, 2022. However the Company on the basis of approval of the Financial Management Committee has exercised the put option and accordingly the Company has repaid the entire outstanding amount of NCDs on November 2, 2022. (refer note 42-II (B)

b) Term loans

Term loans from banks are secured by way of equitable mortgage created or to be created on all the present and future immovable properties including land, buildings, structures, all plant and equipment attached thereon of the Company related to the specific capital project completed/in progress and hypothecation of all the movable properties including movable machinery, spares, tools and accessories, etc., present and future, subject to prior charges created and / or to be created in favour of the Company’s bankers on stocks of raw materials, semi finished and finished goods, consumable stores and other movable assets excluding vehicles specifically hypothecated against vehicle loans, as may be required for working capital requirements in the ordinary course of business. The mortgages and charges referred to above are pari-passu among the lenders. (refer note 42-I(A) and 42-II (A)). The amount disclosed as above is net of Current maturities of long-term debts - secured of Rs. 179.4 million (Previous year Rs. 163.6 million).

The interest rates range from 6.25% to 9.80% per annum (Previous year 6.65% to 8.80% per annum) before Interest subsidy under Technology Upgradation Fund Scheme from State Government of Madhya Pradesh.

c) Vehicles loans

Vehicle loans were secured by hypothecation of vehicles acquired against such loans (refer note 42(C) for repayment terms).The amount disclosed as above is net of Current maturities of long-term debts - secured of Rs. Nil (Previous year Rs. 5.0 million).

The interest rates range from Nil (Previous year 7.40% to 8.80% per annum).

For the current maturities of long-term borrowings, refer note 18 short term borrowings.

NOTE 17 - OTHER NON CURRENT FINANCIAL LIABILITIES

Particulars	As at March 31, 2023	As at March 31, 2022
Payables on purchase of property, plant and equipment	32.8	40.3
	32.8	40.3

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 18 - SHORT TERM BORROWINGS (Contd..)

Cash credit/export packing credit/working capital loans from banks

Cash credit/export packing credit/working capital loans from banks are secured by hypothecation of raw materials, semi finished and finished goods, consumable stores, other movable assets excluding vehicles specifically hypothecated against vehicle loans and book debts, present and future, of the Company.

The interest rates for cash credit/export packing credit/working capital loans from banks range from 4.95% to 8.50% (Previous year 4.75% to 7.30% per annum) before subvention.

The Company has been sanctioned working capital limits from banks during the year on the basis of security of current assets of the Company. The revised quarterly returns/statements filed by the Company for each quarter with such banks are in agreement with the books of accounts of the Company.

NOTE 19 - TRADE PAYABLES - CURRENT

Particulars	As at March 31, 2023	As at March 31, 2022
i) Outstanding dues to micro enterprises and Small enterprises (refer note 36) ii) Outstanding dues to other than micro enterprises and small enterprises – to related parties (refer note 39) – to others Total	1,553.1	694.9 99.5 3,751.5

	265.7
	3,665.3
	3,931.0	3,851.0
	5,484.1	4,545.9
For Trade payable ageing Refer Note 57 NOTE 20 - OTHER CURRENT FINANCIAL LIABILITIES Particulars		As at March 31, 2022
	As at March 31, 2023
Interest accrued but not due on borrowings Payable to employees – to related parties (refer note 39) – to others Payables on purchase of Property, plant and equipment and intangible assets Security deposits Financial liabilities at fair value through OCI Foreign exchange forward contracts and option contracts Cash flow hedges Financial liabilities at fair value through profit or loss Forward exchange forward contracts Unclaimed dividend Other liabilities Total**	12.1	10.0 6.7 665.5 509.8 85.1 11.3 5.2 148.6 64.6

	6.6
	684.1
	1,337.8
	88.3


	7.9

	0.5
	150.4
	75.2
	2,362.9	1,506.8

Include total outstanding dues of micro enterprises and small enterprises of Rs. 148.4 million (Previous year Rs. 87.8 million)

** Will be credited to Investor Education and Protection Fund on the expiry of 7 years from the date of transfer to respective unpaid dividend accounts.

NOTE 18 - SHORT TERM BORROWINGS

*** Include payable to related parties of Rs. 54.4 million (Previous year Rs. 52.0 million) (refer note 39).

NOTE 21 - PROVISIONS

Particulars	As at March 31, 2023	As at March 31, 2022
Cash credit/export packing credit/working capital loans from banks - Secured Current maturities of long-term debts - secured (refer note 16) Total	5,519.2	12,129.3 480.3
	179.4
	5,698.6	12,609.6

Particulars	As at March 31, 2023	As at March 31, 2022
Provision for employee benefits Leave benefits Total		196.6
	104.5
	104.5	196.6

157

156

Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 22 - OTHER CURRENT LIABILITIES

NOTE 22 - OTHER CURRENT LIABILITIES
Particulars	As at March 31, 2023	As at March 31, 2022
Statutory remittances Interest on income tax Advances from customers*	378.3	290.2
	3.4	14.1
	401.8	479.2
	783.5	783.5

Include payable to related party of Rs. 1.4 million (Previous year Rs. Nil) refer note 39.

NOTE 23 - CURRENT TAX LIABILITIES (NET)

Particulars	As at March 31, 2023	As at March 31, 2022
Provision for current income tax (net of advance tax)	65.7	259.6
	65.7	259.6

NOTE 24 - REVENUE FROM OPERATIONS

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Sale of products : Finished goods – Yarn – Towel – Bedsheets – Paper and Chemicals Others – Waste – Others Traded – Towel – Bedsheets – Paper Sale of services Other operating revenue: Export incentives on manufactured goods (refer note 50) Investment promotion assistance Total		17,609.3 25,363.7 10,648.0 9,726.8

	13,902.5
	21,813.6
	8,857.5
	13,266.3

	1,230.3	1,661.7
	17.9	16.0
	59,088.1	65,025.5
		– 116.7 –
	208.8
	–
	60.6
	269.4	116.7
	0.2	0.4
	0.2	0.4
		3,871.1 178.1
	3,129.4
	187.6
	3,317.0	4,049.2
	62,674.7	69,191.8

a. Revenue from contracts with customers disaggregated based on nature of products

Particulars	For the year ended March 31, 2023 For the year ended 31 March 2022 13,902.5 17,609.3 21,813.6 25,363.7 8,857.5 10,648.0
Revenue from sale of products and services Finished goods and others – Yarn – Towel – Bedsheets

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 24 - REVENUE FROM OPERATIONS (Contd..)

TE 24 - REVENUE FROM OPERATIONS (Contd..)
Particulars	For the year ended March 31, 2023	For the year ended 31 March 2022
– Paper and chemicals	13,266.3	9,726.8 1,661.7 16.0 – 116.7 – 0.4
– Waste	1,230.3
– Others	17.9
Traded Sales of Towel	208.8
Traded Sales of Bedsheets Traded Sales of Paper Sale of services	–
	60.6
	0.2
	59,357.7	65,142.6

Set out below is the revenue from contracts with customers and reconciliation to Statement of Profit and Loss

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Total revenue from contracts with customers Add: Items not included in disaggregated revenue: – Export incentives on finished goods (refer note 50) – Investment promotion assistance Revenue from operations asper the Statement of Profit and Loss	59,357.7	65,142.6 3,871.1 178.1

	3,129.4
	187.6
	62,674.7	69,191.8

b. Contract balances:

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

Particulars	For the year ended March 31, 2023 For the year ended March 31, 2022
Trade receivables	2,720.2 5,285.3 401.8 479.2
Advances from customers

NOTE 25 - OTHER INCOME

a) Interest income

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
– On bank deposits (at amortised cost) – On other financial assets (at amortised cost)	146.1	56.3 17.7
	20.4
	166.5	74.0
Others Particulars		For the year ended March 31, 2022
	For the year ended March 31, 2023
Fair value gain on financial instruments measured at fair value through profit and loss: – Fair valuation gain on non current investments (net) – Profit on sale of non current investments Profit on sale of current investments Bad debts recovered Investment in associate recognised (written off in earlier years) (refer note 4 (a))		0.7 1.4 0.1 31.2 1.1
	–
	–
	–
	0.4
	–

159

158

Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 25 - OTHER INCOME (Contd..)

TE 25 - OTHER INCOME (Contd..)
Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Gain on disposal of property, plant and equipment (net) Insurance claims Miscellaneous income Total	5.3	35.7 24.7 54.5
	15.3
	50.5
	71.5	149.4
	238.0	223.4

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 29 - EMPLOYEE BENEFITS EXPENSES

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Salaries and wages Employee share based payment expense (Refer Note 43) Contribution to provident and other funds Staff welfare expenses Total*	5,513.6	6,020.0 139.5 401.2 87.7
	220.3
	365.4
	144.9
	6,244.2	6,648.4

Net of Rs. 7.2 million (Previous year Rs. Nil) subsidy received from Government.

NOTE 26 - COST OF RAW MATERIALS CONSUMED

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Raw materials consumed Opening stock Add: Purchase of raw materials Less: Closing stock Net consumption (Refer (a) below) net of sales of raw materials of Rs. 165.7 million (Previous year Rs. 522.5 million) a) Raw materials consumed comprises: Cotton and fibers Yarn Dyes and chemicals Agro based products Total		6,713.2 35,773.8
	8,797.6
	30,685.4
	39,483.0	42,487.0
	5,631.5	8,797.6
	33,851.5	33,689.4
		24,282.6 3,327.5 4,021.2 2,058.1

	23,246.5
	3,524.3
	4,045.7
	3,035.0
	33,851.5	33,689.4

NOTE 27 - PURCHASE OF STOCK IN TRADE

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Towel Bedsheets Paper Total	208.8	– 118.3 –
	–
	63.1
	271.9	118.3

NOTE 28 - CHANGES IN INVENTORIES OF FINISHED GOODS, WASTE,STOCK IN TRADE AND WORK-IN-PROGRESS

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2023	For the year ended March 31, 2022 1,361.2 77.9 1,493.3 2,932.4 1,824.6 96.9 – 1,780.5 3,702.0 (769.6)	For the year ended March 31, 2022 1,361.2 77.9 1,493.3 2,932.4 1,824.6 96.9 – 1,780.5 3,702.0 (769.6)
Opening Stock Finished goods Waste Work-in-progress Less : Closing Stock Finished goods Waste Stock in trade Work-in-progress Changes in inventories of finishedgoods, waste, work-in-progress and stock in trade			1,361.2 77.9 1,493.3	2,932.4 3,702.0
	1,824.6
	96.9
	1,780.5	3,702.0
			1,824.6 96.9 – 1,780.5
	2,042.9
	206.3
	5.6
	1,941.8	4,196.6
		(494.6)		(769.6)

** net of recovery of Rs. 4.5 million (Previous year Rs. Nil) from related parties (refer note 39).

NOTE 30 - FINANCE COSTS

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
(a) Interest expense : – On term loans, non convertible debentures, commercial paper, working capital loans etc. (net of interest subsidy of Rs. 106.2 million (Previous year Rs. 74.4 million) – On lease liabilities (refer note 41) – On security deposits Less: Amount included in the cost of qualifying assets Interest expenses on financial liabilities measured at amortised cost (b) Other borrowing costs Total*		789.7 22.9 2.5 (3.4) 811.7 45.5
	888.6
	23.1
	3.4
	(158.8)
	756.3
	17.3
	773.6	857.2

Includes interest on income tax of Rs. 3.1 million (Previous year Rs. 13.1 million)

NOTE 31 - OTHER EXPENSES

Particulars

For the year ended
March 31, 2023
For the year ended
March 31, 2022

Stores and spares consumed
Packing materials consumed
Power and fuel (net of utilized by others) *
Water charges
Job charges
Rent (refer note 41)
Repairs and maintenance
–
Plant and equipment
–
Buildings
–
Others
Materials handling charges
Insurance charges
Rates and taxes
Commission on sales
Freight, clearing and octroi charges
Claims
Advertisement and business promotion
Auditors’ remuneration (refer note 34)
Travelling and conveyance
Postage and telephone

813.8
1,051.8
2,131.7
2,472.0
5,706.9
5,485.5
151.9
139.5
105.2
332.7
20.1
27.7
159.5
132.9
72.4
102.4
169.0
113.8
182.1
205.4
294.4
233.9
35.6
35.6
924.8
870.9
997.9
1,416.5
144.9
204.9
307.0
312.9
18.9
16.3
186.1
108.5
40.2
31.4

161

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 31 - OTHER EXPENSES (Contd..)

NOTE 31 - OTHER EXPENSES (Contd..)
Particulars	For the year ended March 31, 2023		For the year ended March 31, 2022
Legal and professional Irrecoverable balances written off (net) Less: Adjusted from provision for trade receivables and doubtful debts and advances Expected credit loss allowance on trade receivables Fair value loss on non-current investments Charity and donation Contribution to political parties Expenditure on corporate social responsibility (refer note 48) Loss on Fire (net) (Refer Note 53) Miscellaneous expenses Total		757.6		1,004.8 149.8 (30.0) 119.8 5.5 – 42.5 72.3 90.5 73.5 150.4
		7.2
		(0.4) 6.8
		–
		2.8
		60.8
		2.5
		128.3
		–
		189.8
		13,611.0		14,853.9

Net of Rs. 107.2 million (Previous year Rs. 92.8 million) subsidy received from Government

NOTE 32 - CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

Particulars	As at March 31, 2023 As at March 31, 2022 67.0 66.7 34.4 23.0 0.7 0.7
A Contingent liabilities Claims* (excluding claims by employees where amounts are not ascertainable) not acknowledged as debt: – Service tax – Income tax – Sales Tax

A. Contingent liabilities under service tax of Rs. 67.0 million (Previous year Rs. 66.7 million) represents:
i) Demand and penalty of Rs. 66.7 million (Previous year Rs. 66.7 million) for service tax under reverse charge basis on commission paid to non-executive Directors for the financial year 2014-15 to 2016-17. During the previous year, the Company had filed an appeal before CESTAT Ludhiana.
ii) Demand and penalty of Rs. 0.3 million (Previous year Rs Nil) for service tax under reverse charge basis on notice pay recovery for the financial year 2017-2018. During the current year, the Company has filed an appeal against the same.
B. Contingent liabilities under Income Tax Act, 1961 of Rs. 34.4 million (Previous year Rs.23.0 million) include:
(i) Rs. 6.1 million (Previous year Rs. 6.1 million) being penalties under Section 271(1)(c) of Income Tax Act, 1961 levied for assessment years 2004-2005 and 2006-2007.
(ii) Other disputed demands of Rs. 28.30 million pertaining to assessment year 2015-2016, 2016-2017 and 2019-2020 (Previous year Rs. 16.9 million pertaining to assessment year 2013 -14, 2015-16, 2016-17,2018-19 and 2019-2020).
- These matters are subject to legal proceedings in the ordinary course of business. In the opinion of the management, legal proceedings when
- ultimately concluded will not have a material effect on the results of operations or financial position of the Company. Based on the favourable orders in similar matters and based on the opinion of legal counsel of the Company, the Company has a good chance of winning the cases.
C. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. As a matter of caution, the Company has applied the judgement on a prospective basis from the date of the SC order. The Company will update its provision for the period prior to the Supreme Court judgement, on receiving further clarity on the subject.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 33 - COMMITMENTS

NOTE 33 - COMMITMENTS
Particulars	As at March 31, 2023 As at March 31, 2022 2,929.1 4,646.5
a) Estimated amount of contracts remaining to be executed on capital account (net of advances) b) For lease commitments please refer note 41 c) Other commitments #

The Company has other commitments for purchase/sale orders which are issued after considering requirements as per the operating cycle for purchase/sale of goods and services, and employee benefits. The Company does not have any long term commitment or material non cancellable contractual commitments/ contracts which might have a material impact on the standalone Ind AS financial statements of the Company.

NOTE 34 - AUDITORS’ REMUNERATION

Particulars	As at March 31, 2023 As at March 31, 2022
As auditors: – Audit Fee – Tax Audit Fee – Limited reviews In other capacities: Certifications/others Reimbursement of expenses	8.3 7.4 1.5 1.5 5.2 4.5 3.0 2.8 0.9 0.1

NOTE 35 - EMPLOYEE BENEFITS

a) Defined contribution plans

The Company makes contribution towards employees’ provident fund scheme. Under the scheme, the Company is required to contribute a specified percentage of salary, as specified in the rules of the scheme. The Company has recognised Rs. 264.8 million during the year (Previous year Rs. 286.7 million) as expense towards contribution to this plan. An amount of Rs. 9.1 million (Previous year Rs. 2.6 million) has been included under Property, plant and equipment / Capital work in progress. Further amount of Rs. 0.3 million (Previous year Rs. 0.6 million) and Rs. 0.1 million (Previous year Rs. 0.3 million) has been reimbursed under Deen Dayal Upadhay Gramin Kaushal Yojna and Scheme for Capacity Building in Textile Sector (Samarth Scheme) respectively.

Particulars	For the year ended March 31, 2023 For the year ended March 31, 2022
Contribution toprovident fund (includingcontribution to Pension fund)	274.3 290.2
Defined benefit plans

Gratuity scheme

The Company has a defined gratuity plan (funded) and the Gratuity plan is governed by The Payment of Gratuity Act 1972 (“Act”). Under the Act, employees who have completed five years of service are entitled for gratuity benefit of 15 days salary for each completed year of service or part thereof in excess of six months. The amount of benefit depends on respective employee’s salary, the years of employment and retirement age of the employee and the gratuity benefit is payable on termination/retirement of the employee. There is no maximum limit for the payment of gratuity benefit. The present value of obligation is determined based on an actuarial valuation as at the reporting date using the Projected Unit Credit Method.

The fund has the form of an irrevocable trust and it is governed by Board of Trustees. The Board of trustees is responsible for the administration of the plan assets and for the definition of investment strategy. The scheme is funded with qualifying insurance policies. The Company is contributing to trusts towards the payment of premium of such gratuity schemes

163

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 35 - EMPLOYEE BENEFITS (Contd..)

The following table sets out the details of defined benefit plan and the amounts recognised in the standalone Ind AS financial statements:

(I) Components of Net Benefit Expense

S. No.	Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
1 2 3 4 5 6 7	Current service cost Net interest (Income) Total expense recognised in the Statement of Profit and Loss Re-measurements recognised in Other Comprehensive Income (OCI) Effect of changes in financial assumptions Effect of experience adjustments Return on plan assets (greater)/less than discount rate Total (gain) of re-measurements included in OCI*	91.0	101.3 (4.4)
		(12.2)
		78.8	96.9
			(11.2) (52.2) (9.4)
		(20.3)
		(60.3)
		(6.6)
		(87.2)	(72.8)

Includes Rs. 4.0 million (Previous year Rs. 1.7 million) which has been capitalised and not debited to Statement of Profit and Loss.
includes Rs. 0.4 million (Previous year Rs. 0.5 million) which has been reimbursed under Deen Dayal Upadhay Gramin Kaushal Yojna and Scheme for Capacity Building in Textile Sector (Samarth Scheme)
excludes Rs. 7.8 million (Previous year Rs. Nil) gratuity liability payable to subsidiary company which is debited to Statement of Profit and Loss.

(II) Net asset recognised in Balance Sheet

S. No.	Particulars	As at March 31, 2023 As at March 31, 2022
1 2 3 4	Present value of defined benefit obligation Fair value of plan assets Recoverable from Trident trust Net defined benefit assets	(534.3) (655.5) 1,022.0 767.5 (360.0) - 127.7 112.0

(III) Change in present value of defined benefit obligation

S. No.	Particulars	As at March 31, 2023 As at March 31, 2022
1 2 3 4 5 6 7	Present value of defined benefit obligation at the beginning of the year Current service cost Interest cost Remeasurement gains / (losses): Effect of changes in financial assumptions Effect of experience adjustments Benefits paid Present value of defined benefit obligation at the end of theyear	655.5 717.9 91.0 101.3 35.5 37.6 (20.3) (11.2) (60.3) (52.2) (167.1) (137.9) 534.3 655.5

(IV) Change in fair value of Plan assets

S. No.	Particulars	As at March 31, 2023 As at March 31, 2022 767.5 731.7 47.7 42.0 367.3 122.3 6.6 9.4 (167.1) (137.9) 1,022.0 767.5
1 2 3 4 5 6	Fair value of plan assets at the beginning of the year Interest income on plan assets Employer contributions Return on plan assets greater /(lesser) than discount rate Benefits paid Fair value of assets at end of theyear

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 35 - EMPLOYEE BENEFITS (Contd..)

(V) The assumptions used in accounting for the defined benefit plan are set out below:

S. No.	Particulars	As at March 31, 2023 As at March 31, 2022
1 2 3 4 5	Discount rate (%) Pre-retirement mortality Salary increase rate * Attrition rate Retirement age	7.10% 6.20% Indian Assured Lives Mortality (2006-08) Ult. Indian Assured Lives Mortality (2006-08) Ult. 6.00% 6.00% 18.00% 18.00% 58 Years 58 Years

The estimate of future salary increases take account of inflation, seniority promotion and other relevant factors, such as supply and demand in the employment market.

(VI) Net asset / (liability) recognised in Balance Sheet (including experience adjustment impact)

S. No.	Particulars	As at March 31, 2023 As at March 31, 2022
1 2 3	Present value of defined benefit obligation Net asset/(liability) Experience adjustment of obligation (gain)/ loss	(534.3) (655.5) 127.7 112.0 (60.3) (52.2)

(VII) Actuarial risks

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:

Interest rate risk

The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary Inflation risk

Higher than expected increases in salary will increase the defined benefit obligation.

Demographic risk

This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.

(VIII) Sensitivity Analysis- Impact on defined benefit obligation

S. No.	Particulars	March 31, 2023 Increase/ (Decrease) March 31, 2022 Increase/ (Decrease)
1 2 3 4 5 6	Discount Rate + 50 basis points Discount Rate - 50 basis points Salary Increase Rate + 0.5% Salary Increase Rate – 0.5% Attrition Rate + 5% Attrition Rate - 5%	(10.5) (13.4) 11.0 14.0 11.1 14.0 (10.7) (13.5) 1.3 (8.3) (3.7) 8.6

The sensitivity analysis presented above may not be representative of the actual changes in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumption may be correlated.

The fund managers do not disclose the composition of their portfolio investments, accordingly break-down of plan assets by investment type has not been disclosed.

165

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 35 - EMPLOYEE BENEFITS (Contd..)

Furthermore, in presenting the above sensitivity analysis the present value of the defined benefit obligations has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the standalone Ind AS financial statements.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumption occurring at the end of the reporting period, while holding all other assumptions constant.

The following benefit payments (undiscounted) are expected in future years:

Year ending	As at March 31, 2023
March 31, 2024 March 31, 2025 March 31, 2026 March 31, 2027 March 31, 2028 March 31,2029 to March 31,2033	125.2
	99.5
	95.4
	96.9
	97.9
	558.1

The average duration of the defined benefit obligation at the end of the reporting period is 5 years (Previous year 5 years)

The expected employer contribution for the next year is Nil (Previous year Nil)

NOTE 36 - DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

Particulars

As at March 31, 2023
As at March 31, 2022
1,701.5
782.7
–
–
–
–
–
–
–
–
–
–

The principal amount and the interest due thereon remaining unpaid to any supplier
as at the end of each accounting year
–
Principal amount due to micro and small enterprises*
–
Interest due on above
The amount of interest paid by the buyer in terms of Section 16 of the MSMED
Act 2006 along with the amounts of the payment made to the supplier beyond the
appointed day during each accounting year.
The amount of interest due and payable for the period of delay in making payment
(which have been paid but beyond the appointed day during the year) but without
adding the interest specified under the MSMED Act 2006.
The amount of interest accrued and remaining unpaid at the end of each accounting
year.
The amount of further interest remaining due and payable even in the succeeding
years, until such date when the interest due as above are actually paid to the small
enterprise for the purpose of disallowance as a deductible expenditure under
Section 23 of the MSMED Act 2006

Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 37 - EARNING PER SHARE

The earnings per share (EPS) disclosed in the statement of profit and loss have been calculated as under:

Particulars		As at March 31, 2023 As at March 31, 2022
Profit for the year as per Statement of Profitand Loss (Rs. million) Weighted average number of equity shares (number) Weighted average number of Treasury shares held by Trust (number) Potential dilutive equity shares (number) Weighted average number of equity shares in computing basic earning per share (number) Weighted average number of equity shares in computing diluted earning per share (number) Basic earning per share (Rs. per share) (face value of Re. 1 each) Diluted earning per share (Rs. per share) (face value of Re. 1 each)	(A) (B) (C) (D) (E)=(B-C) (F)=(B-D) (A/E) (A/F)	4,219.0 8,149.5 5,09,59,55,670 5,09,59,55,670 8,69,48,897 9,65,08,625 6,54,504 – 5,00,90,06,773 4,99,94,47,045 5,00,96,61,277 4,99,94,47,045 0.84 1.63 0.84 1.63

NOTE 38 - PROJECT AND PRE OPERATIVE EXPENSES PENDING ALLOCATION (INCLUDED IN CAPITAL WORK IN PROGRESS)

Particulars	As at March 31, 2023	As at March 31, 2023	As at March 31, 2022 41.4 - 86.4 4.3 0.7 3.4 2.8 - 1.3 0.9 16.3 3.4 35.7 3.6 - - 158.8 200.2 72.1 128.1	As at March 31, 2022 41.4 - 86.4 4.3 0.7 3.4 2.8 - 1.3 0.9 16.3 3.4 35.7 3.6 - - 158.8 200.2 72.1 128.1
Opening balance: Add: Expenses incurred during the year: Raw materials consumed Employee benefits expenses - Salaries and wages -Contribution to provident and other funds -Staff welfare expenses Finance costs - On term loans Stores and spares consumed Packing materials consumed Power and fuel Insurance charges Rates and taxes Travelling and conveyance Legal and professional Miscellaneous expenses Less: Sale of products -Towel -Bedsheets Total Less: Allocated to property, plant and equipment Closing balance included in capital work inprogress*		128.1	- 86.4 4.3 0.7 3.4 2.8 - 1.3 0.9 16.3 3.4 35.7 3.6 - -	41.4 158.8

	22.6

	230.2
	13.1
	3.6

	158.8
	2.6
	0.5
	5.6
	0.7
	5.7
	24.1
	65.0
	19.5

	(10.6)
	(12.8)	528.6
		656.7		200.2
		361.1		72.1
		295.6		128.1

comprises of Rs. 158.8 million (Previous year Rs. 3.4 million) on specific borrowings taken.
Include total outstanding dues of micro enterprises and small enterprises of Rs. 1,553.1 million (Previous year Rs. 694.9 million) included in Trade Payables
Include total outstanding dues of micro enterprises and small enterprises of Rs. 148.4 million (Previous year Rs.87.8 million) payables against purchase of Property, plant and equipment and intangible assets.

167

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 39 - RELATED PARTY DISCLOSURES

The related party disclosures as per Ind AS-24 are as under:

A. Name of related party and nature of related party relationship

(i) Enterprises where control exists:

a) Enterprises that controls the Company

Madhuraj Foundation (directly or indirectly holds majority voting power)

b) Enterprises that are controlled by the Company, i.e. subsidiary company.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 39 - RELATED PARTY DISCLOSURES (Contd..)

II. Key Managerial Personnel

Chief Financial Officer ('CFO') ( w.e.f. November 12, 2022)
Mr. Avneesh Barua
Company Secretary (w.e.f. May 12, 2022)
Mr. Hari Krishan
CFO (Resigned as CFO w.e.f. June 1, 2021)
Mr. Gunjan Shroff
CFO (Appointed as CFO w.e.f. October 21, 2021 and Resigned as CFO w.e.f. September 2, 2022)
Mr. Abhinav Gupta
Company Secretary (upto February 27, 2022)
Ms. Ramandeep Kaur

III. Relatives of (I) , (II) and (d) above

Trident Global Corp Limited
Trident Europe Limited
Trident Global Inc.*
Trident Home Textiles Limited (w.e.f. December 1, 2022)
Trident Home Décor Limited (w.e.f. June 22, 2022)

Trident Innovations Limited (w.e.f. July 7, 2022)

*Associate Company till November 30, 2022 and has become Subsidiary with effect from December 1, 2022.

(ii) Other related parties where transactions have taken place during the year:
a) Enterprises under the common control
- Trident Institute of Social Sciences
- Mintleaf People Connect Limited
b) Enterprise that has significant influence over the Company

Trident Group Limited

c) Enterprise on which Company exercises significant influence

Trident Global Inc.*

*Associate Company till November 30, 2022 and has become Subsidiary with effect from December 1, 2022.

d) Trustee of the enterprise that exercises control over the Company

Mr. Rajinder Gupta Chairman Emeritus (w.e.f. August 9, 2022)
e) Directors, Key Management Personnel (KMP) and their relatives
I. Board of Directors
- Mr. Deepak Nanda - Managing Director
- – Mr. Rajiv Dewan - Chairman (w.e.f. August 09, 2022)
- – Mr. Dinesh Kumar Mittal - Director (upto April 21, 2023) – Ms. Usha Sangwan - Director (Appointed as Director w.e.f. May 15, 2021)
- – Mr. Anthony De Sa - Director (Appointed as Director w.e.f. January 18, 2022)
- – Ms. Pooja Luthra - Director (ceased to be Director w.e.f. January 18, 2022)
- – Mr. Swapan Nath - Appointed as Chief Executive Officer w.e.f. May 15, 2021 till August 8, 2022 and appointed as director w.e.f. August 9, 2022 till April 21, 2023
Relative of Director (Mr. Pardeep Kumar Markanday) (w.e.f. August 9, 2022)
Ms. Shreya Markanday

Mr. Abhishek Gupta

    - Relative of Chairman Emeritus

 - Ms. Gayatri Gupta - Relative of Chairman Emeritus -     Ms. Madhu Gupta - Relative of Chairman Emeritus

e) Enterprises over which KMP/Director of the Company have control
- Trident Foundation
- Lotus Global Foundation
  - Punjab Cricket Association (upto August 8, 2022)
- Technum Opus Private Limited
f) Post Employment Benefit Plans
- Trident Trust
B. The remuneration, commission and consultancy fee to directors, promoter and other members of Key management peronnel during the year was as follows:

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Short-term benefits*	453.8	695.3
	453.8	695.3

Gratuity and leave benefits which are actuarially determined on an overall basis and are not separately disclosed..
C. No guarantees have been given or received on behalf of related parties. No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties.
D. The below transactions with related parties were made at arm’s length price.
Mr. Naveet Jindal - Appointed as Chief Executive Officer w.e.f. May 15, 2021 till August 8, 2022 and appointed as director w.e.f. August 9, 2022 till April 21, 2023
– Mr. Raj Kamal - Director (w.e.f. August 9, 2022)
– Prof. Rajeev Ahuja – Director (w.e.f. August 9, 2022)
– Mr. Kavish Dhanda - Director (w.e.f. August 9, 2022 till April 21, 2023)
Mr. Kamal Gaba - Director (w.e.f. August 9, 2022 till April 21, 2023)
– Mr. Pardeep Kumar Markanday - Director (w.e.f. August 9, 2022 till April 21, 2023)
– Mr. Kapil Ghorse - Director (w.e.f. August 9, 2022 till April 21, 2023)
– Mr. Rajinder Gupta - Non executive Director and Chairman (upto August 8, 2022)

169

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Financial Statements

March 31, 2022	2,532.1 5.5 399.9	2,937.5	- - 30.6	- - 30.6	- - 30.6	30.6	0.9 1.5 0.3	2.7	9.0	9.0	0.4	0.4	-	-
	3,086.9 - 12.5	3,099.4	3.4	3.4	60.6	60.6	0.9 1.5 0.1	2.5	8.8	8.8	0.7	0.7	46.6	46.6
March 31, 2022	- - -	-	-	-	-	-	- - -	-	-	-	-	-	-	-
	- - -	-	-	-	-	-	- - -	-	-	-	-	-	-	-
March 31, 2022	- - -	-	-	-	-	-	0.9 1.5 -	2.4	-	-	-	-	-	-
	- - -	-	-	-	-	-	0.9 1.5 -	2.4	-	-	-	-	-	-
March 31, 2022	- - 399.9	399.9	-	-	-	-	- - -	-	-	-	-	-	-	-
	- - 9.7	9.7	-	-	-	-	- - -	-	-	-	-	-	-	-
March 31, 2022	- - -	-	-	-	-	-	- - -	-	-	-	-	-	-	-
	- - -	-	-	-	-	-	- - -	-	-	-	-	-	46.6	46.6
March 31, 2022	2,532.1 5.5 -	2,537.6	-	-	-	-	- - 0.3	0.3	9.0	9.0	0.4	0.4	-	-
	3,086.9 - 2.8	3,089.7	3.4	3.4	-	-	- - 0.1	0.1	8.8	8.8	0.7	0.7	-	-
March 31, 2022	- - -	-	-	-	30.6	30.6	- - -	-	-	-	-	-	-	-
	- - -	-	-	-	60.6	60.6	- - -	-	-	-	-	-	-	-
	Sale of goods (including taxes) - Trident Global Corp Limited - Trident Europe Limited - Trident Global Inc. Total Sale return (including taxes) - Trident Europe Limited Total Royalty paid (including taxes) - Trident Group Limited Total Rent received - Mr. Rajinder Gupta - Mr. Abhishek Gupta - Trident Global Corp Limited Total Purchases (including taxes) - Trident Global Corp Limited Total Management service charges received (including taxes) - Trident Global Corp Limited Total Material handling and other charges (including taxes) - Mintleaf People Connect Limited Total

tal	March 31, 2022	-	-	0.5	0.5	-	-	-	-	- - - -	-	0.4 0.3 11.7	12.4
To March 31, 2023		14.3	14.3	-	-	5.0	5.0	7.8	7.8	19.3 0.8 1.5 1.9	23.5	- - -	-
loyment plans	March 31, 2022	-	-	-	-	-	-	-	-	- - -	-	- - -	-
Post emp benefit March 31, 2023		-	-	-	-	-	-	-	-	- - -	-	- - -	-
e of the ise that s control Company, rs, Key ement nel and latives/ prises KMP/ or have trol	March 31, 2022	-	-	-	-	-	-	-	-	- - -	-	- - 11.7	11.7
Truste enterpr exercise over the Directo manag person their re Enter where Direct con March 31, 2023		14.3	14.3	-	-	-	-	-	-	- - -	-	- - -	-
rises on ompany cises t influence	March 31, 2022	-	-	-	-	-	-	-	-	- - -	-	- - -	-
Enterp which C exer significan March 31, 2023		-	-	-	-	-	-	-	-	- - -	-	- - -	-
ments d) ises that common trol	March 31, 2022	-	-	-	-	-	-	-	-	- - - -	-	- 0.3 -	0.3
tate wise state Enterpr are under con March 31, 2023		-	-	-	-	-	-	-	-	- - - 1.9	1.9	- - -	-
cial S lessother iaries	March 31, 2022	-	-	0.5	0.5	-	-	-	-	- - - -	-	0.4 - -	0.4
inan Million, un Subsid March 31, 2023		-	-	-	-	5.0	5.0	7.8	7.8	19.3 - - -	19.3	- - -	-
AS F unts in Rs. Contd..) ise that ls the ny/has t influence Company	March 31, 2022	-	-	-	-	-	-	-	-	- - - -	-	- - -	-
e Ind 3 (Allamo OSURES ( Enterpr contro Compa significan over the March 31, 2023		-	-	-	-	-	-	-	-	- 0.8 1.5 -	2.3	- - -	-
Notes to Standalon as at and for the year ended March 31, 202 NOTE 39 - RELATED PARTY DISCL Particulars		Repairs and maintenance-Others (including taxes) - Technum Opus Private Limited Total Reimbursement towards property plant and equipment - Trident Global Corp Limited Total Salaries and wages (including taxes) - Trident Global Corp Limited Total Expense incurred on our behalf by - Trident Global Corp Limited Total Expense incurred on behalf of - Trident Global Corp Limited - Madhuraj Foundation - Trident Group Limited - Trident Institute of Social Sciences Total Advertisement and business promotion - Trident Europe Limited - Trident Institute of Social Sciences - Punjab Cricket Association Total

171

170

Trident Limited | Annual Report 2022-23

Financial Statements

March 31, 2022	277.7	277.7	11.8 11.7	23.5	75.9 234.1	310.0	575.9 4.4 5.0 - - - -	585.3	- -	-
	511.1	511.1	24.7 11.7	36.4	83.0 653.1	736.1	98.3 5.0 5.0 3.2 3.2 5.0 5.0	124.7	147.4 7.0	154.4
March 31, 2022	277.7	277.7	- -	-	- -	-	- - - - - - -	-	- -	-
	511.1	511.1	- -	-	- -	-	- - - - - - -	-	- -	-
March 31, 2022	-	-	- 11.7	11.7	- -	-	575.9 4.4 5.0 - - - -	585.3	- -	-
	-	-	- 11.7	11.7	- -	-	98.3 5.0 5.0 3.2 3.2 5.0 5.0	124.7	147.4 7.0	154.4
March 31, 2022	-	-	- -	-	- 234.1	234.1	- - - - - - -	-	- -	-
	-	-	- -	-	- 344.7	344.7	- - - - - - -	-	- -	-
March 31, 2022	-	-	- -	-	- -	-	- - - - - - -	-	- -	-
	-	-	- -	-	- -	-	- - - - - - -	-	- -	-
March 31, 2022	-	-	- -	-	75.9 -	75.9	- - - - - - -	-	- -	-
	-	-	- -	-	83.0 308.4	391.4	- - - - - - -	-	- -	-
March 31, 2022	-	-	11.8 -	11.8	- -	-	- - - - - - -	-	- -	-
	-	-	24.7 -	24.7	- -	-	- - - - - - -	-	- -	-
	Contribution towards gratuity and risk management fund (net) - Trident Trust Total Payment against lease liabilities (including taxes and interest) - Madhuraj Foundation - Lotus Global Foundation Total Commission on sales - Trident Europe Limited - Trident Global Inc. Total Commission paid (on accrual basis) - Mr. Rajinder Gupta (Upto August 8, 2022) - Ms. Usha Sangwan - Mr. Dinesh Kumar Mittal - Mr. Raj Kamal - Mr. Rajeev Ahuja - Mr. Rajiv Dewan - Mr. Anthony De Sa Total Consultancy fees - Mr. Rajinder Gupta (w.e.f. August 9, 2022) - Mr. Kapil Ghorse Total**

tal	March 31, 2022	0.7 0.4 0.3 0.8 0.5 0.1 - - -	2.8	19.2 6.6 19.2 9.6 7.2 16.8 19.5 4.8 4.0 - - - - - -	106.9
To March 31, 2023		0.4 0.4 - 1.2 0.7 1.0 0.4 0.3 0.4	4.8	19.2 - 19.2 9.6 7.2 19.2 19.2 4.9 - 12.4 12.4 12.3 2.7 1.6 1.8	141.7
loyment plans	March 31, 2022	- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
Post emp benefit March 31, 2023		- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
e of the ise that s control Company, rs, Key ement nel and latives/ prises KMP/ or have trol	March 31, 2022	0.7 0.4 0.3 0.8 0.5 0.1 - - -	2.8	19.2 6.6 19.2 9.6 7.2 16.8 19.5 4.8 4.0 - - - - - -	106.9
Truste enterpr exercise over the Directo manag person their re Enter where Direct con March 31, 2023		0.4 0.4 - 1.2 0.7 1.0 0.4 0.3 0.4	4.8	19.2 - 19.2 9.6 7.2 19.2 19.2 4.9 - 12.4 12.4 12.3 2.7 1.6 1.8	141.7
rises on ompany cises t influence	March 31, 2022	- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
Enterp which C exer significan March 31, 2023		- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
ments d) ises that common trol	March 31, 2022	- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
tate wise state Enterpr are under con March 31, 2023		- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
cial S lessother iaries	March 31, 2022	- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
inan Million, un Subsid March 31, 2023		- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
AS F unts in Rs. Contd..) ise that ls the ny/has t influence Company	March 31, 2022	- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
e Ind 3 (Allamo OSURES ( Enterpr contro Compa significan over the March 31, 2023		- - - - - - - - -	-	- - - - - - - - - - - - - - -	-
Notes to Standalon as at and for the year ended March 31, 202 NOTE 39 - RELATED PARTY DISCL Particulars		Sitting fees paid - Mr. Rajinder Gupta - Mr. Dinesh Kumar Mittal - Mrs. Pooja Luthra - Mr. Rajiv Dewan - Ms. Usha Sangwan - Mr. Anthony De Sa - Mr. Rajeev Ahuja - Mr. Kapil Ghorse - Mr. Raj Kamal Total Remuneration paid - Mr. Deepak Nanda - Ms. Ramandeep Kaur - Mr. Abhishek Gupta - Ms. Madhu Gupta - Ms. Gayatri Gupta - Mr. Naveet Jindal - Mr. Swapan Nath - Mr. Abhinav Gupta - Mr. Gunjan Shroff - Mr. Kamal Gaba - Mr. Kavish Dhanda - Mr. Pardeep Kumar Markanday - Mr. Hari Krishan - Ms. Shreya Markanday - Mr. Avneesh Barua Total

173

172

Trident Limited | Annual Report 2022-23

Financial Statements

March 31, 2022	0.7 0.8 0.6 0.5 0.5 - - - - - - -	3.1	986.9 1,678.4 5.9 8.0 0.1 0.0 0.0 0.1 0.1 - - -	2,679.5
	- 4.5 1.8 0.4 - 0.3 8.8 8.8 1.2 0.4 0.2 6.6	33.0	493.4 839.2 1.5 4.0 0.1 0.0 - 0.1 0.6 0.3 0.0 0.0	1,339.2
March 31, 2022	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
March 31, 2022	0.7 0.8 0.6 0.5 0.5 - - - - - - -	3.1	- - 5.9 8.0 0.1 0.0 0.0 0.1 0.1 - - -	14.2
	- 4.5 1.8 0.4 - 0.3 8.8 8.8 1.2 0.4 0.2 6.6	33.0	- - 1.5 4.0 0.1 0.0 - 0.1 0.6 0.3 0.0 0.0	6.6
March 31, 2022	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
March 31, 2022	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
March 31, 2022	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
	- - - - - - - - - - - -	-	- - - - - - - - - - - -	-
March 31, 2022	- - - - - - - - - - - -	-	986.9 1,678.4 - - - - - - - - - -	2,665.3
	- - - - - - - - - - - -	-	493.4 839.2 - - - - - - - - - -	1,332.6
	Share based payment - Ms. Ramandeep Kaur - Mr. Naveet Jindal - Mr. Swapan Nath - Mr. Abhinav Gupta - Ms. Pooja Luthra - Mr. Kamal Gaba - Mr. Kavish Dhanda - Mr. Pardeep Kumar Markanday - Mr. Hari Krishan - Ms. Shreya Markanday - Mr. Avneesh Barua - Mr. Kapil Ghorse Total Dividend paid (on payment basis) - Madhuraj Foundation - Trident Group Limited - Lotus Global Foundation - Mr. Rajinder Gupta - Mr. Rajiv Dewan - Mr. Swapan Nath - Mr. Abhinav Gupta - Mr. Naveet Jindal - Mr. Pardeep K Markanday - Mr. Kavish Dhanda - Mr. Kamal Gaba - Mr. Hari Krishan Total

tal	March 31, 2022	12.1 18.6	30.7	16.7	16.7	-	-	- -	-	1.1	1.1
To March 31, 2023		78.7 9.8	88.5	-	-	0.5	0.5	0.5 0.1	0.6	-	-
loyment plans	March 31, 2022	- -	-	-	-	-	-	- -	-	-	-
Post emp benefit March 31, 2023		- -	-	-	-	-	-	- -	-	-	-
e of the ise that s control Company, rs, Key ement nel and latives/ prises KMP/ or have trol	March 31, 2022	- 18.6	18.6	16.7	16.7	-	-	- -	-	-	-
Truste enterpr exercise over the Directo manag person their re Enter where Direct con March 31, 2023		- 9.8	9.8	-	-	-	-	- -	-	-	-
rises on ompany cises t influence	March 31, 2022	- -	-	-	-	-	-	- -	-	1.1	1.1
Enterp which C exer significan March 31, 2023		- -	-	-	-	-	-	- -	-	-	-
ments ) ises that common trol	March 31, 2022	12.1 -	12.1	-	-	-	-	- -	-	-	-
tate wise stated Enterpr are under con March 31, 2023		78.7 -	78.7	-	-	-	-	- -	-	-	-
cial S lessother iaries	March 31, 2022	- -	-	-	-	-	-	- -	-	-	-
inan Million, un Subsid March 31, 2023		- -	-	-	-	0.5	0.5	0.5 0.1	0.6	-	-
AS F unts in Rs. Contd..) ise that ls the ny/has t influence Company	March 31, 2022	- -	-	-	-	-	-	- -	-	-	-
e Ind 3 (Allamo OSURES ( Enterpr contro Compa significan over the March 31, 2023		- -	-	-	-	-	-	- -	-	-	-
Notes to Standalon as at and for the year ended March 31, 202 NOTE 39 - RELATED PARTY DISCL Particulars		Corporate social responsibility expenses - Trident Institute of Social Sciences - Trident Foundation Total Charity and donation - Trident Foundation Total Investment in equity shares of subsidiary - Trident Home Décor Limited Total Acquisition of equity shares of subsidiaries - Trident Home Textiles Limited - Trident Innovations Limited Total Investment in associate recognised (written off in earlier years) - Trident Global Inc. Total

175

174

Trident Limited | Annual Report 2022-23

Financial Statements

March 31, 2022	370.1 13.0 294.1	677.2	84.2 101.8	186.0	- - 13.8 - - 10.9 - -	24.7	52.0 - -	52.0
	138.1 - 37.5	175.6	69.9 101.0	170.9	3.7 4.3 5.6 104.7 38.2 - 6.6 23.0	186.1	46.1 7.8 0.5	54.4
March 31, 2022	- - -	-	- -	-	- - - - - - - -	-	52.0 - -	52.0
	- - -	-	- -	-	- - - - - - - -	-	46.1 - -	46.1
March 31, 2022	- - -	-	- 101.8	101.8	- - - - - 10.9 - -	10.9	- - -	-
	- - -	-	- 101.0	101.0	- - - - - - 6.6 -	6.6	- - -	-
March 31, 2022	- - 294.1	294.1	- -	-	- - - - - - - -	-	- - -	-
	- - -	-	-	-	- - - - - - - -	-	- - -	-
March 31, 2022	- - -	-	- -	-	- - - - - - - -	-	- - -	-
	- - -	-	- -	-	- - - - - - - 23.0	23.0	- - 0.5	0.5
March 31, 2022	370.1 13.0 -	383.1	- -	-	- - - - - - - -	-	- - -	-
	138.1 - 37.5	175.6	- -	-	- 4.3 - 104.7 38.2 - - -	147.2	- 7.8 -	7.8
March 31, 2022	- - -	-	84.2 -	84.2	- - 13.8 - - - - -	13.8	- - -	-
	- - -	-	69.9 -	69.9	3.7 - 5.6 - - - -	9.3	- - -	-
	Trade receivables - Trident Global Corp Limited - Trident Europe Limited - Trident Global Inc. Total Lease liabilities (at amortised cost) - Madhuraj Foundation - Lotus Global Foundation Total Trade payables - Madhuraj foundation - Trident Global Corp Limited - Trident Group Limited - Trident Global Inc. - Trident Europe Limited - Punjab Cricket Association - Technum Opus Private Limited - Mintleaf People Connect Limited Total Other payables - Trident Trust - Trident Global Corp Limited - Trident Institute of Social Sciences Total

tal	March 31, 2022	-	-	- - 0.4 1.4	1.8	-	-	1.1 1.6 0.7 0.6 0.6 1.0 - - - - 1.1 - -	6.7
To March 31, 2023		1.4	1.4	1.9 0.8 1.5 1.2	5.4	360.0	360.0	1.1 1.0 0.7 0.3 - 0.6 1.1 0.3 0.2 0.2 0.7 0.1 0.3	6.6
ployment t Plans	March 31, 2022	-	-	- - - -	-	-	-	- - - - - - - - - - - - -	-
Post em benefi March 31, 2023		-	-	- - - -	-	360.0	360.0	- - - - - - - - - - - - -	-
e of the rise that s control Company, ors, Key gement nel and latives/ ses where ector have trol	March 31, 2022	-	-	- - - -	-	-	-	1.1 1.6 0.7 0.6 0.6 1.0 - - - - 1.1 - -	6.7
Truste enterp exercise over the Direct mana person their re Enterpri KMP/ Dir con March 31, 2023		-	-	- - - -	-	-	-	1.1 1.0 0.7 0.3 - 0.6 1.1 0.3 0.2 0.2 0.7 0.1 0.3	6.6
ises on ompany cises ficant ence	March 31, 2022	-	-	- - - -	-	-	-	- - - - - - - - - - - - -	-
Enterpr which C exer signi influ March 31, 2023		-	-	- - - -	-	-	-	- - - - - - - - - - - - -	-
ts ises that common trol	March 31, 2022	-	-	- - - 1.4	1.4	-	-	- - - - - - - - - - - - -	-
men ted) Enterpr are under con March 31, 2023		-	-	- - - 1.2	1.2	-	-	- - - - - - - - - - - - -	-
State erwise sta iaries	March 31, 2022	-	-	- - - -	-	-	-	- - - - - - - - - - - - -	-
cial nlessoth Subsid March 31, 2023		1.4	1.4	1.9 - - -	1.9	-	-	- - - - - - - - - - - - -	-
Finan . Million, u prise ntrols mpany/ nificant over the pany	March 31, 2022	-	-	- - 0.4 -	0.4	-	-	- - - - - - - - - - - - -	-
AS unts in Rs Contd..) Enter that co the Co has sig influence Com March 31, 2023		-	-	- 0.8 1.5 -	2.3	-	-	- - - - - - - - - - - - -	-
Notes to Standalone Ind as at and for the year ended March 31, 2023 (Allamo NOTE 39 - RELATED PARTY DISCLOSURES ( Particulars		Advances from customers - Trident Europe Limited Total Other receivables - Trident Global Corp Limited - Madhuraj Foundation - Trident Group Limited - Trident Institute of Social Sciences Total Other recoverable - Trident Trust Total Payable to employees - Mr. Deepak Nanda - Mr. Abhishek Gupta - Ms. Madhu Gupta - Ms. Gayatri Gupta - Mr. Abhinav Gupta - Mr. Naveet Jindal - Mr. Kamal Gaba - Mr. Kavish Dhanda - Mr. Pardeep Kumar Markanday - Mr. Hari Krishan - Mr. Swapan Nath - Ms. Shreya Markanday - Mr. Avneesh Barua Total

177

176

Trident Limited | Annual Report 2022-23

Financial Statements

March 31, 2022	0.4 - 0.4 - - 1.7 - -	2.5	66.3 4.0 4.5 - - - -	74.8	- -	-
	- 0.0 - 0.0 1.3 0.2 0.1 0.0	1.6	- 4.5 4.5 2.9 4.5 4.5 2.9	23.8	55.0 0.8	55.8
March 31, 2022	- - - - - - - -	-	- - - - - - -	-	- -	-
	- - - - - - - -	-	- - - - - - -	-	- -	-
March 31, 2022	0.4 - 0.4 - - 1.7 - -	2.5	66.3 4.0 4.5 - - - -	74.8	- -	-
	- 0.0 - 0.0 1.3 0.2 0.1 0.0	1.6	- 4.5 4.5 2.9 4.5 4.5 2.9	23.8	55.0 0.8	55.8
March 31, 2022	- - - - - - - -	-	- - - - - - -	-	- -	-
	- - - - - - - -	-	- - - - - - -	-	- -	-
March 31, 2022	- - - - - - - -	-	- - - - - - -	-	- -	-
	- - - - - - - -	-	- - - - - - -	-	- -	-
March 31, 2022	- - - - - - - -	-	- - - - - - -	-	- -	-
	- - - - - - - -	-	- - - - - - -	-	- -	-
March 31, 2022	- - - - - - - -	-	- - - - - - -	-	- -	-
	- - - - - - - -	-	- - - - - - -	-	- -	-
	Advances to employees (imprest) - Mr. Deepak Nanda - Ms. Gayatri Gupta - Mr. Abhishek Gupta - Mr. Kavish Dhanda - Mr. Kamal Gaba - Mr. Swapan Nath - Mr. Pardeep Kumar Markanday - Mr. Avneesh Barua Total Commission payable - Mr. Rajinder Gupta - Ms. Usha Sangwan - Mr. Dinesh Kumar Mittal - Mr. Rajeev Ahuja - Mr. Rajiv Dewan - Mr. Anthony De Sa - Mr. Raj Kamal Total Consultancy fees payable - Mr. Rajinder Gupta - Mr. Kapil Ghorse Total*

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 40 - SEGMENT INFORMATION

I Segment accounting policies:

a. Product and Services from which reportable segment derive their revenues (Primary Business Segments)

Upto the previous year, the Company had identified two business segments namely Textiles (Yarn, Towel, Bedsheets) and Paper and Chemical. During the current year, the Board of Directors has reviewed the Textiles Segment and considering the nature and class of product included therein, has decided to present Yarn, Towel and Bedsheets as three separate business segments instead of one Textiles business segment on the basis that such segmentation would be more useful to users of the Company’s financial statements in terms of the requirements of Ind AS 108.

Accordingly, due to change in composition of reportable segments, as stated above, the corresponding items of segment information for previous year have been restated and presented in these standalone Ind AS financial statements. The Company has identified the following business segments which comprises of:

Yarn
Towel

– Bedsheets

– Paper and Chemicals

b. Geographical segments (secondary business segments)

The geographical segments considered and reviewed by Chief Operating Decision Maker for disclosure are based on markets, broadly as under:

India

USA

Rest of the world

c. Segment accounting policies

Segment accounting policies: In addition to the significant accounting policies applicable to the business segment as set out in note 2, the accounting policies in relation to segment accounting are as under:

i. Segment assets and liabilities:

Segment assets include all operating assets used by a segment and consist principally of cash, debtors, inventories, right of use assets and property, plant and equipment including capital work in progress, net of allowances and provisions, which are reported as direct offset in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities.

ii Segment revenue and expenses:

Joint revenue and expenses of segments are allocated amongst them on reasonable basis. All other segment revenue and expenses are directly attributable to the segments.

iii Inter segment sales:

Inter segment sales are accounted for at cost plus appropriate margin (transfer price) and are eliminated in consolidation.

iv Segment results :

Segment results represent the profit before tax earned by each segment without allocation of central administration costs, other non operating income as well as finance costs. Operating profit amounts are evaluated regularly by the Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance.

179

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Trident Limited | Annual Report 2022-23

Financial Statements

==> picture [1089 x 716] intentionally omitted <==

----- Start of picture text -----

– 74.0 149.4 – 10.0 3.0 119.9 (0.7) (1.1) 119.8 5.5 9.7 73.5
March 31, 2022 69,191.8 69,415.2 13,323.8 (1,549.8) (857.2) (2,767.3) 8,149.5 57,967.2 6,340.2 64,307.4 6,587.7 4,031.3 3,576.9 12,129.3 26,335.2 3,445.2 3,326.1 March 31, 2022
23,732.4 27,044.2 18,415.2 69,191.8 39,291.7 39,374.9
Total – Total – –
166.5 71.5 12.1 (7.7) 13.9 2.8 6.8
March 31, 2023 62,674.7 62,912.7 7,335.8 (1,019.3) (773.6) (1,323.9) 4,219.0 58,130.1 9,002.0 67,132.1 8,274.8 3,846.4 8,221.9 5 ,519.2 25,874.4 8,593.1 3,101.5 March 31, 2023 March 31, 2022
For the year ended
– – – – – – – – – – – – – – – – – – – – – – – – – –
March 31, 2022 (21,755.1) (21,755.1) March 31, 2022 29,317.4 20,932.4 12,424.9 62,674.7 47,334.9 8.0 72.3 47,415.2
– – – – – – – – – – – – – – – – – – – – – – – – – –
Elimination Elimination
March 31, 2023 (16,849.0) (16,849.0) March 31, 2023 For the year ended March 31, 2023
March 31, 2022 – – 74.0 28.3 102.3 – (1,549.8) (857.2) (2,767.3) – – 6,340.2 6,340.2 – 4,031.3 3,576.9 10.0 12,129.3 19,747.5 217.3 183.3 – March 31, 2022 – (0.7) (1.1) 5.1 –
– – 6.8 – – – – 12.1 – – 2.8 – 0.1 –
Unallocable March 31, 2023 166.5 173.3 (1,019.3) (773.6) (1,323.9) 9,002.0 9,002.0 3,846.4 8,221.9 5,519.2 17,599.6 272.6 200.5 Unallocable March 31, 2023
March 31, 2022 9,797.3 6.4 – 21.0 9,824.7 2,380.1 – – – – 6,395.0 6,395.0 1,336.3 – – – – – 1,336.3 1,034.7 152.8 – March 31, 2022 – – – 0.6 –
Paper & Chemicals March 31, 2023 13,431.8 6.6 – (1.4) 13,437.0 4,104.6 – – – – 8,476.2 8,476.2 1,287.9 – – – – – 1,287.9 1,816.3 191.3 0.3 Paper & Chemicals March 31, 2023 – – – (7.1) –
March 31, 2022 11,845.1 122.0 – 12.1 11,979.2 69.5 – – – – 6,189.6 6,189.6 916.4 – – – – – 916.4 278.3 673.4 – March 31, 2022 – – – (9.5) 1.7
6.4 – 7.9 – – – – – – – – – – – – –
Bedsheets March 31, 2023 9,705.5 9,719.8 547.0 6,986.1 6,986.1 1,004.4 1,004.4 1,875.0 605.9 (2.2) Bedsheets March 31, 2023 (7.5)
March 31, 2022 27,941.2 169.8 – 43.0 28,154.0 322.6 – – – – 18,641.7 – 18,641.7 2,225.3 – – – – – 2,225.3 240.0 1,073.9 – March 31, 2022 119.9 – – 116.8 3.7
– – – – – – – – – – – – – –
Towel Towel
March 31, 2023 24,298.2 255.0 31.9 24,585.1 547.3 16,966.7 16,966.7 2,128.8 2,128.8 980.9 1,063.0 (2.6) March 31, 2023 23.5 15.0
Million, unless otherwise stated) Million, unless otherwise stated)
Rs. March 31, 2022 19,608.2 21,456.9 – 45.0 41,110.1 10,551.6 – – – – 26,740.9 – 26,740.9 2,109.7 – – – – – 2,109.7 1,675.0 1,242.7 3.0 Rs. March 31, 2022 – – – 6.8 0.1
Yarn March 31, 2023 15,239.2 16,581.0 – 26.3 31,846.5 2,136.9 – – – – 25,701.1 – 25,701.1 3,853.7 – – – – – 3,853.7 3,648.3 1,040.8 (3.2) Yarn March 31, 2023 (2.1) – – (1.2) –
Detail of Primary Business Segments and its reconciliation with Financial Statements: Particulars Segment revenue – External sales – Inter segment Sales – Interest income Other income– Total revenue Segment results Unallocated corporate expenses (net of unallocated Income) Finance costs Tax expenses Profit after tax Segment Balance Sheet Segment assets Unallocated corporate assets Total assets Segment liabilities Unallocated corporate liabilities Long term borrowings (including current maturities) Interest accrued but not due on borrowings Short term borrowings Total liabilities Other disclosures Capital expenditure Depreciation and amortization expense Material non cash items other than depreciation and amortization expense: Foreign exchange (gain)/loss on – derivative financial instruments carried at Fair value through profit and loss Particulars – Foreign exchange loss on derivative financial instruments carried at Fair value through other comprehensive income – Net (gain)/loss on financial assets measured at Fair value through profit and loss Investment in associate recognised (written off in earlier years) – Liabilities/ sundry credit balances no longer required (written back)/ irrecoverable balances writen off (net) – Expected credit loss allowance on trade receivables and financial assets Details of secondary segment – geographical: Particulars Revenue from external customer in: India USA Rest of the world Total Sales Non-current assets located in: India USA Rest of the world Total non-current assets * Excludes investments and amounting to Rs. 32.1 million (Previous year Rs.37.1 million)
Notes to Standalone Ind AS Financial Statements as at and for the year ended March 31, 2023 (All amounts in NOTE 40 - SEGMENT INFORMATION (Contd..) II 1 2 3 4 a b 5 Notes to Standalone Ind AS Financial Statements as at and for the year ended March 31, 2023 (All amounts in NOTE 40 - SEGMENT INFORMATION (Contd..) III
----- End of picture text -----*

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 41 - LEASES

The Company has lease contracts for Land, office premises, guest houses and factory premises (including plant and equipment). Leases of office premises, guest houses and factory premises (including plant and equipment) generally have lease terms ranging from 11 months to 20 years and leases of lands generally have lease terms between 30-99 years. The Company’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Company is restricted from assigning and subleasing the leased assets. There are several lease contracts that include extension and termination options.

The Company also has certain leases of office premises and guest houses with lease terms of 12 months or less. The Company applies the ‘short-term lease’ recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:

Particulars		Right of use assets
	Land	Office premises andguest houses Factory premises (including plant and equipment) Total
As at March 31, 2021 Additions Depreciation expense As at March 31, 2022 Additions Depreciation expense As at March 31, 2023	332.9 – (8.9) 324.0 – (8.9) 315.1	168.0 31.9 532.8 – 61.5 61.5 (16.8) (4.0) (29.7) 151.2 89.4 564.6 62.9 – 62.9 (21.9) (10.1) (40.9) 192.2 79.3 586.6

Set out below are the carrying amounts of lease liabilities and the movements during the year:

Particulars	As at 31 March 2023	As at 31 March 2022
Opening Balance Additions Accretion of interest Payments Closing Balance* Current lease liabilities Non current lease liabilities	257.6	263.6 – 22.9 (28.9)
	60.8
	23.1
	(45.0)
	296.5	257.6
	35.0	19.6 238.0
	261.5

*includes payable to related parties of Rs. 170.9 million (Previous year 186.0 million) (refer note 39)

Considering the lease term of the leases, the effective interest rate for lease liabilities is 9%

The following are the amounts recognised in the Statement of Profit and Loss:

Particulars	As at 31 March 2023	As at 31 March 2022
Depreciation expense of right of use assets Interest expense on lease liabilities Expense relating to short-term leases (included in other expenses) Total amount recognised in the Statement of Profit and Loss	40.9	29.7 22.9 27.7
	23.1
	20.1
	84.1	80.3

For maturity analysis of lease liability, refer note 45 Financial risk management framework and policies under maturities of financial liabilities.

The Company had total cash outflows for leases of Rs. 65.1 million (previous year: Rs. 56.6 million). There are no future cash outflows relating to leases that have not yet commenced.

There are no leases having variable lease payments. The Company has not entered into any residual value contracts during the year. There are no sale and leaseback transactions during the year.

Extension and termination options are included in a number of leases. These are used to maximise operational flexibility in terms of managing the assets used in the Company’s operations. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 42

(I) DETAILS OF LONG TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT MARCH 31, 2023

Breakup of long term borrowings as at March 31, 2023

Particulars	Long term borrowings (refer note 16)	Current maturities of long term borrowings (refer note 18)	Total Long term borrowings
Term loans from banks (for details Refer (A) below) Non convertible debentures (for details Refer (B) below) Less: Unamortised borrowing costs Carrying value of term loans from banks and non convertible debentures	7,796.7 250.0 (4.2)	181.0 – (1.6)	7,977.7 250.0 (5.8)
	8,042.5	179.4	8,221.9

A. Term loans from banks:

Amount of loan
Sr. outstanding as at Repayment details of loan outstanding as at March 31, 2023
No. March 31, 2023
1 392.8 4 quarterly installment of Rs.7.8 million each, 4 quarterly installment of Rs.9.1 million each, 3 quarterly installment of Rs. 10.4 million each, 1 quarterly installment of Rs. 20.6 million, 4 quarterly installment of Rs. 23.0 million each, 4 quarterly installment of Rs. 25.9 million each, 2 quarterly installment of Rs. 31.5 million each and balance of Rs. 14.8 million would be paid as last installment as per revised repayment schedule.
2 237.7 4 quarterly installment of Rs. 5.1 million each, 4 quarterly installment of Rs. 6.0 million each, 3 quarterly installment of Rs. 6.7 million each, 1 quarterly installment of Rs. 14.0 million, 4 quarterly installment of Rs. 15.0 million each, 4 quarterly installment of Rs. 16.8 million each, 1 quarterly installment of Rs. 20.7 million and balance of Rs. 11.3 million as per revised repayment schedule.
3 712.7 5 quarterly installment of Rs. 13.3 million each, 4 quarterly installment of Rs. 15.5 million each, 3 quarterly installment of Rs. 17.7 million each, 1 quarterly installment of Rs. 35.4 million, 4 quarterly installment of Rs. 39.2 million each, 4 quarterly installment of Rs. 44.2 million each, 1 quarterly installment of Rs. 53.9 million and 2 quarterly installment of Rs. 54.1 million each as per revised repayment schedule.
4 374.7 4 quarterly installment of Rs. 7.6 million each, 4 quarterly installment of Rs. 8.9 million each, 3 quarterly installment of Rs. 10.2 million each, 5 quarterly installment of Rs. 20.3 million, 4 quarterly installment of Rs. 22.5 million each, 3 quarterly installment of Rs. 25.3 million each and balance of Rs. 10.7 million as per revised repayment schedule.
5 690.7 1 quarterly installment of Rs. 10.0 million each, 8 quarterly installment of Rs. 12.0 million each, 4 quarterly installment of Rs. 14.0 million each, 3 quarterly installment of Rs. 16.0 million each, 1 quarterly installment of Rs. 32.0 million, 4 quarterly installment of Rs. 35.5 million each, 4 quarterly installment of Rs. 40.0 million each and 2 quarterly installment of Rs. 49.0 million each and balance of Rs. 48.7 million as per revised repayment schedule
6 5,569.1 Partial loans have been disbursed against the total loan sanctioned taken from multiple banks and repayment of the loans would be made in 30 quarterly installments starting from June 2024 onwards.
Total 7,977.7

B. Non-convertible debentures:

Sr. No.	Amount of Non convertible debentures outstanding as at March 31, 2023 Repayment details of Non convertible debentures outstanding as at March 31, 2023
1 Total	250.0 Payable in 4 equal installments of Rs. 62.5 million at the end of 18th, 24th, 30th and 36th month from date of allotment i.e. March 29, 2023. 250.0

Payments associated with short-term leases are recognised on a straight-line basis as an expense in the Statement of Profit and Loss. Short-term leases are leases with a lease term of 12 months or less. The Company did not have any leases impacted by Covid-19 related rent concession amendment.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 42 (Contd..)

II. Details of long term borrowings (including current maturities) as at March 31, 2022

Particulars	Long term Borrowings (refer note 16)	Current maturities of long term borrowings (refer note 18)	Total long Term borrowings
Term loans from banks (for details Refer (A) below) Non convertible debentures (for details Refer (B) below) Vehicle loans from banks (for details Refer (C) below) Less: Unamortised borrowing costs Carrying value of term loans from banks and Non convertible debentures	2,474.0 625.0 3.9 (6.3)	165.3 312.5 5.0 (2.5)	2,639.3 937.5 8.9 (8.8)
	3,096.6	480.3	3,576.9

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated) NOTE 42 (Contd..)

B. Non-convertible debentures:

Sr. No.	Amount of Non convertible debentures outstanding as at March 31, 2022	Repayment details of Non convertible debentures outstanding as at March 31, 2022
1 Total	937.5	Payable in 3 equal installments of Rs. 312.5 million at the end of 27th, 36th and 48th month from date of allotment i.e. November 03, 2020.
	937.5

C. Vehicle loans from banks

Vehicle loans are repayable in equal monthly instalments.

A. Term loans from banks:

NOTE 43 - EMPLOYEES‘ STOCK OPTION PLANS

Sr. Amount of loan outstanding No. as at March 31, 2022[Repayment details of loan outstanding as at March 31, 2022]

1 424.1 8 quarterly installment of Rs. 7.8 million each, 4 quarterly installment of Rs. 9.1 million each, 3 quarterly installment of Rs. 10.4 million each, 1 quarterly installment of Rs. 20.6 million, 4 quarterly installment of Rs. 23.0 million each, 4 quarterly installment of Rs. 25.9 million each, 2 quarterly installment of Rs. 31.5 million each and balance of Rs. 14.9 million would be paid as last installment as per revised repayment schedule.
2 258.2 8 quarterly installment of Rs. 5.1 million each, 4 quarterly installment of Rs. 6.0 million each, 3 quarterly installment of Rs. 6.7 million each , 1 quarterly installment of Rs. 14.0 million , 4 quarterly installment of Rs. 15.0 million each, 4 quarterly installment of Rs. 16.8 million each ,1 quarterly installment of Rs. 20.7 million and balance of Rs. 11.4 million as per revised repayment schedule.
3 763.6 1 quarterly installment of Rs. 11.1 million, 8 quarterly installment of Rs. 13.3 million each, 4 quarterly installment of Rs.15.5 million each, 3 quarterly installment of Rs. 17.7 million each, 1 quarterly installment of Rs. 35.4 million, 4 quarterly installment of Rs. 39.2 million each, 4 quarterly installment of Rs. 44.2 million each, 1 quarterly installment of Rs. 53.9 million and 2 quarterly installment of Rs.54.1 million each as per revised repayment schedule.
408.0 8 quarterly installment of Rs. 10.5 million each, 4 quarterly installment of Rs. 12.2 million each, 3 quarterly installment of Rs. 14.0 million each, 1 quarterly installment of Rs. 27.9 million, 4 quarterly installment of Rs. 31.0 million each, 2 quarterly installment of Rs. 34.9 million each and balance of Rs. 11.5 million as per revised repayment schedule.

4 5

710.7 3 quarterly installment of Rs. 10.3 million each, 8 quarterly installment of Rs. 12.4 million each, 4 quarterly installment of Rs. 14.3 million each, 3 quarterly installment of Rs. 16.3 million each, 1 quarterly installment of Rs. 33.0 million, 4 quarterly installment of Rs. 36.5 million each, 4 quarterly installment of Rs. 41.0 million each and 2 quarterly installment of Rs. 50.1 million each and balance of Rs. 31.3 million as per revised repayment schedule
62.7 Partial loan have been disbursed against the total loan sanctioned. The repayment of the loan would be made in 30 Quarterly installments starting from June 2024 onwards.

12.0 Partial loan have been disbursed against the total loan sanctioned. The repayment of the loan would be made in 30 Quarterly installments starting from June 2024 onwards.
7

The Board of Directors and the Shareholders of the Company have approved a Scheme called as “Trident Limited Employee Stock Options Scheme – 2020 (“ ESOS Scheme“) and “Trident Limited Employee Stock Purchase Scheme – 2020“ (“ ESPS Scheme“) in their meeting held on July 9, 2020 and May 16, 2020 respectively. Pursuant to the ESOS Scheme, the Company has constituted Trident Limited Employees Welfare Trust (‘Trust’) to acquire, hold and allocate/transfer equity shares of the Company to eligible employees (as defined in the ESOS and ESPS scheme) from time to time on the terms and conditions specified under the ESOS Scheme and ESPS Scheme.

The said trust had purchased, during the financial year 2020-21, Company’s equity shares aggregated to 100,000,000 equity shares from the secondary open market at cost of Rs. 7.50 per share for which the Company had given loan to trust amounting to Rs. 751.0 million. The financial statements of the Trust have been included in the standalone Ind AS financial statements of the Company in accordance with the requirements of Ind AS and cost of such treasury shares has been presented as a deduction in other equity. Such number of equity shares (which are lying with trust) have been reduced while computing basic and diluted earnings per share.

(A) Trident Employees Stock Options Scheme, 2020

The Company had granted 66,00,000 stock options under the ESOS Scheme on November 12, 2022. Each option granted and vested under the Scheme shall entitle to the holder to acquire 1 equity share of Re. 1 each.

In respect of options granted under the Employees’ Stock Option Scheme, 2020 the details of options outstanding are as under:

Particulars	Details
ESOP grant date Exercise period under the ESOS Exercise price VESTING PERIOD UNDER ESOS End of first year End of second year End of third year End of fourth year Fair value of grant date End of first year End of second year End of third year End of fourth year Total number of options granted Total number of options accepted Options lapsed due to resignation/non acceptance Options exercised Options lapsed because of ending of exercise period Balance	November 12, 2022 Exercisable within 4 years from date of respective vesting INR 16.50 10% 20% 30% 40% 24.4 25.0 25.7 26.2 66,00,000 15,98,500 50,01,500 Not applicable since shares have not vested as yet. Not applicable since shares have not vested asyet.
	15,98,500
Share basedpayment expense (Rs. in million)	6.1

Total 2639.3

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 43 -EMPLOYEES ‘ STOCK OPTION PLANS (Contd..)

(B) Trident Limited Employee Stock Purchase Scheme – 2020

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 44 (a) - CURRENT TAX AND DEFERRED TAX

(i) Income tax expense recognised in the Statement of Profit and Loss

The following share based payment arrangements are granted and exercised during the year:


Tranches	Number of Shares	Grant date	Expiry date	Exercise price (Rs.)	Fair value of grant date	Share based payment expense (Rs. million)*
Tranche 1 Tranche 2 Tranche 3	11,56,999 3,80,200 74,41,131	19-04-2022 12-05-2022 12-11-2022	Refer note 1 below Refer note 1 below Refer note 1 below	20.0 20.0 16.5	55.74 55.98 38.49	41.4 13.7 163.6
Total	89,78,330					218.7

The following share based payment arrangements are granted and exercised during the previous year:

Tranches	Number of Shares	Grant date	Expiry date	Exercise price (Rs.)	Fair value of grant date	Share based payment expense (Rs. million)*
Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5	21,53,897 51,04,223 1,02,400 14,15,303 27,500	31-07-2021 21-10-2021 21-10-2021 22-11-2021 22-11-2021	Refer note 1 below Refer note 1 below Refer note 1 below Refer note 1 below Refer note 1 below	7.5 21.0 12.0 28.0 18.0	20.24 38.45 38.45 41.91 41.91	27.4 89.0 2.7 19.7 0.7
Total	88,03,323					139.5

Note 1: The exercise period shall be 30 days from the date of offer. Failure to comply within this time period results in lapsing of offer in the hands of Offeree

includes recovery of Rs. 4.5 million (Previous year Nil) from related parties (refer note 39).

Movements in ESPS during the year

Particulars	2022-23 Number of ESPS 2021-22 Number of ESPS - - 89,78,330 92,02,749 - (3,99,426) 89,78,330 88,03,323 89,78,330 88,03,323 - -
Balance at beginning of year Acceptance during the year Number of shares against which amount refunded Granted during the year Exercised during the year Balance at the end ofyear

Based on various judicial prouncements and opinion obtained by the Company from experts, the Company has taken allowance of share based payment expense while computing income tax provision for the current year.

During the current year, nomination and remuneration committee (“NRC”) has approved the winding-up of Trident Limited Employee Stock Purchase Scheme – 2020 and approved the excess monies or shares remaining with the Trust after meeting all the obligations, if any, to be utilised for repayment of loan to Trident Limited. Accordingly, during the current year, Trust has sold 18,293,707 shares and proceeds from transfer of shares has been utilised for the repayment of loan to the Company.

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
(A) Current Tax: – in respect of current year – in respect of earlier years Total (A) (B) Deferred Tax: – in respect of current year – in respect of earlier years Total (B) Total income tax expense (A+B)		2,926.6 (2.4)
	1,360.3
	(4.5)
	1,355.8	2,924.2
		(160.1) 3.2
	(2.6)
	(29.3)
	(31.9)	(156.9)
	1,323.9	2,767.3

(ii) Income tax recognised in other comprehensive income

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Current tax relating to items recognised in other comprehensive income during the year on: - Remeasurement loss/(gain) of defined benefit obligations Total current tax (charge) recognised in other comprehensive income Deferred tax related to items recognised in other comprehensive income during the year: - Remeasurement loss/(gain) of defined benefit obligations - Effective portion of cash flow hedge reserve Total deferred tax credit recognised in other comprehensive income Total tax credit / (charge) recognised in other comprehensive income Classification of income tax recognised in other comprehensive income – Income taxes related to items that will not be reclassified to profit or loss – Income taxes related to items that will be reclassified to profit or loss Total		-
	(21.9)
	(21.9)	-
		(18.3) 30.2
	-
	3.5
	3.5	11.9
	(18.4)	11.9
		(18.3) 30.2
	(21.9)
	3.5
	(18.4)	11.9

(iii) Reconciliation of income tax expense and the accounting profit multiplied by Company’s domestic tax rate:

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Profit before tax as per the Statement of Profit and Loss Income tax expense calculated at 25.168% Add: Income tax impact on disallowances of items of permanent nature Add: Income tax for earlier years recognised in the Statement of Profit and Loss Add: : Impact of income tax on dividend income received by Trident Employee Welfare Trust Less: Income tax impact on change of indexed cost of acquisition on fair valuation gain of land Income tax asper (i) above	5,542.9	10,916.8 2,747.5 36.2 0.8 25.6 (42.8)
	1,395.0
	0.2
	(33.8)
	–
	(37.5)
	1,323.9	2,767.3

Based on approval of NRC, for remaining 62,328,640 Equity Shares, the Company is seeking approval of shareholders of the Company for implementation of Trident Limited General Employee Benefits Scheme – 2023 by transferring remaining shares from Trident Limited Employee Stock Purchase Scheme – 2020 to Trident Limited General Employee Benefits Scheme – 2023. The Company has also obtained expert opinion on compliance in this regard.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 44 (b) - Movement in deferred tax balances

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

Refer Note 56 for ‘Debt-to-equity ratio as of March 31, 2023 and March 31, 2022

Particulars	As at March 31, 2022	Recognised in Statement of Profit and Loss	Recognised in other comprehensive income	As at March 31, 2023
Tax effect of items constituting deferred tax liabilities Property, plant and equipment and Intangible assets Financial assets at fair value through Statement of Profit and Loss Provision for employee benefits - gratuity Right to use assets Others - cash flow hedge Tax effect of items constituting deferred tax assets Provision for employee benefits - bonus and leave benefits Lease Liability Expected credit loss allowance Others Net deferred tax liabilities	3,056.7 0.4 27.7 57.9 22.0	(49.7) – – (8.7) –	– – – – (3.5)
				3,007.0
				0.4
				27.7
				49.2
				18.5
	3,164.7	(58.4)	(3.5)	3,102.8
	53.7 63.5 2.4 6.4	(23.0) (4.4) (0.1) 1.0	– – – –
				30.7
				59.1
				2.3
				7.4
	126.0	(26.5)	–	99.5
	3,038.7	(31.9)	(3.5)	3,003.3

Particulars	As at March 31, 2021	Recognised in Statement of Profit and Loss	Recognised in other comprehensive income	As at March 31, 2022
Tax effect of items constituting deferred tax liabilities Property, plant and equipment and intangible assets Financial assets at fair value through Statement of Profit and Loss Provision for employee benefits - gratuity Right to use assets Others - cash flow hedge Tax effect of items constituting deferred tax assets Provision for employee benefits - bonus and leave benefits Lease liability Expected credit loss allowance Others Net deferred tax liabilities	3,223.3 0.4 3.5 63.2 52.2	(166.6) – 5.9 (5.3) –	– – 18.3 – (30.2)	3,056.7 0.4 27.7 57.9 22.0
	3,342.6	(166.0)	(11.9)	3,164.7
	57.3 66.3 1.0 10.5	(3.6) (2.8) 1.4 (4.1)	– – – –	53.7 63.5 2.4 6.4
	135.1	(9.1)	–	126.0
	3,207.5	(156.9)	(11.9)	3,038.7

Fair Values and its categories:

Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments:

Particulars	Carrying Value Fair Value As at March 31, 2023 As at March 31, 2022 As at March 31, 2023 As at March 31, 2022	Carrying Value Fair Value As at March 31, 2023 As at March 31, 2022 As at March 31, 2023 As at March 31, 2022	Carrying Value Fair Value As at March 31, 2023 As at March 31, 2022 As at March 31, 2023 As at March 31, 2022
		As at March 31, 2022 As at March 31, 2023	As at March 31, 2022
Financial assets Measured at fair value through profit or loss Investments (refer note 4) Derivative financial instruments (refer note 12) Measured at amortised cost Security deposits (refer note 5) Bank deposits with remaining maturity more than 12 months (refer note 5) Interest accrued on deposits (refer note 5) Measured at fair value through other comprehensive income Derivative financial instruments (refer note 12) Financial liabilities Measured at amortised cost Borrowings (Including current maturities) (refer note 16 and 18) Payables on purchase of property, plant and equipment (refer note 17) Measured at fair value through profit or loss Derivative financial instrument (refer note 20) Measured at fair value through other comprehensive income* Derivative financial instrument (refer note 20)	4.9 5.6 520.6 1,850.0 26.5 81.3 8,221.9 32.8 0.5 7.9	11.0 4.9 2.6 5.6 451.2 520.6 - 1,850.0 - 26.5 98.7 81.3 3,576.9 8,221.9 40.3 32.8 5.2 0.5 11.3 7.9	11.0 2.6 451.2 - - 98.7 3,576.9 40.3 5.2 11.3

Investment in note 4 (a) represents investments in equity shares of subsidiaries and associate which are carried at cost and hence are not required to be disclosed as per Ind AS 107 “Financial Instruments Disclosures”. Hence, the same have been excluded from the above table.

The management assessed that fair value of trade receivables, cash and cash equivalents, other bank balances, other current financial assets (except derivative financial assets), short term borrowings, trade payables and other current financial liabilities (except derivative financial liabilities) approximate their carrying amounts largely due to short-term maturities of these instruments.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

Fair value hierarchy

NOTE 45 - FINANCIAL INSTRUMENTS

Capital management

For the purpose of Company’s capital management, capital includes Issued equity capital and all reserves attributable to equity holders of the Company.

The Company’s capital management objectives are:

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below

Level 1: ‘Quoted prices in an active market: This level of hierarchy includes financial instruments that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: ‘Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. This level of hierarchy include Company’s over-the-counter (OTC) derivative contracts and mutual funds.

to ensure the Company’s ability to continue as a going concern

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.”

The Company manages capital risk in order to maximize shareholders’ profit by maintaining sound/optimal capital structure through monitoring of financial ratios, such as net debt-to-equity ratio on a monthly basis and implements capital structure improvement plan when necessary. There is no change in the overall capital risk management strategy of the Company compared to last year.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

A. Fair value hierarchy as at 31 March 2023

Particulars	As at March 31, 2023	Level 1	Level 2	Level 3 Valuation technique(s) and key input(s)
Financial assets – investments in private equity fund (refer note 4) – investments in unquoted equity instruments * (refer note 4) – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income Financial liabilities – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income	3.7 1.2 5.6 81.3 0.5 7.9	– – – – – –	3.7 – 5.6 81.3 0.5 7.9	– NAV published in annual report of private equity fund. 1.2 – Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange. – Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange. – Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange. – Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange

There have been no transfers between Level 1, Level 2 and Level 3 during the year.

The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique and inputs with sensitivity analysis have not been given.

Fair value hierarchy as at 31 March 2022

Particulars	As at March 31, 2022	Level 1	Level 2	Level 3	Valuation technique(s) and key input(s)
Financial assets – investments in private equity fund (refer note 4) – investments in unquoted equity instruments * (refer note 4) – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income Financial liabilities – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income	9.8 1.2 2.6 98.7 5.2 11.3	– – – – – –	9.8 – 2.6 98.7 5.2 11.3	– 1.2 – – – –	NAV published in annual report of private equity fund. Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange

There have been no transfers between Level 1, Level 2 and Level 3 during the year.

The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique and inputs with sensitivity analysis have not been given.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

Financial Risk Management Framework

The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, lease liabilities, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations. The Company’s principal financial assets include trade and other receivables, receivables from government authorities, security deposits and cash and cash equivalents that derive directly from its operations. The Company also holds investments and enters in to derivative transactions.

The Company’s corporate treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

The Chief financial officer reports quarterly to the Board of Directors of the Company for monitoring risks and reviewing policies implemented to mitigate risk exposures.

Credit risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company has also taken export credit insurance for mitigation of export credit risk for certain parties.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to Rs. 2,720.2 million and Rs. 5,285.3 million as of March 31, 2023 and March 31, 2022, respectively. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business and by way of taking credit insurance against export receivables.

The following table gives details in respect of percentage of revenues generated from top one customer and top five customers (excluding incentives):

Particulars	As at 31-Mar-23 As at 31-Mar-22 13.2% 16.7% 33.3% 35.2%
Revenue from top customer (%) Revenue from topfive customers (%)

*Revenue from top customer amounting to Rs. 7,808.4 million (Previous year Rs. 10,900.9 million) pertains to segment in USA market

Credit Risk Exposure

The Company has used a practical expedient by computing the expected loss allowance for trade receivables based on historical credit loss experience and adjustments for forward looking information

For Trade receivables ageing refer note 58

The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2023 was Rs. 6.9 million (Previous year Rs.7.3 million).

The allowance for lifetime expected credit loss on customer balances for the year (Previous year Rs.7.3 million).	ended March 31, 202	3 was Rs. 6.9 million
Particulars	As at 31-Mar-23	As at 31-Mar-22
Balance at the beginning Expected credit loss recognised Reversed during the year Balance at the end	7.3	1.8 5.5 –
	–
	0.4
	6.9	7.3

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

In case of its non-current financial assets i.e. Other Incentive receivables from Government authorities, the Company has computed the expected loss allowance based on its expection of time period involved in realisation of cash flows, The allowance for lifetime expected credit loss on non-current financial assets is Nil (Previous year Nil). The following is the movement in the expected credit loss allowance.

Particulars	As at 31-Mar-23	As at 31-Mar-22
Balance at the beginning Expected credit loss recognised Written off during the year Balance at the end	–	30.0 – 30.0
	–
	–
	–	–

Liquidity risk

(i) Liquidity risk management

The Company’s objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times.

The Chief Financial Officer of the Company is responsible for liquidity risk management and the Company has established an appropriate liquidity risk management framework for the management of the Company’s short, medium and long-term funding and liquidity management requirements. Liquidity risk is managed by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Chief Financial Officer reports the same to the Board of Directors on quarterly basis.”

(ii) Maturities of financial liabilities

The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted contractual cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows.

Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above	Total undiscounted contractual cash flows	Carrying amount of liabilities
March 31, 2023 Non-interest bearing – Trade payable – Interest accrued but not due on borrowings – Payables to employees – Payables on purchase of property, plant and equipment – Unclaimed divdend – Other liabilities Fixed-interest bearing – Security deposits – Non-Convertible debentures Variable interest rate instruments – Borrowings from banks and other financial institution - Lease liabilities Total

	5,484.1	–	–	–	5,484.1	5,484.1
	12.1	–	–	–	12.1	12.1
	690.7	–	–	–	690.7	690.7
	1,337.8	24.6	8.2	–	1,370.6	1,370.6
	150.4	–	–	–	150.4	150.4
	75.2	–	–	–	75.2	75.2

	88.3	–	–	–	88.3	88.3
	–	250.0	–	–	250.0	250.0

	5,700.2	1,213.0	2,062.2	4,521.5	13,496.9	13,491.1
	58.9	113.2	63.1	275.2	510.4	296.5
	13,597.7	1,600.8	2,133.5	4,796.7	22,128.7	21,909.0

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above	Total undiscounted contractual cash flows	Carrying amount of liabilities
March 31, 2022 Non-interest bearing – Trade Payable – Interest accrued but not due on borrowings – Payables to employees – Payables on purchase of property, plant and equipment – Unclaimed divdend – Other liabilities Fixed-interest bearing – Security deposits – Non-convertible debentures – Borrowings from banks and other financial institution -Lease liabilities Total	4,545.9 10.0 672.2 509.8 148.6 64.6 85.1 312.5 12,299.6 40.7	– – – 22.0 – – – 625.0 491.2 72.1	– – – 18.3 – – – – 771.6 68.9	– – – – – – – – 1,215.1 306.6	4,545.9 10.0 672.2 550.1 148.6 64.6 85.1 937.5 14,777.5 488.3	4,545.9 10.0 672.2 550.1 148.6 64.6 85.1 936.1 14,770.1 257.6
	18,689.0	1,210.3	858.8	1,521.7	22,279.8	22,040.3

Derivative financial instruments

The Company holds derivative financial instruments such as foreign currency forward contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank or a financial institution. These derivative financial instruments are values based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above
Derivative financial instruments March 31, 2023 Foreign exchange forward contracts (at forward rate) (highly probable forecast sales) – USD Total March 31, 2023 Foreign exchange forward contracts (at forward rate) hedging against purchase – EUR – USD Total March 31, 2023 Foreign exchange option contracts (at closing spot rate) – USD Total Derivative financial instruments March 31, 2022 Foreign exchange forward contracts (at forward rate) (highly probable forecast sales) – USD Total


	12,009.4	–	–	–
	12,009.4	–	–	–


	528.9	–	–	–
	21.0	–	–	–
	549.9	–	–	–



	–	–	–	–
	12,990.8	–	–	–
	12,990.8	–	–	–

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

Foreign currency rate sensitivity

Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above
March 31, 2022 Foreign exchange forward contracts (at forward rate) hedging against purchase – EUR – CHF Total March 31, 2022 Foreign exchange option contracts (at closing spot rate) – USD Total	688.3 176.1	– –	– –	– –
	864.4	–	–	–
	37.9
	37.9	–	–	–

Financing arrangements

The Company had access to following borrowing facilities at the end of the reporting period:

The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows.

Particulars	Currency	March 31, 2023 March 31, 2022
Trade Receivables Trade payables and payables on purchase of property, plant and equipment and intangible assets	USD GBP EUR AUD SGD* USD EUR CHF AED	23.2 52.1 - 0.1 0.0 0.0 0.0 – - 0.0 14.7 13.1 3.8 0.3 0.4 – 2.0 2.6

*Represents EUR 222 and AUD 4,449 (Previous year SGD 28,960).

Particulars	31-Mar-23	31-Mar-22	Of the above foreign currency exposures, the following exposures are	not hedged by a derivative.	not hedged by a derivative.
Cash credit/export packing credit/working capital loans from banks
– Utilised	5,475.3	11,973.1	Particulars	Currency	March 31, 2023	March 31, 2022
– Non Utilised	12,524.7	6,026.9	Trade receivables	GBP	–	0.1
Secured bill acceptance facility				EUR*	0.0	0.0
– Utilised	43.9	156.2		AUD*	0.0	–
– Non Utilised	1,956.1	1,843.8		SGD*	–	0.0
	20,000.0	20,000.0	Trade payables and payables on purchase of property, plant and	USD	14.7	13.1
Market risk			equipment and intangible assets	EUR	3.8	0.3
Market risk is the risk that the fair value or future cash flows of a financial instrument rices Market risk comrises two tes of risk: currenc risk and interest rate risk	will fluctuate because of changes in market Financial instruments affected b market			CHF AED	0.4 2.0	– 2.6

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency risk and interest rate risk. Financial instruments affected by market risk includes loan and borrowings, lease liabilities and derivative financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Company uses derivatives to manage market risks. Derivatives are only used for economic hedging purposes and not as speculative investments. All such transactions are carried out within the guidelines set by the Board of Directors and Risk Management Committee.

*Represents EUR 222 and AUD 4,449 (Previous year SDG 28,960).

For the year ended March 31, 2023, every 1 percent depreciation/appreciation in the exchange rate against USD, might have affected the Company’s incremental margins (profit as a percentage to revenue) approximately by 0.43%. The Company’s exposure to foreign currency changes for all other currencies is not material.

There has been no significant changes to the Company’s exposure to market risk or the methods in which they are managed or measured.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt obligations with floating interest rates. The borrowings (excluding non convertible debentures) as at March 31, 2023 is Rs. 13,491.1 million (previous year Rs. 14,770.1 million) which are interest bearing and interest rates are variable.

Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Company’s exposure to currency risk relates primarily to the Company’s operating activities when transactions are denominated in a different currency from the Company’s functional currency.

Interest rate sensitivity

For the year ended March 31, 2023, every 1 percentage increase/decrease in weighted average bank interest rate might have affected the Company’s incremental margins (profit as a percentage to revenue) approximately by 0.23% (previous year 0.15%).

The Company manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12 month period for hedges of forecasted sales.

Price risk

The Company’s investments in other funds are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the price risk through diversification and by placing limits on individual and total equity instruments. Reports on the portfolio are submitted to the Company’s senior management on a regular basis.

At the reporting date, the exposure in other funds is Rs.3.7 million (previous year Rs. 9.8 million). A decrease or increase in NAV of 5% could have an impact of approximately of Rs.0.2 million (previous year Rs. 0.5 million) on the profit or loss.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

Derivatives not designated as hedging instruments

The Company uses forward currency contracts and option currency contracts to hedge its foreign currency risks. Derivative contracts not designated by management as hedging instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value on each reporting date. Such contracts are entered into for periods consistent with exposure of the underlying transactions.

Derivatives designated as hedging instruments

The Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with written principles which is consistent with the risk management strategy of the Company.

Cash flow hedges

Foreign currency risk

Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of forecasted hedged items in US dollar and Euro. These forecast transactions are highly probable.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

The impact of the hedging instruments on the balance sheet is as follows:

(In million)

	(In million)
Particulars	Notional Amount (USD) Carrying Amount (Rs.) Line item in the statement of financial position Change in fair value used for measuring ineffectiveness for the year
As at March 31, 2023 Foreign exchange forward contracts (in USD) of exports Foreign exchange forward contracts (in USD) of exports As at March 31, 2022 Foreign exchange forward and option contracts (in USD) of exports Foreign exchange forward contracts (in USD) of exports
	123.1 81.3 Other current financial assets 81.3
	21.1 7.9 Other current financial liabilities 7.9
	130.8 98.7 Other current financial assets 98.7 37.7 11.3 Other current financial liabilities 11.3

The impact of hedged items on the Statement of Financial Position is, as follows:

The foreign exchange forward contract balances vary with the level of expected foreign currency sales and changes in foreign exchange forward rates.

The fair value of derivative financial instruments is as follows:

Particulars	March 31, 2023	March 31, 2022
	Assets Liabilities	Assets Liabilities
Fair value of foreign currency forward exchange and range forward option contract designated as hedginginstruments	81.3 7.9	98.7 11.3

The critical terms of the foreign currency forward contracts match the terms of the expected highly probable forecast sale transactions. As a result, no hedge ineffectiveness arises requiring recognition through profit or loss.

The cash flow hedges of the forecasted sale transactions during the year ended March 31, 2023 were assessed to be highly effective and unrealised loss of Rs. 13.9 million (Previous year Rs. 119.9 million, with a deferred tax charge of Rs. 3.5 million (Previous year Rs. 30.2 million) relating to the hedging instruments, is included in other comprehensive income.

The following table includes the maturity profile of the hedged foreign exchange forward contracts:

(In million)

Particulars	Maturity Less than 1 month 1 to 3 months – 68.6 – 82.9 – 72.1 – 76.8 – – – –	Maturity Less than 1 month 1 to 3 months – 68.6 – 82.9 – 72.1 – 76.8 – – – –			9 to 12 months
	Less than 1 month		3 to 6 months	6 to 9 months		Total
As at March 31, 2023 Foreign exchange forward contracts (highly probable forecast sales) Notional amount (in USD) Average forward rate (USD/INR) As at March 31, 2022 Foreign exchange forward contracts (highly probable forecast sales) Notional amount (in USD) Average forward rate (USD/INR) Foreign exchange option contracts (highly probable forecast sales) Notional amount (in USD) Average option contract rate (USD/INR)		68.6 82.9 72.1 76.8 – –			– – – – – –

	–		45.0	30.6		144.2
	–		83.5	83.7		–
	– – – –		50.2 77.4 0.5 78.3	45.7 78.2 – –		168.0 – 0.5 –

==> picture [482 x 280] intentionally omitted <==

----- Start of picture text -----

Particulars March 31, 2023 March 31, 2022
Change in fair value Cash flow Change in fair value Cash flow
used for measuring hedge used for measuring hedge
ineffectiveness reserve ineffectiveness reserve
Highly probable forecast sales (13.9) (13.9) (119.9) (119.9)
The effect of the cash flow hedge in the Statement of Profit and Loss and Other comprehensive income is, as follows:
Gain/(loss)
reclassified from
Total hedging gain/
Ineffectiveness Line item other comprehensive Line item
(loss) recognised in
Particulars recognised in in the Statement income to Profit or in the statement of
other comprehensive
Profit or Loss of Profit and Loss Loss on cancellation Profit and Loss
income
of foreign exchange
forward contracts
March 31, 2023
Highly probable 24.9 – – ( 38.8) Revenue from
forecast sales contract with
customers
March 31, 2022
Highly probable (189.5) – – 69.6 Revenue from
forecast sales contract with
customers
----- End of picture text -----

Impact of hedging on equity

Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:

Particulars	Gain/(loss) in Cash flow hedge reserve
As at 31 March 2023 Effective portion of changes in fair value arising from Foreign exchange forward contracts Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts Tax (charge)/credit	(13.9)
	24.9
	(38.8)
	3.5

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - FINANCIAL INSTRUMENTS (Contd..)

Particulars	Gain/(loss) in Cash flow hedge reserve
As at 31 March 2022 Effective portion of changes in fair value arising from Foreign exchange forward contracts Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts Tax (charge)/credit	(119.9) (189.5) 69.6 30.2

Valuation Technique

The Company enters into derivative financial instruments with various counterparties, principally banks and financial instiutions with investment grade credit ratings. Foreign exchange forward and option contracts are valued using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models, using present value calculations. Where quoted market prices are not available, fair values are based on management’s best estimates, which are arrived at by the reference to market prices.

The Company has the following derivative instruments outstanding as at the year-end against its foreign currency exposures / future transactions:

S. No.	Details of derivatives	Amount (in million) Purpose
1 2 3 1 2 3	Forward and option contracts As at March 31, 2023 Sale Purchase Purchase As at March 31, 2022 Sale Purchase Purchase

		144.2 Hedging against future contracts / trade receivables
		5.9 Hedging against project imports
		0.3 Hedging against project imports
		168.5 Hedging against future contracts / trade receivables 8.1 Hedging against project imports 3.0 Hedgingagainstproject imports

Disclosure of currency options contracts:

a. Currency options contracts:

As at year end, the net open position of currency options contracts is as follows:

Currency	Buy contracts	Sell contracts	Net Open Position – long/(short)	Premium paid	MTM (gain)/ loss	Sum of net
	(Quantity)	(Quantity)	(Quantity)	(Rs. million) (1)	(Rs. million) (2)	(Rs. million) (1+2)
As at March 31, 2023 Currency options contracts USD Total As at March 31, 2022 Currency options contracts USD Total

	–	–	–	–	–	–
	–	–	–	–	–	–
	–	0.5	(0.5)	0.1	(0.5)	(0.4)
	–	0.5	(0.5)	0.1	(0.5)	(0.4)

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 46

The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

NOTE 47 - DISTRIBUTION MADE AND PROPOSED

Dividends on equity shares declared and paid:	As at March 31, 2023	As at March 31, 2022
Interim dividend for the year ended on 31 March 2023: Rs. 0.36 per share Final dividend for the year ended on 31 March 2021: Rs. 0.36 per share Interim dividend for the year ended on 31 March 2022: Rs. 0.36 per share Total**	1,802.3	– 1,834.6 1,834.6
	–
	–
	1,802.3	3,669.2

Interim dividend declared and distributed is after waiver of dividend of Rs. 32.3 million on equity shares held by the Trident Limited Employee Welfare Trust. *Final dividend declared and distributed is before adjusting dividend of Rs. 36.1 million paid to Trident Limited Employee Welfare Trust on equity shares held by it.

***Interim dividend declared and distributed is before adjusting dividend of Rs. 35.3 million paid to Trident Limited Employee Welfare Trust on equity shares held by it.

NOTE 48 - EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR)

As per section 135 of the Companies Act, 2013 and rules therein, the Company is required to spend at least 2% of average net profit of past three years towards Corporate Social Responsibility (CSR). Details of corporate social responsibility expenditures are as follows:

Particulars	Particulars	Particulars	For the year ended March 31, 2023	For the year ended March 31, 2023	For the year ended March 31, 2022
(a) Amount required to be spent on CSR as per Section 135 of the Companies Act, 2013 ('the Act') (b) Amount approved by the board to be spent during the year (c) Amount spent (i) Construction/acquisition of any asset (ii) On purpose other than (i) above* (d) Detail of related party transactions out of (c) above: - Trident Foundation# - Contribution to Trident Institute of Social Sciences (TISS)##			126.4		90.1 90.1 - 99.2 18.6 12.1
			126.4

			-
			128.3

			9.8
			78.7
* including amount utilised out of opening balance of excess CSR expenditure of Rs. 25.1 million (Previous year Rs. Nil) (refer below) # represents contribution for the purpose of promoting education, skill development and rural development. ## represents contribution for the purpose of promoting healthcare. There are no ongoing projects under Section 135(6) of the Act during the current year and previous year. Details of CSR expenditure under Section 135(5) of the Act in respect of other than ongoing projects Balance as on March 31, 2022 Amount deposited in Specified Fund of Schedule VII of the Act within 6 months Amount required to be spent during theyear Amount spent during the year Balance as on March 31, 2023 - - 126.4 128.3** -
-	-	126.4		128.3** -

**During the year ended March 31, 2023 the Company has spent an amount of Rs. 128.3 million on CSR as against the amount of Rs. 126.4 million required to be spent on CSR as per Section 135 of the Act. The Company does not intend to carry forward the excess amount spent for set off in succeeding financial years as permitted under CSR Rules 2014.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 48 - EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR) (Contd..)

Details of CSR expenditure under Section 135(5) of the Act in respect of other than ongoing projects

Balance as on March 31, 2021	Amount deposited in Specified Fund of Schedule VII of the Act within 6 months	Amount required to be spent during theyear	Amount spent during the year Balance as on March 31, 2022
-	-	90.1	99.2 -

Details of excess CSR expenditure under Section 135(5) of the Act

Balance as at March 31, 2022 (A)	Balance as at March 31, 2022 (A)	Amount required to be spent during the year (B)	Amount spent during theyear (C)	Balance as at March 31, 2023 (D=(A)-(B)+(C))
25.1		126.4	103.3	-
Balance as at March 31, 2021 (A)		Amount required to be spent during the year (B)	Amount spent during theyear (C)	Balance as at March 31, 2022 (D=(A)-(B)+(C))
	16.0	90.1	99.2	25.1

Nature of CSR activities	Promoting Education, Promoting Healthcare, Rural development, Skill development, Sports, Social Welfare,EmpoweringWomen,Environmental Sustainability,Animal Welfare.

NOTE 49 - LIST OF SUBSIDIARIES AND ASSOCIATES WITH OWNERSHIP % AND PLACE OF BUSINESS :

Name of the investees	Principal place of business	Proportion of ownership as at March 31, 2023	Proportion of ownership as at March 31, 2022 Method used to account for the investment 100% At cost 100% At cost – At cost – At cost – At cost
Subsidiaries Trident Global Corp Limited Trident Europe Limited Trident Home Textiles Limited Trident Innovations Limited Trident Home Décor Limited Trident Global Inc. Associate Trident Global Inc./**	India United Kingdom India India India USA USA	100% 100% 100% 100% 100% 73.50% 49.00%
			– At cost
			49.00% At cost

acquired during the current year

** Subscribed for share capital and become wholly owned subsidiary company during the year.

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023

(All amounts In Rs. Million, unless otherwise stated)

NOTE 50

(a) Pursuant to approval granted by Union Cabinet on July 14, 2021 (notified on August 13, 2021), for continuation of Rebate of State and Central taxes and Levies (RoSCTL) with the same rates as notified by Ministry of Textiles vide Notification dated March 08, 2019 on exports of Apparel/Garments and Made-ups, during the previous year, the Company had accrued the export benefits of RoSCTL of Rs. 579.3 million pertaining to the eligible export sales for the period from January 1, 2021 to March 31, 2021.

Further, the Central Government had also notified Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme Guidelines and Rates for other textile products vide Notification dated August 17, 2021. Accordingly, during the previous year, the Company had accrued the benefits under the aforesaid scheme amounting to Rs. 30.9 million on eligible export sales for the period from January 1, 2021 to March 31 2021.

Hence, revenue from operations for the year ended March 31, 2022 includes Rs. 610.2 million on standalone basis for the period from January 1, 2021 to March 31, 2021.

(b) During the previous year, Company had accrued the benefits under the aforesaid schemes amounting to Rs. 2,844.1 million (net of discount of Rs. 579.3 million). Due to lower realization of e-Scrips (received/receivable under RoSCTL and RoDTEP schemes), the Company had reduced the value of such export benefits by the amount of prevailing discount on e-Scrips amounting to Rs. 392.5 million on outstanding e-Scrips as at March 31, 2022.

Due to favourable realization of e-Scrips (received/receivable under RoSCTL and RoDTEP schemes) during the year, revenue from operations for the year ended March 31, 2023 includes Rs. 228.6 million, being the amount of additional realisation of e-Scrips outstanding as on March 31, 2022.

NOTE 51 - DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT 2013

a) Particulars of Investments made:

Particulars	As at March 31, 2021	Investments made during the year	Investments sold during the year	Investment in associate recognised	As at March 31, 2022	Investments made during the year	Investments sold during the year	Investment in associate recognised	As at March 31, 2023
Investments in equity instruments of subsidiaries and associate (carried at cost) Trident Global Corp Limited Trident Europe Limited Trident Innovations Limited Trident Home Décor Limited Trident Home Textiles Limited Trident Global Inc./ Unquoted investments in equity instruments (carried at fair value through profit or loss)* Nimbua Greenfield (Punjab) Association	5.0 20.0 – – – – 1.2	– – – – – – –	– – – – – – –	– – – – – 1.1 –	5.0 20.0 – – – 1.1 1.2	– – 0.1 0.5 0.5 – –	– – – – – – –	– – – – – – –
									5.0
									20.0
									0.1
									0.5
									0.5
									1.1

									1.2
Total	26.2	–	–	1.1	27.3	1.1	–	–	28.4

During the previous year, on account of positive net worth of the associate, the Company had recognised the investment in associate which was written off in earlier years.

***During the current year, the Company has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 12,250 (24.5%) equity shares of Trident Global Inc (‘TGI’) (earlier associate of the Company). Pursuant to the acquisition of THTL, the Company holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Company w.e.f. December 1, 2022.

**** During the previous year, on account of positive net worth of the associate, the Company had recognised the investment in associate which was written off in earlier years.

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

b) Particulars of loans given:

Particulars of loans given:
Particulars	As at March 31, 2021	Loans given during the year	Loans repaid during the year	As at March 31, 2022	Investments made during the year	Loans given during the year	Loans repaid during the year	As at March 31, 2023
IANS India Private Limited A B Cotspin India Limited Total	- -	- -	- -	- -	- -	60.0 10.0	(60.0) (10.0)	-
								-
	-	-	-	-	-	70.0	(70.0)	-

NOTE 52

During the current year, the Company has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 24.5% equity shares of Trident Global Inc. (‘TGI’) (earlier associate of the Company). Pursuant to the acquisition of THTL, the Company holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Company w.e.f. December 1, 2022. Further, during the current year, the Company has acquired 100% share of Trident Innovations Limited on July 22, 2022 and has subscribed for share capital in wholly owned subsidiary company Trident Home Décor Limited on June 22, 2022.

NOTE 53

On April 05, 2021, a major fire broke out in the Cotton warehouse located in the manufacturing facilities at Budhni, Madhya Pradesh, however the fire had not caused any disturbance in the day to day operations of the said facilities. The fire had resulted in major damage of stocks of cotton lying in the cotton warehouse and its building. During the previous year, the Company had received the insurance claim and accounted for loss on account of fire of H 73.5 million.

NOTE 54

The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period when the Code becomes effective.

NOTE 55 - Other Statutory Information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,
(iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.
(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(vii) The Company does not have any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

			Reason for variance								Decrease in profitability due to decrease in net margin	and lower sales in current year as compare to previous	year which has led in decrease in return on equity.						Decrease in the trade payables turnover ratio on account	of the decrease in the purchases during the year	compared to the previous year.			Decrease in profitability due to decrease in net margin	Decrease in profitability due to decrease in net margin	and lower sales in current year as compare to previous	year which has led in decrease in return on capital	Decrease is on account of decrease in fair value gain/	(loss) on investments
			% change	8%	–21%			-19%			–55%			-2%		12%			–36%			–12%		–44%	–45%			-195%
			31-Mar-22	1.25	0.51			12.41			28.56%			4.50		13.25			9.60			13.90		15.80%	0.20			8.51%
Notes to Standalone Ind AS Financial Statements	as at and for the year ended March 31, 2023 (All amounts are in Million, unless otherwise stated	NOTE 56 - RATIOS	Ratio Numerator Denominator 31-Mar-23	Current ratio Current assets Current liabilities 1.35	Debt- Equity Total debt (excluding lease Total equity (excluding PPE fair valuation 0.40	Ratio liabilities) reserve and effective portion of cash	flow hedge)	Debt service (Profit before tax+ Interest Long term debt (excluding lease liabilities) 10.08	coverage ratio* expense + depreciation and repaid during the year + Interest expense	amortisation expense)	Return on Net Profits after tax Average Shareholder’s Equity (excluding 12.92%	Equity ratio PPE fair valuation reserve and Effective	portion of cash flow hedge)	Inventory Cost of goods sold Average Inventory 4.41	turnover ratio	Trade receivable Revenue (excluding Average accounts receivable 14.83	turnover ratio government subsidy and	export incentives)	Trade payable Net purchases of raw Average trade payables 6.17	turnover Ratio materials and purchase of	stock in trade	Net capital Revenue from operations Working capital = Current assets – 12.17	turnover Ratio current liabilities	Net profit ratio Net Profit before tax Net sales = total sales - sales return 8.84%	Return Earnings before interest and Capital employed = Total assets-Total 0.11	on capital taxes liabilities-Intangible assets+Total	employed Debt+Total deferred tax liability	Return on Income/(loss) on investments Non current Investments -8.08%	investment	*Prepayments of long term bebts have not been considered for computation of Debt Service Coverage Ratio

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Financial Statements

Notes to Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 57 - TRADE PAYABLES AGEING

March 31, 2023

Particulars		Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	payment
	Not due	Unbilled dues	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
i) MSME ii) Others iii) Disputed-MSME iv) Disputed-Others Total	1,044.2	–	501.9	3.0	–	–	1,549.1
	1,842.9	1,338.2	692.3	45.2	11.7	–	3,930.3
	–	–	–	4.0	–	–	4.0
	–	–	–	–	–	0.7	0.7
	2,887.1	1,338.2	1,194.2	52.2	11.7	0.7	5,484.1

March 31, 2022

March 31, 2022
Particulars		Outstanding for following periods from due date of				payment
	Not due	Unbilled dues	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
i) MSME ii) Others iii) Disputed-MSME iv) Disputed-Others Total	504.5 2,098.0 – –	– 1,478.8 – –	185.1 235.4 4.0 –	1.2 15.8 – –	– 16.3 – –	0.1 6.0 – 0.7	690.9 3,850.3 4.0 0.7
	2,602.5	1,478.8	424.5	17.0	16.3	6.8	4,545.9

Note 58 - TRADE RECEIVABLES AGEING

March 31, 2023

Particulars		Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	payment
	Not due	Less than 6 months	6 months -1 year	1-2 years	2-3 years	More than 3 years	Total
i) Undisputed Trade receivables -considered good ii) Undisputed Trade receivables -which have significant increase in credit risk Total	2,342.8	330.9	19.3	27.2	-	-	2,720.2
	-	-	3.8	2.0	1.0	0.1	6.9
	2,342.8	330.9	23.1	29.2	1.0	0.1	2,727.1

March 31, 2022

March 31, 2022
Particulars		Outstanding for following periods from due date of				payment
	Not due	Less than 6 months	6 months -1year	1-2 years	2-3 years	More than 3years	Total
i) Undisputed Trade receivables -considered good ii) Undisputed Trade receivables -which have significant increase in credit risk Total	4,260.0 –	956.6 –	67.6 4.2	1.1 2.5	– 0.4	– 0.2	5,285.3 7.3
	4,260.0	956.6	71.8	3.6	0.4	0.2	5,292.6
As per our report of even date As per our report of even date ForDeloitte Haskins & Sells For and on behalf of the Board of Directors ForS.R. Batliboi & Co. LLP Chartered Accountants Chartered Accountants (ICAI Firm’s Registration No. 301003E/E300005) (Firm’s Registration No. 015125N) Anil Gupta Alka Chadha Rajiv Dewan Deepak Nanda Partner Partner Chairman Managing Director (Membership No. 87921) (Membership No. 93474) DIN: 00007988 DIN: 00403335 Avneesh Barua Hari Krishan Chief Financial Officer Company Secretary Place : Chandigarh Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023 Date : May 24, 2023

Form AOC-I

(Pursuant to first proviso to sub-section (3) of section 129 of the Companies Act, 2013 read with rule 5 of Companies (Accounts) Rules, 2014)

STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES / ASSOCIATE COMPANIES / JOINT VENTURES

PART “A” : SUBSIDIARIES

	PART “A” : SUBSIDIARIES	PART “A” : SUBSIDIARIES
1	Sr. No.		(INR Million, except otherwise stated) (1) (2) Trident Global Corp Limited Trident Europe Limited February 3, 2013 November 26, 2015 Not Different Not Different Not Applicable 1 GBP = INR 101.7 5.0 20.6 568.8 (16.8) 925.9 12.6 352.1 8.8 - - 3,503.2 52.5 109.7 (10.0) 27.9 - 81.8 (10.0) - - 100 % 100 %
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16	Name of the subsidiary Date since when subsidiary was acquired Reporting period for the subsidiary concerned, if different from the holding company’s reporting period Reporting currency and exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries Share capital Reserves & surplus Total assets Total liabilities (excluding Share Capital and Reserves & surplus) Investments Turnover (Total Income) Profit / (Loss) before taxation Provision for taxation Profit / (Loss) after taxation Proposed Dividend % of shareholding		Trident Global Corp Limited February 3, 2013 Not Different Not Applicable 5.0 568.8 925.9 352.1 - 3,503.2 109.7 27.9 81.8 - 100 %		Trident Europe Limited November 26, 2015 Not Different 1 GBP = INR 101.7 20.6 (16.8) 12.6 8.8 - 52.5 (10.0) - (10.0) - 100 %
(INR Million, except otherwise stated) 1 Sr. No. (3) (4) 2 Name of the subsidiary Trident Home Textiles Limited Trident Home Décor Limited 3 Date since when subsidiary was acquired December 1, 2022 June 22, 2022 4 Reporting period for the subsidiary concerned, if different from the holding company’s reporting period Not Different Not Different 5 Reporting currency and exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries Not Applicable Not Applicable 6 Share capital 0.5 0.5 7 Reserves & surplus 0.1 (0.0) 8 Total assets 1.0 0.5 9 Total liabilities (excluding Share Capital and Reserves & surplus) 0.2 0.0 10 Investments - - 11 Turnover (Total Income) - - 12 Profit / (Loss) before taxation (0.1) (0.0) 13 Provision for taxation - - 14 Profit / (Loss) after taxation (0.1) (0.0) 15 Proposed Dividend - - 16 % of shareholding 100 % 100 % a. Names of Subsidiaries which are yet to commence operations NA NA b. Names of Subsidiaries which have been liquidated or sold during the year NA NA
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16	Name of the subsidiary Date since when subsidiary was acquired Reporting period for the subsidiary concerned, if different from the holding company’s reporting period Reporting currency and exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries Share capital Reserves & surplus Total assets Total liabilities (excluding Share Capital and Reserves & surplus) Investments Turnover (Total Income) Profit / (Loss) before taxation Provision for taxation Profit / (Loss) after taxation Proposed Dividend % of shareholding	Trident Home Textiles Limited December 1, 2022 Not Different Not Applicable 0.5 0.1 1.0 0.2 - - (0.1) - (0.1) - 100 %		Trident Home Décor Limited June 22, 2022 Not Different Not Applicable 0.5 (0.0) 0.5 0.0 - - (0.0) - (0.0) - 100 %
a. Names of Subsidiaries which are yet to commence operations Trident Home Textiles Limited b. Names of Subsidiaries which have been liquidated or sold during the year NA				Trident Home Décor Limited NA

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Financial Statements

1	Sr. No.	(INR Million, except otherwise stated) (5) (6) Trident Innovations Limited Trident Global Inc. July 22, 2022 December 1, 2022 Not Different Not Different Not Applicable 1 USD = INR 82.2 0.1 2.3 (0.1) 54.6 0.0 538.6 (0.0) 481.9 - - - 326.1 (0.0) 41.6 - 4.7 (0.0) 36.9 - - 100 % 100 %	(INR Million, except otherwise stated) (5) (6) Trident Innovations Limited Trident Global Inc. July 22, 2022 December 1, 2022 Not Different Not Different Not Applicable 1 USD = INR 82.2 0.1 2.3 (0.1) 54.6 0.0 538.6 (0.0) 481.9 - - - 326.1 (0.0) 41.6 - 4.7 (0.0) 36.9 - - 100 % 100 %
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16	Name of the subsidiary Date since when subsidiary was acquired Reporting period for the subsidiary concerned, if different from the holding company’s reporting period Reporting currency and exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries Share capital Reserves & surplus Total assets Total liabilities (excluding Share Capital and Reserves & surplus) Investments Turnover (Total Income) Profit / (Loss) before taxation Provision for taxation Profit / (Loss) after taxation Proposed Dividend % of shareholding	Trident Innovations Limited July 22, 2022 Not Different Not Applicable 0.1 (0.1) 0.0 (0.0) - - (0.0) - (0.0) - 100 %	Trident Global Inc. December 1, 2022 Not Different 1 USD = INR 82.2 2.3 54.6 538.6 481.9 - 326.1 41.6 4.7 36.9 - 100 %
a. Names of Subsidiaries which are yet to commence operations Trident Innovations Limited b. Names of Subsidiaries which have been liquidated or sold during the year NA			NA NA

PART “B” : ASSOCIATES AND JOINT VENTURES

Statement pursuant to Section 129 (3) of the Companies Act , 2013 related to Associate Companies and Joint Ventures

Name of Associates / Joint Ventures

1 Latest audited Balance Sheet Date
2 Date on which the Associate / Joint Venture was associated or acquired Shares of Associate / Joint Ventures held by the Company on the year end
No.
3 Amount of Investment in Associate / Joint Venture Extend of Holding %

NIL (Refer note 4(a), 49 and 51(a) of Standalone Financials)

4 Description of how there is significant influence
5 Description of how there is significant influence
6 Networth attributable to Shareholding as per latest audited Balance Sheet (Rs Million)
7 Profit / (Loss) for the year (Rs Million)
i. Considered in Consolidation
ii. Not Considered in Consolidation
a. Names of Associates which are yet to commence operations
: Nil
b. Names of Associates which have been liquidated or sold during the year : Refer note 4(a), 49 and 51(a) of Standalone Financials

Notes :

The above statement also indicates performance and financial position of each of the Subsidiary and Associate Companies.

For and on behalf of the Board of Directors of Trident Limited

RAJIV DEWAN

DEEPAK NANDA

Director Managing Director DIN : 00007988 DIN : 00403335

Place: Chandigarh Date : May 24, 2023

AVNEESH BARUA HARI KRISHAN Chief Financial Officer Company Secretary

Independent Auditor’s Report

To The Members of Trident Limited

Report on the Audit of the Consolidated Ind AS Financial Statements

Opinion

Basis for Opinion

We have audited the accompanying consolidated Ind AS financial statements of Trident Limited (”the Parent Company” including Trident Employee Welfare Trust) and its subsidiaries, (the Parent Company and its subsidiaries together referred to as “the Group”) and the Group’s share of profit in its associate comprising of the Consolidated Balance Sheet as at 31st March 2023, and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated Ind AS financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the consolidated Ind AS financial statements”).

We conducted our audit of the consolidated Ind AS financial statements in accordance with the Standards on Auditing (SAs) specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Ind AS financial Statements section of our report. We are independent of the Group and its associate in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of the consolidated Ind AS financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in the sub-paragraphs (a) and (b) of the Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated Ind AS financial statements.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of the other auditors on separate financial statements and on the other financial information of Trident Limited Employee Welfare Trust and subsidiaries, referred to in the Other Matters section below, the aforesaid consolidated Ind AS financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended (‘Ind AS’), and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group and its associate as at 31 March 2023, and their consolidated profit, their consolidated total comprehensive income, their consolidated cash flows and their consolidated changes in equity for the year ended on that date.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated Ind AS financial statements for the financial year ended March 31, 2023. These matters were addressed in the context of our audit of the consolidated Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter

How our audit addressed the key audit matter

Valuation of raw materials inventories (Refer note 2.1(L), 2.2 and 8 to the consolidated Ind AS financial statements) The Group’s raw materials inventories primarily comprises cotton Principal audit procedures performed and fibers, yarn, dyes and chemicals and agro based products. which amounts to H 5,631.5 million as at March 31, 2023. Raw materials inventories are valued at cost and net realisable value, whichever is lower. Raw materials inventories held for use in the production of inventories are not written down below cost if the tested the operating effectiveness of such controls; finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decline in the price of raw materials indicates that the cost of the finished products exceeds net realisable value, the raw materials are written with applicable accounting standards down to net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and cost necessary to make the sale.

• Obtained understanding and evaluated the design and implementation of controls that the Group has established for determining the valuation of raw materials inventories and tested the operating effectiveness of such controls;

Read and assessed the Group’s accounting policy with regard to valuation of raw materials inventories and its compliance with applicable accounting standards

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Financial Statements

Key Audit Matter

How our audit addressed the key audit matter

For selected samples:
tested the accuracy of the purchase cost of raw materials inventories by examining supporting documents such as vendor contract, purchase invoices and shipping documents.

in connection with valuation of raw materials inventories at net realisable value, we understood, tested and evaluated the reasonableness of judgements i.e. current market price, utilisation/consumption pattern, expected sales applied by the management in determining the net realisable value.
verified that raw materials inventories are valued as per Group’s policy i.e. at cost and net realisable value, whichever is lower.
Tested appropriateness of the disclosures in the financial statements in respect of write-down of raw materials inventories to net realisable value.

Other Information

Other Information generally accepted in India. The respective Board of Directors of the companies included in the Group and of its associate are
• The Parent Company’s Board of Directors is responsible responsible for maintenance of adequate accounting records in for the other information. The other information comprises accordance with the provisions of the Act for safeguarding of the the information included in the Parent Company’s Annual assets of their respective entities for preventing and detecting Report, but does not include the consolidated Ind AS financial frauds and other irregularities; selection and application statements, standalone Ind AS financial statements and our of appropriate accounting policies; making judgments and auditor’s report thereon. estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
• Our opinion on the consolidated Ind AS financial statements controls, that were operating effectively for ensuring the
does not cover the other information and we do not express accuracy and completeness of the accounting records, relevant
any form of assurance conclusion thereon. to the preparation and presentation of the consolidated Ind AS
• In connection with our audit of the consolidated Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error,
financial statements, our responsibility is to read the other which have been used for the purpose of preparation of the
information, consider whether the other information is consolidated Ind AS financial statements by the Directors of the
materially inconsistent with the consolidated Ind AS financial Parent Company, as aforesaid.
In connection with our audit of the consolidated Ind AS financial statements, our responsibility is to read the other information, consider whether the other information is materially inconsistent with the consolidated Ind AS financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. Other information so far as it relates to the subsidiaries, is traced from their financial statements audited by the other auditors.
In preparing the consolidated Ind AS financial statements, the respective Management of the companies included in the Group and of its associate are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

The respective Board of Directors of the companies included in the Group and of its associate are also responsible for overseeing the financial reporting process of their respective entities.

Responsibilities of Management and Those Charged with Governance for the Consolidated Ind AS Financial Statements

Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements

The Parent Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these consolidated Ind AS financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in equity of the Group including its Associate and in accordance with the Ind AS and other accounting principles

Our objectives are to obtain reasonable assurance about whether the consolidated Ind AS financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated Ind AS financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Parent Company has adequate internal financial controls with reference to consolidated Ind AS financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated Ind AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated Ind AS financial statements, including the disclosures, and whether the consolidated Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associate of which we are the independent auditors to express an opinion on the consolidated Ind AS financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated Ind AS financial statements of which we are the independent auditors. For the other entities included in the consolidated Ind AS financial statements, which have been audited by the other auditors, such other auditors

remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Parent Company and such other entities included in the consolidated Ind AS financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated Ind AS financial statements for the year ended March 31, 2023 and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

(a) We did not audit the financial statements and other financial information of Trident Limited Employee Welfare Trust included in the accompanying consolidated Ind AS financial statements of the Group whose financial statements and other financial information reflect total assets of H 514.8 million as at March 31, 2023 and the total revenues of H 436.5 million and net cash inflow of H 33.7 million for the year ended on that date. The financial statements and other financial information of Trident Limited Employee Welfare Trust has been audited by the other auditor whose report have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of Trident Limited Employee Welfare Trust, is based solely on the report of such auditor.
(b) We did not audit the financial statements and other financial information, in respect of 5 subsidiaries, whose financial statements include total assets of H 552.8 million as at March 31, 2023, and total revenues of H 378.4 and net cash outflows of H 3.7 million for the year ended on that date. These financial statements and other financial information have been audited by other auditors, which financial statements, other financial information and auditor’s reports have been furnished to us by the management. Our opinion on the consolidated Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, is based solely on the reports of such other auditors.

209

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Trident Limited | Annual Report 2022-23

Financial Statements

(c) The accompanying consolidated Ind AS financial statements also include the Group’s share of net profit of H 3.8 million and Group’s share of other comprehensive income of H 3.8 million for the period from April 1, 2022 to November 30, 2022, in respect of 1 associate, whose financial statements and other financial information have not been audited by us and whose unaudited financial statements and other unaudited financial information have been furnished to us by the Management. Our opinion on the consolidated Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect of this associate, is based solely on such unaudited financial statements and other unaudited financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements and other financial information are not material to the Group.
Our opinion on the consolidated Ind AS financial statements above and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements and other financial information certified by the Management.

Report on Other Legal and Regulatory Requirements

With respect to the matters specified in clause (xxi) of paragraph 3 and paragraph 4 of the Companies (Auditor’s Report) Order, 2020 (“CARO”/ “the Order”) issued by the Central Government in terms of Section 143(11) of the Act, according to the information and explanations given to us, and based on the CARO reports issued by us and the auditors of respective companies included in the consolidated Ind AS financial statements to which reporting under CARO is applicable, as provided to us by the Management of the Parent Company, we report that there are no qualifications or adverse remarks by the respective auditors in the CARO reports of the said companies included in the consolidated Ind AS financial statements except for the following:
(d) The financial statements and other financial information, in respect of 1 subsidiary, whose financial statements include total assets of H 935.7 million as at March 31, 2023, and total revenues of H 3,535.0 million and net cash outflows of H 94.6 million for the year ended on that date as considered in the consolidated Ind AS Financial Statements, have been audited by one of the joint auditors.

Parent company/ subsidiary/ joint venture	Clause number of the CARO report which is qualified or is adverse
Parent Company	vii(a)

S. No.	Name	CIN
1.	Trident Limited	L99999PB1990PLC010307

Section 143(3) of the Act is not applicable to Trident Limited (e) On the basis of the written representations received Employee Welfare Trust and companies incorporated from the directors of the Parent Company as on March outside India. As required by Section 143(3) of the Act, 31, 2023 taken on record by the Board of Directors of based on our audit and on the consideration of the reports the Parent Company and the reports of the statutory of the other auditors on the separate financial statements auditors of its subsidiary companies, incorporated in and other financial information of subsidiaries referred to India, none of the directors of the Group companies is in the ‘Other Matters’ section above we report, to the extent disqualified as on March 31, 2023 from being appointed applicable, that: as a director in terms of Section 164 (2) of the Act;
- (f) With respect to the adequacy of the internal financial controls with reference to consolidated Ind AS financial statements of the Parent Company and its subsidiary companies, incorporated in India, and the operating effectiveness of such controls, refer to our separate Report in “Annexure 1” to this report. The said Annexure expresses an unmodified opinion on the adequacy and operating effectiveness of the Group’s internal financial controls with reference to consolidated Ind AS financial statements;
(a) We/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated Ind AS financial statements;
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated Ind AS financial statements have been kept so far as it appears from our examination of those books, and the reports of the other auditors;
(g) In our opinion and to the best of our information and according to the explanations given to us and based on the auditor’s report of 1 subsidiary company incorporated in India, the managerial remuneration paid/ provided by the Parent Company and such subsidiary company to their directors for the year ended March 31, 2023 is in accordance with the provisions of section 197 read with Schedule V to the Act. Further, based on the auditor’s report of 3 subsidiary companies incorporated in India, no managerial remuneration is paid/provided by these subsidiary companies to their directors during the year ended March 31, 2023 and hence, reporting for the provisions of section 197 read with Schedule V to the Act is not applicable for these subsidiary companies.;
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Income, the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated Ind AS financial statements;
(d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Ind AS specified under Section 133 of the Act;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statements and other financial information of the subsidiary companies, as referred in the ‘Other matters’ section above;
i) The consolidated Ind AS financial statements disclose the impact of pending litigations on the consolidated Ind AS financial position of the Group in its consolidated Ind AS financial statements - Refer Note 32 to the consolidated Ind AS financial statements;
ii) The Group did not have any material foreseeable losses on long-term contracts including derivative contracts during the year ended March 31, 2023. - Refer Note 46 to the consolidated Ind AS financial statements;
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Parent Company and its subsidiary companies incorporated in India, during the year ended March 31, 2023.
iv) (a) The respective Managements of the Parent Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, have represented to us and to the other auditors of such subsidiaries respectively that, to the best of their knowledge and belief, as disclosed in the note 55(v) to the consolidated Ind AS financial statement, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Parent Company or any of such subsidiaries to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Parent Company or any of such subsidiaries and associate (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E30005

per Anil Gupta Partner Membership No.: 87921 UDIN: 23087921BGXAUG2883

Place: Chandigarh Date: May 24, 2023

(b) The respective Managements of the Parent Company and its subsidiaries, which are companies incorporated in India whose financial statements have been audited under the Act, have represented to us and to the other auditors of such subsidiaries respectively that, to the best of their knowledge and belief, as disclosed in the note 55(vi) to the consolidated Ind AS financial statement, no funds have been received by the Parent Company or any of such subsidiaries and associate from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Parent Company or any of such subsidiaries shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditors of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditor’s notice that has caused us or the other auditors to believe that the representations under subclause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v) The interim dividend declared and paid by the Parent Company during the year and until the date of this audit report is in accordance with section 123 of the Act. The subsidiary companies incorporated in India have not declared or paid any dividend during the year.
vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable w.e.f. April 1, 2023 to the Parent Company and its subsidiary companies which are incorporated in India, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023

For Deloitte Haskins & Sells

Chartered Accountants (Firm’s Registration No. 015125N)

Alka Chadha

Partner (Membership No. 93474) UDIN: 23093474BGYFHB5532

Place: Chandigarh Date: May 24, 2023

211

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Trident Limited | Annual Report 2022-23

Financial Statements

Annexure 1 to the Independent Auditor’s Report

(Referred to in paragraph (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

controls with reference to consolidated Ind AS financial statements included obtaining an understanding of internal financial controls with reference to consolidated Ind AS financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

Report on the Internal Financial Controls with reference to consolidated Ind AS financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

In conjunction with our audit of the consolidated Ind AS financial statements of Trident Limited (hereinafter referred to as the “Parent Company”) as of and for the year ended March 31, 2023, we have audited the internal financial controls with reference to consolidated Ind AS financial statements of the Parent Company and its subsidiaries (the Parent Company and its subsidiaries together referred to as “the Group”) which are companies incorporated in India, as of that date.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the subsidiary companies, which are incorporated in India, in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated Ind AS financial statements.

Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Parent Company and its subsidiary companies, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls with reference to consolidated Ind AS financial statements based on the internal control over financial reporting criteria established by the respective Companies considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI)”. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Meaning of Internal Financial Controls with reference to consolidated Ind AS financial statements

A company's internal financial control with reference to consolidated Ind AS financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to consolidated Ind AS financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Parent Company's internal financial controls with reference to consolidated Ind AS financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated Ind AS financial statements was established and maintained and if such controls operated effectively in all material respects.

Inherent Limitations of Internal Financial Controls with reference to consolidated Ind AS financial statements

Because of the inherent limitations of internal financial controls with reference to consolidated Ind AS financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated Ind AS financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated Ind AS financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated Ind AS financial statements and their operating effectiveness. Our audit of internal financial

Opinion

financial controls with reference to consolidated Ind AS financial statements of the Parent Company, in so far as it relates to 3 subsidiary companies, which are incorporated in India, is based solely on the corresponding reports of the auditors of such subsidiary companies incorporated in India.

In our opinion to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors referred to in the Other Matters paragraph below, the Parent Company and, its subsidiary companies, which are companies incorporated in India, have maintained, in all material respects, an adequate internal b) financial controls with reference to consolidated Ind AS financial statements and such internal financial controls with reference to consolidated Ind AS financial statements were operating effectively as at March 31, 2023, based on the internal control over financial reporting criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

With respect to 1 subsidiary Company incorporated in India, report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to consolidated Ind AS financial statements of the Parent Company has been issued by one of the joint auditors.

Our opinion is not modified in respect of the above matters.

Other Matters

a) Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal

For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: 301003E/E30005

For Deloitte Haskins & Sells

Chartered Accountants (Firm’s Registration No. 015125N)

per Anil Gupta Partner Membership No.: 87921 UDIN: 23087921BGXAUG2883 Place: Chandigarh Date: May 24, 2023

Alka Chadha

Partner

(Membership No. 93474) UDIN: 23093474BGYFHB5532

Place: Chandigarh Date: May 24, 2023

213

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Trident Limited | Annual Report 2022-23

Financial Statements

Consolidated Balance Sheet

as at March 31, 2023

Particulars Note No.		(Rs. million) As at March 31, 2022
	As at March 31, 2023
I ASSETS Non current assets a) Property, plant and equipment 3 b) Capital work in progress 3,38 c) Intangible assets 3 d) Right of use assets 41 e) Intangible assets under development f) Investment in associate 4(a) g) Financial assets i) Investments 4(b),45 ii) Other financial assets 5,45 h) Non current tax assets (net) 6 i) Deferred tax assets (net) 44 (b) j) Other non current assets 7 Total non current assets Current assets a) Inventories 8 b) Financial assets i) Trade receivables 9,45 ii) Cash and cash equivalents 10,45 iii) Other bank balances (other than ii above) 11,45 iv) Other financial assets 12,45 c) Current tax assets (net) 6 d) Other current assets 13 Total current assets Total assets II EQUITY AND LIABILITIES Equity a) Equity share capital 14 b) Other equity 15 Equity attributable to equity holders of the parent Non controlling interest Total equity Non current liabilities a) Financial liabilities i) Borrowings 16,45 ii) Lease liabilities 41 iii) Other financial liabilities 17 b) Deferred tax liabilities (net) 44 (b) Total non current liabilities Current liabilities a) Financial liabilities i) Borrowings 18,45 ii) Lease liabilities 41 iii) Trade payables 19,45 a) Total outstanding dues of micro enterprises and small enterprises; and b) Total outstanding dues of creditors other than micro enterprises and small enterprises iv) Other financial liabilities 20,45 b) Provisions 21 c) Other current liabilities 22 d) Current tax liabilities (net) 23 Total current liabilities Total liabilities Total equity and liabilities		36,204.6

	39,669.3
	3,622.4	824.1
	316.1	354.4 567.6 9.9 7.1 11.0 453.1 141.0 - 829.5
	957.7
	59.6
	-

	4.9
	2,405.8
	141.0
	2.0
	655.0
	47,833.8	39,402.3
		13,143.8 5,252.6 2,710.5 214.1 1,134.9 - 3033.1
	10,818.0

	2,765.4
	1,267.3
	2,382.6
	1,555.4
	17
	. 1663.2
	, 20,453.6	, 25,489.0
	68,287.4	64,891.3
		5,096.0 33,350.8

	5,096.0
	36,830.3
	41,926.3	38,446.8
	15.2	-
	41,941.5	38,446.8
		3,096.6 240.1 40.3 3,034.4

	8,042.5
	603.2
	32.8
	3,017.6
	11,696.1	6,411.4
		12,609.6 20.7 694.9 3,910.8 1,508.7 196.8 817.9 273.7

	5,698.6
	77.6

	1,555.0
	3,846.5
	2,378.6
	1169
	. 9022
	. 74.4
	14,649.8	20,033.1
	26345.9	26444.5
	, 68,287.4	, 64,891.3
See accompanying notes forming part of the consolidated financial statements 1 t	o 62

See accompanying notes forming part of the consolidated financial statements

As per our report of even date

For and on behalf of the Board of Directors

For Deloitte Haskins & Sells Chartered Accountants (Firm’s Registration No. 015125N)

Rajiv Dewan Deepak Nanda Chairman Managing Director DIN: 00007988 DIN: 00403335 Avneesh Barua Hari Krishan Chief Financial Officer Company Secretary

Anil Gupta Alka Chadha Partner Partner (Membership No. 87921) (Membership No. 93474) Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023

Place : Chandigarh Date : May 24, 2023

Consolidated Statement of Profit and Loss

for the year ended March 31, 2023

Particulars Note No.			(Rs. million) For the year ended March 31, 2022	(Rs. million) For the year ended March 31, 2022
	For the year ended March 31, 2023
1 Revenue from operations 24 2 Other income 25 3 Total Income (1+2)		63,322.6	2,986.9 (160.3) (2.7) 3.2	69,976.6 225.7
		243.6
		63,566.2		70,202.3
4 Expenses:				33,681.2 618.7 (862.6) 6,695.4 862.3 3,328.0 (224.9) 14,945.6
Cost of raw materials consumed 26 Purchase of stock in trade 27 Changes in inventories of finished goods, waste, work-in-progress and stock in trade 28 Employee benefits expenses 29 Finance costs 30 Depreciation and amortisation expense 3 Forex loss/(gain) (including MTM) Other expenses 31 Total expenses 5 Profit before tax and share of profit of associate (3-4) 6 Share of profit of associate 7 Profit before tax (5+6) 8 Tax expenses 44 (a) 44 (a) 44 (a) - Current tax - Deferred taxcharge/(credit) - Current tax adjustments related to earlier years - Deferred tax adjustments related to earlier years 44 (a) 9 Profit for the year (7-8) 10 Other comprehensive income/ (loss) Items that will not be reclassified to profit or loss : - Remeasurement gain of the defined benefit plan - Income tax related to items that will not be reclassified to profit or loss Items that will be reclassified to profit or loss : - Net movement in effective portion of cash flow hedge reserve - Exchange differences in translating the financial statements of a foreign operation - Income tax related to items that may be reclassified to profit or loss Other Comprehensive Income/(loss), net of taxes 11 Total comprehensive income (9+10) 12 Profit for the year Attributable to: Equity holders of the parent Non controlling interest Total 13 Other comprehensive income/(loss), for the year Equity holders of the parent Non controlling interests Total 14 Total comprehensive income for the year Equity holders of the parent Non controlling interests Total 12 Earnings per share (EPS) face value (of INR 1/- each) 37 - Basic - Diluted		33,851.5
		485.9
		(582.2)
		6,503.8
		796.2
		3,127.7
		(20.9)
		13,617.4
		57,779.4		59,043.7
		5,786.8		11,158.6
		3.8		6.0
		5,790.6		11,164.6
				2,827.1
	1,397.9
	13.6
	(7.7)
	(29.3)	1,374.5
		4,416.1		8,337.5
				72.8 (18.3)

		87.2
		(21.9)
		65.3		54.5
				(119.9) (0.2) 30.2
		(13.9)
		1.4
		3.2
		(9.3)		(89.9)
		56.0		(35.4)
		4,472.1		8,302.1
				8,337.5 -
		4,407.4
		8.7
		4,416.1		8,337.5
				(35.4) -
		55.7
		0.3
		56.0		(35.4)
				8,302.1 -
		4,463.2
		8.9
		4,472.1		8,302.1
				1.67 1.67
		0.88
		0.88

See accompanying notes forming part of the consolidated financial statements 1 to 62 As per our report of even date As per our report of even date For and on behalf of the Board of Directors For S.R. Batliboi & Co. LLP For Deloitte Haskins & Sells Rajiv Dewan Deepak Nanda Chartered Accountants Chartered Accountants Chairman Managing Director ICAI Firm Registration Number 301003E/E300005 (Firm’s Registration No. 015125N) DIN: 00007988 DIN: 00403335 Anil Gupta Alka Chadha Avneesh Barua Hari Krishan Partner Partner Chief Financial Officer Company Secretary (Membership No. 87921) (Membership No. 93474) Place : Chandigarh Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023 Date : May 24, 2023

215

214

Trident Limited | Annual Report 2022-23

Financial Statements

Total equity	Total equity	Total equity	33,283.2	8,337.5 (0.2) (89.7) 54.5 8,302.1 169.1 139.5 66.1 84.6 (3,597.8)	38,446.8	(Rs. Million)	Total Equity	Total Equity	Total Equity	38,446.8	4,416.1 1.1 (10.4) 65.3 4,472.1 224.8 204.8 10.9 384.3 (1,802.3)	41,941.5
Non- controlling interests			-	- - - - - - - - - -	-		Non- controlling interests			-	8.7 0.3 - - 9.0 - - 6.2 - -	15.
		Total	33,283.2	8,337.5 (0.2) (89.7) 54.5 8,302.1 169.1 139.5 66.1 84.6 (3,597.8)	38,446.8				Total	38,446.8	4,407.4 0.8 (10.4) 65.3 4,463.1 224.8 204.8 4.7 384.3 (1,802.3)	41,926.3
	me	Effective portion of cash flow hedge	155.2	- - (89.7) - (89.7) - - - - -	65.5			me	Effective portion of cash flow hedge	65.5	- - (10.4) - (10.4) - - - - -	55.1
	omprehensive inco	Exchange differences on translating the financial statements of a foreign operation	1.8	- (0.2) - - (0.2) - - - - -	1.6			omprehensive inco	Exchange differences on translating the financial statements of a foreign operation	1.6	- 0.8 - - 0.8 - - - - -	2.4
	Other c	Equity instrument through Other comprehensive Income	(0.7)	- - - - - - - - - -	(0.7)			Other c	Equity instrument through other comprehensive income	(0.7)	- - - - - - - - - -	(0.7)
		Compulsorily convertible debentures	-	- - - - - 169.1 - - - -	169.1	..)			Compulsorily convertible debentures	169.1	- - - - - - - - - -	169.1
		Share based payment reserve	-	- - - - - - 139.5 (139.5) - -	-	ontd			Share based payment reserve	-	- - - - - 224.8 (218.7) - - -	6.1
		Retained earnings	16,047.9	8,337.5 - - 54.5 8,392.0 - - - - (3,597.8)	20,842.1	y (C			Retained earnings	20,842.1	4,407.4 - - 65.3 4,472.7 - - - - (1,802.3)	23,512.5
of the parent	s	Capital redemption reserve	600.0	- - - - - - - - - -	600.0	Equit	of the parent	s	Capital redemption reserve	600.0	- - - - - - - - - -	600.0
uity holders	s and surplu	Treasury shares	(751.0)	- - - - - - - 66.1 - -	(684.9)	s in	uity holders	s and surplu	Treasury shares	(684.9)	- - - - - - 204.8 - - -	(480.1)
table to the eq	Reserve	PPE fair valuation reserve *	6,907.7	- - - - - - - - - -	6,907.7	ange	table to the eq	Reserve	PPE fair valuation reserve *	6,907.7	- - - - - - - - - -	6,907.7
Attribu		Trident employee welfare trust reserve	-	- - - - - - - - - -	-	f Ch	Attribu		Trident employee welfare trust reserve	-	- - - - - - - 308.5 -	308.5
		General reserve	958.7	- - - - - - - 139.5 84.6 -	1,182.8	nt o			General reserve	1,182.8	- - - - - 218.7 - 75.8 -	1,477.3
		Securities premium reserve	3.333.7	- - - - - - - - - -	3.333.7	eme			Securities premium reserve	3,333.7	- - - - - - - - - -	3,333.7
		Capital reserve	933.9	- - - - - - - - - -	933.9	Stat , 2023			Capital reserve	933.9	- - - - - - - 4.7 - -	938.6
Equity share capital			5,096	- - - - - - - - - -	5,096	ed arch 31	Equity share capital			5,096.0	- - - - - - - - -	5,096.0
Particulars			As at March 31, 2021 Profit for the year Exchange difference on translation of foreign operations Net movement in effective portion of cash flow hedge reserve, net of tax effect Remeasurement of the benefit plan, net of tax effect Total comprehensive income Issued during the year (refer note 58) Compensation options granted during the year (refer note 14 and 43 B) Share options exercised during the year (refer note 14 and 43 B) Share options exercised during the year (refer note 14) Dividend paid on equity shares As at March 31, 2022			Consolidat for the year ended M	Particulars			As at March 31, 2022 Profit for the year Exchange difference on translation of foreign operations Net movement in effective portion of cash flow hedge reserve, net of tax effect Remeasurement of the benefit plan, net of tax effect Total comprehensive income Compensation options granted during the year (refer note 14 and 43 B) Share options exercised during the year (refer note 14 and 43 B) Acquisition of non controlling interest (refer note 59) Share options exercised during the year (refer note 14) Dividend paid on equity shares As at March 31, 2023

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Financial Statements

Consolidated Cash Flow Statement

for the year ended March 31, 2023

for the year ended March 31, 2023
Particulars			(Rs. million) For the year ended March 31, 2022
	For the year ended March 31, 2023
A. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax Adjustments for: Depreciation and amortization expense Interest expenses on financial liabilities measured at amortised cost Interest income Profit on sale of non current/current investments Fair valuation gain on non current investments (net) Investment in associate recognised (written off in earlier years) Fair value loss on non-current investments Share based payment expense Irrecoverable Balances written off (net) Expected credit loss allowance on trade receivables Unrealised foreign exchange loss Share of (profit) of associate Exchange differences in translating the financial statements of a foreign operation Gain on disposal of property, plant and equipment (net) Operating profit before working capital changes Changes in working capital: Adjustments for (increase)/decrease in operating assets: Inventories Trade receivables Other current financial assets Other non current financial assets Other current assets Other non current assets Adjustments for increase/(decrease) in operating liabilities: Trade payables Other current financial liabilities Other current liabilities Current provisions Cash generated from operations Direct taxes paid (net) Net cash flow from operating activities (A) B. CASH FLOW FROM INVESTING ACTIVITIES Payment for property, plant and equipment, capital work in progress, intangible assets and intangible asset under development Proceeds from sale of property, plant and equipment Loans given Loans given received back Purchase of current investments Proceeds from sale of current investments Proceeds from sale of non current investments Interest received Fixed deposits not considered as cash and cash equivalents - Placed - Matured Net cash (used) in investing activities (B)
		5,790.6	3,328.0 816.8 (76.0) (1.5) (0.7) (1.1) - 139.5 - 5.5 10.0 (6.0) - (35.7)	11,164.6
				4,178.8
	3,127.7
	778.9
	(170.5)
	-
	-
	-
	2.8
	222.2
	3.7
	-
	64.9
	(3.8)
	1.4
	(5.3)	4,022.0
		9,812.6	(2,914.0) (763.4) (144.9) 56.1 (1,536.1) (0.3) 1,606.2 (27.2) 163.4 (25.7)	15,343.4
				(3,585.9)

	2,471.5
	2,587.1
	(407.7)
	(70.1)
	1,458.7
	(406.7)

	479.2
	42.0
	45.2
	(79.9)	6,119.3
		15,931.9	(3,616.8) 99.4 - - (70.0) 70.1 5.1 73.1 (61.6) 67.6	11,757.5
		(1,669.4)		(2,731.7)
		14,262.5		9,025.8

	(7,790.9)
	31.5
	70.0
	(70.0)
	-
	-
	3.3
	119.4

	(4,732.2)
	715.5
		(11,653.4)		(3,433.1)

Consolidated Cash Flow Statement

for the year ended March 31, 2023

Particulars			(Rs. million) For the year ended March 31, 2022	(Rs. million) For the year ended March 31, 2022
	For the year ended March 31, 2023
C. CASH FLOW FROM FINANCING ACTIVITIES			- 164.7 169.1 - (312.5) 959.4 (89.0) 8,513.2 (8,720.0) (926.0) (6.6) (23.3) (3,597.8)
Amount received by Trident Limited Employee Welfare Trust against sale of treasury shares Amount received by Trident Limited Employee Welfare Trust from employees against issuance of stock options Proceeds from issue ofcompulsorilyconvertibledebentures by a subsidiary company Proceeds from issue of non-convertible debentures Repayment of non-convertible debentures Proceeds from non current borrowings Repayment of non current borrowings Net increase/(decrease) in working capital borrowings payable on demand/having maturities of less than three months Repayment of short term borrowings having a maturity of more than three months Interest paid Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities Dividend paid on equity shares Net cash (used) in financing activities (C) Net (decrease)/increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year Cash and cash equivalents acquired on account of acqusition of subsidiaries (Refer note 62) Cash and cash equivalents at the end of the year Comprises: Cash on hand Remittances in Transit Balances with banks : - In current accounts - In cash credit accounts - In bank deposits accounts (original maturity of less than 3 months)	487.8
	153.5
	-
	250.0
	(937.5)
	5,493.9
	(164.7)
	(6,610.1)
	-
	(911.1)
	(33.2)
	(30.1)
	(1,802.3)
		(4,103.8)		(3,868.8)
		(1,494.7)		1,723.9
		2,710.5		986.6 -
		51.5
		1,267.3		2,710.5
				40.3 10.8 14.5 - 2,644.9
		27.8
		84.6

		36.6
		153.3
		965.0
		1,267.3		2,710.5

Change in liabilities arising from financing activites	For the year ended March 31, 2023	For the year ended March 31, 2023	For the year ended March 31, 2022	For the year ended March 31, 2022
	Current	Non current (including current maturities)	Current	Non current (including current maturities)
Opening Balance Cash flow (net) Effective interest rate adjustment Closing Balance	12,129.3	3,576.9	12,336.1 (206.8) -	3,019.0 557.9 -
	(6,610.1)	4,641.7
	-	3 .3
	5,519.2	8,221.9	12,129.3	3,576.9
See accompanying notes forming part of the consolidated financial statements 1 to 62 As per our report of even date As per our report of even date For and on behalf of the Board of Directors ForDeloitte Haskins & Sells Rajiv Dewan Deepak Nanda Chartered Accountants Chairman Managing Director ForS.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number301003E/E300005 (Firm’s Registration No. 015125N) DIN: 00007988 DIN: 00403335 Anil Gupta Alka Chadha Avneesh Barua Hari Krishan Partner Partner Chief Financial Officer Company Secretary (Membership No. 87921) (Membership No. 93474) Place : Chandigarh Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023 Date : May 24, 2023

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 1 - CORPORATE INFORMATION

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The consolidated Ind AS financial statements comprise financial statements of Trident Limited (the Parent Company), its subsidiaries (the Parent Company and its subsidiaries together referred to as "the Group") and its associate for the year ended March 31, 2023. The Parent Company is a public company domiciled in India and incorporated on April 18, 1990 under the provisions of the Companies Act, 1956. The name of the Parent Company was changed from Abhishek Industries Limited to Trident Limited on April 18, 2011. The equity shares of the Parent Company are listed on two stock exchanges in India i.e. National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). The Group and its associate is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels & Bedsheets), Paper & Chemicals.

The consolidated Ind AS financial statements of the Group and its associate are presented in Indian Rupee (INR) and all values are rounded to the nearest million with one decimal place (INR. 000,000), except when otherwise indicated.

New and amended standards and interpretations

(i) Onerous Contracts – Costs of Fulfilling a Contract – Amendments to Ind AS 37

The registered office of the Parent Company is situated at Sanghera, India. The principal activities of the Group and its associate are described in Note 40. These consolidated Ind AS financial statements were approved for issuance by the Board of Directors of the Parent Company in their meeting held on May 24, 2023.

NOTE 2.1 - SIGNIFICANT ACCOUNTING POLICIES

A Statement of compliance

The consolidated Ind AS financial statements of the Group and its associate have been prepared in accordance with the Indian Accounting Standards (Ind AS) specified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards ) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (IND AS compliant Schedule III), to the extent applicable.

Basis of preparation and presentation

The consolidated Ind AS financial statements have been prepared under the historical cost convention on accrual basis except for following assets and liabilities which have been measured at fair value:

(ii) Property, Plant and Equipment: Proceeds before Intended Use – Amendments to Ind AS 16

Derivative financial instruments
Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments in Note Q)
- (iii) Ind AS 109 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities
Defined benefit plans - plan assets are measured at fair value
Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf.

accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. Accounting policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of general purpose financial statements.

All aforesaid amendments had no impact on the standalone Ind AS financial statement of the Group for the year ended March 31, 2023.

The amendments to Ind AS 1 are applicable for annual periods beginning on or after 1 April 2023. Consequential amendments have been made in Ind AS 107.

Standards notified but not yet effective

Recent pronouncements Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1, 2023, as below:

The Group is currently revisiting its accounting policy information disclosures to ensure consistency with the amended requirements.

(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12

(i) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, at the beginning of the earliest comparative period presented, a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability should also be recognised for all deductible and taxable temporary differences associated with leases and decommissioning obligations. Consequential amendments have been made in Ind AS 101. The amendments to Ind AS 12 are applicable for annual periods beginning on or after 1 April 2023.

The Group is currently assessing the impact of the amendments on its financial statements.

Principles of Consolidation

The amendments are not expected to have a material impact on the Group’s financial statements.

B

The consolidated Ind AS financial statements incorporate the consolidated Ind AS financial statements of the Parent Company and its subsidiaries and associate. Control is achieved when the Company:

(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1
has power over the investee;

is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

C

Investment in associate

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including:

The results and assets and liabilities of associate are incorporated in these consolidated Ind AS financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with Ind AS 105. Under the equity method, an investment in an associate is initially recognised in the Consolidated Balance Sheet at cost and adjusted thereafter to recognise the Group's share of the profit or loss and other comprehensive income of the associate. Distributions received from an associate reduce the carrying amount of the investment. When the Group's share of losses of an associate exceeds the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

the size of the Company's holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements; and
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders' meetings.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated Statement of Profit and Loss from the date the Company gains control until the date when the Company ceases to control the subsidiary.

An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group's share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised directly in equity as capital reserve in the period in which the investment is acquired.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Necessary adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies.

After application of the equity method of accounting, the Group determines whether there is any objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the net investment in an associate and that event (or events) has an impact on the estimated future cash flows from the net investment that can be reliably estimated. If there exists such an objective evidence of impairment, then it is necessary to recognise impairment loss with respect to the Group’s investment in an associate.

All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the Consolidated Statement of Profit and Loss, Consolidated Statement of Changes in Equity and Balance Sheet respectively.

After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. At each reporting date, the Group determines whether there is objective evidence that

The Ind AS financial statements of the subsidiary companies used in the consolidation are based on the audited financial statements which have been drawn upto the same reporting date as that of the Company i.e. March 31, 2023.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and their carrying value, and then recognises the loss as ‘Share of (loss) of an associate’ in the Statement of Profit and Loss.

obligations as per contracts with customers are fulfilled at the time of dispatch or delivery of goods depending upon the terms agreed with customer. .

The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods before transferring them to the customer.

The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with Ind AS 109. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.

Amounts disclosed as revenue are net of returns and allowances. The Group collects goods and services tax on behalf of the government and therefore, these are not economic benefits flowing to the Group. Hence, these are excluded from the revenue.

Variable consideration includes trade discounts, volume rebates and incentives, etc. The Group and its associates estimates the variable consideration with respect to above based on an analysis of accumulated historical experience. The Group and its associates adjusts estimate of revenue at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed.

The revenue in respect of duty drawback and similar other export benefits (Refer Note E) is recognized on post export basis at the rate at which the entitlements accrue and is included in the 'sale of products'.

When the Group reduces its ownership interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.

Interest Income

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the group and its associate estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in finance income in the Statement of Profit and Loss.

When a group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate is recognised in the Group’s consolidated Ind AS financial statements only to the extent of interests in the associate that are not related to the Group.

The Ind AS financial statements of the associate company used in the consolidation are based on the unaudited financial statements for the period from April 1, 2022 to November 30, 2022 (also refer note 52).

D Revenue recognition

Dividend income

Sale of products

Dividend on financial assets is recognised when the Group’s right to receive the dividends is established, it is probable that the economic benefits associated with the dividend will

Revenue from contracts with customers is recognised when control of the goods is transferred to the customer on satisfaction of performance obligations. The Performance

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

flow to the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can be measured reliably.

Other income

Insurance claims are recognised when there exists no significant uncertainty with regards to the amounts to be realized and the ultimate collection thereof.

Deferred tax is recognised using the liability method on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are generally recognised for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Contract balances - Trade receivables

E Government grants/subsidies

Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, the government grant related to asset is presented by deducting the grant in arriving at the carrying amount of the asset.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax law) as that have been enacted or substantively enacted by the end of the reporting period.

F Borrowing costs

Borrowing costs include interest and amortisation of ancillary costs incurred in relation to borrowings. Borrowing costs, allocated to and utilised for qualifying assets, pertaining to the period from commencement of activities relating to construction/development of the qualifying asset upto the date of capitalisation of such asset are added to the cost of the assets. Qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing costs.

Current and deferred tax are recognised in Statement of Profit and Loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group shall reflect the effect of uncertainty for each uncertain tax treatment by using either most likely method or expected value method, depending on which method predicts better resolution of the treatment.

Interest revenue earned on the temporary investment of specific borrowings for qualifying assets pending their expenditure, is deducted from the borrowing costs eligible for capitalisation.

The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred taxes assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

All other borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.

G Income taxes

Retirement and Employee benefits

H

Income tax expense comprises current income tax and deferred tax.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

The Group and its associate have schemes of employees benefits such as Provident fund, Gratuity and Compensated absences, which are dealt with as under:

and compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders the related services.

Defined Contribution

Long-term employee benefits

Provident fund is the defined contribution scheme. The contribution to this scheme is charged to Statement of Profit and Loss of the year in which contribution to such scheme become due and when services are rendered by the employees. The Group and its associate have no obligation other than the contribution payable to the provident fund. If the contribution payable to the scheme for services received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recogniszed as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recogniszed as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised as a liability at the present value of the defined benefit obligation as at the Balance Sheet date. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each Balance Sheet date. Actuarial gains and losses are recognised in the Statement of Profit and Loss in the period in which they occur. The Group and its associate present the entire leave liability as current liability, since it does not have an unconditional right to defer its settlement for 12 months after the reporting period.

Property, Plant and Equipment (PPE)

I

Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the balance sheet at cost less accumulated depreciation and accumulated impairment losses (if any). Freehold land is not depreciated and have been measured at fair value at the date of transition to Ind AS i.e. April 1, 2015. The Group regards the fair value as deemed cost at the transition date.

Defined Benefit plan

Gratuity liability in respect of employees of the Group and its associate is covered through trusts’ group gratuity schemes managed by Life Insurance Corporation of India, SBI Life Insurance Company Limited, Kotak Mahindra and Bajaj Allianz. The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date by an independent valuer. Remeasurement gains and losses are recognised in other comprehensive income in the period in which they occur. Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and is not reclassified to the Statement of Profit and Loss. Past service cost is recognised in the statement of profit and loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:

Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Property, plant and equipment except freehold land acquired before the date of transition to Ind AS is carried at cost net of accumulated depreciation and accumulated impairment losses, if any. Freehold land acquired before the date of transition to Ind AS are carried at deemed cost being fair value as at the date of transition to Ind AS. Cost comprises of its purchase price including non-refundable duties and taxes and excluding any trade discount and rebates and any directly attributable costs of bringing the asset to it working condition and location for its intended use. Cost also includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group’s accounting policy (refer note 2.1 (F)). Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets commences when the assets are ready for their intended use.

service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);
net interest expense or income; and
re-measurement

Short-term employee benefits

The Group reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Foreign exchange gains/losses capitalised in earlier years as a part of PPE are depreciated over the remaining useful life of the asset to which it relates.

Subsequent expenditure related to an item of PPE is capitalised only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. Such cost includes the cost of replacing part of the plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives.

When parts of an item of Property, plant & equipment have different useful life, they are accounted for as separate items (Major components) and are depreciated over the useful life of part or the parent asset to which it relates, whichever is lower.

Gains or losses arising from derecognition of the assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recogniszed in the Statement of Profit and Loss when the asset is derecogniszed.

J Depreciation on tangible assets

Intangible assets

K

Depreciable amount for assets is the cost (net of amount received towards government grant) of an asset, or other amount substituted for cost, less its estimated residual value.

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortiszation and accumulated impairment losses, if any. Intangible assets with finite lives are amortised on a straight line basis over the estimated useful economic life. The estimated useful life and amortisation method are reviewed at the end of each reporting period.

Development expenditures on an individual project are recognised as an intangible asset when the Group and its associate can demonstrate:

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale

		As per management estimate	As per schedule II
General plant	and	- 9.5 years	- 7.5 years
equipment on	triple
shift basis
End user devices, such		- 5 years	- 3 years
as, desktops, laptops,
etc (included	under
Computers)
Servers and networks		- 5 years	- 6 years
(included	under
Computers)
Office equipment		- 10 years	- 5 years
Vehicles		- 6 years	- 8 years
Tube wells and	water	- 10 years	- 5 years
reservoirs
Boundary walls		-20 years	-30 years
Roads		- 10years	- 5years

Its intention to complete and its ability and intention to use or sell the asset
How the asset will generate future economic benefits
The availability of resources to complete the asset
The ability to measure reliably the expenditure during development

Leasehold improvements are depreciated over the remaining lease period.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

	Asper management estimate
SAP licences	- 10 years
SAP Hana licences	- 5 years
Other softwares and	- 5 years
Websiteswebsites

Stores and spares: moving weighted average cost - Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

*Includes by products which is valued at net realizable value

During the period of development, the asset is tested for impairment annually.

Impairment of Non Financial Assets

M

The Group and its associate assess at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group and its associate estimate the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

L Inventories

Raw materials, work in progress, finished goods, process waste, stock in trade and stores and spares are valued at cost or net realizable value, whichever is lower. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and cost necessary to make the sale. The basis of determining cost for various categories of inventories is as follows:

Raw materials: moving weighted average cost *- Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

The Group and its associate base its impairment calculation on detailed budgets and forecast calculations which are prepared separately for each of the Group’s and its associate’ CGU’s to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long term growth rate is calculated and applied to projected future cash flows after the fifth year.

Work in progress: cost of raw materials plus conversion cost depending upon the stage of completion. Cost is determined on a moving weighted average basis except for work-in-progress inventory of towel and sheeting divisions for which cost is determined on a monthly weighted average basis
Stock-in-trade (acquired for trading) - Cost is determined on a moving weighted average basis.

Impairment losses, including impairment on inventories, are recogniszed in the Statement of Profit and Loss.

Finished goods (including stock in transit): cost of raw materials plus conversion cost and packing cost. Cost is determined on a moving weighted average basis except for finished goods inventory of towel and sheeting divisions for which cost is determined on a monthly weighted average basis.

An assessment is made at each reporting date as to whether there is any indication that previously recogniszed impairment losses may no longer exist or may have decreased. If such indication exists, the Group and its associate estimate the asset’s or CGU’s recoverable amount. A previously recogniszed impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recogniszed. The reversal is limited so that the carrying amount of the asset does not exceed

Process waste is valued at net realizable value
Stock in trade: weighted average cost - Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recogniszed for the asset in prior years. Such reversal is recogniszed in the Statement of Profit and Loss.

shorter of the lease term and the estimated useful lives of the assets, as follows:

Leasehold land 30 to 99 years
Office premises and guest houses 5 to 20 years

N Segment reporting

Factory premises (including plant & equipment) 10 years

The Group and its associate identify primary segments based on the dominant source, nature of risks and returns and the internal organisation and management structure. The operating segments are the segments for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

If ownership of the leased asset transfers to the Group and its associate at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. Refer to the accounting policies in section (M) Impairment of non-financial assets.

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker. Chief Operating Decision Maker review the performance of the Group and its associate according to the nature of products manufactured with each segment representing a strategic business unit that offers different products and serves different markets. The analysis of geographical segments is based on the locations of customers.

ii) Lease liabilities

At the commencement date of the lease, the Group and its associate recognise lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments are fixed payments.

In calculating the present value of lease payments, the Group and its associate use their incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.

O Leases

The Group and its associate assess at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Group as a lessee

The Group and its associate apply a single recognition and measurement approach for all leases, except for shortterm leases and leases of low-value assets. The Group and its associate recognise lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

The Group’s lease liabilities are disclosed separately in the balance sheet (see Note 41).

i) Right of use assets

iii) Short-term leases and leases of low-value assets

The Group and its associate recognise right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-ofuse assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the

The Group and its associate applyies the short-term lease recognition exemption to its short-term leases except in case of lease contracts with related parties since there exist is an economic incentive for the Group and its associate to continue using the leased premises for a period longer than the 11 months and considering the contract is with the related parties, it does not foreseeand non-renewal of the lease term for future periods is not foreseen, thus basis the substance and economics of the arrangements, management believes that under Ind AS 116, the

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.

lease terms in the arrangements with related parties have been determined considering the period for which management has an economic incentive to use the leased asset (i.e. reasonably certain to use the asset for the said period of economic incentive). Such assessment of incremental period is based on management assessment of various factors including the remaining useful life of the asset as on the date of transition. The management has assessed period of arrangements with related parties as 10 years as at April 01, 2019. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Contingent liabilities

Group as a lessor

Contingent Assets

Leases in which the Group and its associate do not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.

A contingent asset is a possible asset that arises from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise.

Contingent assets are neither recognised nor disclosed in the consolidated Ind AS financial statements.

Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease Q term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

P Provisions, contingent liabilities and contingent assets

(a) Financial assets

Provisions

Initial recognition and measurement

A provision is recognised when the Group and its associate have a present obligation (legal or constructive) as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions are determined based on the best estimate required to settle the obligation at the balance sheet date and measured using the present value of cash flows estimated to settle the present obligations (when the effect of time value of money is material). These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.

Onerous contracts

If the Group and its associate has a contract that is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Group and its associate recognises any impairment loss that has occurred on assets dedicated to that contract.

An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group and its associate cannot avoid because it has the contract) of meeting the obligations under the contract exceed the

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Group and its associate commit to purchase or sell the asset. Trade receivables that do not contain a significant financing component are measured transaction price.

both by collecting contractual cash flows and selling the financial assets, and

b) The asset’s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recogniszed in the other comprehensive income (OCI). However, the Group and its associate recognize interest income, impairment losses & reversals and foreign exchange gain or loss in the Statement of Profit and Loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to the Statement of Profit and Loss. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Subsequent measurement

Subsequent measurement of financial assets depends on the Group’s and its associate’s business model for managing the asset and the cash flow characteristics of the asset. For the purposes of subsequent measurement, financial assets are classified in four categories:

Financial assets at amortised cost (debt instruments) ;

Financial assets designated at fair value through OCI (equity instruments)

Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of cumulative gains and losses (debt instruments);

In the case of equity instruments which are not held for trading and where the Group and its associate have taken irrevocable election to present the subsequent changes in fair value in other comprehensive income, these elected investments are initially measured at fair value plus transaction costs and subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the ‘Equity instruments through other comprehensive income’ under the head 'Other Equity'. The cumulative gain or loss is not reclassified to Statement of Profit and Loss on disposal of the investments. The Group and its associate make such election on an instrument -byinstrument basis.

Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and
Financial assets at fair value through profit or loss

Financial assets at amortised cost (debt instruments)

A ‘financial asset’ is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

If the Group and its associate decide to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recogniszed in the OCI. There is no recycling of the amounts from OCI to Statement of Profit and Loss, even on sale of investment. However, the Group and its associate may transfer the cumulative gain or loss within equity.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the Statement of Profit and Loss. The losses arising from impairment are recognised in the Statement of Profit and Loss.

A financial asset is held for trading if:

it has been acquired principally for the purpose of selling it in the near term; or
on initial recognition it is part of a portfolio of identified financial instruments that the Group and its associate manage together and has a recent actual pattern of short-term profit-taking; or

Financial assets at FVTOCI (debt instrument)

A ‘financial asset’ is classified as at the FVTOCI if both of the following criteria are met:

it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.

a) The objective of the business model is achieved

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Gains and losses on these financial assets are never recycled to Statement of Profit and Loss. Dividends are recognised as other income in the Statement of Profit and Loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.

at FVTOCI, trade receivables and other contractual rights to receive cash or other financial asset.

Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to the Group and its associate in accordance with the contract and all the cash flows that the Group and its associate expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate (or credit-adjusted effective interest rate for purchased or originated credit-impaired financial assets). The Group and its associate estimate cash flows by considering all contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) through the expected life of that financial instrument.

Financial assets at FVTPL (equity instruments)

Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the Statement of Profit and Loss.

The Group and its associate measure the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition, the Group and its associate measure the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. 12-month expected credit losses are portion of the lifetime expected credit losses and represent the lifetime cash shortfalls that will result if default occurs within the 12 months after the reporting date and thus, are not cash shortfalls that are predicted over the next 12 months.

This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are recognised in the Statement of Profit and Loss when the right of payment has been established.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:

The rights to receive cash flows from the asset have expired, or

For trade receivables, the Group and its associate follow "simplified approach for recognition of impairment loss. The application of simplified approach does not require the Group to track changes in credit risk.

The Group and its associate have transferred their rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement and either (a) the Group and its associate have transferred substantially all the risks and rewards of the asset, or (b) the Group and its associate have neither transferred nor retained substantially all the risks and rewards of the asset, but have transferred control of the asset.

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Group and its associate have used a practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision matrix which takes into account historical credit loss experience and adjusted for forward-looking information.

(b) Financial liabilities

Impairment of financial assets

Initial recognition and measurement

The Group and its associate apply the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, debt instruments

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

loss, loans and borrowings, payables, or as derivatives as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s and its associate’s financial liabilities include trade and other payables, loans and borrowings including derivative financial instruments.

original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Offsetting of financial instruments

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Earnings per share

R

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss (FVTPL) include financial liabilities held for trading and financial liabilities designated upon initial recognition as at FVTPL. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group and its associate that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109 ‘Financial instruments’.

Treasury shares are reduced while computing basic and diluted earnings per share.

Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Operating cycle

Based on the nature of products/activities of the Group and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Group and its associate have determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

Financial liabilities at amortised cost (Loans and borrowings)

Derivative financial instruments and hedge accounting

The Group and its associate use derivative financial instruments such as foreign currency forward contracts and option currency contracts to hedge its foreign currency risks arising from highly probable forecast transactions. The counterparty for these contracts is generally a bank.

Derecognition

Derivatives not designated as hedging instruments

This category has derivative assets or liabilities which are not designated as hedges.

Although, the Group and its associate believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Any derivative that is either not designated a hedge, or is so designated but is ineffective, is recogniszed on balance sheet and measured initially at fair value. Subsequent to initial recognition, derivatives are re-measured at fair value, with changes in fair value being recogniszed in the Statement of Profit and Loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified immediately in the Statement of Profit and Loss.

Fair Value Measurement

U

The Group and its associate measure financial instruments, such as, derivatives at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

Hedge Accounting

The derivatives that are designated as hedging instrument under Ind AS 109 to mitigate risk arising out of foreign currency transactions are accounted for as cash flow hedges. The Group and its associate enter into hedging instruments in accordance with policies as approved by the Board of Directors with written principles which is consistent with the risk management strategy of the Group and its associate.

In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability

The hedge instruments are designated and documented as hedges at the inception of the contract. The effectiveness of hedge instruments is assessed and measured at inception and on an ongoing basis.

The principal or the most advantageous market must be accessible by the Group and its associate.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recogniszed in OCI, e.g., cash flow hedging reserve and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recogniszed immediately in the Statement of Profit and Loss. The amount accumulated is retained in cash flow hedge reserve and reclassified to profit or loss in the same period or periods during which the hedged item affects the Statement of Profit and Loss. Under fair value hedge, the change in the fair value of a hedging instrument is recogniszed in the Statement of Profit and Loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recogniszed in the Statement of Profit and Loss.

The Group and its associate use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument is terminated or exercised prior to its maturity/ contractual term, the cumulative gain or loss on the hedging instrument recogniszed in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recogniszed in the cash flow hedging reserve is reclassified to the Statement of Profit and Loss

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2-Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Level 3-Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

Dividend to equity holders of the Parent Company

W

The Parent Company recognises a liability to pay dividend to equity holders of the Parent Company when the distribution is authorised and the distribution is no longer at the discretion of the Parent Company. As per the corporate laws in India a distribution is authorised when it is approved by the shareholders. However, Board of Directors of a company may declare interim dividend during any financial year out of the surplus in Statement of Profit and Loss and out of the profits of the financial year in which such interim dividend is sought to be declared. A corresponding amount is recognised directly in equity. The dividend on the shares held by the affiliates of the associate has been recognised as investment in associate with corresponding increase in other equity.

For assets and liabilities that are recognised in the consolidated Ind AS financial statements on a recurring basis, the Group and its associate determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Group’s and its associate’s management determines the policies and procedures for both recurring fair value measurement, such as derivative instruments and unquoted financial assets measured at fair value, and for nonrecurring measurement, such as assets held for disposal in discontinued operation.

Foreign exchange gains and losses

X

External valuers are involved for valuation of significant assets, such as properties and unquoted financial assets, and significant liabilities, such as contingent consideration, if any.

The Group’s and its associate functional and reporting currency is INR. Exchange differences are dealt with as follows:

At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be re-measured or re-assessed as per the Group’s and its associate accounting policies. For this analysis, the management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.

The management, in conjunction with the Group’s and its associate’s external valuers, also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable.

The exchange difference arising on the settlement of monetary items or on reporting these items at rates different from the rates at which these were initially recorded/ reported in previous financial statements are recogniszed as income/expense in the period in which they arise. Further, where foreign currency liabilities have been incurred in connection with property, plant and equipment, the exchange differences arising on reinstatement, settlement thereof during the construction period are adjusted in the cost of the concerned property, plant and equipment to the extent of exchange differences arising from foreign currency borrowings are regarded as an adjustment to interest costs in accordance of para 6 (e) as per Ind AS 23.

For the purpose of fair value disclosures, the Group and its associate have determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

V Cash and Cash Equivalents

Y Treasury shares

The Parent Company has created an Employee Benefit Trust (EBT) for providing share-based payment to its employees. The Parent Company uses EBT as a vehicle for distributing shares to employees under the Employee Stock Purchase Scheme 2020. The EBT buys shares of the Parent Company from the market, for giving shares to employees. The Parent Company treats EBT as its extension and shares held by EBT are treated as treasury shares.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from other equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Treasury shares are reduced while computing basic and diluted earnings per share.

non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

The Group transfers the excess of exercise price over the cost of acquisition of treasury shares, net of tax, by EBT to General Reserve.

Z Share-based Payments

Employees (including senior executives) of the group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions).

NOTE 2.2 KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group and its associate accounting policies, the management of the Group and its associate is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Equity-settled transactions

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. Further details are given in Note 43.

The following are the areas of estimation uncertainty and critical judgements that the management has made in the process of applying the Group’s and its associate’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:-

Useful lives of Intangible assets

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

Useful lives of depreciable tangible assets

Management reviews the useful lives of depreciable assets at each reporting date. As at March 31, 2023 management assessed that the useful lives represent the expected utility of the assets to the Group and its associate. Further, there is no significant change in the useful lives as compared to previous year.

Defined benefit plans

The cost of the defined benefit plan and other post-employment benefits and the present value of such obligation are determined

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

when they need to be adjusted to reflect the terms and conditions of the lease. The Group and its associate estimate the IBR using observable inputs (such as market interest rates) when available.

Leases - Estimating the period of lease contracts with related parties

In case of lease contracts with related parties, there exist economic incentive for the Group and its associate to continue using the leased premises for a period longer than the 11 months. The period of expected lease in these cases is a matter of estimation by the management. The estimate of lease period impacts the recognition of ROU asset, lease liability and its impact of Statement of Profit and Loss. The lease terms in the arrangements with related parties have been determined considering the period for which management has an economic incentive to use the leased asset (i.e. reasonably certain to use the asset for the said period of economic incentive). Such assessment of incremental period is based on management assessment of various factors including the remaining useful life of the asset as on the date of transition. The management has assessed period of arrangements with related parties as higher of lease period mentioned in the agreement or 10 years as at April 01, 2019.

Fair value measurement of Land

Fair value of the Group's land as at April 1, 2015 has been arrived at on the basis of a valuation carried out as on the respective date by an independent valuer not related to the Group and its associate. The fair value was derived using the market comparable approach based on recent market prices without any significant adjustments being made to the market observable data. In estimating the fair value of the properties, the highest and best use of the properties is their current use.

Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the determined period and do not include restructuring activities that the Group and its associate are not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows, the growth rate used for extrapolation purposes and the impact of general economic environment (including competitors).

Determining the lease term of contracts with renewal and termination options – Group as lessee

The Group and its associate determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

The Group and its associate have several lease contracts that include extension and termination options. The Group and its associate apply judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group and its associate reassess the lease term if there is a significant event or change in circumstances that is within their control and affect their ability to exercise or not to exercise the option to renew or to terminate.

Leases - Estimating the incremental borrowing rate

The Group and its associate cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group and its associate would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the rightof-use asset in a similar economic environment. The IBR therefore reflects what the Group and its associate ‘would have to pay’, which requires estimation when no observable rates are available or

Valuation of raw materials inventories

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

			Gross Block			Depreciation/amortisation	Depreciation/amortisation	Depreciation/amortisation	Depreciation/amortisation		Net Block	Net Block
Particulars	As at March 31,2022	Additions	Additions on account of business combination (refer note 59)	Sales / Discard	As at March 31,2023	As at March 31, 2022	For the year	Additions on account of business combination (refer note 62)	Sales / Discard	Upto March 31,2023	As at March 31,2023	As at March 31,2022
A) Property, plant and equipment Freehold land Buildings Plant and equipment Furniture and fixtures Office equipment Computers Vehicles Total B) Intangible assets Softwares Websites Total	14,240.4 11,720.8 33,020.1 553.5 375.3 501.7 205.9	65.0 2,513.0 3,789.9 36.7 22.8 21.2 4.5	- - - 4.1 1.3 - -	- 8.3 57.2 - 0.8 10.8 10.3		- 2,077.8 21,624.7 220.7 115.6 260.0 114.3	- 375.6 2,424.9 46.9 33.9 63.3 19.9	- - - 2.6 0.5 - -	- 2.5 39.4 - 0.6 9.7 9.0			14,240.4 9,643.0 11,395.4 332.8 259.7 241.7 91.6
					14,305.4					-	14,305.4
					14,225.5					2,450.9	11,774.6
					36,752.8					24,010.2	12,742.6
					594.3					270.2	324.1
					398.6					149.4	249.2
					512.1					313.6	198.5
					200.1					125.2	74.9
	60,617.7	6,453.1	5.4	87.4	66,988.8	24,413.1	2,964.5	3.1	61.2	27,319.5	39,669.3	36,204.6
	722.7 33.7	58.7 1.5	- -	24.8 -		401.0 1.0	91.5 7.0	- -	24.8 -			321.7 32.7
					756.6					467.7	288.9
					35.2					8.0	27.2
	756.4	60.2	-	24.8	791.8	402.0	98.5	-	24.8	475.7	316.1	354.4

		Gross Block	Gross Block		Depreciation/amortisation	Depreciation/amortisation	Depreciation/amortisation	Depreciation/amortisation	Net Block	Net Block
Particulars	As at March 31,2021	Additions	Sales / Discard	As at March 31, 2022	As at March 31, 2021	For the year	Sales / Discard	As at March 31,2022	As at March 31,2022	As at March 31,2021
A) Property, plant and equipment Freehold land Buildings Plant and equipment Furniture and fixtures Office equipment Computers Vehicles Total B) Intangible assets Softwares Websites Total	14,186.8 11,346.3 31,240.7 493.2 350.8 454.4 157.9	53.6 415.7 1,839.6 60.3 25.8 49.5 56.3	- 41.2 60.2 0.0 1.3 2.2 8.3	14,240.4 11,720.8 33,020.1 553.5 375.3 501.7 205.9	- 1,692.4 19,002.5 173.2 83.1 193.8 102.5	- 391.8 2,657.2 47.5 33.4 67.4 18.0	- 6.4 35.0 0.0 0.9 1.2 6.2	- 2,077.8 21,624.7 220.7 115.6 260.0 114.3	14,240.4 9,643.0 11,395.4 332.8 259.7 241.7 91.6	14,186.8 9,653.9 12,238.2 320.0 267.7 260.6 55.4
	58,230.1	2,500.8	113.2	60,617.7	21,247.5	3,215.3	49.7	24,413.1	36,204.6	36,982.6
	707.2 -	15.5 33.7	- -	722.7 33.7	319.8 -	81.2 1.0	- -	401.0 1.0	321.7 32.7	387.4 -
	707.2	49.2	-	756.4	319.8	82.2	-	402.0	354.4	387.4

Notes:

Property, plant and equipment have been pledged to secure borrowings of the Parent Company (refer note 16 and 18)
The amount of borrowing costs capitalised during the year is Rs 109.1 million (Previous year Rs 8.3 million) at the actual rate of interest on specific borrowings utilised.
In accordance with Ind AS 101, the Parent Company had carried out fair valuation of all its land on first time adoption as at April 01, 2015 consequent to which deemed cost of land was increased by Rs 7,905.2 million.
Capital work in progress includes goods in transit of Rs 281.1 million (Previous year Rs 203.1 million).

237

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (Contd..)

Title deed of immovable property not held in the name of the Parent Company:

Relevant line item in the Balance Sheet	Gross carrying value Net carrying value Description of item of property	Title deeds held in the name of	Whether title deed holder is a promoter, director or relative of promoter/director or employee of promoter/director	Property held since which date	Reason for not being held in the name of Parent Company
Property, plant and equipment	Rs. 74.4 million (Previous year Rs. 74.4 million) Rs. 72.3 million (Previous year Rs. 73.5 million) Buildings	Al Fahim	No	July 1, 2021	Title deed is to be transferred in the name of Parent Company on fulfilment of all the conditions mentioned in the apartment sale & purchase agreement.

Capital Work in progress (CWIP) and Intangible asset under development ageing

March 31, 2023

(Rs.million)

Particulars	Amount in CWIP and Intangible assets under development
	Less than 1 year 1-2 years 2-3 years More than 3 years Total
Capital work in progress Intangible assets under development	3,496.0 72.6 47.9 5.9 3,622.4 49.7 - 9.9 - 59.6
March 31, 2022	(Rs.million)

March 31, 2022

Particulars	Amount in CWIP and Intangible assets under development	Amount in CWIP and Intangible assets under development
	Less than 1year 1-2 years	2-3 years More than 3years Total
Capital work in progress Intangible assets under development	763.1 52.1 – 9.9	1.1 7.8 824.1 – – 9.9

7. Depreciation and amortisation expense

(Rs.million)

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Depreciation of property, plant and equipment Amortisation of intangible assets Depreciation of Right of use assets (refer note 41) Depreciation and amortisation charged to Statement of Profit & Loss	2,964.5	3,215.3 82.2 30.5
	98.5
	64.7
	3,127.7	3,328.0

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 4 (a) -INVESTMENT IN ASSOCIATE

NOTE 4 (a) -INVESTMENT IN ASSOCIATE
Particulars	As at March 31, 2023	As at March 31, 2022 1.1 6.0 7.1 7.1
Unquoted investments (all fully paid) Carried at cost Investments in equity instruments - of associates Nil (Previous year 24,500 equity shares) of USD 1 each of Trident Global Inc., / Add: Accumulated share of profit Total 4 (a)*	- - -
Aggregate value of unquoted investments	-	7.1

During the current year, the Group has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 12,250 (24.5%) equity shares of Trident Global Inc (‘TGI’) (earlier associate of the Group). Pursuant to the acquisition of THTL, the Group holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Group w.e.f. December 1, 2022.
** During the previous year, on account of positive net worth of the associate, the Group had recognised the investment in associate which was written off in earlier years.

NOTE 4 (b) -OTHER NON CURRENT INVESTMENTS

NOTE 4 (b) -OTHER NON CURRENT INVESTMENTS
Particulars	As at March 31, 2023	As at March 31, 2022
A. Carried at fair value through profit and loss (FVTPL) Unquoted Investments (all fully paid) Investments in equity instruments 120,000 equity shares (Previous year 120,000 equity shares) of Rs.10 each of Nimbua Greenfield (Punjab) Association Investments in other instruments 32,000 units (Previous year 32,000 units) of face value of Rs. 117 each of Kotak India Venture Fund (Private Equity fund) Nil (Previous year 250,000 units) of face value of Rs.10 each of Canara Robeco Capital Protection Oriented Fund Total 4 (b) Aggregate value of unquoted investments		1.2 6.5 3.3


	1.2

	3.7
	-
	4.9	11.0
	4.9	18.1

NOTE 5 - OTHER NON-CURRENT FINANCIAL ASSETS

(Unsecured and considered good)

Particulars	As at March 31, 2023	As at March 31, 2022
Security deposits Bank deposits with remaining maturity more than 12 months* Interest accrued on deposits	529.3	453.1 - -
	1,850.0
	26.5
	2405.8	453.1

include Rs. 275.0 million (Previous year Rs. Nil) held as security against non-convertible debentures (refer note 16)

NOTE 6 - TAX ASSETS (NET)

Particulars	As at March 31, 2023	As at March 31, 2022
NON CURRENT TAX ASSETS(NET) Advance income tax (net of provision for tax) Total CURRENT TAX ASSETS(NET) Advance income tax (net of provision for tax) Total		141.0
	141.0
	141.0	141.0
		-
	1.7
	1.7	-

239

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 7 - OTHER NON-CURRENT ASSETS

NOTE 7 - OTHER NON-CURRENT ASSETS
Particulars	As at March 31, 2023	As at March 31, 2022 804.5 25.0 829.5
(Unsecured and considered good) Capital advances Prepaid expenses Total	223.3 431.7 655.0

NOTE 8 - INVENTORIES *

NOTE 8 - INVENTORIES *
Particulars	As at March 31, 2023	As at March 31, 2022 8,797.6 1,780.5 1,970.4 96.9 94.1 404.3 13,143.8
- Raw materials (including Rs. 156.0 million (Previous year Rs. 438.6 million) in transit) - Work in progress - Finished goods (Including Rs. 1,142.7 million (Previous year Rs. 377.1 million) in transit) - Waste - Stock in trade - Stores and spares Total	5,631.5 1,941.8 2,472.8 206.3 50.6 515.0 10,818.0

At cost and net realisable value, whichever is lower.

As at year end, the above inventories are net of loss on account of net realisable value of Rs. 483.2 million (Previous year Rs. 119.1 million).

All inventories of Parent Company have been hypothecated to secure borrowings of the Parent Company. (refer note 16 and 18)

The Group is carrying certain raw materials inventories whose present market value is lower than the purchase cost and the net realisable value of the finished goods in which they will be incorporated are expected to be sold below purchase cost. At each reporting date, the management applies judgement in determining the appropriate valuation of raw materials inventories, based on the consumption analysis of raw materials inventories, current market trend and future expectation of consumption for these raw materials inventories. These judgements are reviewed and adjusted regularly in the light of market driven changes, past experience and internally generated information.

NOTE 9 - TRADE RECEIVABLES

NOTE 9 - TRADE RECEIVABLES
Particulars	As at March 31, 2023	As at March 31, 2022
Trade receivables : - From related parties (refer note 39) - From others Total Breakup of trade receivables - Unsecured, considered good - Trade Receivables which have significant increase in credit risk Impairment allowance (allowance for bad and doubtful debts) - Trade Receivables which have significant increase in credit risk Net Trade receivables		294.1 4,958.5
	-
	2,765.4
	2765.4	5252.6
	,	, 5,252.6 7.3
	2,765.4
	13.0
	2,778.4	5,259.9
		(7.3)
	(13.0)
	(13.0)	(7.3)
	2,765.4	5,252.6

For Trade receivables ageing refer note 57

Trade receivables of Rs. 9.2 million which have significant increase in credit risk acquired on account of acquisition of one of the subsidiary company out of which Rs. 3.1 million (Previous year Rs. Nil) reversed during the year

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

The Group follows “simplified approach” for recognition of impairment loss. The application of simplified approach does not require the Group to track changes in credit risk.

For terms and conditions relating to related parties receivables, refer note 39.

All book debts of Parent Company have been hypothecated to secure borrowings of the Parent Company (refer note 16 and 18).

NOTE 10 - CASH AND CASH EQUIVALENTS

Particulars		As at March 31, 2023		As at March 31, 2022
Cash on hand Remittances in transit Balances with banks : - In current accounts - In cash credit accounts - In bank deposits accounts (original maturity of less than 3 months) Total*	965.0	27.8	2,644.9	40.3 10.8 14.5 - 2,644.9
		84.6

		36.6
		153.3
		965.0
		1,267.3		2,710.5

For the purpose of Cash Flow Statement, the above has been considered as cash and cash equivalents.

Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.

NOTE 11 - OTHER BANK BALANCES

NOTE 11 - OTHER BANK BALANCES
Particulars	As at March 31, 2023	As at March 31, 2022
In bank deposits accounts (remaining maturity of less than 12 months) In earmarked accounts (i) Unpaid dividend accounts (ii) Held as margin money in deposit acccount (iii) In current accounts Total*	2,194.1	7.8 148.6 57.7 -


	150.4
	3.9
	34.2
	2,382.6	214.1

Balances in current accounts of Trident Employee Welfare Trust kept for Trident Limited General Employee Benefits Scheme-2023 (subject to shareholders approval).

NOTE 12 - OTHER CURRENT FINANCIAL ASSETS

NOTE 12 - OTHER CURRENT FINANCIAL ASSETS
Particulars	For the year ended March 31, 2023		For the year ended March 31, 2022
(Unsecured, considered good, unless otherwise stated) Security deposits Advances to employees - Considered good - Advances to employees - credit impaired Less: Impairment allowance for advances to employees - credit impaired Interest accrued on deposits Export incentives and other receivables from government authorities Derivative Instruments at fair value through OCI Foreign exchange forward contracts and option contracts - Cash flow hedges - Option contracts Derivative instruments at fair value through profit or loss - Foreign exchange forward contracts Recoverable from Trident Trust (refer note 35 and 39) Others - from related parties (refer note 39) - from others Total*			98.2 26.0 2.5 28.5 2.5 26.0 5.7 874.4 98.2 0.5 2.6 - 1.8 27.5 1,134.9
		38.7

	67.4
	2.5
	69.9
	2.5	67.4
		30.3
		937.5


		81.3
		-

		5.6
		360.0

		3.5
		31.1
		1,555.4

*includes advances to related parties of Rs.1.6 million (Previous year Rs.2.5 million) (refer note 39).

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 13 - OTHER CURRENT ASSETS

NOTE 13 - OTHER CURRENT ASSETS
Particulars	As at March 31, 2023	As at March 31, 2022
(Unsecured and considered good) Advances to vendors PrepaidCSR expenditure (refer note 48) Prepaid expenses Balances with government authorities/Export Incentives receivables Gratuity fund (refer note 35) Total		315.7 25.1 142.0 2,438.3 112.0
	248.4
	-
	320.5
	9765
	. 117.8
	1,663.2	3,033.1

NOTE 14 - SHARE CAPITAL

NOTE 14 - SHARE CAPITAL
Particulars	As at March 31, 2023		As at March 31, 2022
Authorised Equity shares of Re.1 each (with voting rights) Preference shares of Rs.10 each Total Issued, subscribed and paid up [refer (a) to (d)] Equity shares of Re.1 each (with voting rights) fully paid up Total	No. of shares	Amount	No. of shares	1,50,930.0 31,050.0 Amount
	1,50,93,00,00,000	1,50,930.0	1,50,93,00,00,000 3,10,50,00,000
	3,10,50,00,000	31,050.0
		1,81,980.0		1,81,980.0

	5,09,59,55,670	5,096.0	5,09,59,55,670	5,096.0
		5,096.0		5,096.0

(a) Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the year:

Particulars	Equity share capital	Equity share capital	Equity share capital	Equity share capital
	For the year ended March 31, 2023		For the year ended March 31, 2022
	No. of shares	Amount	No. of shares	Amount
Issued, subscribed and paid up equity shares and equity share capital Outstanding at the beginning of the year Increase/(decrease) during the year Outstanding at the end of theyear			5,09,59,55,670 -	5,096.0 -
	5,09,59,55,670	5,096.0
	-	-
	5,09,59,55,670	5,096.0	5,09,59,55,670	5,096.0

(b) Rights, preferences and restrictions attached to the equity shareholders:

The Parent Company has only one class of equity shares having par value of Re. 1 per share (Previous year Re. 1 per share). Each shareholder is eligible for one vote per equity share held. In the event of liquidation of the Parent Company, the equity shareholders are eligible to receive the remaining assets of the Parent Company after distribution of all preferential amounts, in proportion to their shareholding. The Parent Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in the ensuing Annual general meeting.

(c) The details of equity shareholders holding more than 5 % of the aggregate equity shares:

Particulars	Equity share capital	Equity share capital	Equity share capital
	As at March 31, 2023		As at March 31, 2022
	No. of shares	%held	No. of shares %held
Madhuraj Foundation Trident GroupLimited	1,38,30,22,010	27.1%	1,37,06,37,010 26.9% 2,33,11,69,835 45.7%
	2,33,11,69,835	45.7%

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 14 - SHARE CAPITAL (Contd..)

(d) Disclosure of shareholding of promoters:

Disclosure of shareholding of promoters as at March 31, 2023 is as follows:

Particulars			Equity share capital	Equity share capital
	As at March 31, 2023		As at March 31, 2022		% Change during the year
	No. of shares	%held	No. of shares	%held
Madhuraj Foundation Trident Group Limited Lotus Global Foundation Mr.Rajinder Gupta	1,38,30,22,010	27.1%	1,37,06,37,010 2,33,11,69,835 41,66,000 1,11,55,960	26.9% 45.7% 0.1% 0.2%	0.2% 0.0% 0.0% 0.0%
	2,33,11,69,835	45.7%
	41,66,000	0.1%
	1,11,55,960	0.2%

Disclosure of shareholding of promoters as at March 31, 2022 is as follows:

Equity share capital

Particulars	As at March 31, 2022	As at March 31, 2022	As at March 31, 2021	As at March 31, 2021	% Change during theyear
	No. of shares	%held	No. of shares	%held
			1,37,06,37,010 2,33,11,69,835 81,66,000 1,11,55,960	26.9% 45.7% 0.2% 0.2%	0.0% 0.0% -0.1% 0.0%
Madhuraj Foundation	1,37,06,37,010	26.9%
Trident Group Limited	2,33,11,69,835	45.7%
Lotus Global Foundation	41,66,000	0.1%
Mr.Rajinder Gupta	1,11,55,960	0.2%

NOTE 15 - OTHER EQUITY

NOTE 15 - OTHER EQUITY
Particulars	As at March 31, 2023	As at March 31, 2022
a) Capital reserve Opening balance Add: Addition during the year (refer note 59)		933.9 -	933.9
	933.9
	4.7 938.6

Capital reserve of Rs. 847.3 million (March 31, 2022 Rs. 847.3 million) represents reserve recognised on amalgamation being the difference between consideration amount and net assets of the transferor company.
Capital reserve of Rs. 20.6 million (March 31, 2022 Rs. 20.6 million) represents reserve recognised as Investment subsidy received from the government.

Capital reserve of Rs. 66.0 million (March 31, 2022 Rs. 66.0 million) represents reserve recognised on account of forfeiture of equity warrants. Capital reserve of Rs. 4.7 million (March 31, 2022 Rs. Nil) represents reserve recognised on account of acquistion of foreign subsidiary.

b) Securities premium Opening balance 3,333.7 3,333.7 Add: Addition during the year - 3,333.7 - 3,333.7 This reserve represents amount of premium recognised on issue of shares to shareholders at a price more than its face value. c) General reserve Opening balance 1,182.8 958.7 Add: Addition on share options exercised 75.8 84.6 Add: Addition on share options exercised 218.7 1,477.3 139.5 1,182.8 Represents difference between fair value of options on date of grant and exercise price under the share options scheme to the eligible employees. Represents difference between fair value of options on date of grant and exercise price under the share options scheme to the eligible employees. The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another. d) Trident employee welfare trust reserve* Opening balance - - Add: Addition on share options exercised 308.5 308.5 - -			3,333.7 -	3,333.7
	3,333.7
	-	3,333.7

Represents difference (net of tax) between sale of shares by Trident Limited employee welfare trust and cost of treasury shares and this reserve can only be utilised for the purpose of employee welfare schemes by Trident Limited Employee Welfare Trust.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 15 - OTHER EQUITY (Contd..)

NOTE 15 - OTHER EQUITY (Contd..)	NOTE 15 - OTHER EQUITY (Contd..)
Particulars As at March 31, 2023		As at March 31, 2022
e)	PPE Fair Valuation reserve
	Opening balance 6,907.7	6,907.7
	Add: Addition during the year - 6,907.7	- 6,907.7
	This reserve represents amount recognised on fair valuation of property, plant and equipment (freehold land) pursuant to first
	time adoption of Ind AS 101 net of reversal of deferred tax liabilities as at the time of transition to Ind AS. The impact of reversal
	of deferred tax liability thereafter on account of indexation benefit has been taken to retained earnings.

	of deferred tax liability thereafter on account of indexation benefit has been taken to retained earnings.	of deferred tax liability thereafter on account of indexation benefit has been taken to retained earnings.
f)	Treasury shares
	Opening balance (684.9)		(751.0)
	Add:	Change during the year (refer note 43 B) 204.8 (480.1)	66.1	(684.9)
	This	reserve represents cost of own equity shares held by Trident Limited Employee Welfare Trust.
g)	Other comprehensive income
	Opening balance 66.4		156.3
	i)	Exchange differences on translating the financial statements of a 0.8	(0.2)
		foreign operation
	ii)	Movement in effective portion of cash flow hedge reserve (10.4) 56.8	(89.7)	66.4
		This reserve represents (i) Exchange differences relating to the translation of the results and net	assets of the Group’s
		foreign operations from their functional currencies to the Group’s presentation currency (i.e Rs.) are recognised directly in
		other comprehensive income and accumulated in foreign currency transalation reserve. Exchange	differences previously
		accumulated in the foreign currency translation reserve are reclassified to profit or loss on disposal of the foreign operation.

(ii) the cumulative effective portion of gains or losses, net of taxes arising on changes in fair value of designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the designated portion of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be reclassified to statement of profit and loss only when the hedged transaction affects the profit or loss.

h) Capital redemption reserve

600.0		600.0 -
-	600.0
		on account of redemption of - 139.5 (139.5) -

-
224.8
(218.7)	6.1

i) Share based payment reserve
j) Equity component of compulsorily convertible debentures

j) Equity component of compulsorily convertible debentures
Opening balance 169.1 Add: Addition during the year (refer note 39 and 58) This represents equity component of compulsorily convertible debentures issued by k) 20,842.1 4,407.4 65.3 Retained earnings Opening balance Add: Profit for the year Add: Other comprehensive income net of income tax Less: Interim dividend (Re.0.36 per share) (Previous year Re.0.36 per share)* 1,802.3	169.1		- 169.1	169.1
		169.1
		one Indian subsidiary Company. 16,047.9 8,337.5 54.5 1,799.3

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 15 - OTHER EQUITY (Contd..)

Particulars	As at March 31, 2023	As at March 31, 2023	As at March 31, 2022
Less: Final dividend declared and distributed for the year ended March 31, 2021 to equity shareholders (Previous year Re.0.36 per share) Total**	-	23,512.5	1,798.5 20,842.1
		36,830.3	33,350.8

*Interim dividend declared and distributed is after waiver of dividend of Rs. 32.3 million on equity share held by Trident Limited Employee Welfare Trust (Previous year Rs. 35.3 million represented adjustment of interim dividend related to equity shares held by Trident Limited Employee Welfare Trust).

Retained earnings refer to net earnings not paid out as dividends, but retained by the Group to be reinvested in its core business. This amount is available for distribution of dividends to its equity shareholders.

NOTE 16 - NON CURRENT BORROWINGS

NOTE 16 - NON CURRENT BORROWINGS
Particulars	As at March 31, 2023	As at March 31, 2022
Non convertible debentures Nil (Previous year: 6.83%, 1250, Senior, Secured, Rated, Listed, Redeemable, Non-convertible debentures (NCD) of face value of Rs. 7,50,000 each) (net of unamortised borrowing cost of Rs. Nil (Previous year Rs. 1.4 million)# 9.00%, 250, Senior, Secured, Un Rated, Un-listed, Redeemable, Non convertible debentures (NCD) of face value of Rs. 10,00,000 each Less: disclosed as current maturities under short term borrowings (refer note 18) Non convertible debentures Term loans - secured From banks Other loans - secured Vehicle loans from banks Total*		936.1 - 311.7
	-
	250.0
	-
	250.0	624.4 2,468.3 3.9

	7,792.5

	-
	8,042.5	3,096.6

a) Non convertible debentures

*The non-convertible debentures are secured against pledge of receipt of bank deposit of Rs. 275.0 million. (refer note 5 and note 42-I(B)) #The non-convertible debentures were secured by way of first ranking pari-passu charge by way of mortgage (shared between the Debentures Trustee and Existing Lenders) on the mortgaged properties, first ranking pari-passu charge by way of hypothecation (shared between the Debentures Trustee and Existing Lenders) on the movable fixed assets and second ranking pari-passu charge by way of hypothecation (as shared between the Debentures Trustee and the Existing Lenders) on the hypothecated assets (excluding the moveable fixed assets) of the Parent Company as defined in trust deed.

As per debenture trustee deed, the Debenture holder had the right to either reset the interest rate type from fixed to floating and to increase the effective rate of interest on the NCD w.e.f. November 3, 2022 or in the event, the same is not acceptable to the Parent Company, the put option would be deemed to be exercised by the Debenture Holder and the Parent Company had to repay the entire outstanding along with all dues payable to Debenture Holder on November 3, 2022.

During the current year, the Debenture holder of the Parent Company has requested to increase the effective rate of interest on the NCD w.e.f. November 3, 2022. However the Parent Company on the basis of approval of the Financial Management Committee has exercised the put option and accordingly the Parent Company has repaid the entire outstanding amount of NCDs on November 2, 2022. (refer note 42-II (B)

b) Term loans

Term loans from banks are secured by way of equitable mortgage created or to be created on all the present and future immovable properties including land, buildings, structures, all plant and equipment attached thereon of the Parent Company related to the specific capital project completed/in progress and hypothecation of all the movable properties including movable machinery, spares, tools and accessories, etc., present and future, subject to prior charges created and / or to be created in favour of the Parent Company’s bankers on stocks of raw materials, semi finished and finished goods, consumable stores and other movable assets excluding vehicles specifically hypothecated against vehicle loans, as may be required for working capital requirements in the ordinary course of business. The mortgages and charges referred to above are pari-passu among the lenders. (refer note 42-I(A) and 42-II (A)). The amount disclosed as above is net of Current maturities of long-term debts - secured of Rs. 179.4 million (Previous year Rs. 163.6 million).

The interest rates range from 6.25% to 9.80% per annum (Previous year 6.65% to 8.80% per annum) before interest subsidy under Technology Upgradation Fund Scheme from State Government of Madhya Pradesh.

245

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 16 - NON CURRENT BORROWINGS (Contd..)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 20 - OTHER CURRENT FINANCIAL LIABILITIES

c) Vehicles loans

The interest rates range from Nil (Previous year 7.40% to 8.80% per annum).

For the current maturities of long-term borrowings, refer note 18 short term borrowings.

NOTE 17 - OTHER NON CURRENT FINANCIAL LIABILITIES

Particulars	As at March 31, 2023	As at March 31, 2022
Payables on purchase of Property, plant and equipment	32.8	40.3
	32.8	40.3

NOTE 18 - SHORT TERM BORROWINGS

NOTE 18 - SHORT TERM BORROWINGS
Particulars	As at March 31, 2023	As at March 31, 2022
Cash credit/export packing credit/working capital loans from banks - Secured Current maturities of long-term debts - secured (refer note 16) Total	5,519.2	12,129.3 480.3
	179.4
	5,698.6	12,609.6

Particulars	As at March 31, 2023	As at March 31, 2022
Interest accrued but not due on borrowings Payable to employees - to related parties (refer note 39) - to others Payables on purchase of Property, plant and equipment and intangible assets Security deposits Financial liabilities at fair value through OCI -Foreign exchange forward contracts and option contracts -Cash flow hedges Financial liabilities at fair value through profit or loss Forward exchange forward contracts Unclaimed dividend Other liabilities Total**	15.3	10.0 6.7 667.4 509.8 85.1 11.3 5.2 148.6 64.6

	6.6
	703.6
	1,337.8
	89.1


	7.9

	0.5
	150.4
	67.4
	2,378.6	1,508.7

Include payable to related party of Rs. 3.2 million (Previous year Rs. Nil) refer note 39.

** Include total outstanding dues of micro enterprises and small enterprises of Rs. 148.4 million (Previous year Rs. 87.8 million)

*** Will be credited to Investor Education and Protection Fund on the expiry of 7 years from the date of transfer to respective unpaid dividend accounts.

Cash credit/export packing credit/working capital loans from banks

Cash credit/export packing credit/working capital loans from banks loans are secured by hypothecation of raw materials, semi finished and finished goods, consumable stores, other movable assets excluding vehicles specifically hypothecated against vehicle loans and book debts, present and future, of the Parent Company.

The interest rates for cash credit/export packing credit/working capital loans from banks range from 4.95% to 8.50% (Previous year 4.75% to 7.30% per annum) before subvention.

The Parent Company has been sanctioned working capital limits from banks during the year on the basis of security of current assets of the Parent Company. The quarterly returns/statements filed by the Parent Company with such banks are in agreement with the books of accounts of the Parent Company.

**** Include payable to related parties of Rs. 46.6 million (Previous year Rs. 52.0 million) (refer note 39).

NOTE 21 - PROVISIONS

Particulars	As at March 31, 2023	As at March 31, 2022
Provision for employee benefits Leave benefits Total		196.8
	116.9
	116.9	196.8

NOTE 22 - OTHER CURRENT LIABILITIES

NOTE 19 - TRADE PAYABLES - CURRENT

Particulars	As at March 31, 2023	As at March 31, 2022
i) Outstanding dues to micro enterprises and Small enterprises (refer note 36) ii) Outstanding dues to other than micro enterprises and small enterprises - to related parties (refer note 39) - to others Total	1,555.0	694.9
		99.5 3,811.3
	118.6
	3,727.9
	3,846.5	3,910.8
	5,401.5	4,605.7

For trade payable ageing refer note 56

Particulars	As at March 31, 2023	As at March 31, 2022
Statutory remittances Interest on income tax Advances from customers	464.7	292.5 15.4 510.0
	3.4
	434.1
	902.2	817.9

NOTE 23 - CURRENT TAX LIABILITIES (NET)

Particulars	As at March 31, 2023	As at March 31, 2022
Provision for current income tax (net of advance tax)	74.4	273.7
	74.4	273.7

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 24 - REVENUE FROM OPERATIONS

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 24 - REVENUE FROM OPERATIONS (Contd..)

b. Contract balances:

NOTE 24 - REVENUE FROM OPERATIONS
Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Sale of products : Finished goods - Yarn - Towel - Bedsheets - Paper and chemicals Others - Waste - Others Traded - Towel - Bedsheets - Paper Sale of services Other operating revenue: Export incentives on finished goods (refer note 50) Investment promotion assistance Total		17,609.3

	13,902.5
	21,721.8	25,332.5
	9,104.5	10,852.9 9,726.8 1,661.7 16.0
	13,266.3

	1,230.3
	17.9
	59,243.3	65,199.2
		287.4 264.7 -
	411.1
	109.0
	60.6
	580.7	552.1
	0.2	0.4
	0.2	0.4
		4,046.8 178.1
	3,310.8
	187.6
	3,498.4	4,224.9
	63,322.6	69,976.6

a. Revenue from contracts with customers disaggregated based on nature of products

Particulars	For the year ended March 31, 2023 13,902.5 21,721.8 9,104.5 13,266.3 1,230.3 17.9 411.1 109.0 60.6 0.2 59,824.2 59,824.2 3,310.8 187.6 63,322.6	For the year ended March 31, 2022
Revenue from sale of products and services Finished goods and others - Yarn - Towel - Bedsheets - Paper and chemicals - Waste - Others Traded Sales of Towel Traded Sales of Bedsheets Traded Sales of Paper Sale of services Set out below is the revenue from contracts with customers and reconciliation to Statement of Profit and Loss Total revenue from contracts with customers Add: Items not included in disaggregated revenue: - Export incentives on manufactured goods - Investment promotion assistance Revenue from operations asper the Statement of Profit and Loss		17,609.3 25,332.5 10,852.9 9,726.8 1,661.7 16.0 287.4 264.7 - 0.4
		65,751.7
		65,751.7 4,046.8 178.1
		69,976.6

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

Particulars	For the year ended March 31, 2023 For the year ended March 31, 2022 2,765.4 5,252.6 434.1 510.0
Trade receivables
Advances from customers

NOTE 25 - OTHER INCOME

a) Interest income

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
- On bank deposits (at amortised cost) - On other financial assets (at amortised cost)	149.7	58.2 17.8
	20.8
	170.5	76.0

b) Others

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Fair value gain on financial instruments measured at fair value through profit and loss: - Fair valuation gain on non current investments (net) - Profit on sale of non current investments Profit on sale of current investments Bad debts recovered Investment in associate recognised (written off in earlier years) (refer note 4 (a)) Gain on disposal of property, plant and equipment (net) Insurance claims Miscellaneous income Total		0.7 1.4 0.1 31.2 1.1 35.7 24.7 54.8
	-
	-
	-
	08
	. -
	5.3
	15.3
	51.7
	73.1	149.7
	243.6	225.7

NOTE 26 - COST OF RAW MATERIALS CONSUMED

NOTE 26 - COST OF RAW MATERIALS CONSUMED
Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Raw materials consumed Opening stock Add: Purchase of raw materials Less: Closing stock Net consumption (Refer (a) below) net of sales of raw materials of Rs. 165.7 million (Previous year Rs. 522.5 million) a) Raw materials consumed comprises: Cotton and fibers Yarn Dyes and chemicals Agro based products Total		6,713.2 35,765.6
	8,797.6
	30,685.4
	39,483.0	42,478.8 8,797.6
	5,631.5
	33,851.5	33,681.2
		24,282.6 3,319.3 4,021.2 2,058.1

	23,246.5
	3,524.3
	4,045.7
	3,035.0
	33,851.5	33,681.2

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 27 - PURCHASE OF STOCK IN TRADE

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Towel Bedsheets Paper Total	422.8	- 618.7 -
	-
	63.1
	485.9	618.7

NOTE 28 - DECREASE IN INVENTORIES OF FINISHED GOODS,WASTE,STOCK IN TRADE AND WORK-IN-PROGRESS

Particualrs	As at March 31, 2023	As at March 31, 2023	As at March 31, 2022	As at March 31, 2022
Opening Stock Finished goods Waste Stock in trade Work-in-progress Less : Closing Stock Finished goods Waste Stock in trade Work-in-progress Changes in inventories of finished goods, waste, work-in- progress and stock in trade Inventory of finished goods acquired on account of acquisition of subsidiaries (refer note 59) Adjustment for fluctuation in exchange rate Changes in inventories of finished goods, waste, stock in trade and work-in-progress			1,500.6 77.9 7.6 1,493.3	3,079.4
	1,970.4
	96.9
	94.1	3,941.9
	1,780.5			3,941.9
			1,970.4 96.9 94.1 1,780.5
	2,472.8
	206.3
	50.6
	1,941.8	4,671.5
		(729.6)		(862.5)
		145.7		- (0.1)
		1.7
		(582.2)		(862.6)

NOTE 29 - EMPLOYEE BENEFITS EXPENSES

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Salaries and wages Employee share based payment expense (refer note 43) Contribution to provident and other funds Staff welfare expenses Total*	5,761.0	6,065.6
	222.2	139.5
	372.8	402.4
	147.8	87.9

	6,503.8	6,695.4

Net of Rs. 7.2 million (Previous year Nil) subsidy received from Government.

** net of recovery of Rs. 2.6 million (Previous year Nil) from related parties (refer note 39).

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 30 - FINANCE COSTS

NOTE 30 - FINANCE COSTS
Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
(a) Interest expense : - On term loans, non convertible debentures, compulsory convertible debentures, commercial paper, working capital loans etc. (net of interest subsidy of Rs. 106.2 million (Previous year Rs. 74.4 million) - On lease liabilities (refer note 41) - On security deposits Less: Amount included in the cost of qualifying assets Interest expenses on financial liabilities measured at amortised cost (b) Other borrowing costs Total*		794.4 23.3 2.5 (3.4) 816.8 45.5
	904.2
	30.1
	3.4
	(158.8)
	778.9
	17.3
	796.2	862.3

Includes interest on income tax of Rs. 3.2 million (Previous year Rs. 14.4 million)

NOTE 31 - OTHER EXPENSES

Particualrs	As at March 31, 2023	As at March 31, 2022
Stores and spares consumed Packing materials consumed Power and fuel (net of utilised by others) * Water charges Job charges Rent (refer note 41) Repairs and maintenance - Plant and equipment - Buildings - Others Materials handling charges Insurance charges Rates and taxes Commission on sales Freight, clearing and octroi charges Claims Advertisement and business promotion	813.8	1,051.9 2,472.7 5,485.5 139.5 332.7 38.0 132.9 104.6 113.8 206.1 235.7 37.1 827.0 1,504.7 204.9 323.9 16.4 110.9 35.2 1,007.1 149.8 (30.0) 119.8 5.5 - 42.5 72.3 91.7 73.5 159.6
	2,132.5
	5,706.9
	151.9
	105.2
	29.8

	159.5
	84.8
	172.5
	182.2
	299.5
	38.2
	556.3
	1,111.8
	151.5
	414.4
Auditors' remuneration (refer note 34)	20.1
Travelling and conveyance	217.2
Postage and telephone	42.8
Legal and professional	785.9
Irrecoverable Balances written off (net)	7 .2
Less: Adjusted from provision for trade receivables and doubtful debts and advances Expected credit loss allowance on trade receivables Fair value loss on non-current investments Charity and donation Contribution to political parties Expenditure on corporate social responsibility (refer note 48) Loss on Fire (net) (refer note 53) Miscellaneous expenses Total	(3.5) 3.7
	-
	2.8
	60.8
	2.5
	130.9
	-
	239.9
	13,617.4	14,945.6

Net of Rs. 107.2 million (Previous year Rs. 92.8 million) subsidy received from Government

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 32 - CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

Particulars	As at March 31, 2023 As at March 31, 2022 67.0 66.7 34.4 23.0 0.7 0.7
A. Contingent liabilities Claims* (excluding claims by employees where amounts are not ascertainable) not acknowledged as debt: - Service tax - Income tax - Sales Tax

A. Contingent liabilities under service tax of Rs. 67.0 million (Previous year Rs. 66.7 million) represents:

i) Demand and penalty of Rs. 66.7 million (Previous year Rs. 66.7 million) for service tax under reverse charge basis on commission paid to non-executive Directors for the financial year 2014- 15 to 2016-17. During the previous year, the Parent Company had filed an appeal before CESTAT Ludhiana.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 35 - EMPLOYEE BENEFITS

a) Defined contribution plans

The Group makes contribution towards employees’ provident fund scheme. Under the scheme, the Group is required to contribute a specified percentage of salary, as specified in the rules of the scheme. The Group has recognised Rs. 270.0 million during the year (Previous year Rs. 287.5 million) as expense towards contribution to this plan. An amount of Rs. 9.1 million (Previous year Rs. 2.6 million) has been included under Property, Plant and Equipment / Capital work in progress. Further amount of Rs. 0.3 million (Previous year Rs. 0.6 million) and Rs. 0.1 million (Previous year Rs. 0.3 million) has been reimbursed under Deen Dayal Upadhay Gramin Kaushal Yojna and Scheme for Capacity Building in Textile Sector (Samarth Scheme) respectively.

Particulars	For the year ended March 31, 2023 For the year ended March 31, 2022 277.6 291.0
Contribution toprovident fund (includingcontribution to Pension fund)

b) Defined benefit plans

ii) Demand and penalty of Rs. 0.3 million (Previous year Rs Nil) for service tax under reverse charge basis on notice pay recovery for the financial year 2017-2018. During the current year, the Parent Company has filed an appeal against the same.

B. Contingent liabilities under Income Tax Act, 1961 of Rs. 34.4 million (Previous year Rs. 23.0 million) include: (i) Rs. 6.1 million (Previous year Rs. 6.1 million) being penalties under Section 271(1 (c) of Income Tax Act, 1961 levied for assessment years 2004-2005 and 2006-2007.
(ii) Other disputed demands of Rs. 28.3 million pertaining to assessment year 2015-2016, 2016-2017 and 2019-2020 (Previous year Rs. 16.9 million pertaining to assessment year 2013 -14, 2015-16, 2016-17,2018-19 and 2019-2020).
These matters are subject to legal proceedings in the ordinary course of business. In the opinion of the management, legal proceedings when ultimately concluded will not have a material effect on the results of operations or financial position of the Group. Based on the favourable orders in similar matters and based on the opinion of legal counsel of the Group, the Group has a good chance of winning the cases.
C. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28th February, 2019. As a matter of caution, the Group has applied the judgement on a prospective basis from the date of the SC order. The Group will update its provision for the period prior to the Supreme Court judgement, on receiving further clarity on the subject.

NOTE 33 - COMMITMENTS

NOTE 33 - COMMITMENTS
Particulars	As at March 31, 2023 As at March 31, 2022 2,929.1 4,646.5
a) Estimated amount of contracts remaining to be executed on capital account (net of advances) b) For lease commitments please refer note 41 c) Other commitments #

The Group has other commitments for purchase/sale orders which are issued after considering requirements as per the operating cycle for purchase/sale of goods and services, and employee benefits. The Group does not have any long term commitment or material non cancellable contractual commitments/ contracts which might have a material impact on the consolidated Ind AS financial statements of the Group.

NOTE 34 - AUDITORS’ REMUNERATION

NOTE 34 - AUDITORS’ REMUNERATION
Particulars	As at March 31, 2023 As at March 31, 2022 9.4 7.4 1.5 1.5 5.3 4.5 3.0 2.9 0.9 0.1
As auditors: - Audit Fee - Tax Audit Fee - Limited reviews In other capacities: Certifications/others Reimbursement of expenses

Gratuity scheme

The Group has a defined gratuity plan (Funded) and the Gratuity plan is governed by The Payment of Gratuity Act 1972 (“Act”). Under the Act, employees who have completed five years of service are entitled for gratuity benefit of 15 days salary for each completed year of service or part thereof in excess of six months. The amount of benefit depends on respective employee’s salary, the years of employment and retirement age of the employee and the gratuity benefit is payable on termination/retirement of the employee. There is no maximum limit for the payment of gratuity benefit. The present value of obligation is determined based on an actuarial valuation as at the reporting date using the Projected Unit Credit Method.

The fund has the form of an irrevocable trust and it is governed by Board of Trustees. The Board of trustees is responsible for the administration of the plan assets and for the definition of investment strategy. The scheme is funded with qualifying insurance policies. The Group is contributing to trusts towards the payment of premium of such gratuity schemes.

The following table sets out the details of defined benefit plan and the amounts recognised in the consolidated Ind AS financial statements:

(I) Components of Net Benefit Expense

S. No.	Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
1 2 3 4 5 6 7	Current service cost Net interest (Income) Total expense recognised in the Statement of Profit and Loss Re-measurements recognised in other comprehensive income (OCI) Effect of changes in financial assumptions Effect of experience adjustments Return on plan assets (greater)/less than discount rate Total (gain) of re-measurements included in OCI*	101.5	101.3 (4.4)
		(12.2)
		89.3	96.9
			(11.2) (52.2) (9.4)
		(20.3)
		(60.3)
		(6.6)
		(87.2)	(72.8)

Includes Rs. 4.0 million (Previous year Rs. 1.7 million) which has been capitalised and not debited to Statement of Profit and Loss.
includes Rs. 0.4 million (Previous year Rs. 0.5 million) which has been reimbursed under Deen Dayal Upadhay Gramin Kaushal Yojna and Scheme for Capacity Building in Textile Sector (Samarth Scheme).

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 35 - EMPLOYEE BENEFITS (Contd..)

(II) Net Asset recognised in Balance Sheet

S. No.	Particulars	As at March 31, 2023 AS at March 31, 2022
1 2 3 4	Present value of defined benefit obligation Fair value of plan assets Recoverable from Trident Trust Net defined benefit assets	(544.2) (655.5) 1,022.0 767.5 (360.0) -
		117.8 112.0

(III) Change in present value of defined benefit obligation

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 35 - EMPLOYEE BENEFITS (Contd..)

(VI) Net asset / (liability) recognised in Balance Sheet (including experience adjustment impact)

S. No.	Particulars	As at March 31, 2023	AS at March 31, 2022
1 2 3	Present value of defined benefit obligation Net asset/(liability) Experience adjustment of obligation (gain)/ loss	(544.2)	(655.5) 112.0
		117.8
		(60.3)	(52.2)

(VII) Actuarial risks

Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:

S. No.	Particulars	As at March 31, 2023	AS at March 31, 2022
1 2 3 4 5 6 7	Present value of defined benefit obligation at the beginning of the year Current service cost Interest cost Remeasurement gains / (losses): Effect of changes in financial assumptions Effect of experience adjustments Benefits paid Present value of defined benefit obligation at the end of theyear	655.5	717.9 101.3 37.6 (11.2) (52.2) (137.9)
		101.5
		35.5

		(20.3)
		(60.3)
		(167.7)
		544.2	655.5

(IV) Change in fair value of Plan assets

S. No.	Particulars	As at March 31, 2023	AS at March 31, 2022
1 2 3 4 5 6	Fair value of plan assets at the beginning of the year Interest income on plan assets Employer contributions Return on plan assets greater /(lesser) than discount rate Benefits paid Fair value of assets at end of theyear	767.5	731.7 42.0 122.3 9.4 (137.9)
		47.7
		367.3
		6.6
		(167.1)
		1,022.0	767.5

The fund managers do not disclose the composition of their portfolio investments, accordingly break-down of plan assets by investment type has not been disclosed.

(V) The assumptions used in accounting for the defined benefit plan are set out below:

S. No.	Particulars	As at March 31, 2023	AS at March 31, 2022
1 2 3 4 5	Discount Rate (%) Pre-retirement mortality Salary increase rate * Attrition Rate Retirement Age	7.10%	6.20% Indian Assured Lives Mortality (2006-08) Ult. 6.00% 18.00%
		Indian Assured Lives Mortality (2006-08) Ult.
		6-7%
		18-19%
		58 Years	58 Years

The estimate of future salary increases take account of inflation, seniority promotion and other relevant factors, such as supply and demand in the employment market.

Interest rate risk

The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Salary Inflation risk

Higher than expected increases in salary will increase the defined benefit obligation.

Demographic risk

(VIII) Sensitivity Analysis- Impact on defined benefit obligation

S. No.	Particulars	March 31, 2023 Increase/ (Decrease) March 31, 2022 Increase/ (Decrease)
1	Discount Rate + 50 basis points	(10.7) (13.4) 11.2 14.0 11.3 14.0 (10.9) (13.5) 1.2 (8.3) (3.6) 8.6
2 3 4 5 6	Discount Rate - 50 basis points Salary Increase Rate + 0.5% Salary Increase Rate – 0.5% Attrition Rate + 5% Attrition Rate - 5%

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

255

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Trident Limited | Annual Report 2022-23

Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 35 - EMPLOYEE BENEFITS (Contd..)

The following benefit payments (undiscounted) are expected in future years:

Year ending	March 31, 2023
March 31, 2024 March 31, 2025 March 31, 2026 March 31, 2027 March 31, 2028 March 31,2029 to March 31,2033	127.0
	101.5
	97.3
	98.8
	99.9
	570.2

The average duration of the defined benefit obligation at the end of the reporting period is 5 years (Previous year 5 years) The expected employer contribution for the next year is Nil (Previous year Nil)

NOTE 36 - DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

DEVELOPMENT ACT, 2006
Particulars	As at March 31, 2023	As at March 31, 2022
The principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year - Principal amount due to micro and small enterprises* - Interest due on above The amount of interest paid by the buyer in terms of Section 16 of the MSMED Act 2006 along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year. The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under the MSMED Act 2006. The amount of interest accrued and remaining unpaid at the end of each accounting year. The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest due as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under Section 23 of the MSMED Act 2006		782.7 - - - - -
	1,703.4
	-
	0.1
	-
	-
	-

Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management.

Include total outstanding dues of micro enterprises and small enterprises of Rs.1,555.0 million (Previous year Rs. 694.9 million) included in Trade Payables
Include total outstanding dues of micro enterprises and small enterprises of Rs.148.4 million (Previous year Rs. 87.8 million) payables against purchase of Property, plant and equipment and intangible assets.

NOTE 37 - EARNING PER SHARE

The earnings per share (EPS) disclosed in the Statement of Profit and Loss have been calculated as under:

Particulars

As at
March 31, 2023
As at
March 31, 2022
4,407.4
8,337.5
5,09,59,55,670
5,09,59,55,670
8,69,48,897
9,65,08,625
6,54,504
-
5,00,90,06,773
4,99,94,47,045
5,00,96,61,277
4,99,94,47,045
0.88
1.67
0.88
1.67

(A)
(B)
(C)
(D)
(E)=(B-C)
(F)=(B-D)
Profit for the year attributable to equity holders of the parent as per
the Statement of Profit and Loss (Rs. million)
Weighted average number of equity shares (number)
Weighted average number of treasury shares held by Trust (number)
Potential dilutive equity shares (number)
Weighted average number of equity shares in computing basic earning per
share (number)
Weighted average number of equity shares in computing diluted earning
per share (number)
Basic earning per share (Rs.per share) (face value of Re.1 each)
(A/E)
Diluted earning per share (Rs.per share) (face value of Re.1 each)
(A/F)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Note 38- PROJECT AND PRE OPERATIVE EXPENSES PENDING ALLOCATION (INCLUDED IN CAPITAL WORK IN PROGRESS)

Particulars	As at March 31, 2023	As at March 31, 2022
Opening balance: Add: Expenses incurred during the year: Raw materials consumed Employee benefits expenses - Salaries and wages -Contribution to provident and other funds -Staff welfare expenses Finance costs - On term loans Stores and spares consumed Packing materials consumed Power and fuel Insurance charges Rates and taxes Travelling and conveyance Legal and professional Miscellaneous expenses Less: Sale of products -Towel -Bedsheets Total* Less: Allocated to property, plant and equipment Closingbalance included in capital work inprogress	128.1	41.4 - 86.4 4.3 0.7 3.4 2.8 1.3 0.9 16.3 3.4 35.7 3.6 - - 158.8

	22.6

	230.2
	13.1
	3.6

	158.8
	2.6
	0.5
	5.6
	0.7
	5.7
	24.1
	65.0
	19.5

	(10.6)
	(12.8)
	528.6
	656.7	200.2
	361.1	72.1
	295.6	128.1

comprises of Rs. 158.8 million ( previous year Rs. 3.4 million) on specific borrowings taken.

NOTE 39 - RELATED PARTY DISCLOSURES

The related party disclosures as per Ind AS-24 are as under:

A. Name of related party and nature of related party relationship

(i) Enterprises where control exists:
a) Enterprise that controls the Company
- Madhuraj Foundation (directly or indirectly holds majority voting power)
(ii) Other related parties where transactions have taken place during the year:
a) Enterprises under the common control with the Group
- Trident Institute of Social Sciences
- Mintleaf People Connect Limited
b) Enterprise that has significant influence over the Group
- Trident Group Limited
c) Enterprise on which Group exercises significant influence
- Trident Global, Inc.*
*Associate Company till November 30, 2022 and has become Subsidiary with effect from December 1, 2022.
d) Trustee of the enterprise that exercises control over the Company
- Mr. Rajinder Gupta Chairman Emeritus (w.e.f. August 9, 2022)

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 39 - RELATED PARTY DISCLOSURES (Contd..)

e) Directors, Key Management Personnel (KMP) and their relatives

I. Board of Directors

-	Mr. Deepak Nanda	-	Managing Director
-	Mr. Rajiv Dewan	-	Chairman (w.e.f August 09, 2022)
-	Mr. Dinesh Kumar Mittal	-	Director (upto April 21, 2023)
-	Ms. Usha Sangwan	-	Director (Appointed as Director w.e.f. May 15, 2021)
-	Mr. Anthony De Sa	-	Director (Appointed as Director w.e.f. January 18, 2022)
-	Ms. Pooja Luthra	-	Director (ceased to be Director w.e.f. January 18, 2022)
-	Mr. Swapan Nath	-	Appointed as Chief Executive Officer w.e.f. May 15, 2021 till August 8,
			2022 and appointed as director w.e.f. August 9, 2022 till April 21, 2023
-	Mr. Naveet Jindal	-	Appointed as Chief Executive Officer w.e.f. May 15, 2021 till August 8,
			2022 and appointed as director w.e.f. August 9, 2022 till April 21, 2023
-	Mr. Raj Kamal	-	Director (w.e.f. August 9, 2022)
-	Prof. Rajeev Ahuja	-	Director (w.e.f. August 9, 2022)
-	Mr. Kavish Dhanda	-	Director (w.e.f. August 9, 2022 till April 21, 2023)
-	Mr. Kamal Gaba	-	Director (w.e.f. August 9, 2022 till April 21, 2023)
-	Mr. Pardeep Kumar Markanday	-	Director (w.e.f. August 9, 2022 till April 21, 2023)
-	Mr. Kapil Ghorse	-	Director (w.e.f. August 9, 2022 till April 21, 2023)
-	Mr. Rajinder Gupta	-	Non executive Director and chairman (upto August 8, 2022)
Key Managerial Personnel
-	Mr. Avneesh Barua	-	Chief Financial Officer (‘CFO’) ( w.e.f. November 12, 2022)
-	Mr. Hari Krishan	-	Company Secretary (w.e.f. May 12, 2022)
-	Mr. Gunjan Shroff	-	CFO (Resigned as CFO w.e.f. June 1, 2021)
-	Mr. Abhinav Gupta	-	CFO (Appointed as CFO w.e.f October 21, 2021 and Resigned as CFO
			w.e.f. September 2, 2022)
-	Ms. Ramandeep Kaur	-	Company Secretary (upto February 27, 2022)

II. Key Managerial Personnel

III. Relatives of (I) , (II) and (d) above

  - Ms. Shreya Markanday - Relative of Director (Mr. Pardeep Kumar Markanday) (w.e.f. August 9, 2022)

  - - Mr. Abhishek Gupta - Relative of Chairman Emeritus - Ms. Gayatri Gupta - Relative of Chairman Emeritus - Ms. Madhu Gupta - Relative of Chairman Emeritus

f) Enterprises over which KMP/Director of the Group have control
Trident Foundation
Lotus Global Foundation
Punjab Cricket Association (upto August 8, 2022)
Technum Opus Private Limited
g) Post Employment Benefit Plan
Trident Trust

B. The remuneration, commission and consultancy fee to directors, promoter and other members of Key management peronnel during the year was as follows:

Particulars	For the year ended March 31, 2023	For the year ended March 31, 2022
Short-term benefits*	453.8	695.3
	453.8	695.3

Gratuity and leave benefits which are actuarially determined on an overall basis are not separately disclosed.
C. No guarantees have been given or received on behalf of related parties. No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties.
D. The below transactions with related parties were made at arm’s length price.

March 31, 2022	399.9	399.9	30.6	30.6	0.9 1.5	2.4	-	-	-	-	- - -	-	0.3 11.7	12.0	277.7	277.7
March 31, 2023	55.3	55.3	60.6	60.6	0.9 1.5	2.4	46.6	46.6	12.3	12.3	0.8 1.5 1.9	4.2	- -	-	511.1	511.1
March 31, 2022	-	-	-	-	- -	-	-	-	-	-	- -	-	- -	-	277.7	277.7
March 31, 2023	-	-	-	-	- -	-	-	-	-	-	- -	-	- -	-	511.1	511.1
March 31, 2022	-	-	-	-	0.9 1.5	2.4	-	-	-	-	- -	-	- 11.7	11.7	-	-
March 31, 2023	-	-	-	-	0.9 1.5	2.4	-	-	12.3	12.3	- -	-	- -	-	-	-
March 31, 2022	399.9	399.9	-	-	- -	-	-	-	-	-	- -	-	- -	-	-	-
March 31, 2023	55.3	55.3	-	-	- -	-	-	-	-	-	- -	-	- -	-	-	-
March 31, 2022	-	-	-	-	- -	-	-	-	-	-	- - -	-	0.3 -	0.3	-	-
March 31, 2023	-	-	-	-	- -	-	46.6	46.6	-	-	- - 1.9	1.9	- -	-	-	-
March 31, 2022	-	-	30.6	30.6	- -	-	-	-	-	-	- - -	-	- -	-	-	-
March 31, 2023	-	-	60.6	60.6	- -	-	-	-	-	-	0.8 1.5 -	2.3	- -	-	-	-

259

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Financial Statements

March 31, 2022	11.8 11.7	23.5	234.1	234.1	575.9 4.4 5.0 - - - -	585.3	- -	-	0.7 0.4 0.3 0.8 0.5 0.1
March 31, 2023	24.7 11.7	36.4	344.7	344.7	98.3 5.0 5.0 3.2 3.2 5.0 5.0	124.7	147.4 7.0	154.4	0.4 0.4 - 1.2 0.7 1.0
March 31, 2022	- -	-	-	-	- - - - - - -	-	- -	-	- - - - - -
March 31, 2023	- -	-	-	-	- - - - - - -	-	- -	-	- - - - - -
March 31, 2022	- 11.7	11.7	-	-	575.9 4.4 5.0 - - - -	585.3	- -	-	0.7 0.4 0.3 0.8 0.5 0.1
March 31, 2023	- 11.7	11.7	-	-	98.3 5.0 5.0 3.2 3.2 5.0 5.0	124.7	147.4 7.0	154.4	0.4 0.4 - 1.2 0.7 1.0
March 31, 2022	- -	-	234.1	234.1	- - - - - - -	-	- -	-	- - - - - -
March 31, 2023	- -	-	344.7	344.7	- - - - - - -	-	- -	-	- - - - - -
March 31, 2022	- -	-	-	-	- - - - - - -	-	- -	-	- - - - - -
March 31, 2023	- -	-	-	-	- - - - - - -	-	- -	-	- - - - - -
March 31, 2022	11.8 -	11.8	-	-	- - - - - - -	-	- -	-	- - - - - -
March 31, 2023	24.7 -	24.7	-	-	- - - - - - -	-	- -	-	- - - - - -
	Payment against lease liabilities (including taxes and interest) - Madhuraj Foundation - Lotus Global Foundation Total Commission on sales - Trident Global Inc. Total Commission paid (on accrual basis) - Mr. Rajinder Gupta (Upto August 8, 2022) - Ms. Usha Sangwan - Mr. Dinesh Kumar Mittal - Mr. Raj Kamal - Mr. Rajeev Ahuja - Mr. Rajiv Dewan - Mr. Anthony De Sa Total Consultancy fees - Mr. Rajinder Gupta (w.e.f. August 9, 2022) - Mr. Kapil Ghorse Total Sitting fees paid** - Mr. Rajinder Gupta - Mr. Dinesh Kumar Mittal - Mrs. Pooja Luthra - Mr. Rajiv Dewan - Ms. Usha Sangwan - Mr. Anthony De Sa

tal	March 31, 2022	- - -	2.8	19.2 6.6 19.2 9.6 7.2 16.8 19.5 4.8 4.0 - - - - - -	106.9	0.7 0.8 0.6 0.5 0.5 - - -
To	March 31, 2023	0.4 0.3 0.4	4.8	19.2 - 19.2 9.6 7.2 19.2 19.2 4.9 - 12.4 12.4 12.3 2.7 1.6 1.8	141.7	- 4.5 1.8 0.4 - 0.3 8.8 8.8
ment benefit an	March 31, 2022	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
Post employ pl	March 31, 2023	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
he enterprise s control over y, Directors, agement l and their nterprises KMP/ ve control"	March 31, 2022	- - -	2.8	19.2 6.6 19.2 9.6 7.2 16.8 19.5 4.8 4.0 - - - - - -	106.9	0.7 0.8 0.6 0.5 0.5 - - -
"Trustee of t that exercise the Compan Key man personne relatives/E where Director ha nts	March 31, 2023	0.4 0.3 0.4	4.8	19.2 - 19.2 9.6 7.2 19.2 19.2 4.9 - 12.4 12.4 12.3 2.7 1.6 1.8	141.7	- 4.5 1.8 0.4 - 0.3 8.8 8.8
s on which exercises t influence teme	March 31, 2022	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
Enterprise Company significan l Sta	March 31, 2023	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
hat are under control ancia	March 31, 2022	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
Enterprises t common S Fin	March 31, 2023	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
hat controls pany/has fluence over mpany nd A td..)	March 31, 2022	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
Enterprise t the Com significant in the Co ted I stated) URES (Con	March 31, 2023	- - -	-	- - - - - - - - - - - - - - -	-	- - - - - - - -
Particulars - Mr. Rajeev Ahuja - Mr. Kapil Ghorse - Mr. Raj Kamal Total Remuneration paid - Mr. Deepak Nanda - Ms. Ramandeep Kaur - Mr. Abhishek Gupta - Ms. Madhu Gupta - Ms. Gayatri Gupta -Mr. Naveet Jindal - Mr. Swapan Nath - Mr. Abhinav Gupta - Mr. Gunjan Shroff - Mr. Kamal Gaba - Mr. Kavish Dhanda - Mr. Pardeep Kumar Markanday - Mr. Hari Krishan - Ms. Shreya Markanday - Mr. Avneesh Barua Total Share based payment - Ms. Ramandeep Kaur - Mr. Naveet Jindal - Mr. Swapan Nath - Mr. Abhinav Gupta - Ms. Pooja Luthra - Mr. Kamal Gaba - Mr. Kavish Dhanda - Mr. Pardeep Kumar Markanday Notes to Consolida as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise NOTE 39 - RELATED PARTY DISCLOS

261

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Financial Statements

March 31, 2022	- - - -	3.1	986.9 1,678.4 5.9 8.0 0.1 0.0 0.0 0.1 0.1 - - -	2,679.5	161.1 8.0	169.1	2.9 0.2	3.1	12.1 tal	March 31, 2022	18.6	30.7	16.7	16.7	1.1	1.1
March 31, 2023	1.2 0.4 0.2 6.6	33.0	493.4 839.2 1.5 4.0 0.1 0.0 - 0.1 0.6 0.3 0.0 0.0	1,339.2	- -	-	14.5 0.7	15.2	81.3 To	March 31, 2023	9.8	91.1	-	-	-	-
March 31, 2022	- - - -	-	- - - - - - - - - - - -	-	- -	-	- -	-	- ment benefit an	March 31, 2022	-	-	-	-	-	-
March 31, 2023	- - - -	-	- - - - - - - - - - - -	-	- -	-	- -	-	- Post employ pl	March 31, 2023	-	-	-	-	-	-
March 31, 2022	- - - -	3.1	- - 5.9 8.0 0.1 0.0 0.0 0.1 0.1 - - -	14.2	161.1 8.0	169.1	2.9 0.2	3.1	- he enterprise s control over y, Directors, agement l and their nterprises KMP/ ve control"	March 31, 2022	18.6	18.6	16.7	16.7	-	-
March 31, 2023	1.2 0.4 0.2 6.6	33.0	- - 1.5 4.0 0.1 0.0 - 0.1 0.6 0.3 0.0 0.0	6.6	- -	-	14.5 0.7	15.2	- nts "Trustee of t that exercise the Compan Key man personne relatives/E where Director ha	March 31, 2023	9.8	9.8	-	-	-	-
March 31, 2022	- - - -	-	- - - - - - - - - - - -	-	- -	-	- -	-	- teme s on which exercises t influence	March 31, 2022	-	-	-	-	1.1	1.1
March 31, 2023	- - - -	-	- - - - - - - - - - - -	-	- -	-	- -	-	- l Sta Enterprise Company significan	March 31, 2023	-	-	-	-	-	-
March 31, 2022	- - - -	-	- - - - - - - - - - - -	-	- -	-	- -	-	12.1 ancia hat are under control	March 31, 2022	-	12.1	-	-	-	-
March 31, 2023	- - - -	-	- - - - - - - - - - - -	-	- -	-	- -	-	81.3 S Fin Enterprises t common	March 31, 2023	-	81.3	-	-	-	-
March 31, 2022	- - - -	-	986.9 1,678.4 - - - - - - - - - -	2,665.3	- -	-	- -	-	- nd A td..) hat controls pany/has fluence over mpany	March 31, 2022	-	-	-	-	-	-
March 31, 2023	- - - -	-	493.4 839.2 - - - - - - - - - -	1,332.6	- -	-	- -	-	- ted I stated) URES (Con Enterprise t the Com significant in the Co	March 31, 2023	-	-	-	-	-	-

263

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Financial Statements

==> picture [7 x 155] intentionally omitted <==

----- Start of picture text -----

F. Details of Balances outstanding as at year end
----- End of picture text -----

March 31, 2022	294.1	294.1	84.2 101.8	186.0	- 13.8 10.9 - -	24.7	52.0 -	52.0	- 0.4 1.4	1.8	-	-
March 31, 2023	-	-	69.9 101.0	170.9	3.8 5.6 - 6.6 23.0	39.0	46.1 0.5	46.6	0.8 1.5 1.2	3.5	360.0	360.0
March 31, 2022	-	-	- -	-	- - - - -	-	52.0 -	52.0	- - -	-	-	-
March 31, 2023	-	-	- -	-	- - - - -	-	46.1 -	46.1	- - -	-	360.0	360.0
March 31, 2022	-	-	- 101.8	101.8	- - 10.9 - -	10.9	- -	-	- - -	-	-	-
March 31, 2023	-	-	- 101.0	101.0	- - - 6.6 -	6.6	- -	-	- - -	-	-	-
March 31, 2022	294.1	294.1	- -	-	- - - - -	-	- -	-	- - -	-	-	-
March 31, 2023	-	-	-	-	- - - - -	-	- -	-	- - -	-	-	-
March 31, 2022	-	-	- -	-	- - - - -	-	- -	-	- - 1.4	1.4	-	-
March 31, 2023	-	-	- -	-	- - - - 23.0	23.0	- 0.5	0.5	- - 1.2	1.2	-	-
March 31, 2022	-	-	84.2 -	84.2	- 13.8 - - -	13.8	- -	-	- 0.4 -	0.4	-	-
March 31, 2023	-	-	69.9 -	69.9	3.8 5.6 - - -	9.4	- -	-	0.8 1.5 -	2.3	-	-
	Trade receivables - Trident Global Inc. Total Lease liabilities (at amortised cost) - Madhuraj Foundation - Lotus Global Foundation Total Trade payables - Madhuraj foundation - Trident Group Limited - Punjab Cricket Association - Technum Opus Private Limited - Mintleaf People Connect Limited Total Other payables - Trident Trust - Trident Institute of Social Sciences Total Other receivables - Madhuraj Foundation - Trident Group Limited - Trident Institute of Social Sciences Total Other recoverable - Trident Trust Total Payable to employees

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March 31, 2022 1.1 1.6 0.7 0.6 0.6 1.0 - - - - 1.1 - - 6.7 0.4 - 0.4 - - 1.7 - - 2.5 161.1
Total March 31, 2023 1.1 1.0 0.7 0.3 - 0.6 1.1 0.3 0.2 0.2 0.7 0.1 0.3 6.6 - 0.0 - 0.0 1.3 0.2 0.1 0.0 1.6 161.1
March 31, 2022 - - - - - - - - - - - - - - - - - - - - - - - -
plan March 31, 2023 - - - - - - - - - - - - - - - - - - - - - - - -
Post employment benefit
March 31, 2022 1.1 1.6 0.7 0.6 0.6 1.0 - - - - 1.1 - - 6.7 0.4 - 0.4 - - 1.7 - - 2.5 161.1
where KMP/ March 1.1 1.0 0.7 0.3 - 0.6 1.1 0.3 0.2 0.2 0.7 0.1 0.3 6.6 - 0.0 - 0.0 1.3 0.2 0.1 0.0 1.6 161.1
the Company, Directors, Key management personnel and their relatives/Enterprises Director have control" 31, 2023
"Trustee of the enterprise that exercises control over
March 31, 2022 - - - - - - - - - - - - - - - - - - - - - - - -
Enterprises on which Company exercises significant influence March 31, 2023 - - - - - - - - - - - - - - - - - - - - - - - -
March 31, 2022 - - - - - - - - - - - - - - - - - - - - - - - -
2023 - - - - - - - - - - - - - - - - - - - - - - - -
common control
March 31,
Enterprises that are under
March 31, 2022 - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - -
the Company March
the Company/has 31, 2023
Enterprise that controls significant influence over
Particulars - Mr. Deepak Nanda - Mr. Abhishek Gupta - Ms. Madhu Gupta - Ms. Gayatri Gupta - Mr.Abhinav Gupta - Mr. Naveet Jindal - Mr. Kamal Gaba - Mr.Kavish Dhanda - Mr. Pardeep Kumar Markanday - Mr. Hari Krishan - Mr. Swapan Nath - Ms. Shreya Markanday - Mr. Avneesh Barua Total Advances to employees (imprest) - Mr. Deepak Nanda - Ms. Gayatri Gupta - Mr. Abhishek Gupta - Mr. Kavish Dhanda - Mr. Kamal Gaba - Mr. Swapan Nath - Mr. Pardeep Kumar Markanday - Mr. Avneesh Barua Total Equity component of compulsorily convertible debentures (refer note 58) - Mr. Rajinder Gupta
Notes to Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated) NOTE 39 - RELATED PARTY DISCLOSURES (Contd..)
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Financial Statements

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Notes to Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 40 - SEGMENT INFORMATION

I Segment accounting policies:

a. Product and Services from which reportable segment derive their revenues (Primary Business Segments)

Upto the previous year, the Group had identified two business segments namely Textiles (Yarn, Towel, Bedsheets) and Paper and chemicals. During the current year, the Board of Directors has reviewed the Textiles Segment and considering the nature and class of product included therein, has decided to present Yarn, Towel and Bedsheets as three separate business segments instead of one Textiles business segment on the basis that such segmentation would be more useful to users of the Group’s financial statements in terms of the requirements of Ind AS 108.

Accordingly, due to change in composition of reportable segments, as stated above, the corresponding items of segment information for previous year has been restated and presented in these consolidated Ind AS financial statements.. The Group has identified the following business segments which comprises of:

Yarn
Towel
Bedsheets
Paper and Chemical

b. Geographical segments (Secondary Business Segments)

The geographical segments considered and reviewed by Chief Operating Decision Maker for disclosure are based on markets, broadly as under:

India

USA

Rest of the world

c. Segment accounting policies

i. Segment assets and liabilities:

Segment assets include all operating assets used by a segment and consist principally of cash, debtors, inventories, right of use assets and Property, Plant and Equipment including capital work in progress, net of allowances and provisions, which are reported as direct offset in the balance sheet. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities.

ii Segment revenue and expenses:

Joint revenue and expenses of segments are allocated amongst them on reasonable basis. All other segment revenue and expenses are directly attributable to the segments.

iii Inter segment sales:

Inter segment sales are accounted for at cost plus appropriate margin (transfer price) and are eliminated in consolidation.

iv Segment results :

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Financial Statements

March 31, 2022	69,976.6 - 76.0 149.7	70,202.3	13,568.3 (1,547.4) (862.3) 6.0 (2,827.1)	8,337.5	58,400.3 6,491.0	64,891.3	6,683.4 4,044.9 3,576.9 10.0 12,129.3	26,444.5	3,445.9 3,328.0 3.0 119.9
March 31, 2023	63,322.6 - 170.5 73.1	63,566.2	7,596.5 (1,013.5) (796.2) 3.8 (1,374.5)	4,416.1	59,225.9 9,061.5	68,287.4	8,335.0 4,254.5 8,221.9 15.3 5,519.2	26,345.9	8,606.4 3,127.7 (7.7) 13.9
March 31, 2022	- (21,755.1) - -	(21,755.1)	- - - - -	-	-	-	- - - - -	-	- - - -
March 31, 2023	- (16,849.0) - -	(16,849.0)	- - - - -	-	-	-	- - - - -	-	- - - -
March 31, 2022	- - 76.0 28.4	104.4	- (1,547.4) (862.3) 6.0 (2,827.1)	-	- 6,491.0	6,491.0	- 4,044.9 3,576.9 10.0 12,129.3	19,761.1	217.3 183.2 - -
March 31, 2023	- - 170.5 6.8	177.3	- (1,013.5) (796.2) 3 .8 (1,374.5)	-	- 9,061.5	9,061.5	- 4,254.5 8 ,221.9 15.3 5,519.2	18,010.9	272.7 200.4 - -
March 31, 2022	9,797.3 6.4 - 21.0	9,824.7	2,380.1 - - - -	-	6,395.0 -	6,395.0	1,336.3 - - - -	1,336.3	1,034.7 152.8 - -
March 31, 2023	13,431.8 6.6 - (1.4)	13,437.0	4,104.6 - - - -	-	8,476.2 -	8,476.2	1,287.9 - - - -	1,287.9	1,816.3 191.3 0.3 -
March 31, 2022	12,260.3 122.0 - 12.1	12,394.4	152.5 -	-	6,409.6	6,409.6	945.8 - - - -	945.8	278.3 673.4 - -
March 31, 2023	10,112.2 6.4 - 7.9	10,126.5	609.8 -	-	7,284.9	7,284.9	1,041.8 - - - -	1,041.8	1,877.1 612.3 (2.2) (7.5)
March 31, 2022	28,310.8 169.8 - 43.2	28,523.8	484.1 -	-	18,854.8	18,854.8	2,291.6 - - - -	2 291.6	240.7 1,075.8 - 119.9
March 31, 2023	24,539.4 255.0 - 33.5	24,827.9	745.2 -	-	17,763.7	17,763.7	2,151.6 - - - -	2,151.6	992.1 1,082.9 (2.6) 23.5
March 31, 2022	19,608.2 21,456.9 - 45.0	41,110.1	10,551.6 - - - -	-	26,740.9 -	26,740.9	2,109.7 - - - -	2,109.7	1,675.0 1,242.7 3.0 -
March 31, 2023	15,239.2 16,581.0 - 26.3	31,846.5	2,136.9 - - - -	-	25,701.1 -	25,701.1	3,853.7 - - - -	3,853.7	3,648.3 1,040.8 (3.2) (2.1)
	1 Segment revenue - External sales - Inter segment Sales - Interest income - Other income Total revenue 2 Segment results Unallocated corporate expenses (net of unallocated Income) Finance costs Share of Profit of associate Tax expenses 3 Profit after tax 4 Segment Balance Sheet a Segment assets Unallocated corporate assets Total assets b Segment liabilities Unallocated corporate liabilities Long term borrowings (including current maturities) Interest accrued but not due on borrowings Short term borrowings Total liabilities 5 Other disclosures Capital expenditure Depreciation and amortizations expense Material non cash items other than depreciation and amortization expense: - Foreign exchange (gain)/loss on derivative financial instruments carried at Fair value through profit and loss - Foreign exchange (gain)/loss on derivative financial instruments carried at Fair value through other comprehensive income

						Unallocable Elimination Total	March March March March March March	31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022	2.8 (0.7) - - 2.8 (0.7)			- (1.1) - (1.1)		0.2 5.1 - - 3.7 119.8			- - - - - 5.5			For the year ended March 31, 2023 For the year ended March 31, 2022		28,144.4 22,555.0	22,741.5 29,003.4	12,436.7 18,418.2	63,322.6 69,976.6		47,374.5 39,294.2	377.8 9.7	76.6 80.3	47,828.9 39,384.2
Notes to Consolidated Ind AS Financial Statements	as at and for the year ended March 31, 2023		(All amounts In Rs. Million, unless otherwise stated)	NOTE 40 - SEGMENT INFORMATION (Contd..)	II Detail of Primary Business Segments and its reconciliation with Financial Statements:	Yarn Towel Bedsheets Paper & Chemicals	Particulars March March March March March March March March	31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022	- Net (gain)/loss on financial assets - - - - - - - -	measured at Fair value through profit and	loss	Investment in associate recognised (written - - - - - - - -	off in earlier years)	- Liabilities/ sundry credit balances no (1.2) 6.9 11.8 116.7 - (9.5) (7.1) 0.6	longer required (written back)/irrecoverable	balances writen off (net)	- Expected credit loss allowance on trade - 0.1 - 3.7 - 1.7 - -	receivables and financial assets	III Details of secondarysegment – geographical :	Particulars	Revenue from external customer in:	India	USA	Rest of the world	Total Sales	Non-current assets located in: *	India	USA	Rest of the world	Total non-current assets	* Excludes investments amounting to Rs. 4.9 million (Previous year Rs. 18.1 million)

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 41 - LEASES

The Group has lease contracts for various land, office premises, guest houses and factory premises (including plant and equipment). Leases of office premises, guest houses and factory premises (including plant and equipment) generally have lease terms ranging from 11 months to 20 years and leases of lands generally have lease terms between 30-99 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets. There are several lease contracts that include extension and termination options.

The Group also has certain leases of office premises and guest houses with lease terms of 12 months or less. The Group applies the ‘short-term lease’ recognition exemptions for these leases.

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the year:

Particulars		Right of use assets	Right of use assets
	Land	Office premises and guest houses	Factory premises (including plant and equipment)	Total
As at March 31, 2021 Additions Depreciation expense As at March 31, 2022 Acquired on account of acquisition of subsidiary (refer note 59) Foreign currency translation reserve Additions Depreciation expense As at March 31, 2023	332.9 - (8.9)	171.8 - (17.6)	31.9 61.5 (4.0)	536.6 61.5 (30.5)
	324.0	154.2	89.4	567.6
	- - -	339.9 3.4 111.5	- - -	339.9 3.4 111.5
	(8.9)	(45.7)	(10.1)	(64.7)
	315.1	563.3	79.3	957.7

Extension and termination options are included in a number of leases. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor.

Payments associated with short-term leases are recognised on a straight-line basis as an expense in the Statement of Profit and Loss. Short-term leases are leases with a lease term of 12 months or less.The Group did not have any leases impacted by Covid-19 related rent concession amendment.

NOTE 42 -

(I) DETAILS OF LONG TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT MARCH 31, 2023

Breakup of long term borrowings as at March 31, 2023

Particulars	Non-current borrowings (refer note 16)	Current maturities of long term borrowings (refer note 18)	Total Long term borrowings
Term loans from banks (for details Refer (A) below) Non convertible debentures (for details Refer (B) below) Less: Unamortised borrowing costs Carrying value of term loans from banks and non convertible debentures	7,796.7	181.0	7,977.7
	250.0	-	250.0
	(4.2)	(1.6)	(5.8)
	8,042.5	179.4	8,221.9

A. Term loans from banks:

Set out below are the carrying amounts of lease liabilities and the movements during the year:

Particulars	As at March 31, 2023	As at March 31, 2022
Opening Balance Acquired on account of acquisition of subsidiary (refer note 59) Additions Foreign currency translation reserve Accretion of interest Payments Closing Balance* Current lease liabilities Non current lease liabilities	260.8	267.4
	342.9	- - 23.3 (29.9) 260.8 20.7 -
	107.4
	2.9
	30.1
	(63.3)
	680.8
	77.6
	603.2	240.1

*includes payable to related parties of Rs. 170.9 million (Previous year 186.0 million) (refer note 39)

Considering the lease term of the leases, the effective interest rate for lease liabilities is 9% and 2.5% in one of the foreign subsidiary Company.

The following are the amounts recognised in the Statement of Profit and Loss:

Particulars	As at March 31, 2023	As at March 31, 2022
Depreciation expense of right-of-use assets Interest expense on lease liabilities Expense relating to short-term leases (included in other expenses) Total amount recognised in the Statement of Profit and Loss	64.7	30.5 23.3 38.0
	30.1
	29.8
	124.6	91.8

For maturity analysis of lease liability, refer note 45 Financial risk management framework and policies under maturities of financial liabilities.

The Group had total cash outflows for leases of Rs. 93.1 million (previous year: Rs 67.9 million). There are no future cash outflows relating to leases that have not yet commenced.

Amount of loan
Sr. outstanding as at Repayment details of loan outstanding as at March 31, 2023
No. March 31, 2023
1 392.8 4 quarterly installment of Rs. 7.8 million each, 4 quarterly installment of Rs. 9.1 million each, 3 quarterly installment of Rs. 10.4 million each, 1 quarterly installment of Rs. 20.6 million, 4 quarterly installment of Rs. 23.0 million each, 4 quarterly installment of Rs. 25.9 million each, 2 quarterly installment of Rs. 31.5 million each and balance of Rs. 14.8 million would be paid as last installment as per revised repayment schedule.
2 237.7 4 quarterly installment of Rs. 5.1 million each, 4 quarterly installment of Rs. 6.0 million each, 3 quarterly installment of Rs. 6.7 million each, 1 quarterly installment of Rs. 14.0 million, 4 quarterly installment of Rs. 15.0 million each, 4 quarterly installment of Rs. 16.8 million each, 1 quarterly installment of Rs. 20.7 million and balance of Rs. 11.3 million as per revised repayment schedule.
3 712.7 5 quarterly installment of Rs. 13.3 million each, 4 quarterly installment of Rs. 15.5 million each, 3 quarterly installment of Rs. 17.7 million each, 1 quarterly installment of Rs. 35.4 million, 4 quarterly installment of Rs. 39.2 million each, 4 quarterly installment of Rs. 44.2 million each, 1 quarterly installment of Rs. 53.9 million and 2 quarterly installment of Rs. 54.1 million each as per revised repayment schedule.
4 374.7 4 quarterly installment of Rs. 7.6 million each, 4 quarterly installment of Rs. 8.9 million each, 3 quarterly installment of Rs. 10.2 million each, 5 quarterly installment of Rs. 20.3 million, 4 quarterly installment of Rs. 22.5 million each, 3 quarterly installment of Rs. 25.3 million each and balance of Rs. 10.7 million as per revised repayment schedule.
5 690.7 1 quarterly installment of Rs. 10.0 million each, 8 quarterly installment of Rs. 12.0 million each, 4 quarterly installment of Rs. 14.0 million each, 3 quarterly installment of Rs. 16.0 million each, 1 quarterly installment of Rs. 32.0 million, 4 quarterly installment of Rs. 35.5 million each, 4 quarterly installment of Rs. 40.0 million each and 2 quarterly installment of Rs. 49.0 million each and balance of Rs 48.7 million as per revised repayment schedule

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 42 - (Contd..)

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Amount of loan
Sr.
outstanding as at Repayment details of loan outstanding as at March 31, 2023
No.
March 31, 2023
6 5,569.1 Partial loans have been disbursed against the total loan sanctioned taken from multiple banks
and repayment of the loans would be made in 30 quarterly installments starting from June
2024 onwards.
Total 7,977.7
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B. Non-convertible debentures:

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Amount of Non
Sr. convertible
Repayment details of Non convertible debentures outstanding as at March 31, 2023
No. debentures
outstanding as at
1 250.0 Payable in 4 equal installments of Rs. 62.5 million at the end of 18th, 24th, 30th and 36th
month from date of allotment i.e. March 29, 2023.
Total 250.0
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Amount of loan Sr. outstanding as at Repayment details of loan outstanding as at March 31, 2022 No. March 31, 2022

4 408.0 8 quarterly installment of Rs. 10.5 million each, 4 quarterly installment of Rs. 12.2 million each, 3 quarterly installment of Rs. 14.0 million each, 1 quarterly installment of Rs. 27.9 million, 4 quarterly installment of Rs. 31.0 million each, 2 quarterly installment of Rs. 34.9 million each and balance of Rs. 11.5 million as per revised repayment schedule.
5 710.7 3 quarterly installment of Rs 10.3 million each, 8 quarterly installment of Rs. 12.4 million each, 4 quarterly installment of Rs. 14.3 million each, 3 quarterly installment of Rs. 16.3 million each, 1 quarterly installment of Rs. 33.0 million, 4 quarterly installment of Rs. 36.5 million each, 4 quarterly installment of Rs. 41.0 million each and 2 quarterly installment of Rs. 50.1 million each and balance of Rs. 31.3 million as per revised repayment schedule
62.7 Partial loan have been disbursed against the total loan sanctioned. The repayment of the loan would be made in 30 quarterly installments starting from June 2024 onwards.
6
12.0 Partial loan have been disbursed against the total loan sanctioned. The repayment of the loan would be made in 30 quarterly installments starting from June 2024 onwards.
7

2,639.3

B. Non-convertible debentures:

II. Details of long term borrowings (including current maturities) as at March 31, 2022

Particulars	Long term borrowings (refer note 16)	Current maturities of long term borrowings (refer note 18)	Total long term borrowings
Term loans from banks (for details Refer (A) below) Non convertible debentures (for details Refer (B) below) Vehicle loans from banks (for details Refer (C) below) Less: Unamortised borrowing costs Carrying value of term loans from banks and Non convertible debentures	2,474.0 625.0 3.9 (6.3)	165.3 312.5 5.0 (2.5)	2,639.3 937.5 8.9 (8.8)
	3,096.6	480.3	3,576.9

A. Term loans from banks:

Amount of loan Sr. outstanding as at Repayment details of loan outstanding as at March 31, 2022 No. March 31, 2022

1 424.1 8 quarterly installment of Rs. 7.8 million each, 4 quarterly installment of Rs. 9.1 million each, 3 quarterly installment of Rs. 10.4 million each, 1 quarterly installment of Rs. 20.6 million, 4 quarterly installment of Rs. 23.0 million each, 4 quarterly installment of Rs. 25.9 million each, 2 quarterly installment of Rs. 31.5 million each and balance of Rs. 14.9 million would be paid as last installment as per revised repayment schedule.
2 258.2 8 quarterly installment of Rs. 5.1 million each, 4 quarterly installment of Rs. 6.0 million each, 3 quarterly installment of Rs. 6.7 million each , 1 quarterly installment of Rs. 14.0 million , 4 quarterly installment of Rs. 15.0 million each, 4 quarterly installment of Rs. 16.8 million each ,1 quarterly installment of Rs. 20.7 million and balance of Rs 11.4 million as per revised repayment schedule.
3 763.6 1 quarterly installment of Rs. 11.1 million, 8 quarterly installment of Rs. 13.3 million each, 4 quarterly installment of Rs. 15.5 million each, 3 quarterly installment of Rs. 17.7 million each, 1 quarterly installment of Rs. 35.4 million, 4 quarterly installment of Rs. 39.2 million each, 4 quarterly installment of Rs. 44.2 million each, 1 quarterly installment of Rs. 53.9 million and 2 quarterly installment of Rs. 54.1 million each as per revised repayment schedule.

Amount of Non

convertible Sr. debentures Repayment details of Non convertible debentures outstanding as at March 31, 2022 No. outstanding as at March 31, 2022 1 937.5 Payable in 3 equal installments of Rs 312.5 million at the end of 27th, 36th and 48th month from date of allotment i.e. November 03, 2020. 937.5

C. Vehicle loans from banks

Vehicle loans are repayable in equal monthly instalments.

NOTE 43 -EMPLOYEES' STOCK OPTION PLANS

The Board of Directors and the Shareholders of the Parent Company have approved a Scheme called as “Trident Limited Employee Stock Options Scheme – 2020 (“ ESOS Scheme“) and “Trident Limited Employee Stock Purchase Scheme – 2020“ (“ ESPS Scheme“) in their meeting held on July 9, 2020 and May 16, 2020 respectively. Pursuant to the ESOS Scheme, the Parent Company has constituted TridentLimited Employees Welfare Trust (‘Trust’) to acquire, hold and allocate/transfer equity shares of the Parent Company to eligible employees (as defined in the ESOS and ESPS scheme) from time to time on the terms and conditions specified under the ESOS Scheme and ESPS Scheme.

The said trust had purchased, during the financial year 2020-21, Parent Company’s equity shares aggregated to 100,000,000 equity shares from the secondary open market at cost of Rs. 7.50 per share for which the Company had given loan to trust amounting to Rs. 751.0 million. The financial statements of the Trust have been included in the consolidated Ind AS financial statements of the Group in accordance with the requirements of Ind AS and cost of such treasury shares has been presented as a deduction in other equity. Such number of equity shares (which are lying with trust) have been reduced while computing basic and diluted earnings per share.

(A) Trident Employees Stock Options Scheme, 2020

The Parent Company had granted 66,00,000 stock options under the ESOS Scheme on November 12, 2022. Each option granted and vested under the Scheme shall entitle to the holder to acquire 1 equity share of Re. 1 each.

In respect of options granted under the Employees’ Stock Option Scheme, 2020, the details of options outstanding are as under.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 43 -EMPLOYEES' STOCK OPTION PLANS (Contd..)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 43 -EMPLOYEES' STOCK OPTION PLANS (Contd..)

Movements in ESPS during the year

Particulars	Details
ESOP grant date Exercise period under the ESOS Exercise price VESTING PERIOD UNDER ESOS End of first year End of second year End of third year End of fourth year Fair value of grant date End of first year End of second year End of third year End of fourth year Total number of options granted Total number of options accepted Options lapsed due to resignation/non acceptance Options exercised Options lapsed because of ending of exercise period Balance	November 12, 2022 Exercisable within 4 years from date of respective vesting Rs. 16.50 10% 20% 30% 40% 24.4 25.0 25.7 26.2 66,00,000 15,98,500 50,01,500 Not applicable since shares have not vested as yet. Not applicable since shares have not vested asyet.
	15,98,500
Share basedpayment expense (Rs. in million)	6.1

(B) Trident Limited Employee Stock Purchase Scheme – 2020

The following share based payment arrangements are granted and exercised during the year:

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Exercise Share based
Number of Fair Value of
Tranches Grant Date Expiry Date price payment expense
Shares grant date
( J ) (Rupees in million)
Tranche 1 11,56,999 19-04-2022 Refer note 1 below 20.0 55.74 41.4
Tranche 2 3,80,200 12-05-2022 Refer note 1 below 20.0 55.98 13.7
Tranche 3 74,41,131 12-11-2022 Refer note 1 below 16.5 38.49 163.6
Total 89,78,330 218.7
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Particulars	2022-23	2021-22
	Number of ESPS	Number of ESPS
Balance at beginning of year Acceptance during the year Number of shares against which amount refunded Granted during the year Exercised during the year Balance at the end ofyear	-	- 92,02,749 (3,99,426) 88,03,323 88,03,323 -
	89,78,330
	-
	89,78,330
	89,78,330
	-

Based on various judicial prouncements and opinion obtained by the Group from experts, the Parent Company has taken allowance of share based payment expense while computing income tax provision for the current year.

Based on approval of NRC, for remaining 62,328,640 Equity Shares, the Parent Company is seeking approval of shareholders of the Parent Company for implementation of Trident Limited General Employee Benefits Scheme – 2023 by transferring remaining shares from Trident Limited Employee Stock Purchase Scheme – 2020 to Trident Limited General Employee Benefits Scheme – 2023 . The Parent Company has also obtained expert opinion on compliance in this regard.

NOTE 44 (a) - CURRENT TAX AND DEFERRED TAX

(i) Income tax expense recognised in the Statement of Profit and Loss

Particulars	For the year ended 31 March 2023	For the year ended 31 March 2022
(A) Current Tax: - in respect of current year - in respect of earlier years Total (A) (B) Deferred Tax: - in respect of current year - in respect of earlier year Total (B) Total income tax expense (A+B)	1,397.9 (7.7) 1,390.2 13.6 (29.3) (15.7) 1,374.5	2,986.9 (2.7)
		2,984.2
		(160.3) 3.2
		(157.1)
		2,827.1

The following share based payment arrangements are granted and exercised during the previous year:

(ii) Income tax recognised in other comprehensive income

Tranches	Number of Shares	Grant Date 31-07-2021 21-10-2021 21-10-2021 22-11-2021 22-11-2021	Expiry Date	Exercise price (J)	Fair Value of grant Date	Share based payment expense (Rupees in million)*
Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Total	21,53,897 51,04,223 1,02,400 14,15,303 27,500		Refer note 1 below Refer note 1 below Refer note 1 below Refer note 1 below Refer note 1 below	7.5 21.0 12.0 28.0 18.0	20.24 38.45 38.45 41.91 41.91	27.4 89.0 2.7 19.7 0.7
	88,03,323					139.5

Note 1: The exercise period shall be 30 days from the date of offer. Failure to comply within this time period results in lapsing of offer in the hands of Offeree

includes recovery of Rs 2.6 million (Previous year Nil) from related parties (refer note 39).

Particulars	For the year ended 31 March 2023	For the year ended 31 March 2022
Current tax relating to items recognised in other comprehensive income during the year on: - Remeasurement loss/(gain) of defined benefit obligations Total current tax (charge) recognised in other comprehensive income Deferred tax related to items recognised in other comprehensive income during the year: - Remeasurement loss/(gain) of defined benefit obligations - Effective portion of cash flow hedge reserve and foreign currency translation reserve		- - (18.3) 30.2
	(21.9)
	(21.9)

	-
	3.2

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 44 (a) - CURRENT TAX AND DEFERRED TAX (Contd..)

Particulars	For the year ended 31 March 2023	For the year ended 31 March 2022
Total deferred tax credit / (charge) recognised in other comprehensive income Total tax credit / (charge) recognised in other comprehensive income Classification of income tax recognised in other comprehensive income - Income taxes related to items that will not be reclassified to profit or loss - Income taxes related to items that will be reclassified to profit or loss Total	3.2	11.9
	3.2	11.9
		(18.3) 30.2
	(21.9)
	3.2
	(18.7)	11.9

(iii) Reconciliation of income tax expense and the accounting profit multiplied by applicable tax rate:

Particulars	For the year ended 31 March 2023	For the year ended 31 March 2022
Profit before tax as per the Statement of Profit and Loss Loss/(gain) of subsidiaries Share of profit of associate Income tax expense calculated at 25.168% Income tax expense calculated at 21% Add: Income tax impact on disallowances of items of permanent nature Add: Income tax for earlier years recognised in the Statement of Profit and Loss Add:Impact of income tax on dividend income received by Trident Employee Welfare Trust Less: lower tax due to brought forward losses in subsidiaries Less: Income tax impact on change of indexed cost of acquisition on fair valuation gain of land Income tax asper (i) above	5,790.6	11,164.6 (6.0) (6.0)
	10.0
	(3.8)
	5,796.8	11,152.6
	1,414.7	2,806.9 - 36.9 0.5 25.6 (42.8)
	36.9
	0.9
	(37.0)
	-
	(3.6)
	(37.5)
	1,374.5	2,827.1

NOTE 44 (b) - MOVEMENT IN DEFERRED TAX BALANCES

Particulars	As at March 31, 2022	Recognised in statement of Profit and Loss	Recognised in other comprehensive income	As at March 31, 2023
Tax effect of items constituting deferred tax liabilities Property, plant and equipment and intangible assets Financial assets at fair value through Statement of Profit and Loss Right of use assets Provision for employee benefits - gratuity Income not accrued in the books of subsidiaries Others - cash flow hedge and foreign exchange translation reserve Tax effect of items constituting deferred tax assets Provision for employee benefits - bonus and leave benefits Unrealised profit on share of subsidiary of the Group Lease liability Expected credit loss allowance	3,056.5 0.4 57.9 28.1 - 22.0	(49.7) - 0 .6 (1.0) 18.0 -	- - - - - (3.2)
				3,006.8
				0.4
				58.5
				27.1
				18.0
				18.8
	3,164.9	(32.1)	(3.2)	3,129.6
	54.1 4.1 63.5 2.3	(22.6) - 5 .3 (0.1)	- - - -
				31.5
				4.1
				68.8
				2.2

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 44 (b) - MOVEMENT IN DEFERRED TAX BALANCES (Contd..)

Particulars	As at March 31, 2022	Recognised in Statement of Profit and Loss	Recognised in other comprehensive income	Recognised in other comprehensive income	Recognised in other comprehensive income	As at March 31, 2023
Others Net deferred tax liabilities	6.5	1 .0	-			7.5
	130.5	(16.4)	-			114.1
	3,034.4	(15.7)	(3.2)			3,015.6
Particulars	As at March 31, 2021	Recognised in Statement of Profit and Loss	Recognised in other comprehensive income		As at March 31, 2022
Tax effect of items constituting deferred tax liabilities Property, plant and equipment and intangible assets Financial assets at fair value through Statement of Profit and Loss Provision for employee benefits - gratuity Right of use assets Others - cash flow hedge and foreign exchange translation reserve Tax effect of items constituting deferred tax assets Provision for employee benefits - bonus and leave benefits Unrealised profit of subsidiary of the Group Lease liability Expected credit loss allowance Others Net deferred tax liabilities	3,223.1 0.4 3.8 63.2 52.2	(166.6) - 6.0 (5.3) -		- - 18.3 - (30.2)	3,056.5 0.4 28.1 57.9 22.0
	3,342.7	(165.9)		(11.9)	3,164.9
	57.7 3.9 66.3 0.9 10.5	(3.6) 0.2 (2.8) 1.4 (4.0)		- - - - -	54.1 4.1 63.5 2.3 6.5
	139.3	(8.8)		-	130.5
	3,203.4	(157.1)		(11.9)	3,034.4
Particulars				As at March 31, 2022
		As at March 31,	2023
Aggregate of net deferred tax assets jurisdictions Aggregate of net deferred tax liabilities jurisdictions Net deferred tax liabilities			2.0	- 3,034.4
		3,017.6
		3,015.6		3,034.4

NOTE 45 - Financial Instruments

Capital management

For the purpose of Group's capital management, capital includes issued equity capital and all reserves attributable to equity holders of the Group.

The Group’s capital management objectives are:

to ensure the Group’s ability to continue as a going concern
to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.

The Group manages capital risk in order to maximize shareholders’ profit by maintaining sound/optimal capital structure through monitoring of financial ratios, such as net debt-to-equity ratio on a monthly basis and implements capital structure improvement plan when necessary. There is no change in the overall capital risk management strategy of the Group compared to last year.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

Debt-to-equity ratio as of March 31, 2023 and March 31, 2022

Ratio	Numerator	Denominator	31-Mar-23 31-Mar-22 0.39 0.50
Debt- equity ratio	Total debt (excluding lease liabilities)	Total equity (excluding PPE fair valuation reserve and effective portion of cash flow hedge)

Fair Values and its categories:

Set out below, is a comparison by class of the carrying amounts and fair value of the Group's financial instruments:

	Carrying Value Fair Value As at March 31, 2023 As at March 31, 2022 As at March 31, 2023 As at March 31, 2022 4.9 11.0 4.9 11.0 5.6 2.6 5.6 2.6 529.3 453.1 529.3 453.1 1,850.0 - 1,850.0 - 26.5 - 26.5 - 81.3 98.7 81.3 98.7 8,221.9 3,576.9 8,221.9 3,576.9 32.8 40.3 32.8 40.3 0.5 5.2 0.5 5.2 7.9 11.3 7.9 11.3	Carrying Value Fair Value As at March 31, 2023 As at March 31, 2022 As at March 31, 2023 As at March 31, 2022 4.9 11.0 4.9 11.0 5.6 2.6 5.6 2.6 529.3 453.1 529.3 453.1 1,850.0 - 1,850.0 - 26.5 - 26.5 - 81.3 98.7 81.3 98.7 8,221.9 3,576.9 8,221.9 3,576.9 32.8 40.3 32.8 40.3 0.5 5.2 0.5 5.2 7.9 11.3 7.9 11.3	Carrying Value Fair Value As at March 31, 2023 As at March 31, 2022 As at March 31, 2023 As at March 31, 2022 4.9 11.0 4.9 11.0 5.6 2.6 5.6 2.6 529.3 453.1 529.3 453.1 1,850.0 - 1,850.0 - 26.5 - 26.5 - 81.3 98.7 81.3 98.7 8,221.9 3,576.9 8,221.9 3,576.9 32.8 40.3 32.8 40.3 0.5 5.2 0.5 5.2 7.9 11.3 7.9 11.3
		As at March 31, 2022 As at March 31, 2023	As at March 31, 2022
Financial assets Measured at fair value through profit or loss Investments (refer note 4) Derivative financial instruments (refer note 12) Measured at amortised cost Security deposits (refer note 5) Bank deposits with remaining maturity more than 12 months (refer note 5) Interest accrued on deposits (refer note 5) Measured at fair value through other comprehensive income Derivative financial instruments (refer note 12) Financial liabilities Measured at amortised cost Borrowings (Including current maturities) (refer note 16 and 18) Payables on purchase of property, plant and equipment (refer note 17) Measured at fair value through profit or loss Derivative financial instrument (refer note 20) Measured at fair value through other comprehensive income* Derivative financial instrument (refer note 20)	4.9 5.6 529.3 1,850.0 26.5 81.3 8,221.9 32.8 0.5 7.9	11.0 4.9 2.6 5.6 453.1 529.3 - 1,850.0 - 26.5 98.7 81.3 3,576.9 8,221.9 40.3 32.8 5.2 0.5 11.3 7.9	11.0 2.6 453.1 - - 98.7 3,576.9 40.3 5.2 11.3

Investment in note 4 (a) represents investments in equity shares of associate which are carried at cost and hence were not required to be disclosed as per Ind AS 107 “Financial Instruments Disclosures”. Hence, the same have been excluded from the above table.

Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below

Level 1: Quoted prices in an active market: This level of hierarchy includes financial instruments that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. This level of hierarchy include Group’s over-the-counter (OTC) derivative contracts and mutual funds.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

A. Fair value hierarchy as at 31 March 2023

Particulars	As at March 31, 2023	Level 1	Level 2	Level 3 Valuation technique(s) and key input(s)
Financial assets – Investments in private equity fund (refer note 4) – Investments in unquoted equity instruments (refer note 4) – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income Financial Liabilities* – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income
	3.7	-	3.7	- NAV published in annual report of private equity fund.
	1.2	-	-	1.2
	5.6	-	5.6	- Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange
	81.3	-	81.3	- Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange

	0.5	-	0.5	- Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange
	7.9	-	7.9	- Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange

There have been no transfers between Level 1, Level 2 and Level 3 during the year.

The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique and inputs with sensitivity analysis have not been given.

A. Fair value hierarchy as at 31 March 2022

Particulars	As at March 31, 2022	Level 1	Level 2	Level 3	Valuation technique(s) and key input(s)
Financial assets – investments in private equity fund (refer note 4) – investments in unquoted equity instruments * (refer note 4) – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income Financial Liabilities – Derivatives instruments at fair value through profit or loss – Derivatives instruments at fair value through other comprehensive income	9.8 1.2 2.6 98.7 5.2 11.3	- - - - - -	9.8 - 2.6 98.7 5.2 11.3	- 1.2 - - - -	NAV published in annual report of private equity fund. Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange. Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealing in foreign exchange Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealingin foreign exchange

There have been no transfers between Level 1, Level 2 and Level 3 during the year.

The fair value of these investments appearing under Level III approximates the carrying value and hence, the valuation technique and inputs with sensitivity analysis have not been given.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

Financial Risk Management Framework

The Group's principal financial liabilities, other than derivatives, comprise loans and borrowings, lease liabilities, trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group's principal financial assets include trade and other receivables, receivables from government authorities, security deposits and cash and cash equivalents that derive directly from its operations. The Group also holds investments and enters in to derivative transactions.

The Group's corporate treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Group seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

The Chief financial officer reports quarterly to the Board of Directors of the Group for monitoring risks and reviewing policies implemented to mitigate risk exposures.

Credit risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group has also taken export credit insurance for mitigation of export credit risk for certain parties.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to Rs. 2,765.4 million and Rs. 5,252.6 million as of March 31, 2023 and March 31, 2022, respectively. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Credit risk has always been managed by the Group through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Group grants credit terms in the normal course of business and by way of taking letter of credit, credit insurance against export receivables.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

For Trade receivables ageing refer note 57

The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2023 was Rs. 13 million (Previous year Rs. 7.3 million).

(Previous year Rs. 7.3 million).
Particulars	As at 31-Mar-23	As at 31-Mar-22
Balance at the beginning Expected credit loss recognised Expected credit loss acquired on account of acquisition of subsidiary company Reversed during the year Balance at the end	7.3	1.8 5.5 - -
	-
	9.2
	3.5
	13.0	7.3

In case of its non-current financial assets i.e. other Incentive receivables from Government authorities, the Group has computed the expected loss allowance based on its expection of time period involved in realisation of cash flows, The allowance for lifetime expected credit loss on non-current financial assets is Rs. Nil (Previous year Rs. Nil) . The following is the movement in the expected credit loss allowance.

Particulars	As at 31-Mar-23	As at 31-Mar-22
Balance at the beginning Expected credit loss recognised Written off during the year Balance at the end	-	30.0 -
	-
	-	30.0
	-	-

Liquidity risk

(i) Liquidity risk management

The Group's objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements at all times.

The following table gives details in respect of percentage of revenues generated from top one customer and top five customers (excluding incentives):

Particulars	As at 31-Mar-23 As at 31-Mar-22 13.1% 16.6% 30.6% 32.9%
Revenue from top customer (%) Revenue from topfive customers (%)

*Revenue from top customer amounting to Rs. 7,808.4 million (Previous year Rs. 10,900.9 million) pertains to segment in USA market.

Credit Risk Exposure

The Group has used a practical expedient by computing the expected loss allowance for trade receivables based on historical credit loss experience and adjustments for forward looking information

The Chief Financial Officer of the Parent Company is responsible for liquidity risk management and the Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. Liquidity risk is managed by adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Chief Financial Officer of the Parent Company reports the same to the Board of Directors on quarterly basis.

(ii) Maturities of financial liabilities

The following tables detail the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted contractual cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows.

interest and principal cash flows.
Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above	Total undiscounted contractual cash flows	Carrying amount of liabilities
March 31, 2023 Non-interest bearing - Trade payable - Interest accrued but not due on borrowings	5,401.5 15.3	-	-	-	5,401.5 15.3	5,401.5 15.3

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above	Total undiscounted contractual cash flows	Carrying amount of liabilities
- Payables to employees - Payables on purchase of property, plant and equipment - Unclaimed divdend - Other liabilities Fixed-interest bearing - Security deposits - Non-convertible debentures Variable interest rate instruments - Borrowings from banks and other financial institution - Lease liabilities Total March 31, 2022 Non-interest bearing - Trade payable - Interest accrued but not due on borrowings - Payables to employees - Payables on purchase of property, plant and equipment - Unclaimed divdend - Other liabilities Fixed-interest bearing - Security deposits - Non-convertible debentures - Borrowings from banks and other financial institution - Lease liabilities Total	710.2 1,337.8 150.4 67.4 89.1 - 5,700.2 109.4	24.6 250.0 1,213.0 215.2	8 .2 2 ,062.2 158.0	- 4,521.5 455.6	710.2 1,370.6 150.4 67.4 89.1 250.0 13,496.9 938.2	710.2 1,370.6 150.4 67.4 89.1 250.0 13,491.1 680.8
	13,581.3	1,702.8	2,228.4	4,977.1	22,489.6	22,226.4
	4,605.7 10.0 674.1 509.8 148.6 64.6 85.1 312.5 12,299.6 42.0	- - - 22.0 - - 625.0 491.2 74.3	- - - 18.3 - - - 771.6 68.9	- - - - - - - 1,215.1 306.6	4,605.7 10.0 674.1 550.1 148.6 64.6 85.1 937.5 14,777.5 491.8	4,605.7 10.0 674.1 550.1 148.6 64.6 85.1 936.1 14,770.1 260.8
	18,752.0	1,212.5	858.8	1,521.7	22,345.0	22,105.2

Derivative financial instruments

The Group holds derivative financial instruments such as foreign currency forward contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank or a financial institution. These derivative financial instruments are values based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above
Derivative financial instruments March 31, 2023 Foreign exchange forward contracts (at forward rate) (highly probable forecast sales) – USD Total	12,009.0	- -	- -	- -
	12,009.0	-	-	-

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

Particulars	Less than 1 Year	1-3 Years	3 Years to 5 Years	5 years and above
March 31, 2023 Foreign exchange forward contracts (at forward rate) hedging against purchase – EUR – USD Total March 31, 2023 Foreign exchange option contracts (at closing spot rate) – USD Total Derivative financial instruments March 31, 2022 Foreign exchange forward contracts (at forward rate) (highly probable forecast sales) – USD Total March 31, 2022 Foreign exchange forward contracts (at forward rate) hedging against purchase – EUR – CHF Total March 31, 2022 Foreign exchange option contracts (at closing spot rate) – USD Total	528.9 21.0	- -	- -	- -
	549.9	-	-	-

	-	-	-	-
	12,990.8	-	-	-
	12,990.8	-	-	-
	688.3 176.1	- -	- -	- -
	864.4	-	-	-
	37.9
	37.9	-	-	-

Financing arrangements

The Group had access to following borrowing facilities at the end of the reporting period:

Particulars	31-Mar-23	31-Mar-22
Cash credit/export packing credit/working capital loans from banks - Utilised - Non Utilised Secured bill acceptance facility - Utilised - Non Utilised		11,973.1 6,026.9 156.2 1,843.8
	5,475.3
	12,524.7

	43.9
	1,956.1
	20,000.0	20,000.0

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency risk and interest rate risk. Financial instruments affected by market risk includes loan and borrowings, lease liabilities and derivative financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group uses derivatives to manage market risks. Derivatives are only used for economic hedging purposes and not as speculative investments. All such transactions are carried out within the guidelines set by the Board of Directors and Risk Management Committee.

There has been no significant changes to the Group’s exposure to market risk or the methods in which they are managed or measured.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Group's exposure to currency risk relates primarily to the Group’s operating activities and borrowings when transactions are denominated in a different currency from the Company's functional currency.

The Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum 12 month period for hedges of forecasted sales.

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

Foreign Currency Sensitivity

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s debt obligations with floating interest rates. The borrowings (excluding non convertible debentures) as at March 31, 2023 is Rs 13,491.1 million (previous year Rs. 14,770.1 million) which are interest bearing and interest rates are variable.

Interest rate sensitivity

Foreign currency rate sensitivity

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows.

Particulars	Currency	Amount in Million March 31, 2023 March 31, 2022 24.6 55.9 - 0.2 0.0 0.0 0.0 - - 0.0 13.0 13.1 3.8 0.3 0.4 - 2.0 2.6
Trade receivables Trade payables and payables on purchase of property, plant and equipment and intangible assets	USD GBP EUR AUD SGD* USD EUR CHF AED

*Represents EUR 222 and AUD 4,449 ( Previous year SGD 28,960 ).

Of the above foreign currency exposures, the following exposures are not hedged by a derivative.

Particulars	Currency	Amount in Million March 31, 2023 March 31, 2022 1.9 3.8 - 0.2 0.0 0.0 0.0 - - 0.0 13.0 13.1 3.8 0.3 0.4 - 2.0 2.6
Trade receivables Trade payables and payables on purchase of property, plant and equipment and intangible assets	USD GBP EUR AUD SGD* USD EUR CHF AED

*Represents EUR 222 and AUD 4,449 ( Previous year SGD 28,960).

For the year ended March 31, 2023, every 1 percent depreciation/appreciation in the exchange rate against USD, might have affected the Group's incremental margins (profit as a percentage to revenue) approximately by 0.44%. The Group's exposure to foreign currency changes for all other currencies is not material.

For the year ended March 31, 2023, every 1 percentage increase/decrease in weighted average bank interest rate might have affected the Group's incremental margins (profit as a percentage to revenue) approximately by 0.23% (previous year 0.15%).

Price risk

The Group’s investments in other funds are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Group manages the price risk through diversification and by placing limits on individual and total equity instruments. Reports on the portfolio are submitted to the Group’s senior management on a regular basis.

At the reporting date, the exposure in other funds is Rs. 3.7 million (previous year Rs. 9.8 million). A decrease or increase in NAV of 5% could have an impact of approximately of Rs. 0.2 million (previous year Rs. 0.5 million) on the profit or loss.

Derivatives not designated as hedging instruments

The Parent Company uses forward currency contracts and option currency contracts to hedge its foreign currency risks. Derivative contracts not designated by management as hedging instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value on each reporting date. Such contracts are entered into for periods consistent with exposure of the underlying transactions.

Derivatives designated as hedging instruments

The Parent Company enters into hedging instruments in accordance with policies as approved by the Board of Directors with written principles which is consistent with the risk management strategy of the Parent Company.

Cash flow hedges

Foreign currency risk

Foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of forecasted hedged items in US dollar and Euro. These forecast transactions are highly probable.

The foreign exchange forward contract balances vary with the level of expected foreign currency sales and changes in foreign exchange forward rates.

The fair value of derivative financial instruments is as follows:

Particulars	March 31, 2023 March 31, 2022 Assets Liabilities Assets Liabilities 81.3 7.9 98.7 11.3
Fair value of foreign currency forward exchange and range forward option contract designated as hedginginstruments.

The cash flow hedges of the forecasted sale transactions during the year ended 31 March 2023 were assessed to be highly effective and unrealised loss of Rs. 13.9 million (Previous year Rs. 119.9 million, with a deferred tax charge of Rs. 3.5 million (Previous year Rs. 30.2 million) relating to the hedging instruments, is included in other comprehensive income.

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

The following table includes the maturity profile of the hedged foreign exchange forward contracts:

Particulars	Less than 1 month	1 to 3 months	Maturity 3 to 6 months 6 to 9 months 45.0 30.6 83.5 83.7 50.2 45.7 77.4 78.2 0.5 - 78.3 -	Maturity 3 to 6 months 6 to 9 months 45.0 30.6 83.5 83.7 50.2 45.7 77.4 78.2 0.5 - 78.3 -	Amount In million 9 to 12 months Total - 144.2 - - - 168.0 - - - 0.5 - -	Amount In million 9 to 12 months Total - 144.2 - - - 168.0 - - - 0.5 - -
As at March 31, 2023 Foreign exchange forward contracts (highly probable forecast sales) Notional amount (in USD) Average forward rate (USD/INR) As at March 31, 2022 Foreign exchange forward contracts (highly probable forecast sales) Notional amount (in USD) Average forward rate (USD/INR) Foreign exchange option contracts (highly probable forecast sales) Notional amount (in USD) Average option contract rate (USD/INR)	- - - - - -	68.6 82.9 72.1 76.8 - -	45.0 83.5 50.2 77.4 0.5 78.3	30.6 83.7 45.7 78.2 - -	- - - - - -	144.2 - 168.0 - 0.5 -

The impact of the hedging instruments on the balance sheet is as follows:

Particulars	Notional Amount (USD)	Carrying Amount (J)	Line item in the statement of financial position	Change in fair value used for measuring ineffectiveness for the year
As at March 31, 2023 Foreign exchange forward contracts (in USD) of exports Foreign exchange forward contracts (in USD) of exports As at March 31, 2022 Foreign exchange forward and option contracts (in USD) of exports Foreign exchange forward contracts (in USD) of exports	123.1 21.1 130.8 37.7	81.3 7.9 98.7 11.3	Other current financial assets Other current financial liabilities Other current financial assets Other current financial liabilities	81.3 7.9 98.7 11.3

The impact of hedged items on the Statement of Financial Position is, as follows:

Particulars	March 31, 2023	March 31, 2022
	Change in fair value used Cash flow hedge reserve	Change in fair value used Cash flow hedge reserve
Highly probable forecast sales	(13.9) (13.9)	(119.9) (119.9)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

The effect of the cash flow hedge in the Statement of Profit and Loss and Other comprehensive income is, as follows:

Particulars	Total hedging gain/(loss) recognised in other comprehensive income	Ineffectiveness recognised in Profit or Loss	Line item in the Statement of Profit and Loss	Gain/(loss) reclassified from other comprehensive income to Profit or Loss on cancellation of foreign exchange forward contracts	Line item in the Statement of Profit and Loss
March 31, 2023 Highly probable forecast sales March 31, 2022 Highly probable forecast sales	24.9 (189.5)	– –	– –	(38.8) 69.6	Revenue from contract with customers Revenue from contract with customers

Impact of hedging on equity

Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:

Particulars

Gain/(loss) in Cash
flow
(13.9)
24.9
(38.8)
3.5
(119.9)
(189.5)
69.6
30.2

As at 31 March 2023
Effective portion of changes in fair value arising from Foreign exchange forward contracts
Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts
Tax (charge)/credit
As at 31 March 2022
Effective portion of changes in fair value arising from Foreign exchange forward contracts
Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts
Tax (charge)/credit

Valuation Technique

The Parent Company enters into derivative financial instruments with various counterparties, principally banks and financial instiutions with investment grade credit ratings. Foreign exchange forward and option contracts are valued using valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models, using present value calculations. Where quoted market prices are not available, fair values are based on management's best estimates, which are arrived at by the reference to market prices.

The Parent Company has the following derivative instruments outstanding as at the year-end against its foreign currency exposures / future transactions:

S. No.	Details of derivatives	Currency	Amount (in million)	Purpose
1 2 3 1 2 3	Forward and option As at March 31, 2023 Sale Purchase Purchase As at March 31, 2022 Sale Purchase Purchase	USD EUR USD USD EUR CHF	144.2 5.9 0.3 168.5 8.1 3.0	Hedging against future contracts / trade receivables Hedging against project imports Hedging against project imports Hedging against future contracts / trade receivables Hedging against project imports Hedgingagainstproject imports

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 45 - Financial Instruments (Contd..)

Disclosure of currency options contracts:

a. Currency options contracts:

As at year end, the net open position of currency options contracts is as follows:

Currency	Buy contracts (Quantity)	Sell contracts	Net open position long/(short)	Premium paid	MTM (gain)/ loss	Sum of net
		(Quantity)	(Quantity)	(Jmillion) (1)	(Jmillion) (2)	(Jmillion) (1+2)
As at March 31, 2023 Currency options contracts USD Total As at March 31, 2022 Currency options contracts USD Total	– – – –	–	–	–	–	–
		–	–	–	–	–
		0.5	(0.5)	0.1	(0.5)	(0.4)
		0.5	(0.5)	0.1	(0.5)	(0.4)

NOTE 46 - The Group did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

NOTE 47 - DISTRIBUTION MADE AND PROPOSED

NOTE 47 - DISTRIBUTION MADE AND PROPOSED
Dividends on equity shares declared and paid:	As at March 31, 2023	As at March 31, 2022
Interim dividend for the year ended on March 31, 2023: Re. 0.36 per share Final dividend for the year ended on March 31, 2021: Re. 0.36 per share Interim dividend for the year ended on March 31, 2022: Re. 0.36 per share Total**	1,802.3	- 1,834.6 1,834.6
	-
	-
	1,802.3	3,669.2

*Interim dividend declared and distributed is after waiver of dividend of Rs. 32.3 million on equity shares held by the Trident Limited Employee Welfare Trust.

Final dividend declared and distributed is before adjusting dividend of Rs. 36.1 million paid to Trident Limited Employee Welfare Trust on equity shares held by it. *Interim dividend declared and distributed is before adjusting dividend of Rs. 35.3 million paid to Trident Limited Employee Welfare Trust on equity shares held by it.

NOTE 48 - EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 48 - EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR) (Contd..)

There are no ongoing projects under Section 135(6) of the Act during the current year and previous year.

Details of CSR expenditure under Section 135(5) of the Act in respect of other than ongoing projects

Balance as on March 31, 2022	Amount deposited in Specified Fund of Schedule VII of the Act within 6 months	Amount required to be spent during theyear	Amount spent during the year	Balance as on March 31, 2023
-	-	129.0	130.9**	-

**During the year ended March 31, 2023 the Group, has spent an amount of Rs. 130.9 million on CSR as against the amount of Rs. 129 million required to be spent on CSR as per Section 135 of the Act. The Group does not intend to carry forward the excess amount spent for set off in succeeding financial years as permitted under CSR Rules 2014.

Details of CSR expenditure under Section 135(5) of the Act in respect of other than ongoing projects

Balance as on March 31, 2021	Amount deposited in Specified Fund of Schedule VII of the Act within 6 months	Amount required to be spent during theyear	Amount spent during the year	Balance as on March 31, 2022
-	-	90.1	99.2	-

Details of excess CSR expenditure under Section 135(5) of the Act

Balance as at March 31, 2022 (A)	Amount required to be spent during the year (B)	Amount spent during the year (C)	Balance as at March 31, 2023 (D=(A)-(B)+(C))
25.1	129.0	103.9	-
Balance as at March 31, 2021 (A)	Amount required to be spent during the year (B)	Amount spent during the year (C)	Balance as at March 31, 2022 (D=(A)-(B)+(C))
16.0	90.1	99.2	25.1
Nature of CSR activities Promoting Education, Promoting Healthcare, Rural development, Skill development, Sports, Social Welfare, Empowering Women, Environmental Sustainability,Animal Welfare.

Particulars

For the year ended
March 31, 2023
For the year ended
March 31, 2022
129.0
90.1
129.0
90.1
-
-
130.9
99.2
9.8
18.6
81.3
12.1

(a) Amount required to be spent on CSR as per Section 135 of the Companies Act,
2013 (' the Act')
(b) Amount approved by the board to be spent during the year
(c) Amount spent
(i) Construction/acquisition of any asset
(ii) On purpose other than (i) above *
(d) Detail of related party transactions out of (b) above:
-
Trident Foundation#
-
Contribution to Trident Institute of Social Sciences (TISS)##

including amount utilised out of opening balance of excess CSR expenditure of Rs. 25.1 million (Previous year Rs. Nil) (refer below)

represents contribution for the purpose of promoting education, skill development and rural development.

represents contribution for the purpose of promoting healthcare.

289

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Financial Statements

Notes to Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 49 - LIST OF SUBSIDIARIES AND ASSOCIATE WITH OWNERSHIP % AND PLACE OF BUSINESS :

Name of the investees	Principal place of business	Proportion of ownership as at March 31, 2023
Subsidiaries Trident Global Corp Limited Trident Europe Limited Trident Home Textiles Limited Trident Innovations Limited Trident Home Décor Limited Trident Global Inc. Associate Trident Global Inc./**	India United Kingdom India India India USA USA
		100%
		100%
		100%
		100%
		100%
		73.50%

		49.00%

acquired during the current year
** Subscribed for share capital and become wholly owned subsidiary company during the year.

***During the current year, the Group has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 12,250 (24.5%) equity shares of Trident Global Inc. (‘TGI’) (earlier associate of the Group). Pursuant to the acquisition of THTL, the Group holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Group w.e.f. December 1, 2022.

**** During the previous year, on account of positive net worth of the associate, the Group had recognised the investment in associate which was written off in earlier years.

NOTE 50 - (a) Pursuant to approval granted by Union Cabinet on July 14, 2021 (notified on August 13, 2021), for continuation of Rebate of State and Central taxes and Levies (RoSCTL) with the same rates as notified by Ministry of Textiles vide Notification dated March 08, 2019 on exports of Apparel/Garments and Made-ups, during the previous year, the Group had accrued the export benefits of RoSCTL of Rs. 587.3 million pertaining to the eligible export sales for the period from January 1, 2021 to March 31, 2021.

Further, the Central Government had also notified Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme Guidelines and Rates for other textile products vide Notification dated August 17, 2021. Accordingly, during the previous year, the Group had accrued the benefits under the aforesaid scheme amounting to Rs. 30.9 million on eligible export sales for the period from January 1, 2021 to March 31 2021.

Hence, revenue from operations for the year ended March 31, 2022 includes Rs. 618.2 million on consolidated basis for the period from January 1, 2021 to March 31, 2021.

(b) During the previous year, Group had accrued the benefits under the aforesaid schemes amounting to Rs. 2,971.0 million (net of discount of Rs. 587.3 million). Due to lower realization of e-Scrips (received/receivable under RoSCTL and RoDTEP schemes), the Group had reduced the value of such export benefits by the amount of prevailing discount on e-Scrips amounting to Rs. 413.9 million on outstanding e-Scrips as at March 31, 2022.

Due to favourable realization of e-Scrips (received/receivable under RoSCTL and RoDTEP schemes) during the year, revenue from operations for the year ended March 31, 2023 includes Rs. 235.4 million, being the amount of additional realisation of e-Scrips outstanding as on March 31, 2022.

==> picture [320 x 716] intentionally omitted <==

----- Start of picture text -----

As at March 31, 2023 - 1.2 1.2 As at - - -
- - -
March 31, 2023
Investment in associate recognised (60.0) (10.0) (70.0)
3.8 3.8
Loans repaid during the year
Share of profit in associate
-
60.0 10.0 70.0
note 52) (10.9) (10.9)
Loans given during the year
Change of holding from associate to subsidiary (refer - - -
- - - year
the year
Investments
Investments made during
made during the
As at 2022 7.1 1.2 8.3 - - -
March 31, As at
1.1 - 1.1
March 31, 2022
Investment in associate recognised year - - -
6.0 6.0
Share of profit in associate during the
Loans repaid
- - -
Investments sold during the year year - - -
during the
- - - Loans given
made year
- - -
during the
Investments As at
As at 2021 - 1.2 1.2
March 31, 2021
March 31,
Particulars of Investments made: Particulars Investments in equity instruments of associates (carried at cost) Trident Global Inc./ Unquoted investments in equity instruments (carried at fair value through profit or loss) Nimbua Greenfield (Punjab) Association Total Particulars of loans given: Particulars IANS India Private Limited A B Cotspin India Limited Total
Notes to Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated) NOTE 51 Disclosure required under Section 186(4) of the Companies Act 2013 a) b)
----- End of picture text -----*

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 54- The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period when the Code becomes effective.

NOTE 55 Other Statutory Information

(i) The Group does not have any benami property, where any proceeding has been initiated or pending against the Group for holding any benami property.
(ii) The Group does not have any transactions with companies struck off.
(iii) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Group has not traded or invested in crypto currency or virtual currency during the financial year.
(v) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 57- TRADE RECEIVABLES AGEING

March 31, 2023

Particulars		Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	payment
	Not due	Less than 6 months	6 months -1year	1-2 years	2-3 years	More than 3years	Total
i) Undisputed Trade receivables -considered good ii) Undisputed Trade receivables -which have significant increase in credit risk Total	2,268.5	476.9	15.4	4.5	0.1	-	2,765.4
	-	-	3.8	8.1	1.0	0.1	13.0
	2,268.5	476.9	19.2	12.6	1.1	0.1	2,778.4

March 31, 2022

Particulars		Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	payment
	Not due	Less than 6 months	6 months -1year	1-2 years	2-3 years	More than 3years	Total
i) Undisputed Trade receivables -considered good ii) Undisputed Trade receivables -which have significant increase in credit risk Total	4,153.3 -	1,041.2 -	57.8 4.2	0.3 2.5	- 0.4	- 0.2	5,252.6 7.3
	4,153.3	1,041.2	62.0	2.8	0.4	0.2	5,259.9

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(vii) The Group does not have any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

NOTE 56- TRADE PAYABLES AGEING

March 31, 2023

Particulars		Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	payment
	Not due	Unbilled dues	Less than 1year	1-2 years	2-3 years	More than 3years	Total
i) MSME ii) Others iii) Disputed-MSME iv) Disputed-Others Total	1,045.5	-	502.5	3.0	-	-	1,551.0
	1,726.6	1,338.2	724.1	45.2	11.7	-	3,845.8
	-	-	-	4.0	-	-	4.0
	-	-	-	-	-	0.7	0.7
	2,772.1	1,338.2	1,226.6	52.2	11.7	0.7	5,401.5

Note 58- During the previous year, Trident Global Corp Limited ("Indian subsidiary Company ") had issued 2,81,850 numbers of 9% Compulsorily Convertible Debentures ("CCD") of Rs. 600 each (Face value of Rs. 10 each). Each CCD shall be converted into One equity shares of face value of Rs. 10 each having premium of Rs. 590/- at the conversion ratio of 1:1.

During the current year, CCD have been sub-divided from existing face value of Rs. 600 each to Rs. 60 each based on approval by shareholders in its Extra-ordinary General Meeting held on November 2, 2022. Post subdivision, Each CCD shall be converted into One equity shares of face value of Re. 1 each having premium of Rs. 59/- at the conversion ratio of 1:1.

The CCDs shall be compulsorily converted into equity shares on earlier of the following:

a) One day before completion of Ten years from the date of allotment
b) In connection with the IPO, prior to the filing of a prospectus (or equivalent document, by whatever name called) by the Indian subsidiary Company with the competent authority.
c) Anytime during the tenure of the CCDs, at the option of the CCD Holders, provided at least 90 days’ notice is given to the Indian subsidiary Company by CCD holders.

The Indian subsidiary Company has classified the above said CCDs as Equity component of compulsorily convertible debentures under other equity.

March 31, 2022

Particulars		Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	Outstanding for following periods from due date of	payment
	Not due	Unbilled dues	Less than 1year	1-2 years	2-3 years	More than 3years	Total
i) MSME ii) Others iii) Disputed-MSME iv) Disputed-Others Total	504.5 2,122.7 - -	- 1,497.7 - -	185.1 251.6 4.0 -	1.2 15.8 - -	- 16.3 - -	0.1 6.0 - 0.7	690.9 3,910.1 4.0 0.7
	2,627.2	1,497.7	440.7	17.0	16.3	6.8	4,605.7

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 59 BUSINESS COMBINATIONS

a) During the current year, the Group has acquired 100% share of Trident Innovations Limited ("TIL") on July 22, 2022.
b) During the current year, the Group has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 24.5% equity shares of Trident Global Inc. (‘TGI’) (earlier associate of the Group). Pursuant to the acquisition of THTL, the Group holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Group w.e.f. December 1, 2022.
i) The financial information of TIL has been consolidated by the Group from the acquisition date on line-by-line basis.The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

Particulars	As at July 21, 2022
Current assets Financial assets -Cash and cash equivalents -Other financial assets Total current assets Total assets Current liabilities Financial liabilities -Trade payables Total current liabilities Total liabilities Total identifiable net assets Group’s % of share in identifiable assets of TIL on date of acquisition Group’s share in identifiable assets of TIL on date of acquisition Purchase consideration paid for acquisition of subsidiary Total Balance is less than Rs. 0.1 million, accordingly appearing as Nil. Capital reserve on account acquisition (a)	0.0 0.0
	0.0
	0.0
	0.0
	0.0
	(0.0)
	0.0
	100.0% 0.0 0.1
	0.1
	(0.1)

ii) The financial information of THTL has been consolidated by the Group from the acquisition date on line-by-line basis. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:


Particulars	As at November 30, 2022
Non current assets Investment Total non current assets Current assets Financial assets -Cash and cash equivalents Total current assets Total assets Current liabilities Financial liabilities -Trade payables Total current liabilities Total liabilities Total identifiable net assets Group's % of share in identifiable assets of THTL on date of acquisition Group's share in identifiable assets of THTL on date of acquisition Purchase consideration paid for acquisition of subsidiary Total Capital reserve on account acquisition (b)	0.4 0.4 0.1
	0.1
	0.4
	0.2
	0.2
	0.3
	0.2
	100.0% 0.2 0.5
	0.5
	(0.3)

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 59 BUSINESS COMBINATIONS (Contd..)

iii) The financial information of TGI has been consolidated by the Group from the acquisition date on line-by-line basis. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

Particulars	As at November 30, 2022
Non current assets Property, plant and equipment Capital work in progress Right of use assets Other financial assets Total non current assets Current assets Inventories Financial assets -Trade receivables -Cash and cash equivalents Other current assets Total current assets Total assets Non current liabilities Financial liabilities -Lease liabilities Total non current liabilities Current liabilities Financial liabilities -Lease liabilities -Trade payables -Other financial liabilities Other current liabilities Current tax liabilities Total current liabilities Total liabilities Total identifiable net assets Group's % of share in identifiable assets of TGI on date of acquisition Group's share in identifiable assets of TGI on date of acquisition Investment in associate as on March 31, 2022 (Carrying value) Share of profit during the period from April 1, 2022 to November 30, 2022 Total Capital reserve on account acquisition (c) Total capital reserve (a+b+c)	2.3 20.2 339.9 10.7
	373.1
	145.7 164.7 51.4 1.6
	363.4
	736.5
	314.5
	314.5
	28.4 315.8 0.9 51.1 4.0
	400.2
	714.7
	21.8
	73.5% 16.0 7.1 3.8
	10.9
	5.1
	4.7

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Financial Statements

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 60 - INVESTMENT IN ASSOCIATE*

During the current year, the Group has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 24.5% equity shares of Trident Global Inc. (‘TGI’) (earlier associate of the Group). Pursuant to the acquisition of THTL, the Group holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI ceased to an associate and has become a subsidiary of the Group w.e.f. December 1, 2022. The Group interest in TGI was accounted for using the equity method in the consolidated Ind AS financial statements.

The Following table illustrates the summarised financial information of the Group's investment in TGI as associate till November 30, 2022. This information is based on amounts before inter-Group eliminations.

Summarised Statement of Profit and Loss :

Particulars	For the period from April 1, 2022 to November 30, 2022	For the year ended March 31, 2022
Total Income Profit after tax of the associate Company Total comprehensive income for the period/year Proportion of the Group's ownership in Trident Global Inc. Group's share of profit of associate for the period/year (a) Less : opening losses of associate adjusted (b) Group’s share ofprofit (a-b)	640.5 7.8	706.0 20.4
	7.8	20.4
	49.0%	49.0%
	3.8	10.0
	-	4.0
	3.8	6.0

During the previous year, the Group had recognised the investment in associate which was written off in earlier years.

Summarised Balance Sheet :

Summarised Balance Sheet :
Particulars	As at March 31, 2023 As at March 31, 2022 - 17.6 - 326.0 - (329.0)
Non-current assets Current assets Current liabilities

Reconciliation of above summarised financial information to the carrying amount of the interest in Trident Global Inc. recognised in the consolidated Ind AS financial statements :

Particulars	As at March 31, 2023	As at March 31, 2022
Net assets of associate Proportion of the Group's ownership in Trident Global Inc. ( in percentage) Proportion of the Group's ownership in Trident Global Inc.	-	14.6 49.0%
	-
	-	7.1

Name of associate	Principal activity	Principle place of business	As at March 31, 2023 (refer note 52) As at March 31, 2022
Trident Global Inc.	Trading of textiles outside India and commission agent	USA	- 49%

Notes to Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 61 Non-controlling interest (NCI)

During the current year, the Group has acquired Trident Home Textiles Limited (‘THTL’) on December 1, 2022 which holds 24.5% equity shares of Trident Global Inc (‘TGI’) (earlier associate of the Group). Pursuant to the acquisition of THTL, the Group holds 73.5% equity shares of TGI (directly and indirectly) and accordingly, TGI has become a subsidiary of the Group w.e.f. December 1, 2022.

The following table summarises the information relating to Group’s subsidiary i.e. TGI that has NCI, before any intra-group eliminations:

Particulars

As at
March 31, 2023
As at
March 31, 2022

NCI (in percentage)
Non-current assets
Current assets
Non-current liabilities
Current liabilities
Net Assets
Net assets attributable to NCI
Revenue
Profit for the year
Other comprehensive income
Total comprehensive income
Profit for the year allocated to NCI
Other comprehensive income allocated to NCI
Total comprehensive income allocated to NCI
Cash flows from operating activities
Cash used in investing activities
Cash used in financing activities
Net increase in cash and cash equivalents

26.50%
-
370.2
-
169.4
-
311.4
-
170.7
-
57.5
-
15.2
-
326.1
-
33.0
-
-
-
33.0
-
8.7
-
-
-
8.7
-
11.6
-
(8.0)
-
(7.4)
-
(3.8)
-

NOTE 62 -ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF ENTITIES CONSOLIDATED AS SUBSIDIARIES OR ASSOCIATE

Name of the Entity in the Group	Net Assets i.e. total assets minus total liabilities	Net Assets i.e. total assets minus total liabilities	Share profit or	in loss	Share in other comprehensive income	Share in other comprehensive income	Share in total comprehensive income	Share in total comprehensive income
	As % of consolidated net assets	Amount	As % of consolidated profit or loss	Amount	As % of consolidated other comprehensive income	Amount	As % of consolidated total comprehensive income	Amount
PARENT Trident Limited As at March 31, 2023 As at March 31, 2022 SUBSIDIARIES Indian Trident Global Corp Limited As at March 31, 2023 As at March 31, 2022 Trident Home Textile Limited (refer note 52) As at March 31, 2023 As at March 31, 2022 Trident Home Décor Limited As at March 31, 2023 As at March 31, 2022 Trident Innovations Limited (refer note 52) As at March 31, 2023 As at March 31, 2022	98.4% 98.8% 1.4% 1.3% 0.0% - 0.0% - 0.0% -	41,257.7 37,972.2 573.8 492.0 0.3 - 0.5 - (0.0) -	95.5% 97.7% 1.9% 2.1% 0.0% - 0.0% - 0.0% -	4,219.0 8,149.5 81.8 176.5 (0.1) - (0.0) - (0.1) -	98.0% 99.4% 0.0% 0.0% 0.0% - 0.0% - 0.0% -	54.9 (35.2) - - - - - - - -	95.6% 97.7% 1.8% 2.1% 0.0% - 0.0% - 0.0% -	4,273.9 8,114.3 81.8 176.5 (0.1) - (0.0) - (0.1) -

296

Notes to Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2023 (All amounts In Rs. Million, unless otherwise stated)

NOTE 62 -ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF ENTITIES CONSOLIDATED AS SUBSIDIARIES OR ASSOCIATE (Contd..)

Name of the Entity in the Group	Net Assets i.e. total assets minus total liabilities As % of consolidated net assets Amount	Net Assets i.e. total assets minus total liabilities As % of consolidated net assets Amount	Share profit or	in loss	Share in other comprehensive income	Share in other comprehensive income	Share in total comprehensive income	Share in total comprehensive income
		Amount	As % of consolidated profit or loss	Amount	As % of consolidated other comprehensive income	Amount	As % of consolidated total comprehensive income	Amount
Foreign Trident Europe Limited As at March 31, 2023 As at March 31, 2022 Trident Global Inc. (refer note 52) As at March 31, 2023 As at March 31, 2022 ASSOCIATE (Investments as per the equity method)# Foreign Trident Global Inc. (Refer note 52) As at March 31, 2023 As at March 31, 2022 Eliminations/adjustments As at March 31, 2023 As at March 31, 2022 Total as at March 31, 2023 Total as at March 31, 2022	0.0% 0.0% 0.1% - - 0.0% 0.1% -0.1% 100.0% 100.0%	3.3 13.2 57.5 - - 7.1 48.4 (37.7) 41,941.5 38,446.8	-0.2% 0.1% 0.7% - 0.1% 0.1% 2.0% 0.0% 100.0% 100.0%	(9.9) 6.0 32.7 - 3.8 6.0 88.9 (0.5) 4,416.1 8,337.5	0.0% 0.0% 0.0% - - 0.0% 2.0% 0.6% 100.0% 100.0%	- - - - - - 1.1 (0.2) 56.0 (35.4)	-0.2% 0.1% 0.7% - 0.1% 0.1% 2.0% 0.0% 100.0% 100.0%	(9.9) 6.0 32.7 - 3.8 6.0 90.0 (0.7) 4,472.1 8,302.1

CORPORATE

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Information
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Chairman Emeritus Bankers

Mr. Rajinder Gupta State Bank of India Board of Directors Punjab National Bank

Mr. Rajiv Dewan

Canara Bank Indian Bank Union Bank of India Central Bank of India

Ms. Usha Sangwan

Mr. Anthony De Sa

Prof. Rajeev Ahuja

Mr. Raj Kamal

Export Import Bank of India

Mr. Deepak Nanda

HDFC Bank Limited

Chief Financial Officer

ICICI Bank Limited

Mr. Avneesh Barua

Yes Bank Limited

Company Secretary

Bank of Baroda

Amounts given here in respect of associate are the share of the group in the net assets of the associate

*Balance is less than Rs. 0.1 million, accordingly appearing as Nil.

Mr. Hari Krishan

IndusInd Bank Limited

Joint Statutory Auditors

As per our report of even date As per our report of even date For and on behalf of the Board of Directors For S.R. Batliboi & Co. LLP For Deloitte Haskins & Sells Rajiv Dewan Deepak Nanda Chartered Accountants Chartered Accountants Chairman Managing Director ICAI firm registration number 301003E/E300005 (Firm’s Registration No.015125N) DIN: 00007988 DIN: 00403335 ANIL GUPTA Alka Chadha Avneesh Barua Hari Krishan Partner Partner Chief Financial Officer Company Secretary Membership No. 87921 (Membership No. 93474) Place : Chandigarh Place : Chandigarh Place : Chandigarh Date : May 24, 2023 Date : May 24, 2023 Date : May 24, 2023

S.R. Batliboi & Co. LLP Deloitte Haskins & Sells

Secretarial Auditors

Vinod Kothari & Co.

Internal Auditors

Grant Thornton Bharat LLP

Registrar & Transfer Agent

KFin Technologies Limited

Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad, Rangareddi, Telangana - 500 032

Email: [email protected]

Telephone: 1-800-309-4001

www.tridentindia.com

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Registered office

Trident Group, Sanghera, Barnala-148101 Tel: +91-161-5039999 | Fax: +91-161-5039900

Trident Limited

L99999PB1990PLC010307 www.tridentindia.com

Trident Limited | Annual Report 2022-23

Notice

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TRIDENT LIMITED

Registered Office: Trident Group, Sanghera, Barnala - 148101, India CIN: L99999PB1990PLC010307 | Toll Free No. : 1800-180-2999 | Fax: +91 161 5038800 | Website: www.tridentindia.com | E-mail: [email protected]

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 33rd Annual General Meeting of the Members of Trident Limited (‘the Company’) will be held on Saturday, the 12th day of August, 2023 at 11:00 AM IST through Video Conferencing (‘VC’) / Other Audio Visual Means (‘OAVM’) to transact the following businesses.

ORDINARY BUSINESS

To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended on March 31, 2023 along with Reports of the Auditors and Directors thereon.
To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended on March 31, 2023 along with Report of the Auditors thereon.
To ratify and confirm the interim dividend of H 0.36 per Equity Share having face value of H 1/- each, already paid during the financial year 2022-23.
To appoint a director in place of Mr Deepak Nanda (DIN: 00403335), who retires and being eligible, offers himself for reappointment.

SPECIAL BUSINESS

To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:

5. To ratify the remuneration of Cost Auditors of the Company

To consider and, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:

“RESOLVED that pursuant to the provisions of Section 148 and other applicable provisions of the Companies Act, 2013 (“the Act”) and Rules thereunder (including any statutory modification or re-enactment thereof for the time being in force) and all other applicable provisions, if any the members of the Company be and are hereby ratifies the remuneration of H 4,62,000 (Rupees Four Lakh Sixty Two Thousand only) plus applicable taxes along with reimbursement of out of pocket expenses at actuals, payable to M/s Ramanath Iyer & Co., Cost Accountants, appointed by the Board of Directors as Cost Auditors of the Company to conduct the audit of the Cost Records of the Company for the financial year ending on March 31, 2024 .”

“RESOLVED FURTHER that the Board be and is hereby authorized to do all such acts, deeds, matters and things as may be deemed necessary, proper or desirable for the purpose of giving effect to this Resolution.”

6. To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’)

To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:

“RESOLVED that pursuant to Section 23, 42 read with Section 71 of the Companies Act, 2013 (the “Act”) read with the Companies (Prospectus and Allotment of Securities) Rules, 2014, the Companies (Share Capital and Debentures) Rules, 2014 and all other applicable provisions of the Act and the rules framed thereunder, as may be applicable, (including any statutory modifications or re-enactments thereof for the time being in force) and in accordance with the provisions of SEBI (Issue and Listing of NonConvertible Securities) Regulations, 2021, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Foreign Exchange Management Act, 1999 or any other law, rules, guidelines, regulations for the time being in force and any other circulars, notifications and / or clarifications issued by any relevant authority (including any statutory modifications or re-

enactments thereof for the time being in force) and in terms of the Memorandum and Articles of Association of the Company, approval of the members of the Company be and is hereby accorded to the Board of Directors of the Company and / or Committee constituted by the Board (hereinafter referred to as the “Board”) for making offer(s) , invitations, issue and allotment of Rupee denominated secured / unsecured, listed / unlisted redeemable Non-Convertible Debentures (hereinafter referred to as ‘NCDs’) for cash on a private placement basis and / or through public offer, in domestic and / or international markets, in one or more series / tranches for a face value of H10 Lakh per NCD or any other face value as decided by the Board aggregating upto H 500,00,00,000/- (Indian Rupees Five Hundred Crore Only), issuable / redeemable, at discount / par / premium, during the period of 1 (one) year from the date of passing of this resolution, on such terms and conditions as the Board may, from time to time, determine and consider proper and most beneficial to the Company including as to when the said NCDs be issued, the face value, the consideration for the issue, mode of payment, coupon rate, redemption period, utilization of the issue proceeds and all matters connected therewith or incidental thereto to such eligible person or persons, including one or more Companies, Bodies Corporate(s), Statutory Corporations, Commercial Banks, Lending Agencies, Financial Institutions, Insurance Companies, Mutual Funds, Pension / Provident Funds, Individuals, Trusts and Limited Liability Partnerships, FIIs, Portfolio Management Schemes, Foreign Portfolio Investors, as the case may be or such other person / persons as the Board / Committee constituted by the Board may decide so; provided that the said borrowing shall be within the overall borrowing limits of the Company.”

“ RESOLVED FURTHER that in terms of Memorandum and Articles of Association of the Company, the Board be and is hereby authorized to create security on the assets of the Company as may be required as per the agreed terms of the issue of aforesaid NCDs and to take such steps and to do all such acts, deeds, matters and things as they may deem fit and proper for the purposes of creating such security and settle any questions or difficulties that may arise in this regard.”

“ RESOLVED FURTHER that the Board be and is hereby authorised to delegate all or any of the powers conferred on it by or under this Resolution to any committee of the Board or to any Director of the Company, any other officer(s) or employee(s) of the Company or any professional as it may consider appropriate in order to take such steps and to do all such acts, deeds, matters and things as they may deem fit and proper for the purposes of the Issue and settle any questions or difficulties that may arise in this regard to the Issue.”

7. To approve Trident Limited General Employee Benefits Scheme, 2023

To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:

“ RESOLVED that pursuant to the applicable provisions of the Companies Act, 2013 read with the rules framed thereunder, the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘SEBI SBEB & SE Regulations’), the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations’), the circulars / guidelines issued by the Securities and Exchange Board of India (‘SEBI’), the Memorandum and Articles of Association of the Company and all other applicable regulations, rules and circulars / guidelines, from time to time (including any statutory modification or re-enactment thereof for the time being in force), approval of the members of the Company be and is hereby accorded for the adoption and implementation of the ‘Trident Limited General Employee Benefits Scheme, 2023’ (‘TLGEBS’), the salient features of which are set out in the explanatory statement annexed to this notice for providing welfare benefits to eligible employees of the Company.”

“ RESOLVED FURTHER that the approval of the members be and is hereby accorded to Board of Directors of the Company (hereinafter referred to as the ‘Board’, which term shall include the Nomination and Remuneration Committee constituted by the Board or any other committee which the Board may constitute to act as the ‘Compensation Committee’ under the SEBI SBEB & SE Regulations or their delegated authority to exercise its powers, including the powers conferred by this resolution) to determine the conditions for operation of TLGEBS in terms thereof, including without limitation, the criteria for determining the class of employees that would be eligible to receive benefits under TLGEBS, determination of the different kinds of employee benefits to be provided under TLGEBS and allocation of funds to different kinds of employee benefits within TLGEBS, subject to a maximum amount of INR 350 Crores.”

“ RESOLVED FURTHER that approval of the members be and is hereby accorded for TLGEBS to be implemented by ‘Trident Limited Employees Welfare Trust’, subject to the powers of the Board to determine the conditions for operation of TLGEBS in terms thereof.”

“ RESOLVED FURTHER that the Board be and is hereby authorised to make modifications in TLGEBS including in any ancillary documents thereto, as it may deem fit, from time to time, in its absolute discretion and in conformity with the provisions of the SEBI SBEB & SE Regulations and any other applicable laws.”

“ RESOLVED FURTHER that the Board be and is hereby authorised to execute all such deeds, documents and writings and to give such directions and / or instructions as may be necessary, proper or expedient to implement the TLGEBS, to give effect to any modification, alteration, amendment, suspension, withdrawal or termination of the TLGEBS, to settle all such questions, difficulties

Trident Limited | Annual Report 2022-23

Notice

or doubts whatsoever that may arise and to take all such actions as may be necessary for the purpose of the administration and superintendence of the TLGEBS in terms thereof and matters incidental or ancillary thereto, in conformity with the provisions of the SEBI SBEB & SE Regulations.”

8. To approve transfer of excess monies from existing schemes to Trident Limited General Employee Benefits Scheme, 2023

To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:

“ RESOLVED THAT pursuant to all applicable provisions, of Companies Act, 2013 and rules made there under (including any statutory modification(s) or re-enactment thereof), Regulation 8 of Securities and Exchange Board of India (Share Based Employee Benefit and Sweat Equity) Regulations, 2021 (“SEBI SBEB & SE Regulations”), the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations’), the circulars / guidelines issued by the Securities and Exchange Board of India (‘SEBI’), the Memorandum and Articles of Association of the Company and all other applicable regulations, rules and circulars / guidelines, from time to time (including any statutory modification or re-enactment thereof for the time being in force), approval of the members of the Company be and is hereby accorded and the Board of Directors (which term shall include the Nomination and Remuneration Committee constituted by the Board or any other committee which the Board may constitute to act as the ‘Compensation Committee’ under the SEBI SBEB & SE Regulations or their delegated authority to exercise its powers, including the powers conferred by this resolution) be and is hereby authorised to transfer the excess monies with respect to the 'Trident Limited Employee Stock Purchase Scheme - 2020 ("ESPS Scheme") and Trident Limited Employee Stock Option Scheme - 2020 ("ESOS Scheme") (together referred as "Schemes"), with the Trident Limited Employees Welfare Trust, for the benefit of employees of the Company under the ‘Trident Limited General Employee Benefits Scheme, 2023’.

“ RESOLVED FURTHER that pursuant to Regulation 8 of SEBI SBEB & SE Regulations, applicable provisions, of Companies Act, 2013, if any, and rules made there under (including any statutory modification(s) or re-enactment thereof), and provisions of the Memorandum of Association and Article of Association of the Company, and any and all other applicable regulations, rules and circulars / guidelines, from time to time (including any statutory modification or re-enactment thereof for the time being in force), the consent of the members of the Company be and is hereby accorded to wind up the Schemes, in such manner as the Board may decide in accordance with the provisions of applicable laws.

RESOLVED FURTHER that the Board be and is hereby severally authorized to take such steps as may be necessary and to settle all matters arising out of and incidental thereto and sign and execute all deeds, applications, documents and writings that may be required, on behalf of the Company and generally to do all acts, deeds and things that may be necessary, proper, expedient or incidental for the purpose of giving effect to the aforesaid resolution.”

9. To approve alteration in Articles of Association of the Company

To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:

“ RESOLVED that pursuant to the provisions of Section 14 and other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Incorporation) Rules, 2014 (including any statutory modification or re-enactment thereof, for the time being in force), the approval of the Company be and is hereby given for substitution of following clauses, in place of existing clauses, in the Articles of Association of the Company.”

Substitution of Article 189 (f)

The Company shall not make any investment (excluding ‘secured investments’) or provide any guarantee / create any security including collateral on its assets whether moveable or immoveable in favour of any third party (including to and on behalf of its subsidiaries, associates, joint ventures). Provided that the same can be made only with prior approval of the shareholders.

Substitution of 189 (g)

The Board of Directors of the Company shall categorically delegate the authority, with respect to operation of bank account(s), to enter into any contract, agreement, deed or any other binding arrangement or to make any communication, to identified ‘notified officials’ of the Company, by way of a board resolution, inter-alia, containing the terms and conditions of such delegation.

Provided further that:

i. the list of such notified officials, in whose favour such powers have been delegated by way of a board resolution, must be duly notified on the official website of the Company at www.tridentindia.com (except such information barred by law/authorities ) and such notification shall be deemed as valid notice of authority in favor of such notified officials.
ii. The said delegation of power must be reviewed by the board of directors of the Company, atleast on quarterly basis, for either confirmation on existing authority or for making changes thereof and such changes shall be duly notified on the official website of the Company at www.tridentindia.com from time to time.

iii. Only communications received from the domain ‘@tridentindia.com’ shall be treated as valid, official and legally tenable. Accordingly, the Company shall not be bound by any cybercrime instance including a communication not made from ‘@tridentindia.com’ domain.
iv. Every external communication by the notified officials shall carry Name, Designation, Board Authorisation, date and Email ID of such notified official and such communication shall mandatorily be confirmed by the recipient.
v. Except the notified officials, no other officials of the Company shall have any power to enter into a contract, agreement, deed or any other binding arrangement or to make any communication.
vi. the Company shall not be liable for any act or omission by any of the non-notified officials.

vii. Without prejudice, Company’s rights, against the erring non-notified officials, shall remain intact.

Substitution of Article 189 (i)

The Company shall not grant any secured or unsecured Loans or Advances, or any other such transaction by whatever name called, to any vendor / supplier / manufacturer, employee, or any other party. Provided that the same can be made only with prior approval of the shareholders.

“ RESOLVED FURTHER that the Board of Directors of the Company be and is hereby authorised to do all such acts, deeds, matters and things as may be deemed necessary and expedient to give effect to the aforesaid resolution."

By Order of the Board For Trident Limited

Place : Sanghera Dated : July 1, 2023

Hari Krishan Company Secretary

Registered Office: Trident Group, Sanghera, Barnala - 148101, India CIN: L99999PB1990PLC010307, Toll Free No. : 1800-180-2999, Fax: +91 161 5038800, Website: www.tridentindia.com, E-mail: [email protected]

Trident Limited | Annual Report 2022-23

Notice

NOTES:

i. The Statement pursuant to Section 102 of the Companies Act, 2013 (the ‘Act’), in relation to Special Business is annexed hereto. Additional information, pursuant to Regulation 36 of SEBI Listing Regulations and Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India, in respect of the Auditors / Directors seeking appointment / reappointment at the AGM, forms part of this Notice.
ii. The Ministry of Corporate Affairs (‘MCA’), vide its General Circular No. 20/2020, 14/2020, 17/2020, 02/2021, 02/2022 and 10/2022 and SEBI vide its Circular No. SEBI/ HO/ CFD/ CMD1/ CIR/ P/ 2020/ 79, SEBI/ HO/ CFD/ CMD2/ CIR/ P/ 2021/ 11, SEBI/ HO/ CFD/ CMD2/ CIR/ P/ 2022/ 62 and SEBI/HO/CFD/PoD-2/P/CIR/2023/4 allowed the Companies to conduct the AGM through Video Conferencing (VC) or Other Audio Visual Means (OAVM) without the physical presence of the Members at a common venue. In accordance with, the said circulars of MCA, SEBI and applicable provisions of the Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the 33rd AGM of the Company shall be conducted through VC / OAVM. The deemed venue for the AGM shall be the Registered Office of the Company. Participation of members through VC / OAVM will be reckoned for the purpose of quorum for the AGM as per section 103 of the Companies Act, 2013.
iii. In compliance with the aforesaid MCA and SEBI Circulars, Notice of the AGM and Annual Report is being sent only through electronic mode to those Members whose email addresses are registered with the RTA / Depositories. Members may note that the Notice of the AGM and Annual Report will also be available on the Company’s website at www.tridentindia.com, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively. Further, the Notice of AGM shall also be available on the website of the e-voting agency- KFin Technologies Limited at https://www.evoting.kfintech.co.

However, the Company shall send a hard copy of the Notice of 33rd AGM along with Annual Report 2022-23 to those Shareholders who request for the same. Shareholders who require a hard copy of the 33rd AGM Notice and Annual Report may send their requests to the E-mail ID: [email protected].

iv. M/s. KFin Technologies Limited (“KFintech”) will be providing facilities for voting through remote e-voting, for participation in the 33rd AGM through VC/OAVM and e-voting during the AGM (“Insta Poll”).
v. Since the physical attendance of Members has been dispensed with, the facility for appointment of proxies by the Members will not be available for this AGM and hence the Attendance Slip, Route Map and Proxy Form are not annexed to this Notice.
vi. Institutional / Corporate Members are requested to send a scanned copy (PDF / JPEG format) of the Board Resolution authorising its representatives to attend and vote at the AGM, pursuant to Section 113 of the Act, to the Scrutinizer by e-mail through its registered e-mail address with a copy marked to [email protected]. The scanned image of the above mentioned documents should be in the naming format ‘TL_ EVN
vii. The statutory documents of the Company and/or the documents referred to in this Notice will also be available for electronic inspection without any fee by the members from the date of circulation of this Notice upto the date of AGM. Members seeking to inspect can send an e- mail to Investor Service Cell of the Company at [email protected]. Electronic copy of the ‘Register of Directors and Key Managerial Personnel and their Shareholding’ maintained under Section 170 of the Act and the ‘Register of Contracts or Arrangements’ in which Directors of the Company are interested under Section 189 of the Act, shall be accessible to members during 33rd AGM, on the e-AGM platform
viii. Members may please note that SEBI vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated January 25, 2022 has mandated the listed companies to issue securities in dematerialized form only while processing service requests viz. Issue of duplicate securities certificate; claim from unclaimed suspense account; renewal / exchange of securities certificate; endorsement; sub-division/splitting of securities certificate; consolidation of securities certificates/folios; transmission and transposition. Accordingly, Members are requested to make service requests by submitting a duly filled and signed Form ISR – 4, the format of which is available on the Company’s website at https://www.tridentindia.com/statutory-disclosure. It may be noted that any service request can be processed only after the folio is KYC Compliant.
ix. SEBI vide its notification dated January 24, 2022 has mandated that all requests for transfer of securities including transmission and transposition requests shall be processed only in dematerialized form. In view of the same and to eliminate all risks associated with physical shares and avail various benefits of dematerialisation, Members are advised to dematerialise the shares held by them in physical form. Members can contact the Company's RTA, for assistance in this regard.
x. Members are requested to note that, dividends if not encashed within seven years from the date of transfer to the Company’s Unpaid Dividend Account, will be transferred to the Investor Education and Protection Fund (‘IEPF’). Further, all the Shares in respect of which dividend remains unclaimed for seven consecutive years or more from the date of transfer to the Company’s Unpaid Dividend Account shall also be transferred to IEPF Authority.

The Details regarding dividends are as under:

Financial Year	Dividend	Date of Declaration	Due date for transfer to IEPF
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24	Final 1st Interim 2nd Interim Final 1st Interim 2nd Interim Final 1st Interim 2nd Interim 3rd Interim Final 1st Interim 2nd Interim 3rd Interim Final Interim Interim Interim	September 9, 2016 August 7, 2016 January 18, 2017 September 23, 2017 August 12, 2017 January 29, 2018 September 12, 2018 August 7, 2018 October 15, 2018 January 15, 2019 September 30, 2019 August 3, 2019 November 2, 2019 February 20, 2020 August 27, 2021 October 21, 2021 August 9, 2022 May24,2023	October 16, 2023 September 13, 2023 February 24, 2024 October 30, 2024 September 18, 2024 March 7, 2025 October 19, 2025 September 13, 2025 November 21, 2025 February 21, 2026 November 6, 2026 September 9, 2026 December 8, 2026 March 28, 2027 October 04, 2028 November 27, 2028 September 15, 2029 June 30,2030

In view of this, Members are requested to claim their dividends from the Company, within the stipulated timeline. The Members, whose unclaimed dividends / shares have been transferred to IEPF, may claim the same by making an online application to the IEPF Authority in web Form No. IEPF-5 available on www.iepf.gov.in.

xi. Pursuant to Finance Act, 2020, dividend income is taxable in the hands of shareholders w.e.f. April 1, 2020 and the Company is required to deduct tax at source from dividend paid to shareholders at the prescribed rates. For the prescribed rates for various categories, please refer to the Finance Act, 2020 and the amendments thereof.
xii. SEBI has mandated the submission of PAN by every participant in the securities market. Members holding shares in electronic form are, therefore, requested to submit their PAN to their depository participant(s). Members holding shares in physical form are required to submit their PAN details to the Company’s RTA.
xiii. As per the provisions of Section 72 of the Act, the facility for submitting nomination is available for members in respect of the shares held by them. Members who have not yet registered their nomination are requested to register the same by submitting Form No. SH-13. If a Member desires to opt out or cancel the earlier nomination and record a fresh nomination, he/ she may submit the same in Form ISR-3 or SH-14 as the case may be. The form can be downloaded from the RTA’s website at https://ris. kfintech.com/clientservices/isc/.

Members are requested to submit these details to their DP in case the shares are held by them in electronic form, and to the Company’s RTA, in case the shares are held in physical form.

xiv. Members are requested to intimate changes, if any, pertaining to their name, postal address, e-mail address, telephone / mobile numbers, Permanent Account Number (PAN), mandates, nominations, power of attorney, bank details such as, name of the bank and branch details, bank account number, MICR code, IFSC code etc., to their DPs if the shares are held by them in demat form and to Company’s RTA if the shares are held by them in physical form in prescribed Form ISR-1 and other forms pursuant to SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated November 3, 2021.
xv. Members holding shares in physical form, in identical order of names, in more than one folio are requested to send to the Company’s RTA, the details of such folios together with the share certificates and self attested copy of PAN card and Aadhar card for consolidating their holdings in one folio. Requests for consolidation of share certificates shall be processed in dematerialized form.

Trident Limited | Annual Report 2022-23

Notice

Statement Pursuant to Section 102 of the Companies Act, 2013

Item No. 5

The Board, on the recommendations of the Audit Committee, has approved the appointment and remuneration of M/s Ramanath Iyer & Co., Cost Accountants, as Cost Auditors to conduct the audit of the cost records of the Company for the financial year ending on March 31, 2024 at remuneration as specified in the resolution plus applicable taxes and reimbursement of out-of-pocket expenses.

In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, and other applicable provisions, the remuneration payable to the Cost Auditors has to be ratified by the shareholders of the Company.

Your Board recommends the passing of Ordinary Resolution set out at Item No. 5 of the Notice for approval by the shareholders in the interest of the Company.

None of the Directors and/or Key Managerial Personnel of the Company and/or their relatives is concerned or interested financially or otherwise in the resolution set out at Item No. 5 of the Notice.

Item No. 6

SEBI vide its circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 has provided mechanism for Fund raising by issuance of Debt Securities by Large Entities. The Company has been identified as Large Entities under the said circular and accordingly, the Company is required to raise funds by way of Non-Convertible Debentures (‘NCDs’).

In terms of Section 23, 42 read with Section 71 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, a Company shall not make a private placement or public issue of its securities unless the proposed offer of securities or invitation to subscribe to the securities has been previously approved by the Members of the Company by a Special Resolution. In case of an offer or invitation to subscribe to non-convertible debentures on private placement basis or public issue, the Company can obtain previous approval of its shareholders by means of a Special Resolution once a year for all the offers or invitations for such non-convertible debentures during the year.

Accordingly, an enabling resolution as set out at Item No. 6 of the Notice is therefore being sought, to borrow funds by offer or invitation to subscribe to secured / unsecured listed / unlisted redeemable non-convertible debentures for a face value of H10 Lakh per NCD or any other face value as decided by the Board per NCD for an aggregate amount not exceeding H 500,00,00,000/- (Indian Rupees Five Hundred Crore Only). This resolution would be valid for a period of 12 months from the date of the passing of this resolution at the Annual General Meeting.

The price at which the securities will be issued will be determined by the Board of Directors of the Company in accordance with applicable law and in consultation with the appropriate advisors.

The Board shall utilize the proceeds for business purposes, including but not limited to augmenting financial resources for organic / inorganic growth opportunities, meeting the capital requirements of the ongoing consolidation process, meeting and satisfaction of working capital requirements, repayment of existing borrowings, general corporate purposes and financing investment opportunities. The Company may offer or invite subscription to more secured/unsecured redeemable non-convertible debentures, in one or more tranches on a private placement basis.

Your Board recommends the passing of Special Resolution set out at Item No. 6 of the Notice for approval by the shareholders in the interest of the Company.

The Directors and/or Key Managerial Personnel of the Company and/or their relatives are concerned or interested financially or otherwise in the resolution set out at Item No. 6 of the Notice to the extent of their shareholding.

Item No. 7

The Company implemented the ''Trident Limited Employee Stock Purchase Scheme - 2020" ("ESPS Scheme") and "Trident Limited Employee Stock Option Scheme - 2020" ("ESOS Scheme") (together referred as "Schemes") on July 9, 2020. In order to manage the Schemes, the Company settled a trust under the name of Trident Limited Employees Welfare Trust (“Trust”). One of the objectives of the said Trust as provided in the trust deed dated June 15, 2020 (“Trust Deed”) is to acquire, hold and allocate/transfer equity shares of the Company to eligible employees on the terms and conditions as specified under the employee benefit schemes implemented by the Company in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

The Trust has certain funds which include funds from dividend income, interest income, sale of excess shares of the Company not backed by grant etc. In accordance with its objects (as per the Trust Deed), the trustees of the ESOP Trust and Board intend to allocate and utilise the funds available with the Trust, and will have in the future from various sources, towards the benefit and welfare of existing and future employees of the Company.

In light of above, the Company proposes to implement of Trident Limited General Employee Benefits Scheme, 2023 (‘2023 GEBS Scheme’), after approval of Shareholders, through Trident Limited Employee Welfare Trust, with the objects which inter alia includes provision of free/subsidized welfare measures/benefits to employees, including, but not limited to, meals/ food Coupons, Hostel/ accommodation including electricity, healthcare (inpatient & outpatient), health insurance, benefits in the event of sickness/accident/ disability/death, uniforms, transportation, skill development, education, scholarships, rewards & recognition, industrial tours or such other welfare activities and benefits as may be determined by the Nomination and Remuneration Committee, from time to time.

The following are the details as required under Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021:

Brief Description of the Scheme: The Company proposes to implement 2023 GEBS Scheme with the objects which inter alia includes provision of free/subsidized welfare measures/benefits to employees, including, but not limited to, meals/ food Coupons, Hostel/accommodation including electricity, healthcare (inpatient & outpatient), health insurance, benefits in the event of sickness/accident/ disability/death, uniforms, transportation, skill development, education, scholarships, rewards & recognition, industrial tours or such other welfare activities and benefits as may be specified by the Nomination and Remuneration Committee, from time to time.

Source of funds for the Scheme

i. The Trust will utilize the excess funds held by the Trust for the purpose of providing benefits under the 2023 GEBS Scheme.
ii. In future, the Trust may also receive funds from various sources which may be utilised for providing benefits to eligible employees under the 2023 GEBS Scheme, including without limitation:
(a) funds arising out of sale of Shares which were lying unappropriated from the erstwhile schemes of the Company;
(b) dividend income on the Shares of the Company held by the Trust;
(c) interest income from the funds remaining with the Trust;
(d) charges/ fees paid by the Eligible Employees for availing the Benefits under the 2023 GEBS Scheme.
iii. The ESOP Trust may also obtain loan/ financial assistance from the Company for the 2023 GEBS Scheme, subject to compliance with applicable regulations.

Kinds of benefits that the eligible employees would be entitled to:

iv. The Nomination and Remuneration Committee will determine the benefits to be provided to eligible employees under the 2023 GEBS Scheme from time to time.
v. The following is an illustrative list of benefits that may be provided to the Eligible Employees, at free of cost/subsidized cost, under the 2023 GEBS Scheme:
Company owned housing facilities: Allocation of company-owned housing units/hostels to employees through a fair and transparent allocation process to ensure equitable distribution among Eligible Employees.
Food and beverage discounts: Special discounts or free meals or food coupons to be provided for employees. Health and wellness benefits: Medical Insurance upto the sum as the Nomination and Remuneration Committee shall determine from time to time.
Health insurance: comprehensive medical, dental, and vision coverage for employees and their dependents.
Wellness programs: access to wellness initiatives, including fitness classes, health screenings, and nutrition counseling.
Employee Assistance Program: Confidential counseling services for personal, family, or work-related challenges.
Career development and training: Organizing training and development programs for opportunities for employees to enhance their skills and knowledge through workshops, seminars, and online courses.

Trident Limited | Annual Report 2022-23

Notice

Rewards and Recognition:

Performance bonuses: Incentives tied to individual or team performance metrics and achievements.
Employee appreciation: Recognition programs to acknowledge outstanding contributions, such as “Employee of the Month” or peer-to-peer recognition.
Long-service awards: Rewards and recognition for employees’ loyalty and dedicated service.
the total number of options, SARs, shares or benefits, as the case may be, to be offered and granted: The details of benefits to be provided to the eligible employees is set out in #1 above.
identification of classes of employees entitled to participate and be beneficiaries in the scheme(s): The 2023 GEBS Scheme will cover all eligible employees as defined under the SEBI SBEB & SE Regulations. The specific eligible employees to whom the benefits would be granted, and their eligibility criteria would be determined by the Nomination and Remuneration Committee, from time to time.
requirements of vesting and period of vesting: Not Applicable.
maximum period (subject to regulation 18(1) and 24(1) of these regulations, as the case may be) within which the options / SARs / benefits shall be vested: The NRC Committee shall determine the procedure through which eligible employees may avail the benefits in terms of the 2023 GEBS Scheme.
exercise price, SAR price, purchase price or pricing formula: Not Applicable.
exercise period/offer period and process of exercise/acceptance of offer: Not Applicable.
the appraisal process for determining the eligibility of employees for the scheme(s): The appraisal process will be determined by the Nomination and Remuneration Committee, from time to time.
maximum number of options, SARs, shares, as the case may be, to be offered and issued per employee and in aggregate, if any:

The Nomination and Remuneration Committee will determine the amount for the purpose of proving the benefits under the 2023 GEBS Scheme, subject to a cap of INR 350 crores in aggregate. Further, the allocation of such amount amongst different kinds of benefits available under the 2023 GEBS Scheme would be determined by the Nomination and Remuneration Committee.

maximum quantum of benefits to be provided per employee under a scheme(s): The maximum quantum of benefits per eligible employee or class of eligible employees under the 2023 GEBS Scheme will be determined by the Nomination and Remuneration Committee, from time to time.
whether the scheme(s) is to be implemented and administered directly by the company or through a trust: The 2023 GEBS Scheme shall be implemented by the Trust.
whether the scheme(s) involves new issue of shares by the company or secondary acquisition by the trust or both: The 2023 GEBS Scheme does not involve issue of shares by the Company for the purposes of the scheme and does not involve any secondary acquisition by the Trust.
the amount of loan to be provided for implementation of the scheme(s) by the company to the trust, its tenure, utilization, repayment terms, etc.: Not Applicable.
maximum percentage of secondary acquisition (subject to limits specified under the regulations) that can be made by the trust for the purposes of the scheme(s): Not Applicable.
a statement to the effect that the company shall conform to the accounting policies specified in regulation 15: The 2023 GEBS Scheme is consistent with the provisions of the SEBI SBEB & SE Regulations. The Company shall conform to the accounting policies specified in Regulation 15 of the SEBI (Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
the method which the company shall use to value its options or SARs: Not Applicable.
the following statement, if applicable “In case the company opts for expensing of share based employee benefits using the intrinsic value, the difference between the employee compensation cost so computed and the employee compensation cost that shall have been recognized if it had used the fair value, shall be disclosed in the Directors' report and the impact of this difference on profits and on earnings per share ("EPS") of the company shall also be disclosed in the Directors' report'”: Not Applicable.

18. period of lock-in: Not Applicable.

19. Terms & conditions for buyback, if any, of specified securities covered under these regulations: Not Applicable.

None of the Directors, Key Managerial Personnel of the Company or their relatives is concerned or interested, financially or otherwise, in the resolution except to the extent of their shareholding in the Company and the benefits that may be granted to them under “2023 GEBS Scheme”.

The Board of Directors recommends the resolutions set out at Item No. 7 of the Notice for approval of the members by way of Special Resolution.

Item No. 8

The Board of Directors and the Shareholders of Trident Limited (‘the Company’) had approved the ''Trident Limited Employee Stock Purchase Scheme - 2020" ("ESPS Scheme") and "Trident Limited Employee Stock Option Scheme - 2020" ("ESOS Scheme") (together referred as " Schemes ") in their meetings held on May 16, 2020 and July 9, 2020 respectively. These Schemes were effective from July 9, 2020. In order to manage the Schemes, the Company settled a trust under the name of Trident Limited Employees Welfare Trust (“Trust”). One of the objectives of the said Trust as provided in the trust deed dated June 15, 2020 (“Trust Deed”) is to acquire, hold and allocate/transfer equity shares of the Company to eligible employees on the terms and conditions as specified under the employee benefit schemes implemented by the Company in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The Trust had purchased the Company’s equity shares aggregating 100,000,000 equity shares from the secondary open market for which the Company had given an interest free loan to Trust amounting to INR 751.0 million. The Trust issued shares to the eligible employees in accordance with the ESPS Scheme and as well as the ESOS Scheme. As on March 31, 2023, Trust has repaid the loan to the Company.

On March 28, 2023, the Nomination and Remuneration Committee of the Company [‘Compensation Committee’ in terms of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021] approved the windingup of the Schemes. Further, the Nomination and Remuneration Committee has approved the disposal of remaining shares with the Trust in the secondary market.

The members are informed that upon winding up of the Schemes, and pursuant to Regulation 8 of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, all the excess cash with the Trust after meeting all the obligations with respect to Schemes will be transferred and utilized under the Trident Limited General Employee Benefits Scheme, 2023 for the benefit of the employees, for which Shareholders’ approval is sought.

Your Board recommends the passing of Special Resolution set out at Item No. 8 of the Notice for approval of the members in the interest of the Company.

Item No. 9

The Company proposes to implement a Risk Management Framework through Article 189 by imposing control on commercial, financial, economic or business arrangements to be entered by the Company. To this effect, substitution of existing sub-clauses of Article 189 of Articles of Association is required.

Your Board recommends the passing of Special Resolution set out at Item No. 9 of the Notice for approval of the members in the interest of the Company.

The Directors and/or Key Managerial Personnel of the Company and/or their relatives may be deemed to be interested in the said item to the extent of their shareholding interest, if any, in the Company. Save and except the above none of the Directors and /or Key Managerial Personnel of the Company and /or their relatives are concerned or interested financially or otherwise in the resolution set out at Item No. 8 of the Notice

By Order of the Board For Trident Limited

Place : Sanghera Dated : July 1, 2023

Hari Krishan Company Secretary

Trident Limited | Annual Report 2022-23

Notice

Additional Information of Directors seeking appointment / re-appointment at the forthcoming Annual General Meeting pursuant to Regulation 36(3) of SEBI LODR Regulations, Companies Act, 2013 and Secretarial Standards (‘SS-2’), issued by the Institute of Company Secretaries of India on General Meetings, as on the date of Notice.

Particulars	Mr Deepak Nanda*
DIN Age Date of first appointment on the Board Experience/Nature of expertise in specific functional areas Qualification Shareholding as on date Relation with other Directors/KMP Terms and Conditions of appointment and remuneration proposed Name of listed entities from which the person has resigned in the past three years In case of independent directors, the skills and capabilities required	00403335 63 years November 12, 2011 Refer Director’s Profile as detailed in Annual Report M.Sc. (Honours) Nil None The subject re-appointment is because of retirement due to rotation. There is no change in the terms and conditions of Mr. Deepak Nanda as Managing Director Nil Not applicable

In case of independent directors, the skills and capabilities required for the role and the manner in which the proposed person meets such requirements.

Name of listed entities from which the person has resigned in the past three years In case of independent directors, the skills and capabilities required for the role and the manner in which the proposed person meets such requirements.	Nil Not applicable
Experience (including expertise in specific functional area) / Brief
Resume
Remuneration sought to be paid / last drawn
Number of Meetings of Board attended during the year	As detailed in Annual Report
Directorship held in other companies including Listed companies
Membership/ Chairmanship of Committees in other including Listed
Companies
Skills and capabilities required and the manner in which he meets	Refer Corporate Governance Report forming part of Annual
the requirements	Report
Justification for choosing the Appointee	The subject re-appointment is because of retirement due to
	rotation.

*Mr Deepak Nanda is interested in the Ordinary Business set out at Item No. 4, of the Notice with regard to his re-appointment due to retiring by rotation. The relatives of Mr Deepak Nanda may be deemed to be interested in the said Business to the extent of their shareholding interest, if any, in the Company. Save and except the above, none of the Directors / Key Managerial Personnel of the Company/their relatives is, in any way, concerned or interested, financially or otherwise, in the Business set out under Item No. 4, respectively.

ANNEXURE TO NOTICE OF ANNUAL GENERAL MEETING

INSTRUCTIONS FOR THE MEMBERS FOR E-VOTING FACILITY AND ATTENDING THE E-AGM THROUGH VIDEO CONFERENCE

In compliance with the provisions of Section 108 of the Act read with Rules made thereunder and Regulation 44 of the SEBI Listing Regulations, the Company is offering e-voting facility to all Members of the Company.

The voting rights of the Members shall be in proportion to the number of shares held by them in the equity share capital of the Company as on the cut-off date, the cut-off date being Saturday, August 5, 2023 .

A person, whose name is recorded in the Register of Members or in the Register of Beneficial Owners (in case of electronic shareholding) maintained by the Depositories as on the cut-off date, Saturday, August 5, 2023 only shall be entitled to avail the facility of remote e-voting/e-voting at the AGM. KFintech will be facilitating remote e-voting to enable the Members to cast their votes electronically.

A person who is not a Member as on the cut-off date should treat this Notice for information purposes only.

The remote e-voting facility will be available during the following period:

Commencement of remote e-voting: From 9.00 a.m. (IST) on August 9, 2023.

End of remote e-voting: At 5.00 p.m. (IST) on August 11, 2023.

The remote e-voting will not be allowed beyond the aforesaid date and time and the remote e-voting module shall be disabled/ blocked by Kfintech upon expiry of aforesaid period. Once the vote on a Resolution is cast by the Member(s), they shall not be allowed to change it subsequently or cast the vote again.

The Board of Directors has appointed Ms. Jyotsna, Practicing Company Secretary (FCS 10334, CP 21804), Proprietor of Jyotsna & Associates, Company Secretaries, as Scrutinizer for conducting the e-voting process, in a fair and transparent manner.

The Scrutinizer will submit its report, after the completion of scrutiny, to the Chairman of the Company or any person authorized by him. The results of the e-voting along with Scrutinizer’s Report shall be displayed on the Company’s website www.tridentindia.com and shall also be communicated to the stock exchanges on which the shares of the Company are listed i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively, within two (2) working days from the conclusion of the AGM.

In terms of SEBI circular no. SEBI/HO/CFD/CMD/ CIR/P/2020/242 dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

The details of the process and manner for remote e-Voting are explained herein below:

Step A : Instructions for access to KFintech e-Voting system in case remote e-voting by (i) shareholders other than individuals holding shares of the company in demat mode and (ii) all shareholders holding shares in physical mode

Step B : Instructions for access to Depositories e-Voting system in case of Individual shareholders holding securities in demat mode

Step C : Instructions for Members for Attending the e-AGM:

A. Instructions for access to KFintech e-Voting system in case remote e-voting by (i) shareholders other than individuals holding shares of the company in demat mode and (ii) all shareholders holding shares in physical mode

i) Members whose email IDs are registered with the Company/ Depository Participant (s), will receive an email from KFintech which will include details of E-Voting Event Number (EVEN), USER ID and password. They will have to follow the following process:
Initial password is provided in the body of the email.
Launch internet browser and type the URL: https://evoting.kfintech.com in the address bar.
Enter the login credentials i.e. User ID and password mentioned in your email. Your Folio No./DP ID Client ID will be your User ID. However, if you are already registered with KFin for e-voting, you can use your existing User ID and password for casting your votes.

Trident Limited | Annual Report 2022-23

Notice

After entering the details appropriately, click on LOGIN.
You will reach the password change menu wherein you are required to mandatorily change your password. The new password shall comprise of minimum 8 characters with at least one upper case (A-Z), one lower case (a-z), one numeric value (0-9) and a special character (@,#,$,etc.). It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.
You need to login again with the new credentials.
On successful login, the system will prompt you to select the EVENT i.e. Trident Limited
On the voting page, the number of shares (which represents the number of votes) held by you as on the cut-off date will appear. If you desire to cast all the votes assenting/dissenting to the resolution, enter all shares and click ‘FOR’ / ‘AGAINST’ as the case may be or partially in ‘FOR’ and partially in ‘AGAINST’, but the total number in ‘FOR’ and/or ‘AGAINST’ taken together should not exceed your total shareholding as on the cut-off date. You may also choose the option ‘ABSTAIN’ and the shares held will not be counted under either head.
Members holding multiple folios/demat accounts shall choose the voting process separately for each folio/demat account.
Cast your votes by selecting an appropriate option and click on ‘SUBMIT’. A confirmation box will be displayed. Click ‘OK’ to confirm, else ‘CANCEL’ to modify. Once you confirm, you will not be allowed to modify your vote subsequently. During the voting period, you can login multiple times till you have confirmed that you have voted on the resolution.
In case of any queries/grievances, you may refer the Frequently Asked Questions (FAQs) for Members and e-voting User Manual available at the ‘download’ section of https://evoting.kfintech.com or call KFin on 1800 309 4001 (toll free).
ii) Members whose email IDs are not registered with the Company/Depository Participants(s), and consequently on whom, the Annual Report, Notice of AGM and e-voting instructions cannot be served, will have to follow the following process:
Members who have not registered their email address, may temporarily get their email address and mobile number registered with KFintech for the purpose of receiving Annual Report, Notice of AGM and e-voting instructions, by accessing the link: https://ris.kfintech. com/clientservices/mobilereg/mobileemailreg.aspx. Members are requested to follow the process as guided to capture the email address and mobile number for receiving the soft copy of the notice, Annual Report and e-voting instructions along with the User ID and Password. In case of any queries, member may write to [email protected].
Alternatively, member may send an e-mail request at the email id [email protected] along with scanned copy of the signed request letter providing the email address, mobile number, self-attested PAN copy and Client Master copy in case of electronic folio and copy of share certificate in case of physical folio for sending the Annual Report, Notice of AGM and the e-voting instructions.
After receiving the e-voting instructions, please follow all steps above to cast your vote by electronic means.

In case a person has become a Member of the Company after dispatch of AGM Notice but on or before the cut-off date for E-voting, he/she may obtain the User ID and Password in the manner as mentioned below:

If the mobile number of the member is registered against Folio No./ DP ID Client ID, the member may send SMS: MYEPWD E-Voting Event Number+Folio No. or DP ID Client ID to 9212993399

Example for NSDL: MYEPWD IN12345612345678
Example for CDSL: MYEPWD 1402345612345678
Example for Physical: MYEPWD XXXX1234567890

If e-mail address or mobile number of the member is registered against Folio No. / DP ID Client ID, then on the home page of https://evoting.kfintech.com/, the member may click “Forgot Password” and enter Folio No. or DP ID Client ID and PAN to generate a password.

B. Instructions for access to Depositories e-Voting system in case of Individual shareholders holding securities in demat mode

In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

INDIVIDUAL SHAREHOLDERS HOLDING SECURITIES IN DEMAT MODE WITH NSDL
(a) If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com either on a Personal Computer or on a mobile. Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section. A new screen will open. You will have to enter your User ID and Password. After successful authentication, you will be able to see e-Voting services. Click on “Access to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on company name or e-Voting service provider name and you will be re-directed to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
(b) If the user is not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
(c) Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ section. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL), Password/OTP and a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
INDIVIDUAL SHAREHOLDERS HOLDING SECURITIES IN DEMAT MODE WITH CDSL
(a) Existing user of who have opted for Easi / Easiest, they can login through their user id and password. Option will be made available to reach e-Voting page without any further authentication. The URL for users to login to Easi / Easiest are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System Myeasi.
(b) After successful login of Easi / Easiest the user will be also able to see the E Voting Menu. The Menu will have links of e-Voting service provider i.e. NSDL, KFINTECH, LINK NTIME, CDSL. Click on e-Voting service provider name to cast your vote.
(c) If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/myeasi./ Registration/ EasiRegistration.
(d) Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN No. from a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the demat Account. After successful authentication, user will be provided links for the respective ESP where the E Voting is in progress.
INDIVIDUAL SHAREHOLDERS (HOLDING SECURITIES IN DEMAT MODE) LOGIN THROUGH THEIR DEPOSITORY PARTICIPANTS

You can also login using the login credentials of your demat account through your Depository Participant registered with NSDL/CDSL for e-Voting facility. Once login, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting feature. Click on company name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

NSDL HELPDESK DETAILS FOR INDIVIDUAL SHAREHOLDERS HOLDING SECURITIES IN DEMAT WITH NSDL

Members facing any technical issue in login can contact NSDL helpdesk by sending a request at [email protected] or call at toll free no.: 1800 1020 990 and 1800 22 44 30

Trident Limited | Annual Report 2022-23

Notice

CDSL HELPDESK DETAILS FOR INDIVIDUAL SHAREHOLDERS HOLDING SECURITIES IN DEMAT WITH CDSL

Members facing any technical issue in login can contact CDSL helpdesk by sending a request at helpdesk.evoting@cdslindia. com or contact at 022- 23058738 or 22-23058542-43.

C. Instructions for Members for Attending the e-AGM:

Facility of joining the AGM through VC / OAVM shall open 15 minutes before the time scheduled for the start of AGM and will be closed on expiry of 15 minutes after such scheduled time of AGM.
Facility of joining the AGM through VC / OAVM shall be available for atleast 1,000 members on first come first served basis. However, the participation of members holding 2% or more shares, Promoters, Institutional Investors, Directors, Key Managerial Personnel, Chairpersons of Audit Committee, Stakeholders’ Relationship Committee, Nomination and Remuneration Committee and Auditors are not restricted on first come first serve basis.
Member will be provided with a facility to attend the AGM through VC / OAVM platform provided by KFintech. Members may access the same at https://emeetings. kfintech.com/ by using the e-voting login credentials provided in the email received from the Company/ KFintech. After logging in, click on the Video Conference tab and select the EVEN of the Company. Click on the video symbol and accept the meeting etiquettes to join the meeting. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned above.
Members are encouraged to join the Meeting through Laptops/ Desktops with Google Chrome (preferred browser), Safari, Internet Explorer, Microsoft Edge, Mozilla Firefox 22
Members will be required to grant access to the webcam to enable VC / OAVM. Further, Members connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/ Video loss due to fluctuation in their respective network. It is, therefore, recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
Members holding shares as on the cut-off date may visit https://emeetings.kfintech.com and click on the tab ‘Post Your Queries’ and post their queries/ views/questions in the window provided, by mentioning their name, demat account number/ folio number, email ID and mobile number.
A video guide assisting the members attending e-AGM either as a speaker or participant is available for quick reference at URL https://cruat04.kfintech.com/ emeetings/video/howitworks.aspx.
Members who need technical or other assistance before or during the e-AGM can contact KFintech by sending email at [email protected] or Helpline: 1800 309 4001 (toll free).

Voting at e-AGM

Only those members/shareholders, who will be present in the e-AGM through OAVM/video conference facility and have not casted their vote earlier through remote e-voting are eligible to vote through e-voting during the e-AGM.
Members who have voted through remote e-voting will be eligible to attend the e-AGM.
Members attending the e-AGM shall be counted for the purpose of reckoning the quorum of AGM under Section 103 of the Companies Act, 2013.
Upon declaration by the Chairperson about the commencement of e-voting at e-AGM, Members shall click on the “Vote” sign on the left-hand bottom corner of their video screen for voting at the e-AGM, which will take them to the ‘Instapoll’ page.
Members to click on the “Instapoll” icon to reach the resolution page and follow the instructions to vote on the resolutions.

Dividend type	Current year Dividend (%) Dividendper share 36% `0.36<br>36%<br>`0.36	Previous Year Dividend (%) Dividendper share 36% `0.36<br>36%<br>`0.36	Previous Year Dividend (%) Dividendper share 36% `0.36<br>36%<br>`0.36
	Dividendper share	Dividend (%)	Dividendper share
Interim Total	`0.36\|36%\|`0.36
	`0.36\|36%\|`0.36

AI assistant

Trident Ltd — Annual Report 2023

59305_rns_2023-07-21_2d9d5236-1a87-46b4-9215-f451dc0421b9.pdf

Na�onal Stock Exchange of India Limited

BSE Limited

Sub: No�ce of 33[rd] Annual General Mee�ng

Thanking you

Unlimited

Contents

Forward-Looking Statement

Vision

GLOBAL OPPORTUNITIES ENCOURAGE US TO

STRENGTHENING OUR BUSINESS

Revenue Split between segments

Chairman Emeritus’s Message

Dear Shareholders

TRANSFORMING WITH TIME, EMBRACING OPPORTUNITIES

FINANCIAL

Exports

EBITDA

EPS

PBT

PAT

10-year Highlights

Figures have been adjusted to Stock-split/Sub-Division in order to make them comparable.

AMPLIFYING VALUE WITH SHARPER FOCUS ON

MACRO ECONOMIC TRENDS THAT DRIVE OUR

Business

Affordable manufacturing

Favourable Government Policies

Textiles: A dominant industry

Experienced and trained workforce

Cotton quality and availability

Backward integration with yarn

Investment-friendly environment

We are poised to seize new opportunities and drive business growth through strategic capital expenditure (capex) plans. These plans are designed to leverage our business expertise and capture synergies that will propel us to new heights of success.

Products that our patrons adore

STRENGTHENING OUR ESG COMMITMENT TO DELIVER

Long term value

Water Management

Energy management

Reducing emissions

Women Empowerment

11000+

Promoting healthy lifestyle

Medical facilities

5000

3 Lakhs +

Uplifting the differently-abled

Empowering farmers

Governance

Achievements

CHAIRMAN Emeritus

Indian economic review

Outlook

Management Discussion and Analysis

Global economic overview

Outlook

GDP projections (%)

Textile industry overview

Growth drivers[8]

Global textile market

Paper industry overview

Global paper industry

India’s textile market

Indian paper industry

Growth drivers

Company overview

Home textiles

Online presence

Bath linen division

Bath linen product portfolio

Bed linen division

Bed linen product portfolio

Competitive advantage:

Copier paper

Branded copier paper

Writing and printing maplitho paper

Bible and offset printing paper

Chemical and power segment

Trident Ltd Annual Report 2023