TRIDENT/CS/2025 August 01, 2025

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National 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: Notice of 35[th] Annual General Meeting & 1[st] Integrated Annual Report for the F.Y. ended 2024-25

Dear Sir/ Madam,

The 35[th] Annual General Meeting (‘AGM’) of the Company is scheduled to be held on Saturday, August 23, 2025, 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 Securities and Exchange Board of India.

In terms of Regulation 29, Regulation 30, read with, Regulation 34 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Integrated Annual Report for the Financial Year 2024-25 including BRSR, other prescribed reports and Notice of 35[th] Annual General Meeting, which is being circulated to the Members of the Company.

The Schedule of 35[th] Annual General Meeting of the Company is as under:

Partculars	Day, Date and Time (IST)
Annual General Meetng	Saturday, August 23, 2025 at 11:00 AM
Commencement of e-votng	Wednesday, August 20, 2025 at 10.00 AM
End of e-votng	Friday, August 22, 2025 at 5.00 PM
Cut-of date to determine eligible members for e-votng on Annual General Meetng Resoluton(s)	Saturday, August 16, 2025
Book Closure Date(s)	Monday, August 18, 2025 to Saturday, August 23, 2025 (Both Days Inclusive)

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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01/08/2025

TL/2025/063264

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Kindly also consider this letter as compliance of prior intimation in accordance with proviso to Regulation 29(1)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Further, with respect to the details regarding type of issuance for fund raising, we request you to kindly refer the enclosed Notice of AGM.

The same is also available on the website of the Company at www.tridentndia.com under the category: Investor Relations → Annual Report & Other Statutory Reports.

This is for your information and records.

Thanking you Yours faithfully, For Trident Limited SUSHIL Digitally signed by SUSHIL SHARMA SHARMA Date: 2025.08.01 16:57:33 +05'30' (Sushil Sharma) Company Secretary ICSI Membership No. F6535

Encl: as above

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01/08/2025

TL/2025/063264

Trident Limited Integrated Annual Report 2024-25

Weaving Today and Tomorrow Excelence

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About the Report

Trident Limited is the flagship Company of the diversified Trident Group with a strong presence in home textiles, paper, chemicals, and energy. Known for its scale, quality, and sustainable practices, Trident serves global markets while creating value for communities and stakeholders.

We believe that, Being different is normal.

Highlights of FY 2024-25

INR 70,253 Million Total Income

INR 9,611 Million EBITDA

53% 17,500+ Exports Workforce

Welcome to Trident Limited’s first Integrated Annual Report, which presents a comprehensive view of the Company, how it creates long-term value for its stakeholders. It reflects financial and non-financial performance, and sustainability journey, underscored by its commitment to responsible business conduct. This report provides objective, balanced, and comparable disclosures on matters material to its business and stakeholders.

Reporting Period

This report covers the financial year from April 1, 2024, to March 31, 2025. All financial and non-financial data pertains to this period unless stated otherwise.

Frameworks, Guidelines, and Standards

This Report has been prepared in alignment with the following frameworks, reports and standards:

Framework

Responsibility Statement

The Board of Directors, along with senior management, assumes responsibility for the integrity of this report and affirms that the disclosures are fair, accurate, and balanced.

Feedback

We value your input to improve our future disclosures. Please write to us at: [email protected]

Forward-looking Statements

This Report may contain forward-looking statements based on current expectations and assumptions. These are subject to various risks and uncertainties that could cause actual results to differ materially. Trident undertakes no obligation to update such statements unless required by law.

United Nations Global Compact Principles

01 About the Report 02 Weaving Excellence - Today and Tomorrow

Corporate Overview

06 Message from the Chairman Emeritus

08 Message from the Managing Director

09 Message from the Group CEO

11 Message from the Group CFO

12 Trident at a Glance

14 Our Geographical Presence

16 Our Strengths

18 Brandscape

24 Performance in FY 2024-25

Governance

50 Corporate Governance 52 Risk Management 54 Board of Directors 56 Awards and Recognition 57 Corporate Information

Statutory Reports

58 Management Discussion and Analysis 74 Business Responsibility & Sustainability Report (BRSR) 110 Directors’ Report 126 Corporate Governance Report

Companies Act, 2013
Indian Accounting Standards
SEBI LODR Regulations, 2015
Business Responsibility and Sustainability Reporting (BRSR) aligned with NGRBC
Secretarial Standards

Scope and Boundary

This report covers the operations of Trident Limited across its business segments, including Home Textiles, Yarn and energy (Dhaula and Sanghera, Punjab, and Budhni, Madhya Pradesh), Paper and Chemical (Dhaula, Punjab). It consolidates performance at all manufacturing sites and includes office-level data. It excludes entities outside Trident’s operational control unless specified.

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Our Key Stakeholders
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Employees Government & Institutions
Regulatory Authorities
Communities Customers Investors
& Shareholders
Suppliers
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Financial Statements

Creating Impact

26 Stakeholder Engagement

28 Materiality Assessment 30 Value Creation Model

Capital-wise Performance

32 Financial Capital

34 Manufactured Capital 36 Intellectual Capital

40 Human Capital

44 Social and Relationship Capital

46 Natural Capital

150 Standalone Financial Statements 244 Consolidated Financial Statements

Read this Integrated Annual Report Online www.tridentindia.com

Assurance

The standalone and consolidated annual financial statements have been audited by S.R. Batliboi & Co. LLP. Further, the Board’s Report contains the Secretarial Audit Report and Report on Corporate Governance, provided by Mehta and Mehta, Company Secretaries in practice giving assurance on compliance with secretarial and governance requirements under the Companies Act, 2013 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR Regulations, 2015’).

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Our Capitals
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Financial Capital Manufactured Capital
Human Capital Intellectual Capital
Social and Natural Capital
Relationship Capital
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Integrated Annual Report 2024-25

Weaving Excelence Today and Tomorrow

Shaping Sustainable Manufacturing

We are reducing our environmental footprint while creating value for all stakeholders. Our Budhni plant, one of our largest manufacturing hubs, is leading the change with ambitious green energy and sustainability targets.

At Trident, weaving goes beyond textiles, it is about interlacing purpose with progress. Guided by a commitment to sustainability and long-term value creation, we continue to redefine what it means to be a responsible industry leader.

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Excellence at Trident is a philosophy and a performance outcome, deeply embedded in how we operate, innovate, and deliver value for all our stakeholders. Our consistent performance across home textiles, paper, chemicals, and energy is not incidental; it stems from a legacy built on quality, scale, and responsibility.

By embedding ESG principles across the value chain, Trident continues to set new benchmarks for the industry. Our story is not just about manufacturing better — it is about weaving excellence into everything we do, for the planet, for our partners, and for the future.

Our strategic route — sustained leadership in green manufacturing — reflects our deep-rooted belief in environmental stewardship as a business imperative. From renewable energy adoption to water circularity and clean fuel usage, every aspect of our operations is aligned with our ESG vision.

Impact Highlights

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51.98 MWp

Solar power capacity installed to reduce fossil fuel dependence

This track record continues to propel us forward, setting new benchmarks in operational efficiency, green manufacturing, and stakeholder trust. As we build for tomorrow, our pursuit of excellence remains sharper than ever, driving impact across our organisation. Our business is rooted in responsible growth. Across our manufacturing operations, we are steadily increasing our share of renewable energy, reducing fossil fuel reliance, and integrating circularity into production.

52.74%

Renewable Energy share

49.29%

As we look ahead, our ambition is to lead from the front—through innovation, digitalisation, and a deep commitment to people and the planet. For our industry peers and partners, Trident continues to represent reliability, innovation, forward-thinking, and leadership in sustainable manufacturing.

This continued progress is reflected in our performance and has earned the trust of global retailers, partners, and industry platforms who see Trident as a Company that balances scale with conscience and performance with purpose.

Biofuel share in the fuel mix, enhancing operational sustainability

97%

We are aligned with national development goals and remain deeply invested in building a greener and more inclusive future. Our sustainability efforts are not standalone initiatives but embedded into business decisions, enabling us to meet present demands while preparing for emerging opportunities.

Water recycling in towel and sheeting production at Budhni plant

Our focus on water recycling, biomass-based fuel, and solar energy has significantly lowered our environmental impact while driving process efficiency. These efforts contribute to operational excellence and our industry's standing as one of the leading sustainable manufacturers.

We are proud of the progress we have made, but we are even more energised by what lies ahead. Because at Trident, we weave excellence into the fabric of our future.

56

S&P Global CSA score, an improvement of 34 points over last year

Integrated Annual Report 2024-25

02 Trident Limited

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Delivering Sustained Returns

Our journey of weaving excellence extends to the confidence we inspire in our investors. Through robust financial management and visionary growth, we are building long-term value while navigating an ever-evolving market landscape.

Rooted in a strategy focused on financial growth and market leadership, we are reinforcing our balance sheet, expanding our global footprint, and scaling new growth frontiers, from luxury product lines to modern digital commerce. This multifaceted approach ensures we remain resilient, agile, and positioned to deliver sustained returns to retail and institutional investors.

Our recent footprints into Singapore and Dubai marks a strategic leap in widening our international reach. Rapid traction across e-commerce and quick-commerce platforms continues to widen our consumer base, bringing Trident closer to customers in the moments that matter. Our successful participation at the NY Home Fashion Market Week, Heimtextil in Frankfurt, Germany reaffirms our growing influence on the global stage.

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Impact Highlights

INR 6,237 Million

Net debt reduced, improving debt-equity ratio to 0.40 from 0.57

13.7%

EBITDA growth and 3.46% of revenue growth

53%

Revenue from exports, ensuring diversified global presence

Consistent Dividend Payout

Interim Dividend @ INR 0.36 for FY 2024-25

Contributing to Nation-building

We believe nation-building is a responsibility and that true excellence lies in creating shared value for society, empowering people, and aligning our business goals with national development priorities.

Our holistic approach places people at the centre of progress, ensuring that every step forward strengthens the communities we serve. From talent development to healthcare outreach, we are working closely with government bodies and authorities to amplify positive impact. Our Takshashila initiative and Karamyogi Recruitment Drive are focused on equipping youth, women, and rural populations with employment and purpose, reinforcing inclusive economic growth. We are also fostering diversity by welcoming defence veterans, women, and athletes into our workforce, creating a culture of strength, resilience, and opportunity.

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Trident’s community investments span healthcare, education, and skilling, with initiatives like Madhuban Hospital, mega medical camps, and the launch of four ambulances for better rural healthcare access. Our recognition for Best HR Practices and our strong Glassdoor rating of 4.2 show our commitment to a people-first culture. Aligned with global frameworks, we are also a proud partner of the UN Global Compact, adhering to sustainable and responsible growth principles.

Impact Highlights

2,000+

Members underwent Development Centre (DC) under Takshashila 2024 programme

300+

New recruits through Takshashila 2024 programme

3,000+

Skilled individual to be added through Karamyogi Recruitment Drive

600+

Benefited through Madhuban Hospital and mega medical camps

4

Ambulances launched to improve healthcare outreach

4.2

Glassdoor rating

Special hiring for defence veterans, women, and sports achievers

Best HR practices and workforce diversity

Integrated Annual Report 2024-25

04 Trident Limited

Corporate Overview

MESSAGE FROM THE CHAIRMAN EMERITUS

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Legacy Woven with
Threads of Excelence
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Dear Stakeholders,

I extend my warmest wishes for your health and well-being and my heartfelt gratitude to our employees for your dedication.

Looking back, it fills me with pride to see how far Trident has come, from a modest beginning with bundles of raw cotton to a purpose driven, vertically integrated global organisation that lives and breathes excellence.

Our strength lies not just in our technology or scale, but in our people. When we honour every individual with dignity and respect, we spark the confidence to speak up, innovate, and excel. When we build relationships on trust and genuine care, we stand together undaunted by challenges. And when we lead with love and emotional certainty, we create a community where every member feels supported, heard, and empowered.

As we embrace the next phase through green manufacturing, digital transformation, global expansion and stakeholder collaboration—let us carry these values forward. By putting humanity at the core of our operations and upholding the highest standards of integrity, we will not only achieve superior performance but also nurture a workplace where joy and purpose thrive side by side.

I am deeply grateful to each of you—our employees, partners, suppliers, investors, and communities—for weaving your talents and trust into Trident’s tapestry. Together, let us continue to build an organisation that the world admires and each of us is proud to call home.

Regards,

Rajinder Gupta Chairman Emeritus

Integrated Annual Report 2024-25 07

06 Trident Limited

Corporate Overview

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MESSAGE FROM THE MANAGING DIRECTOR
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Stitching Value
for Tomorrow
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compliance. We have further strengthened our governance framework fostering transparency, ethical conduct, and responsible decision-making.

Dear Stakeholders, previous year. This performance reflects our disciplined execution, It gives me immense sharp operational focus, and the pleasure to present to you our unwavering commitment of our teams. 1st Integrated Annual Report for FY 2024-25, a year in which Trident In our pursuit of Excellence, we Limited continued its journey of have accelerated our journey of ‘Weaving Excellence’ across every digitalisation 4.0, adopting cutting- aspect of our business. This theme edge technologies to enhance reflects not only our commitment operational efficiency, real-time to delivering quality products and monitoring, and data-driven decision services but also our dedication making across manufacturing and to compliance, governance, risk business processes. These initiatives management, and sustainability as have not only strengthened our core drivers of long-term value for all competitiveness but also laid a robust our stakeholders. foundation for sustainable growth.

Dear Stakeholders,

Sustainability remains at the heart of Trident’s growth strategy. From adopting renewable energy and promoting circular economy initiatives to empowering local communities, our actions reflect our commitment to building a better and greener future. Our improvement in S&P Global CSA (Corporate Sustainability Assessment) score to 56, shows our commitment for sustainability.

We take pride in sharing that during the year, our Company was honoured with the prestigious Vastra Ratna Award for acknowledging our significant contribution to the textile industry, along with the ET Best Organisation for Woman Award recognizing our commitment to diversity and the remarkable leadership of women professionals in the organisation. Further, we successfully acquired patents, reflecting our focus on continuous research, product differentiation, and protecting intellectual property that drives value creation.

During the year, our textiles and paper businesses demonstrated resilience and adaptability amidst dynamic market conditions. We strengthened operational efficiencies, invested in product innovation, and expanded our domestic and global footprint. Continued focus on customer-centricity, quality, and digital transformation has enabled us to enhance competitiveness and reinforce Trident’s position as a trusted brand across markets.

As we look ahead, we remain steadfast in our mission to create enduring stakeholder value, guided by innovation, responsible growth, and our collective spirit of excellence. I extend my heartfelt gratitude to our shareholders, employees, partners, and customers for their unwavering trust and support.

Together, let us continue to weave success and sustainability into every thread of our journey.

I am pleased to share that the Company achieved a total turnover of INR 70,253 million with an EBITDA of INR 9,611 million, registering a revenue growth of 3.46% over the

Warm regards,

Deepak Nanda

Excellence for us begins with robust governance and uncompromising

Managing Director

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MESSAGE FROM THE GROUP CEO
Carrying the Trident
Spirit Forward
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At home, we are equally optimistic. India’s rising disposable incomes are boosting domestic demand for quality home textiles. We see this as a long-term opportunity to serve an evolving customer base with differentiated products.

Dear Stakeholders,

Repositioning in a Changing Global Landscape

FY 2024-25 was a defining year in Trident’s journey, one where we decisively pivoted from recovery to renewal, with discipline, focus, and sustainability at the heart of our growth story.

The global textile trade is this as a long-term opportunity to undergoing a shift, and India is serve an evolving customer base emerging stronger. As the secondwith differentiated products. largest exporter of home textiles from India to the UK, Trident is Disciplined Execution well-positioned to benefit from the with Measurable Results India–UK FTA. While uncertainties cloud the US tariff regime, our FY 2024-25 marked an strategic move to diversify towards operationally strong year for us. the other markets, markets that We significantly reduced our net are increasingly seeking trusted debt to INR 9,101 Million during partners with traceable, sustainable the reporting year, not through supply chains. And we are seeing one-time measures but through the headwinds in this direction, sustained, ground-level efforts in (1) India-UK FTA; (2) Potential financial discipline and working near-future India-EU FTA and (3) capital efficiency. Domestic market demand rising.

India's growing relevance as a global manufacturing hub further supports our international ambition. Global customers are actively seeking resilient and responsible partners, and Trident is stepping up to that role.

INR 70,253 Million Total income in FY 2024-25

Integrated Annual Report 2024-25 09

08 Trident Limited

Corporate Overview

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MESSAGE FROM THE GROUP CFO

Our total income stood at INR 70,253 Million in FY 2024-25, a 3.46% growth from INR 67,903 Million in FY 2023-24, and EBITDA was INR 9,611 million in FY 2024-25 compared to INR 9,949 Million in FY 2023-24.

Additionally, we took a conscious strategic shift, from chasing volumes at any cost to pursuing profitable, margin-led growth. We were selective in the orders we took, yet ensured timely and high-quality execution, especially for large seasonal demand. This balance between operational readiness and customer delivery reflects a stronger, sharper Trident.

We are also clear-eyed about the future. While capex remains a key pillar of our growth model, we are approaching it with maturity, ensuring internal execution capabilities are in place before we scale further. Growth must follow readiness.

Leading with Purpose: ESG and Innovation

We made meaningful strides in ESG in the reporting year and we are on a transformational journey to align with global best practices.

We are proud participants of the UN Global Compact and have received validated Targets from SBTi in the reporting year, underscoring our alignment with global climate action. With the commissioning of 23.56 MWp rooftop solar during the year, our total installed solar capacity now stands at 51.98 MWp. Biofuel constitutes 49.29% of our fuel mix today, and our renewable energy project at Budhni aims to transition up to 60% of plant energy from renewables in the coming years.

At Heimtextil, we showcased our sustainable textile innovations,

60%

Of plant energy from renewables in the coming years

51.98 MWp

Of total installed solar capacity

demonstrating our leadership in eco-friendly manufacturing through cutting-edge processes.

We also launched a dedicated Innovation Cell during the year, led by an experienced R&D team. This unit will focus on fundamental research in fibres, spinning, and weaving, not just product development, but process and material innovation. We aim to unlock future value that differentiates us in a crowded market.

People-First Culture: Talent, Inclusion and Recognition

In FY 2024-25, the disciplined execution was augmented through an aligned Leadership Matrix Structure balancing empowerment for execution at Business level and leveraging deep functional expertise at Corporate level. Significant modifications were embraced in order to bring impactful leadership at every level.

Trident’s flagship talent acquisition programme to develop entry-level and middle-level leadership pipeline – Takshashila and Campus Recruitment – were fully revived in the FY 2024-25. In this year, 1000+ members across various functions and businesses were recruited through this route. Historically, a number of our CXOs have emerged from this talent pool.

We celebrated our people through Mission Day, honouring their dedication and shared commitment to prosperity. Our HR practices received national level recognition with awards for Leadership Excellence in Workforce Diversity, Best HR Practice, Best Employer in Manufacturing and Excellence in Recruitment and Campus Hiring. We were also named ET Best Organisations for Women 2025—marking our third consecutive win in this category.

Strengthening our Social Compact

Beyond business, we reaffirmed our commitment to the communities we serve. Our CSR programmes continue to focus on quality education, healthcare access, women empowerment, livelihood creation, skill development, and a clean environment. Through these initiatives, we remain aligned with the vision of a Viksit Bharat.

Looking Ahead

We enter FY 2025-26 with momentum and clarity, backed by a solid foundation, a focused vision, and a values-driven approach. Trident has always been known for its bold capex, innovation-centric mindset, and global competitiveness. FY 2024-25 reminded us of this legacy. But more importantly, it allowed us to reconnect with it, with sharper focus, financial prudence, and a sustainability-first lens.

As we reconnect with our legacy of bold investments and global competitiveness, we are doing so with renewed intent and sharper execution. The journey ahead is beyond just volumes, it is about value, purpose, and enduring impact.

Thank you for your continued trust.

Warm regards,

Samir Prabodhchandra Joshipura Group CEO

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Thriving Beyond Challenges

Continued macroeconomic support from measures such as the National Manufacturing Mission and enhanced PLI allocations, PM Mitra Parks will further bolster our growth potential. We will maintain our rigorous approach towards working capital management and debt reduction, ensuring the balance sheet remains strong to fund strategic investments.

Our home textiles division sustained momentum with a 6.67% increase in revenue over the last year, aided by premium-product realisations and deeper retail partnerships. Our Paper & Chemicals division sustained steady volumes in writing and printing grades, benefitting from our ecofriendly capacity, even as packaging grades faced heightened competition. Our renewable-energy capacity now supplies over half (52.74%) of our total power requirements, reinforcing both our sustainability credentials and cost competitiveness.

Dear Stakeholders,

It gives me great pleasure to share that FY 2024-25 has showcased Trident Limited’s ability to translate challenges into opportunities.

In a year marked by volatile raw material prices and challenging global markets, we maintained our resilience through disciplined execution, a diversified business mix, and prudent capital management.

On behalf of the Board, I would like to thank our customers, investors, and, above all, our employees for their unswerving dedication. Together, we will build on our strong foundation to achieve new heights in the years ahead.

For FY 2024-25 , our total income increased by 3.5% to INR 70,253 million (from INR 67,903 million in FY 2023-24), reflecting healthy volume growth and an improved product mix across both textiles and paper. EBITDA reached INR 9,611 million, yielding a margin of 13.7%, as our cost-efficiency initiatives successfully offset inflationary pressures. Profit after tax stood at INR 3,668 million with EPS of INR 0.73, and cash profit was INR 7,288 million, underpinned by robust free-cash-flow generation. We also reduced our finance costs by 16% to INR 1,294 million and strengthened our balance sheet, lowering net debt/ EBITDA to 0.95x (from 1.54x a year earlier), reflecting both disciplined capex and robust free-cash-flow generation.

During the year, we completed key capacity expansions and upgraded our digital and automation platforms under Industry 4.0, which drove a 2% improvement in overall equipment effectiveness. We also advanced our sustainability roadmap and witnessed a reduction in net specific emissions (Scope 1 & 2) of 37.11% from FY 23-24 and recycled 1.73 Million KL of water, reflecting integrated efforts across our facilities.

Warm regards,

Rahul Roongta

Group CFO

Looking ahead, we remain focused on capturing growth in non-US markets, particularly Europe, the Middle East and Australia, while accelerating innovation in fashion bedding, digital printing and technical textiles.

Integrated Annual Report 2024-25

10 Trident Limited

Corporate Overview

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TRIDENT AT A GLANCE

Excel ence in Every Thread

Trident Limited, headquartered in Ludhiana, Punjab, is one of India’s largest vertically integrated manufacturers of yarn, bed & bath linens, wheat straw paper, and chemicals.

Serving over 100 countries, we are renowned for quality, innovation, and sustainability, supplying national labels, captive brands, and top retailers. Recognised for product excellence, social responsibility, and environmental stewardship, we operate world class facilities in Punjab and Madhya Pradesh, driving growth across Home Textiles, Paper, and Chemicals with cutting edge infrastructure and ethical, eco-friendly practices.

#1

Global wheat straw-based paper manufacturer in North India for branded copier segment

100+ 15+ Countries presence Manufacturing units

25+

Leading

E-commerce website Integrated home textile presence manufacturer

World-class Infrastructure and technology

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Our vision

…and core values

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

provide customer satisfaction, through teamwork, based on honesty & integrity, for continuous growth & development.

…influences our strategies

Customer Diversification

Quality Focus

Consistently using best-in-class cotton to maintain product excellence

Expanding presence across Europe, the US, and Australia

Premiumisation

Brand Building

Shifting focus to higher-value product categories

Investing in strong, differentiated brand development initiatives

Cost Efficiency Innovation Driving supply chain optimisation, Constantly integrating product and better capacity utilisation, and process innovations to improve quality, leaner operations productivity and product range

…guiding what we do

Manufacture Offer end-to-end Export to major Serve leading Diversify into premium Bed and Bath fibre-to-fabric textile global markets national and complementary Linen, Yarn, and Wheat capabilities and including the US, international brands, segments such as Straw-based Paper integrated paper Europe, Middle East, private labels, and Chemicals and Energy production and Africa retailers

…and how we do it

Operating state-of-the-art, Ensuring rigorous quality standards, Leveraging automation, innovation, and vertically integrated facilities in ethical sourcing, and sustainable lean manufacturing to drive efficiency Punjab (Barnala, Dhaula) and practices across operations and consistency Madhya Pradesh (Budhni) Prioritising timely delivery, Driving community development through Upholding environmental stewardship competitive pricing, and long-term focused initiatives in health, education, as a core business principle, recognised by customer relationships and empowerment industry and government bodies …through our capitals Financial Manufactured Intellectual Human Social and Natural Relationship Read more on page 32 Read more on page 34 Read more on page 36 Read more on page 40 Read more on page 44 Read more on page 46

…to create value for our stakeholders

Employees Government Institutions Communities Customers Investors and Suppliers & Regulatory Shareholders Authorities Read more on page 26

Integrated Annual Report 2024-25

12 Trident Limited

Corporate Overview

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OUR GEOGRAPHICAL PRESENCE

New York

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England
Beyond
Growing
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We are scaling new geographies while sustaining a strong growth trajectory.

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
ZX
]
Dubai Y 
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Presence

Our excellence knows no borders. With a wide footprint across key global markets and best-inquality products, we cater to people everywhere.

Singapore

International Presence

New York

England

Dubai Singapore

National Presence

X New Delhi

Y Mumbai

Z Gurugram

[ Ludhiana
\ Chandigarh
] Bhopal

Manufacturing Plants

Sanghera, Punjab
Dhaula, Punjab
Budhni, Madhya Pradesh

OUR JOURNEY

1990-2000

Started as a Commodity Player

Inception: Began as a yarn manufacturer in 1990 with just 17,000 spindles
Expanded into Terry Towel production in 1998-99

2010-2020

Value Addition and Consolidation Phase

Expanded horizontally into new segments like Bed Linen
Strengthened our presence in both E-commerce and the domestic market
Secured 10 patents

2020-2025

Going Forward

Established Trident as a National Brand
E-commerce website
Retail outlets
Strong social media presence

2000-2010

Digital Trident – Completing the Industry 4.0 journey
E-sourcing
Real-time performance monitoring

Transition and Diversification Phase

Entered the Paper, Chemical, and Energy segment
Enhanced capacity in Yarn and Terry Towel production
AI-driven projects
Digitalisation of products
Virtual showrooms
Secured 7 additional patents

Map not to scale.

Integrated Annual Report 2024-25

14 Trident Limited

Corporate Overview

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OUR STRENGTHS

Performance Core Pil ars of

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Vertical Integration and Cost Control

Approximately 50% of the yarn we produce is consumed in-house by our Bed & Bath Linen division, and all fabric weaving and processing occur at our own facilities. Our Paper segment sources wheat-straw locally from Punjab’s agricultural belt, cutting logistics costs by an estimated 15–20% compared to outsourced supply.

Integrated sulphuric-acid production and cogeneration plants further support our paper and textile operations, enabling competitive pricing and stable operating margins. This end-to-end integration ensures superior quality control and drives cost efficiencies across our value chain.

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Geographic Diversification

Export revenues accounted for 53% of total sales in FY 2022-23, rebounded to 62% in FY 2023-24, and stabilised at 53% in FY 2024-25 underpinned by strong demand for Indian towels and bed sheets in the US and Europe. Maintaining exports above the 50% threshold underscores our global reach and resilience against regional downturns.

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Customer Relationships

In the home-textile segment, our top five customers at overseas contribute 50–60% of segment revenues, while in Yarn and Paper, the top five clients account for only 25–30% and 15–20% of revenues respectively. This diversified client base minimises concentration risk while preserving deep strategic partnerships with leading global retailers.

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Raw Material Proximity

Our facilities in Madhya Pradesh and Punjab place us within 200 km of major cotton and wheat-straw supplies, slashing inbound freight costs by an estimated INR 200–300 per quintal. Proximity to key inputs secures our supply chain and reinforces price competitiveness.

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Financial Strength

Net debt fell to INR 9,101 million as of March 31, 2025 from INR 15,338 million a year earlier, while free cash flow reached INR 6,900 million for FY 2024-25. The significant 41% reduction in net debt, coupled with robust cash generation, positions us for continued investment and shareholder returns.

Integrated Annual Report 2024-25

16 Trident Limited

Corporate Overview

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BRANDSCAPE

Our Identity Our Brands,

Our brandscape spans an array of consumer and industrial categories, reflecting our commitment to quality, innovation, and sustainability.

From elevating everyday living with premium home textiles to delivering eco-friendly paper solutions, each of our brands is purpose-built for performance, value, and responsibility. Across every segment, we aim to build enduring trust through functionality, aesthetics, and environmental consciousness.

Our Brand Segments

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Paper

In the domestic copier paper segment, our brand positioning covers three distinct tiers:

Premium

For corporates and end-users seeking the highest quality

Semi-Premium

For value-conscious corporates and end users

Mass Market

For price-performance seekers looking for everyday value

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In the export market, we are transitioning from a mass-market focus to premium & semi-Premium segments, strategically balancing performance with affordability.

Home Textiles

Our home textiles’ brands span a spectrum of global consumer aspirations.

Premium luxury bed and bath essentials crafted for an indulgent, hotel-style experience at home.

Durable, high-comfort linens designed to meet the rigorous demands of the hospitality industry.

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Opulent, sophisticated products that elevate your bedroom and bathroom into a lavish personal sanctuary.

Eco-luxury home textiles made from responsibly sourced materials, combining comfort with sustainability.

Thoughtfully designed, eco-conscious linens and towels that promote responsible consumption and a greener lifestyle.

Wellness-focused bed and bath items engineered for deep relaxation and everyday tranquillity.

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Reliable, value-driven essentials offering dependable quality and practical features for daily use.

Soothing, wellness-driven products that support health and relaxation through calming design elements.

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Vibrant, durable bed and bath solutions crafted for children’s comfort and playful style.

Beach-ready towels and linens infused with seaside style and durability for your next coastal getaway.

Elegant, confection-inspired bed and bath pieces that add a touch of French-chic charm to everyday life.

Versatile, travel-friendly linens and towels that bring home comforts on the go.

Soft, washed sheets and towels designed to transform daily routines into serene, spa-like moments.

Integrated Annual Report 2024-25

18 Trident Limited

Corporate Overview

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BRANDSCAPE

Our Product Segments

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Paper

Trident stands as a premier provider of multi-colour, quick-turnaround publishing, and branded copier paper. Recognised globally as one of the largest producers of wheat straw-based paper, the Company emphasises technological excellence, state-ofthe-art equipment, and a strong commitment to environmental sustainability. Trident’s growing brand equity reflects its unwavering focus on customercentricity and innovation.

USPs

Trident Copier Paper: Eco-smart, Value-packed, and Farmer-friendly. Made from renewable wheat straw, our paper combines sustainability with superior performance, delivering exceptional quality at a competitive price while supporting rural communities and reducing environmental impact.

Sustainable Paper. Exceptional Value.

Notebook: Manufactured with premium 60 GSM wheat straw paper for smoother writing, enhanced durability, and a sustainable touch, offering more value on every page.

Write Better. Last Longer. Stay Greener.

New Launches:

Copier Segment: Natural Copier launched in 70 GSM Copier segment packed with premium feel and superior brightness

Maplitho Segment: Titanium Line launched with enhanced brightness and smoothness

Product Brands

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Spectra My Choice Royal Touch Enviro

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Bath Linen

We provide a diverse collection of towels, mats, and rugs that cater to multiple segments, including luxury, spa, designer, kids, and hospitality, with a focus on comfort, durability, and design.

USPs

Segment-specific USPs including Absorbency, durability, Quick-dry technology, plushness and resilience, and high GSM comfort

New Launches

Luxury Reimagined: Our premium collections fused elegance with comfort, transforming homes into havens of sophistication and style.
Sustainability First : Eco-conscious innovations took centre stage, featuring responsibly sourced materials aligned with our green mission.
Hospitality Excellence : Introduced resilient, industry-grade products crafted for durability and guest satisfaction in hospitality environments.
Wellness Elevated : Wellness-focused launches promoted tranquility and health, offering products designed to soothe and rejuvenate.
Everyday Essentials : Rolled out practical, highquality items tailored for daily use—reliable, consistent, and value-driven.
Kids’ Corner : Our kids’ segment embraced playful creativity with vibrant designs that blend fun, safety, and functionality.
Coastal Vibes : Beach-inspired collections brought breezy aesthetics and the spirit of seaside living into everyday spaces.

Product Brands

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Bed Linen

Our bed linen range includes premium bed sheets, pillowcases, duvet covers, and top-of-bed accessories, thoughtfully designed for discerning global consumers.

USPs

Segment-specific value propositions driven by customer-centric design:
Pre-washed and brushed finishes for enhanced comfort and soft hand feel
Cool-touch, breathable and moisture-wicking materials for optimal sleep conditions
Anti-microbial, hypoallergenic and odour-resistant properties support a healthier sleep environment
Unique Chambray look and heathered to perfection elevate aesthetic appeal
Wrinkle-resistant treatments enhance ease of care
Curated print designs complement diverse interior styles—from classic to contemporary
Perfect Fit Technology ensures snug fit and effortless use

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New Launches

Innovative launches across all segments reaffirming excellence and mindful manufacturing:

Luxury collections blend sophisticated design with exceptional comfort
Eco-conscious range crafted from sustainable materials supporting green initiatives
Expanded print portfolio featuring bold botanicals, tonal metallics, geometrics and textured florals
Hospitality-grade linens offer durability, high performance, and guest satisfaction
Wellness-focused offerings promote relaxation and holistic well-being
Everyday value range delivers reliable, quality essentials for daily comfort
Perfect Fit Technology cleverly designed to fit neatly over mattresses, including those with deep walls and low profiles, anything from 8 to 20 inches deep
Commitment to innovation and responsible production across all price points

Integrated Annual Report 2024-25

Trident Limited

Corporate Overview

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BRANDSCAPE

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Yarn

Our yarn portfolio features premium and speciality cotton yarns, including air-rich, compact, blended, organic, and sustainable variants, tailored for both in-house and global textile customers.

USPs

Premia: Air-rich and high-tenacity cotton yarns
Macaron Blends: Designer-inspired yarns with unique textures and sustainable inputs
Delite: Everyday value yarns with superior process efficiency

Product Brands

Slub Yarn

Compact Yarn

Blended Yarn

Recycled Yarn

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Organic Cotton Yarn
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Core Spun Yarn Fine Count Yarn
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Branding Projects undertaken in FY 2024-25

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Takshashila – Centre for Leadership Excellence

Inspired by the timeless vision of our respected Chairman Emeritus's late mother, the Takshashila - Centre for Leadership Excellence national hiring campaign celebrates the vision that shapes Trident.

Anchored in our credo 'Inspired by challenge, we will add value to life, and together, prosper globally' the multi-touchpoint campaign spans web pages, brochures, videos, and newspaper ads, reaching talent across India.

With the call to 'Earn. Learn. Grow.', it empowers aspiring youth through modern skilling and value-driven growth. The logo, inspired by ancient pillars of learning, reflects strength and clarity of purpose, while the watercolour illustration of the Takshashila facility captures our vision and spirit of excellence.

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Bharat Tex 2025 – Samay: Through the Ages

Trident’s immersive showcase at Bharat Tex 2025 traced the evolution of Indian textiles across four yugas.

Each zone—Puratan, Veer, Poorva Adhunik, and Unnati Yug—blended heritage with innovation in a curated aesthetic journey.

The exhibit positioned Trident as a custodian of tradition and a catalyst for design-led transformation.

Invest Madhya Pradesh – Global Investors Summit 2025

Trident’s immersive showcase at Bharat Tex 2025 embodied its vision of sustainable industrial growth and design excellence.

Through curated branding and visual storytelling, the space highlighted innovation, craftsmanship, and environmental stewardship. It served as a compelling invitation for global investors to partner in purpose-led progress.

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Heimtextil 2025 – Conscious Living

Rooted in regional heritage, Trident’s 'Conscious Living' exhibit celebrated sustainable design through Gond and Phulkari artistry.

A stylised tree canopy symbolised mindful growth, echoing the brand’s eco-conscious manufacturing ethos.

The installation offered a global audience a tactile experience of Trident’s commitment to responsible innovation.

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Integrated Annual Report 2024-25

22 Trident Limited

Corporate Overview

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PERFORMANCE IN FY 2024-25 Trajectory Our Growth

PAT (INR Million)

3,668	CAGR 1.2%	CAGR 1.2%	CAGR 1.2%
FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22 FY 2020-21	3,668



	3,896


	4,219


		8,150


			3,457

EPS (INR per share)

0.73	0.73		CAGR 1.4%
FY 2024-25			0.73 0.78 0.84 1.63 0.68

FY 2023-24


FY 2022-23

FY 2021-22

FY 2020-21

Financial Highlights

Total Income (INR Million)

Exports (INR Million)

Revenue Split by Product Segments

70,253	70,253						CAGR 9.1%
FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22 FY 2020-21							70,253


							67,903


							62,913


							69,415


							45,353

EBITDA (INR Million)

9,611	CAGR 3.1%	CAGR 3.1%	CAGR 3.1%
FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22 FY 2020-21	9,611



			9,949


	9,418


		15,100


			8,270

39,341	39,341					CAGR 5.2%
FY 2024-25						39,341 40,923 33,357 45,459 30,594



FY 2023-24


FY 2022-23


FY 2021-22


FY 2020-21

PBT (INR Million)

4,697	4,697			CAGR 1.1%
FY 2024-25				4,697 4,802 5,543 10,917 4,451



FY 2023-24


FY 2022-23

FY 2021-22


FY 2020-21

Over the past five years, Trident’s revenue mix has steadily evolved, with Textiles (Yarn, Bed & Bath Linen) now contributing the bulk of income. In FY 2024-25, Bed & Bath Linen accounted for 57%, Yarn for 29%, and Paper for 14%, compared with 26%/57%/17% in FY 2023-24 and 24%/55%/21% in FY 2022-23.

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This shift reflects sustained strength in home textiles, of which roughly half the yarn we produce is consumed internally, allowing us tighter cost control and consistent quality. We also carry out in-house weaving and processing and leverage our agro-belt location in Punjab to source wheat-straw for our branded copier and speciality papers at lower logistics cost. Integrated sulphuric-acid production and co-generation plants further support our paper and textile operations, enabling competitive pricing and stable operating margins.

INR 26,114 Million

Revenue contribution of Bath Linen in Home Textiles in FY 2024-25

|FY 2024-25
FY 2023-24
FY 2022-23
FY 2021-22
FY 2020-21|29 % |57% |14%
26%|57%|17%
24%|55%|21%
28%|58%|14%
20%|64%| 16%|
|---|---|
|Yarn
Bed and Bath Linen
Paper||

Integrated Annual Report 2024-25

24 Trident Limited

Creating Impact

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STAKEHOLDER ENGAGEMENT Shared Prosperity Partnering for

At Trident, we view stakeholder engagement as a strategic imperative. We proactively solicit insights from all our key stakeholder Groups to ensure our decisions reflect their priorities, enhance transparency, and build trust. Through a mix of direct dialogue, digital platforms, and structured feedback mechanisms, we integrate stakeholder inputs into our governance, operations, and sustainability initiatives, creating shared value across the Board.

Investors and Shareholders

Suppliers

Mode of Engagement

Frequency

Annual reports, disclosures, investor Ongoing – throughout presentation, media releases the year

Purpose and Scope of Engagement Governance, financial performance, Company strategy, responding to concerns

Alignment with SDGs

Mode of Engagement

Frequency

Site visits, supplier onboarding, quality Ongoing – throughout trainings, email communication the year

Purpose and Scope of Engagement

Alignment with SDGs

Material supply quality, pricing and negotiations, supplier development, safety training, awards and recognition

Engagement Framework

Government and Regulatory Authorities

Employees

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Customers

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Mode of Engagement

Industry bodies, corporate reports, written and in-person communication

Purpose and Scope of Engagement

Regulatory compliance, statutory reporting, compliance monitoring

Mode of Engagement

In-person meetings, email communication, trainings, surveys, town halls, recognition programmes

Purpose and Scope of Engagement

Collaboration, well-being, training and development, compensation, best practices sharing

Mode of Engagement

Direct interaction, media campaigns, surveys, events

Purpose and Scope of Engagement

Product feedback, sustainability collaboration, delivery and design feedback, policy and pricing dialogue

Frequency

As per requirement

Alignment with SDGs

Frequency

Ongoing – throughout the year

Alignment with SDGs

Frequency

Ongoing – throughout the year

Alignment with SDGs

Communities

Mode of Engagement

In-person meets, Group meetings, telephonic communication

Purpose and Scope of Engagement

CSR activities, grievance addressing, livelihood building, infrastructure development, community capacity building

Mode of Engagement

Institutions

Written/in-person meetings, seminars, knowledge-sharing platforms

Purpose and Scope of Engagement

Collaboration, talent sourcing, leadership training, hiring of freshers, best practices sharing

Importance of Stakeholder Engagement

Long-Term Value Creation
Disclosure and Transparency
Operational Efficiency
Customer Loyalty and Revenue
Innovation and Improvements
Brand Reputation
Sustainability and ESG Goals
Corrective Efforts
Cost Optimisation
Community Giveback

Frequency

Ongoing – throughout the year

Alignment with SDGs

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Frequency

Ongoing – throughout the year

Alignment with SDGs

Supply Chain Resilience

Integrated Annual Report 2024-25

26 Trident Limited

Creating Impact

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MATERIALITY ASSESSMENT our Material Priorities Mapping

At Trident, we recognise that our impact extends well beyond financial performance. To focus on what matters most to our stakeholders, we completed our first materiality assessment in FY 2023-24, including a double-materiality review of climate risks via the TCFD framework. Going forward we will review our materiality assessment every three years, incorporate double materiality assessment for the other material topics and work towards integrating it within the Company's ERM (Enterprise Risk Management) process.

Materiality Approach

To identify and prioritise the ESG issues most critical to our long-term success and stakeholder expectations, we undertook the following structured process:

1. Identifying the Universe of Relevant ESG Topics

2. Topic Prioritisation

a. Stakeholder Engagement Design

We compiled a comprehensive list of 30 potential ESG topics by drawing on:

Selected a representative sample of internal and external stakeholder groups
Applicable current and anticipated regulatory disclosure requirements
Developed tailored questionnaires to solicit views on the relative importance of each topic
Consultations with internal and external stakeholders

b. Data Collection

Sector-specific materiality benchmarks and peer sustainability priorities
Deployed online surveys and conducted interviews to gather stakeholder inputs
Emerging macro trends and global reporting standards (e.g., GRI)
Collated quantitative ratings and qualitative feedback
Secondary research, including published guidelines, white papers, and industry studies

c. Results Calibration

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Analysed responses from all stakeholder cohorts
Synthesised data into a two-dimensional materiality matrix mapping impact versus stakeholder concern

Customers, investors, suppliers, local Executive leadership, business heads, communities, and industry associations and employees via interviews and surveys Stakeholder NGO and community dialogues; Groups and Company vision, mission, strategies, regulators; media analyses Information risk registers, and internal policies ~~Sources~~ Global sustainability standards (GRI, CDP, Non-financial disclosures (BRSR DJSI), research studies, and thought leadership FY 2024-25)

By following this rigorous, stakeholder-informed approach, we ensured that our material topics accurately reflect the issues with the greatest potential to influence Trident’s financial performance, operational resilience, and social licence to operate.

Materiality Matrix

Environment • Climate Change • Water and Wastewater Management • Waste and Circularity • Biodiversity
• Product Carbon Footprint • Innovation Social Governance • Employee Health and Safety • Responsible Sourcing • Diversity, Equity and Inclusion • Product Lifecycle • Training Management • Corporate Social Responsibility • Human Rights • Risk, Opportunities and Crisis Management • Changing Regulatory Framework • Chemical Safety
• Industry Collaboration • Customer Centricity • Privacy and Data Security • Community Relations • Air Quality
Medium

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

Material Topics
----- End of picture text -----

High

Importance to Internal Stakeholders

Integrated Annual Report 2024-25

Trident Limited

Creating Impact

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VALUE CREATION MODEL for the Long Term Building

Input

Financial Capital

Net Debt | INR 9,101 Million Total Assets | INR 71,293 Million Cash & Cash Equivalents | INR 6,657 Million

Manufactured Capital

Manufacturing Facilities | 15+ Home Textile Weaving Capacity | 1,100+ looms

(Bath & Bed linen)

Yarn | 7.9 lakh+ Spindles Paper Production Capacity | 1,75,000 TPA

Intellectual Capital

Patents filed | 24 R&D, Innovation & PD team strength | 85+

Natural Capital

Total Energy consumed | 1,12,36,698.1 GJ % Renewable Energy consumed | 52.74% Water Withdrawal | 1,19,61,738 KL

Human Capital

Total Workforce | 17,500+ Employee Benefit Expenses | INR 8,914 Million Average training hours per employee | 15.7 hrs

Social and Relationship Capital

Spent on CSR | INR 48.09 Million

Vision

Values

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

To provide customer satisfaction, through teamwork, based on honesty & integrity, for continuous growth & development.

Activities in the Value Chain

The Trident Group's value chain is vertically integrated and spans the full spectrum of the textile and paper production process.

Raw Material Sourcing

Packaging and Logistics

Cotton procurement (from Indian cotton-growing regions) Agro-waste and wood pulp (for paper division)

In-house packaging
Efficient logistics and warehousing network

Marketing and Distribution

Manufacturing Capabilities

Domestic and international
Yarn Spinning: Produces sales channels
various counts of cotton and • Retail Presence through
blended yarns brands like: Trident Home
Fabric Weaving and Partnerships with large
Processing: Converts yarn into global retailers
Processing: Converts yarn into woven fabric

Innovation and R&D

Home Textiles Production:

Product development in
• Bed Linen textile finishes, softness,
• Bath Linen strength

Paper Division: Eco-friendly • Focus on sustainability and wheat straw-based paper, efficiency in processes copier paper, writing & printing E-commerce and D2C paper

Active online presence via:

Sustainability and Utilities

Sales through 25+ websites
Captive Power Generation reducing energy dependency
- Marketplaces
Effluent Treatment and Water Recycling
Waste-to-Wealth initiatives
(e.g., using agro-waste)

Output

Sales

INR 59,579 Million

Home textile sales

INR 10,079 Million

Paper sales

Emissions

e 6,58,509 MTCO2

GHG emissions (Scope 1)

e 3,60,850 MTCO2

GHG emissions (Scope 2)

e 6,35,468 MTCO2

GHG emissions (Scope 3)

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Out comes

Financial Capital

Net Worth | INR 46,103 Million

Revenue growth (Y-o-Y) | 3.5% EBITDA margin | 13.7% ROCE | 10.0% ROE | 8.0%

Manufactured Capital

Total units dispatched 124 Million pieces (Bath Linen) 34.78 Million metres (Bed Linen) 1.43 Lakh MT (Paper)

Intellectual Capital

Patents granted | 17 Trademark granted | 147

Natural Capital

Reduction in net specific emissions (Scope 1 & 2) | 37% Thermal substitution rate | 49.29% Alternative raw material and fuel | 3,89,979.30 MTPA

Human Capital

LTIFR for workers | 0.122 Retention rate | 84.7%

Social and Relationship Capital

Lives impacted | 28,884 Million Stakeholder complaints resolved | 99% Material sourced from MSME vendors | 28.7%

Integrated Annual Report 2024-25

Trident Limited

Capital-wise Performance

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FINANCIAL CAPITAL

our Financial Foundations Fortifying

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We drive financial capital through disciplined capital allocation, rigorous investment reviews, and a commitment to deleveraging. Every project undergoes stringent payback and IRR analysis to ensure cash-generative operations and maximised shareholder returns.

Material Topics

Responsible Sourcing
Product Lifecycle Management

INR 46,103 Million Net Worth

Stakeholders Impacted

INR 1,23,400 Million Market Capitalisation (NSE)

Alignment with UNSDGs

Growth Trajectory

Trident’s growth engine is powered by a diversified portfolio spanning Textiles, Paper, Yarn, and Chemicals. Over the last decade, we have doubled our revenue and net worth, a testament to both organic expansion such as our new home-textile lines and solar power capacity and targeted market diversification. In FY 2024-25, total income rose to INR 70,253 million, up from INR 67,903 million the prior year, driven by strong export volumes and improved capacity utilisation across all segments.

INR 70,253 Million Total Income in FY 2024-25

Margins and Efficiencies

Our relentless focus on cost optimisation and operational excellence has sustained robust margins, even amid industry cyclicality. In FY 2024-25, we delivered an EBITDA margin of 13.7%, balancing strategic investments with lean manufacturing and supply chain efficiencies. Continuous process improvements from yield enhancements in paper production to energy conservation initiatives helped offset input cost pressures and preserve profitability.

13.7% EBITDA Margin

Earnings, Assets, and Cash Flow

Strong operating performance translated into EBITDA of INR 9,611 million and PAT of INR 3,668 million during the year. Our asset base of INR 71,293 million underscores ongoing investments in stateof-the-art infrastructure, while Free Cash Flow of INR 6,900 million highlights our ability to self-fund growth and deleveraging without compromising liquidity. This cash-generation capability remains central to funding capex and returning value to shareholders.

INR 9,611 Million EBITDA

INR 6,900 Million Free Cash Flow

Credit Ratings

Our conservative capital structure and consistent debtcoverage metrics have earned us stable, high-grade ratings from leading agencies. Both CARE and CRISIL have affirmed our long-term rating at AA (Stable), reflecting confidence in our robust cash flows, prudent leverage ratios, and transparent financial governance. These ratings support our access to cost-effective funding for future investments.

CRISIL AA (Stable)

LT Borrowings A1+: ST Borrowings

CARE AA (Stable)

LT Borrowings A1+: ST Borrowings

India Rating AA (Stable)

Non-Convertible Debentures

Investor Relations

We maintain open, proactive engagement with shareholders and analysts through quarterly earnings calls, annual investor days, and personalised IR briefings. Our commitment to timely, comprehensive disclosures including detailed segmental performance and forward-looking guidance has fostered strong investor confidence. Feedback loops from these interactions continuously refine our disclosures and strategic priorities.

Value Creation and Distribution

Balancing reinvestment with shareholder returns, we sustained a 36% dividend payment in FY 202425, rewarding our investors alongside ongoing capex. Our Net Worth reached INR 46,103 million, and a conservative Debt/Equity ratio of 0.40x ensures financial resilience. By coupling disciplined reinvestment with consistent dividend returns, we achieve holistic value creation across our stakeholder ecosystem.

36%

Dividend Payment

0.40

Debt/Equity Ratio

Integrated Annual Report 2024-25

Trident Limited

Capital-wise Performance

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MANUFACTURED CAPITAL Manufacturing Excellence Foundations of

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We continuously invest in scale, automation, and process optimisation—guided by the Theory of Constraints (TOC) with Simplified Drum Buffer Rope (SDBR) scheduling—to synchronise production with market demand, minimise work in progress, and maximise throughput. Every capital project undergoes rigorous ROI and capacity analyses to ensure strategic alignment and sustainable growth.

Material Topics

Waste and Circularity
Product Lifecycle Management
Responsible Sourcing
Climate Change
Water and Wastewater Management

1,75,000 TPA

15+

Manufacturing units in MP and Punjab

Paper production capacity

Stakeholders Impacted

7.9 Lakh+ spindles

1,100+ Looms

Bed Linen and Bath Linen weaving capacity

Annual yarn production capacity

Alignment with UNSDGs

Development and Efficiency

Supply Chain and Logistics

Automation Investments: Over INR 100 Crore in FY 2024-25 for Texpa and Schmale automated Cut Sew Pack process, boosting automation to 60% and slashing lead times to 25 days for both large and small orders
Warehouse Automation: 'Search free' and 'count free' methods plus ASRS slash picking times and improve accuracy
Real Time Visibility: ERP integrated dashboards display stock levels, ageing, and dispatch metrics
Continuous Improvement: We have modified the process/flow of centricleaner reject of PM 1 and PM 2 in high-density cleaners of our paper facilities, saving 4.7 MT fibre/day

Distribution Networks

Strategic Siting: Budhni and Dhaula plants located near cotton belts and rail corridors for rapid inbound/outbound flows
Modal Shift: Majority road freight from Budhni migrated to rail, trimming costs and lead times

4.7 MT fibre/day

Channel Partnerships: Regular distributor meets, trade show presence, and dedicated relationship managers ensure market alignment

Savings from machine upgrades

Facilities, Strengths and Capacities

Product Quality Management

Bed & Bath Linen (MP): Integrated spinning, knitting, dyeing, and 14 colour rotary printing
Print Quality: Cationic starch dosing enhances copier paper printability; wax pick strength increased from 12A to 16A
Bath Linen (Punjab): High speed Two for One (TFO) twisters and comforter lines for US Open, Australian Open supplies
Bulk Improvement: Raw furnish balance raised copier paper (Spectra-75) bulk from 1.34 to 1.36 cc/gm
Paper (Punjab): Two Paper Machines (PM1 & PM2) using agro-furnish straw pulp and hardwood waste. Automated Storage and Retrieval System (ASRS) for loading/unloading
Packaging Upgrades: Improved ream packing methods and double pasted joints ensure run length integrity during high speed printing
Yarn (MP): End to end ring spun and open end spinning with zero waste comber noil reuse
Ongoing Audits: Process audits and on floor quality inspections maintain consistency across all lines

Segment Wise Processes

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

Sliver Ring
Winding Packing
Preparation Spinning
Weaving
Weaving and Dying, Finished
Preparatory Cutting & Packing &
Greige fabric Printing and fabric
(Warping & Sewing Dispatch
Inspection Finishing Inspection
Sizing)
Grey Terry Quality Automated
Dyeing
Weaving Finishing Inspection Packing
Ream
Paper Baby Reel Packing ASRS-enabled
Pulping Mix Stock
Machine Cutting Retriever Stock
System
Yarn
Bed Linen
Bath Linen
Paper
----- End of picture text -----

Integrated Annual Report 2024-25

Trident Limited

Capital-wise Performance

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INTELLECTUAL CAPITAL

our Innovation Engine Igniting

R&D and Innovation

Our dedicated R&D and Product Development teams drive next generation materials and processes:

BioKool™ finish for temperature regulating sheets
Auto loading ASRS systems on PM2 machines for high volume paper production
Lint behaviour optimisation and cup stock on high speed lines to elevate performance

Sustainable Innovations

In FY 2024-25, we pioneered eco-friendly textile solutions by integrating sustainable fibres into towels and bedsheets. These materials deliver enhanced absorbency, pill resistance, and a soft handfeel, while reducing environmental impact. Our Agro Furnish copier paper, produced using wheat straw and hardwood waste, further exemplifies our commitment to circular economy principles.

We view intellectual capital as the engine of competitive differentiation and long-term value creation. Our approach centres on cultivating proprietary technologies, enriching our brand portfolio, and institutionalising knowledge-sharing across functions. All new concepts undergo feasibility studies, patent evaluations, and lifecycle assessments to ensure they deliver tangible benefits to customers and reinforce our innovation pipeline.

Material Topics

Product Lifecycle Management
Training

Stakeholders Impacted

Alignment with UNSDGs

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Key Innovations and New Launches in FY 2024-25

Home Textiles – Bed and Bath Linen

Patents:

Introduced sustainable fibres, reinforcing our commitment to environmentally responsible innovation and eco-conscious product development
AirRich™: Patented technology for superior softness, breathability, and resilience
Tri-Fit™: Proprietary fitted-sheet design with multi-panel construction, integrated elastic retainer bands, and corner tightening members that adjust dynamically to mattress thickness, eliminating bunching and ensuring a smooth, wrinkle-free surface
Innovative processes and products like Air Rich, Tri-fit, Eco Twist, significantly improved the functionality of our products, making them convenient for everyday use
Advanced textile blends to optimise lint behaviour, ensuring long-lasting plushness and durability
EcoTwist™: Patented towel process using soft, low-twist yarns spun with modified technology to trap air in the loops for natural bulk and fast absorbency, combined with mechanical processing and natural surface treatments to remove fuzz and maintain loop integrity for lasting fluffiness and minimal lint
Launched printed bedsheets and jacquard fashion towels in trending designs—bold botanicals, tonal metallics, geometrics, and textured florals— reflecting contemporary design sensibilities
Continued leadership in blending functionality with style, delivering superior quality and design

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Paper Innovations

17 Patents

147 Trademarks

PM2 Cup-Stock™ Line: High-speed production of cup-stock using recycled hardwood waste and agro-furnish fibres

National: 95 International: 52

National: 5 International: 12

ASRS- Enabled Copier Grades: An automatedloading (ASRS) system delivering two-sided, highopacity copier paper with zero manual handling

INR 100+ Crore

2 Copyrights

National: 2

Investment in Automation to enhance Production Capacity and Efficiency

Maplitho 2.0™: A low-fluff, high-whiteness writing/printing paper formulated for digital and offset presses with improved ink holdout

Integrated Annual Report 2024-25

36 Trident Limited

Capital-wise Performance

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INTELLECTUAL CAPITAL

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Quality Management System

Our Quality Management System (QMS) is anchored in Total Quality Management (TQM), driving excellence across every stage of the product lifecycle. We embed robust controls, continuous feedback loops, and structured improvement cycles to guarantee that every item meets and often exceeds customer expectations and regulatory requirements.

Input Control: NABL accredited raw material testing
Process Control: Automated parameter monitoring and alarms
Output Control: AI-powered vision inspections and manual audits
Audit and Compliance: Regular internal and third party ISO, FSC, BIS audits
Continuous Improvement: Kaizen and Clean by Design initiatives
Visual Management: Real time dashboards of key quality metrics
Capability Building: Ongoing TQM and quality tools training

By systematically formulating, executing, monitoring, and refining these seven pillars, our QMS ensures consistent product excellence, regulatory compliance, and a relentless pursuit of 'right first time' performance.

Data Privacy and Cybersecurity

ISO 9001 NABL Certified Accredited labs

Our intellectual assets are safeguarded by robust information security measures aligned with ISO 27001:2022. We maintain encrypted repositories for R&D data, enforce multi-factor authentication on design platforms, and conduct regular vulnerability assessments. We also conduct regular employee training on phishing, secure coding, and data handling best practices. These controls protect proprietary formulations, patent filings, and customer insights, preserving our competitive edge.

FSC

Chain of Custody for paper manufacturing

ISO 27001 Zero Certified Data breach incident reported

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Digitalisation of Operations

We deploy a fully integrated SAP ERP backbone with real time dashboards, critical parameter alarms, and robotic automation:

End-to end visibility from procurement to dispatch
AI/ML driven inspection and colour matching robots for zero defect quality
Predictive analytics for maintenance and process optimisation

Integrated Annual Report 2024-25

38 Trident Limited

Capital-wise Performance

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HUMAN CAPITAL

People Management

Human Potential Cul tivating

Talent Acquisition: Through our flagship Takshashila programme (20[th] batch), we onboarded 300+ young professionals and strengthened leadership ranks with seasoned hires from top campuses and industry
Succession Planning: The Takshashila Internal Development journey and Leadership Development Programmes identify and groom high-potential members for future leadership roles

We champion an entrepreneurial culture under our 'Opportunities Unlimited' philosophy, investing consistently in talent development, performance-driven rewards, and a mindset of ownership and continuous learning to align individual growth with Trident’s strategic objectives.

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300+

Young professionals onboarded through Takshashila

20[th]

Batch of our flagship Takshashila programme

Employee Health and Well-being

Welfare Schemes: Meal subsidies, free housing for relocated staff, and comprehensive medical insurance
Well-Being Initiatives: 'Well-being Challenge', mental-health sessions, cancerscreening camps, and year-round sports leagues foster physical, psychological, and social health

Material Topics

Employee Health & Safety

100%

Diversity, Equity & Inclusion
Training

Workforce covered under comprehensive medical insurance

Responsible Sourcing

17,500+ Total workforce

16.9% Gender diversity

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Stakeholders Impacted

2,17,145

ISO 45001

Certified

Total training hours

Alignment with UNSDGs

Employee Well-being:

Development Programmes:

Leadership Curriculum; Takshashila Talent Programme; 'Playing Captains' Model

Meal Subsidies; Free Housing; Comprehensive Medical Insurance

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Diversity, Equity and Inclusion

Gender Balance: 23% women applicants and ~22% of offers made to women under Takshashila
Inclusive Hiring: Focused outreach to women from rural/underrepresented backgrounds, sole earners, and persons with disabilities
Awareness and Policy: Unconscious-bias training, inclusive-leadership workshops, and strengthened DEI policies ensure equity at all levels

23%

Women applicants, with 22% of offers made to women in Takshashila FY 2024-25

Integrated Annual Report 2024-25

40 Trident Limited

Capital-wise Performance

HUMAN CAPITAL

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Fair and Equal Opportunities

Merit-based Career Progression: 'Earn, Learn and Grow' philosophy offers cross-functional moves, geographic rotations, and transparent promotions
Skill Partnerships: MoUs with institutions like Global Skill Park (Bhopal) to upskill and close capability gaps systematically

1,000+

Employees upskilled through MOUs with institutes

Human Rights and Ethical Practices

We uphold international human-rights principles across our operations, guided by our Human Rights Policy and Code of Conduct and are aligned with ILO conventions and UN Guiding Principles, ensuring dignified working conditions, fair labour practices, and zero tolerance for child or forced labour.

Zero

Incidents of child or forced labour

Performance Management

Balanced Scorecard Reviews: Monthly accountability sessions ensure strategic alignment
Pay-for-Performance: Compensation and incentives are linked to individual and team outcomes
Centralised PMS: Standardised goal-setting and regular KPI reviews drive clarity, consistency, and high performance

Quarterly

Performance-linked incentive payouts

Reporting Violations and Grievances

Training and Development

Leadership and Capability Building:
- Karamyogi Assessments, 'Playing Captains' accountability model, and tailored development plans reinforce skill-mapping and succession readiness
Digital Grievance Platform: Confidential, time-stamped reporting for HR concerns
PanchSabha Forums: Grassroots committees ('Panch') facilitate democratic dialogue and swift resolution
Technical and Functional Upskilling: Regular workshops and internal academies address identified skill gaps and emerging business needs
Whistleblower Mechanism: Anonymous reporting to the Audit Committee for ethical breaches or fraud

2,17,145

24×7

Total training hours delivered

Confidential Grievance Reporting

100+

Employee Recognition

Issues annually resolved through PanchSabha Forums

Rewards and Recognition: Diwali bonuses,
monthly on-the-spot awards, project incentives signal timely appreciation
Values Celebrations: Annual Mission & Values Day events honour employees and their families for exemplifying Trident’s core principles

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Health and Safety

Regular Safety Trainings: Hazard Identification & Risk Assessment (HIRA), Personal Protective Equipment’s (PPE’s), Lock Out & Tag Out (LOTO) for Energy operations & maintenance, Fire Safety Awareness, confined space and first-aid courses, near miss awareness, safety induction training, etc. are regularly carried out
Incident and Ill Health Prevention: Hazard Identification & Risk Assessment is conducted for all regular and non-regular processes with Permit-to-Work enforcement, near-miss reporting, daily Gemba audits for Identification of Unsafe Act & Unsafe conditions, third-party safety reviews, and OHSMS Certification (ISO 45001)
Emergency Preparedness: Fire drills are conducted with evacuation rehearsals (bimonthly), on-site emergency plan rehearsal (half yearly), Government approved on-site emergency plans, trained Emergency Response Teams (ERTs) under different Mock drill scenarios like fire, chemical spills, natural disasters, electric shock, etc.

Bi-monthly

Mock drills and daily half yearly on-site emergency plan rehearsal

The Trident 3-Band Excellence Framework

Frontline Entrepreneurs 1 Engines of real actions

Development Coaches 2 Source of endless inspiration

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Institutional Builders
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3
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Selfless service for overall good

Integrated Annual Report 2024-25

42 Trident Limited

Capital-wise Performance

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SOCIAL AND RELATIONSHIP CAPITAL Driving Impact Building Bonds

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We cultivate trust based relationships across our stakeholder ecosystem through transparent communication, regular engagement, and ethical practices. By proactively collaborating with communities, customers, supplier partners and regulatory bodies, we ensure that their insights shape our strategies and drive shared value. This inclusive approach underpins our commitment to responsible corporate citizenship and sustainable growth.

Material Topics

Corporate Social Responsibility
Responsible Sourcing

INR 48.09 Million

INR 141.7 Million

Stakeholders Impacted

Spent on CSR

Total CSR obligation

28,884

3,900+

Alignment with UNSDGs

Students benefitted including teachers

Total beneficiaries

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~124

95%

Women enrolled in Hastakala programme

Domestically procured raw materials

Impact on Local Communities

We focus our community efforts on healthcare, education, environment, skills and empowerment, delivering measurable benefits:

Healthcare: 23,848 beneficiary cured through ‘Madhuban’ multi speciality hospital in Budhni, 5 health camps (631 beneficiaries) and 11,774 free meals for patients.
Education: SAAKSHAR & SHIKSHA PROTSAHAN reached 3,837 students across 35 schools, supported by 136 teachers and infrastructure upgrades.
Environmental Sustainability:
Nirmal Narmada Abhiyan engaged 200+ participants to collect 15 MT of waste.
Tree planting drives planted 1,39,358 saplings over 250 acres.
Parali Samadhan educated 246 farmers, saving 2,159 acres from residue burning.
Women Empowerment: Hastkala trained 124 rural women in handicrafts.
Skill Development: Takshashila & Saksham empowered 62 differently abled youth.

Social Responsibility

HASTKALA

SAAKSHAR

Crafts training to make women self-reliant

Adult Literacy Programme

SREEJANA

TRIDENT UDAY

Drug De-Addiction Menstrual Health Programme Management Programme

SAKSHAM

SAMARPAN

Employment for the differently-abled

Donation drive

BYPASSING THE SHIKSHA BYGONES PROTSAHAN

Shunning untouchability Promoting literacy and casteism

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Nurturing Responsible Supplier Relationships

We build long-term, trust-based partnerships with suppliers who share our values of integrity, quality, and sustainability. Guided by our Supplier Code of Conduct, vendors adhere to fair labour, environmental, and anti corruption standards, reinforced through periodic audits and capacity building. Digital procurement tools (e-auctions, SAP integration) ensure transparent, cost efficient sourcing and real time decision making. We champion sustainability by encouraging renewable energy use, waste reduction, and initiatives like the Parali Samadhan Programme to engage farmers and prevent stubble burning. Local sourcing and vendor development further strengthen regional economies and ESG performance, creating a resilient, responsible supply network.

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Integrated Annual Report 2024-25

44 Trident Limited

Capital-wise Performance

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NATURAL CAPITAL

Environmental Resources Stewarding

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We recognise natural capital—water, energy, raw materials, and ecosystems— as the foundation of our operations. Our approach embeds sustainability into every decision, with crossfunctional governance ensuring that resource efficiency, environmental stewardship, and circular-economy principles guide strategic planning and daily operations.

Material Topics

Climate Change
Water and Wastewater Management
Waste and Circularity
Product Lifecycle Management

52.74%

7,841 MT

Responsible Sourcing

Waste reused internally

Renewable Energy share in total energy mix

Biodiversity

Stakeholders Impacted

17,28,750 KL Wastewater recycled

31,584 MT

Waste to Energy

Alignment with UNSDGs

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16.71%

3,000 KLD

Absolute reduction in GHG emissions (Scope 1 and 2) from base year FY 2021-22

Increase in RO capacity in Effluent Treatment Plant (9,000 → 12,000 KLD)

Environmental Policy

Our Environmental Policy, aligned with ISO 14001:2015, provides a robust EMS framework across all facilities. We set clear objectives—covering energy, water, emissions, waste, and biodiversity— and validate compliance through annual internal and third-party audits. In FY 2024-25, all sites completed third-party Higg FEM assessments with zero violations recorded.

ISO 14001:2015

Certified for 100% of our manufacturing facilities

Higg FEM

Self-assessments

Completed by all home textiles manufacturing sites

Energy Management

We pursue a dual strategy of increasing renewables and boosting efficiency. In FY 2024-25, biofuel consumption rose by 18.23% to 3,89,980 MT, representing 49.29% of our total fuel energy mix. Simultaneously, we added 23.56 MWp of rooftop solar (bringing capacity to 51.98 MWp), generating 53.8 million kWh and avoiding 39,090 MTCO₂e. Operational Kaizens delivered an additional 2,731 MTCO₂e in reductions.

49.29%

Biofuel share of total energy mix

51.98 MWp

Solar capacity (23.5 MWp added in FY 2024-25)

53.8 Million kWh

Solar power generation

71%

Emissions Management

Trident has established a comprehensive greenhouse gas (GHG) reduction roadmap aligned with Science Based Targets initiative (SBTi), integrating nearterm and long-term commitments to achieve Net Zero emissions by FY 2049-50. We track and report Scope 1, 2, and 3 emissions under the GHG Protocol, applying DEFRA 2024 factors and CEA standards for accuracy. Through biofuel substitution, renewables deployment, and operational efficiencies, we have already reduced total GHG emissions by 16.74% from base year FY 2021-22.

1,57,076 MTCO₂e

Absolute GHG reduction (Scope 1 and 2) in FY 2024-25 from base year FY 2021-22

SBTi Commitments and Targets

Net Zero by 2050

Validated by SBTi

Near-term Targets:

42%

Reduction in Scope 1 and 2 emissions by FY 2030-31 (from base year FY 2021-22)

32.5%

Reduction in Scope 3 emissions by FY 2033-34 (from base year FY 2022-23)

Long-term Targets:

90%

Reduction in Scope 1, 2 and 3 emissions by FY 2049-50

Integrated Annual Report 2024-25

Trident Limited

Capital-wise Performance

NATURAL CAPITAL

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Promoting Renewable Energy

Water and Wastewater Management

We continually expand our renewables footprint: FY 2024-25 saw a 42.33% share of renewables in total energy use (without I-REC) and 52.74% with I-REC credits. Key investments including INR 715.8 million in solar assets have been made in the reporting year to advance renewable energy integration and drive efficiency in operations, INR 27.6 million in sludge-to-energy dryers.

Water conservation is paramount in our waterintensive sector. Our Madhya Pradesh site operates a Zero Liquid Discharge (ZLD) system; Punjab reuses treated effluent for landscaping. We processed 1.73 million KL of recycled water and maintained water withdrawal within approved limits. Daily in-house and monthly third-party tests ensure 100% compliance with PCB and ZDHC standards.

52.74%

17,28,750 KL

Renewable energy share with I-RECs

Wastewater recycled

Zero Liquid Discharge MP facility

Waste and Circularity

Waste streams are rigorously managed under our 5Rs framework—Reduce, Reuse, Recycle, Re-engineer, Redesign.

The 5Rs Practice

Re-engineer

Redesign

Reduce Reuse

Recycle

Reducing 100% Reusing treated Utilisation of waste Developing in-house Adopting ecodependency on fossil domestic wastewater fibre to manufacture technology for the friendly methodology fuel for development of yarn and other best practices and for sustainable green belt in campus products generating wealth development from waste

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We recovered 39,425.05 MT of waste of which 31,584.01 MT generate energy from waste while the rest was repurposed in spinning.

2,84,725.12 MT

Total waste generated in FY 2024-25

Zero

Textile waste to landfill

Climate Change

Recognising supply chain risks from extreme weather, we embed climate resilience into our continuity planning. With SBTi target validation in Feb 2025, we are accelerating renewables adoption, phasing out coal, and investing in efficiency technologies. Senior management incentives are linked to energy- and GHGreduction KPIs, ensuring accountability and progress towards Net Zero by 2050.

e 1,57,076 MTCO2

Reduction in total GHG emissions in FY 2024-25 from base year FY 2021-22

e 2,731 MTCO2

Emission avoided from Kaizen initiatives

e 79,514.8 MTCO2

Emission avoided from Solar capacity enhancement (from base year FY 2021-22)

Biodiversity

As part of our Biodiversity and Climate Change Policy, we plan to conduct bio-diversity risk assessment in next 2 years. We have planted over 1 million trees across sites, preserving green cover and creating habitats. Future biodiversity studies will set quantitative targets for habitat enhancement and operational safeguards outside sensitive areas.

1,39,358

Saplings planted over 250 acres

2,159 Acres of land saved from residual burning

Responsible Sourcing

We prioritise locally available, low-impact inputs—cotton, wheat straw, and biomass residues—reducing logistical emissions and supporting agricultural communities. All major raw materials are vetted through our Supplier Code of Conduct, ensuring environmental and social safeguards across the value chain.

30.7%

Inputs sourced sustainably

Product Lifecycle Management

Our products are synonymous with quality, innovation and creativity. We are continuously working towards sustainable manufacturing of products using methods to minimise adverse environmental impacts, promote resource efficiency and conserve natural resources while being economically viable.

In this direction, we have initiated 14040/44 compliant cradle-to-gate LCAs (Life Cycle Assessments) for our three 100% organic cotton bedsheets and one cotton polyester towel identifying hotspots in energy, water, and CO₂e. Mitigations include grid-offset IRECs, LED lighting upgrades, low-liquor dyeing, and enhanced water recycling, fostering continuous product-impact reduction.

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Biodiversity Risk Assessment Planned to be conducted within the next two years

Integrated Annual Report 2024-25

48 Trident Limited

Governance

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CORPORATE GOVERNANCE

Accountability and Transparency Ensuring

At Trident, robust corporate governance underpins our strategic direction, financial accountability, and ethical conduct. Our framework aligns with the Companies Act, 2013, and SEBI’s LODR Regulations, ensuring that every decision upholds stakeholder trust and long-term value creation.

Board Composition and Dynamics

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% of Board Independence
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Board Committees

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6
Members
16.7
1 Executive Director 16.7 66.6
(Managing Director)
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To ensure focused oversight and governance, the Board has constituted the following committees:

Audit Committee
Stakeholders’ Relationship Committee
Nomination and Remuneration Committee

Average Tenure

Corporate Social Responsibility Committee
4 Independent and NonExecutive Directors (including Chairman of the Board of Directors)

3 years

6 months

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Risk Management Committee

Further details on committee roles, composition, and activities are available in the ‘Corporate Governance Report’ of this Annual Report.

13 years 7 months

Board Policies

1 Non-Independent and Non-Executive Director

Executive Director

To foster a transparent, ethical, and performance-driven culture, Trident has implemented a robust set of governance, employee-centric and ESG focused policies. These policies reinforce our organisational values, support regulatory compliance, and uphold operational excellence across our value chain.

Independent and Non-Executive Directors Non-Independent and Non-Executive Director

16.7%

4 years 4 months Average tenure of the Board

Women representation in the Board

100%

66.6%

To view our full suite of policies, please refer to the links below Company Policies

Independent Director Attendance across Board representation in the Board meetings, Committee meetings, and the AGM in FY 2024-25

Code of Conduct and Ethics

For a detailed overview of Board skills/expertise/competencies, terms of reference, independence statements, remuneration details and policy, please refer to the ‘Corporate Governance Report’ at the statutory section of the Annual Report.

Compliance and Business Ethics

Regulatory Compliance

Anti-Bribery and Anti-Corruption

The Company fully complies with the corporate governance requirements outlined in Regulations 17 to 27 and 46(2)(b) to (i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Detailed disclosures are available in the ‘Corporate Governance Report’ of the FY 2024-25 Annual Report.

We maintain a zero-tolerance stance on bribery and corruption through a detailed Anti-Bribery and Anti-Corruption Policy. This policy applies to all stakeholders—including the Board, employees, and suppliers, and governs areas such as prohibited payments, gifts, facilitation payments, donations, M&As, and third-party interactions.

Commitment to Ethical Business Conduct

Anti-Competitive Behaviour

Trident refrains from engaging in monopolistic or anti-competitive behaviours, including cartels and market dominance. Relevant provisions are detailed in our Code of Business Conduct and Ethics, available on the website.

Trident is a signatory to the United Nations Global Compact (UNGC), affirming its commitment to the ten UNGC principles covering human rights, labour, environment, and anti-corruption. This underscores our dedication to ethical and responsible business conduct.

For disclosures on pending or resolved cases related to anti-competitive practices, refer to BRSR Principle 7 – Q2.

Code of Conduct

Data Privacy and Cybersecurity

The Company has adopted a Code of Conduct applicable to all directors and senior management, laying down ethical principles to guide professional behaviour and decision-making.

Information security is a core priority at Trident. The Company complies with ISO 27001:2022 and continually upgrades its cyber defences to address evolving threats. Cybersecurity strategy and governance are led by the Managing Director, with regular audits, vulnerability assessments, and incident response drills.

The annual certification by Group CEO is provided in the ‘Corporate Governance Report’ of this Annual Report.

Our Information Security Management System (ISMS) is accessible to employees via our SharePoint portal and applies organisation wide. Business continuity and contingency plans are tested annually. Data breach and cybersecurity incident disclosures are provided in the BRSR for FY 2024-25.

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ISO/IEC 27001:2022 Certified

Integrated Annual Report 2024-25

50 Trident Limited

Governance

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RISK MANAGEMENT

Navigating Uncertainty

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Risk Framework

Control Risk Risk Environment Assessment Assurance Monitoring Information and Communication

Risk Culture

Trident promotes a strong risk-aware culture through targeted training (FMEA, HIRA, CT-PAT) and plans to link risk management metrics to performance incentives. By continuously refining our processes and integrating sustainability into our risk strategy, we safeguard our stakeholders and reinforce our long-term resilience.

Key Risks and Mitigations

Trident’s integrated risk management is overseen by a Board-level Risk Management Committee led by an Independent Director. The Committee sets risk appetite, reviews policies, and ensures that financial, operational, strategic, compliance, and ESG risks are embedded in decision-making. A dedicated Chief Risk Officer reports to the Committee, conducting regular assessments, audits, and stress tests—including TCFD-aligned climate scenarios.

Risk Management Process and Governance

Risk Identification Monitoring and Stakeholder Business Continuity and Registers: All Reporting: The Chief Engagement: Regular and Incident risks are catalogued Risk Officer provides governance meetings, Response: Annual with their likelihood periodic updates to focus groups, and testing of continuity and impact assessed the Risk Management whistle-blower plans and incident in ISO-aligned Committee, while channels ensure that drills maintains registers (ISO the Audit Committee employee and external operational resilience. 9001/14001/45001). reviews internalperspectives inform our audit findings and risk approach. drives continuous improvement. Read more on page 26

Risk Structure

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Board of Directors and
Audit Committee
Risk Management
Committee
Chief Risk Officer
Business CEOs and
Process Owners
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• The Risk Management Committee ensures internal controls are robust, oversees material risk identification and mitigation, and alerts the Audit Committee to any significant deviations

Management reviews the risk profile, fosters a risk-aware culture, and reports framework effectiveness to the Risk Management Committee. CRO regularly monitors the Risk, mitigation plan and status
Employees and process owners apply risk principles daily, flag material threats to supervisors, and seek efficiency improvements

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Risk Mitigation Capital Impacted
Raw Material Availability Maintain strong vendor relationships for timely cotton
and agro-furnish supplies
Customer and Regional Expand into new markets (EU/UK/ROW) to diversify
Concentration revenue streams
Cybersecurity Conduct assessments, strengthen controls, and train
employees on data protection
Foreign Exchange Implement hedging strategies and follow FX policies aligned
with business cycles
Regulatory Compliance Deploy a digital compliance framework integrated with
business processes to enforce zero-tolerance
Health and Safety Digitalise safety processes, deliver regular training, and deploy
advanced monitoring in facilities
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Emerging Risks

Risk 1-Supply Chain Resiliency:

Risk 2-Market volatility:

Unpredictable fluctuations in the market driven by factors like shifting consumer preferences, technology advancements can lead to potential business challenges. These may include raw material price fluctuations, currency exchange rate instability.

Being highly complex, supply chains have the potential to expose the Company to various risks driven by ESG factors like human rights violation, natural resource depletion and corruption. These issues have potential to harm Company reputation, financial performance and operations.

Potential Impact

Disrupting flow of raw materials/components • Profit margin compression due to increase in raw
• Last-minute change in suppliers can lead to increase material prices in cost of materials • Higher costs of imported materials or lower revenue
• Negative impact on delivery times and customer from exports due to currency fluctuations satisfaction • Strategic uncertainty in long-term planning
• Reputational concerns related to human rights • Customer demand variability including volatile • Abuses, corruption and pollution can affect social consumer spending and shift in market preferences license to operate • Reputation and brand impact due to delayed product
• Inability to supply goods on time launches in this condition and increased public scrutiny Mitigating Action • Diversification of supplier base • Strong relationship building with key stakeholders • Exploring local sourcing options • Maintaining flexible pricing strategies • Establishing strategic inventory reserves • Diversifying supply chains • Ensuring suppliers adherence to robust ESG framework • Investing in technologies like predictive analytics
Investing in supply chain traceability technologies

Integrated Annual Report 2024-25

Trident Limited

Governance

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BOARD OF DIRECTORS

Listening Always

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Padma Shri Rajinder Gupta Chairman Emeritus

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Dr. Anthony DeSa Chairman, Non-Executive Independent Director

Appointment Date: 18.01.2022

Expertise: Financial knowledge, Business Strategy & Leadership

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Mr. Deepak Nanda Managing Director Appointment Date: 12.11.2011

Expertise: Business acumen, Strategic Leadership, ESG and Information Technology

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Mr. Rajiv Dewan Non-Executive Non- Independent Director Appointment Date: 30.09.2024

Expertise: Corporate Finance, Governance, Taxation, Strategic Thinking & Sound Business Knowledge

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Mr. Raj Kamal Non-Executive Independent Director Appointment Date: 09.08.2022

Expertise: Business acumen, Leadership, Strategic Planning, Management skills

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Ms. Usha Sangwan Non-Executive Independent Director Appointment Date: 15.05.2021

Expertise: Leadership, Financial, Banking & Insurance Management

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Mr. Rajeev Ahuja Non-Executive Independent Director Appointment Date: 09.08.2022

Expertise: Leadership and Managerial skills

Integrated Annual Report 2024-25

54 Trident Limited

Governance

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AWARDS AND RECOGNITION

for Excellence Recognised

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Vastra Ratna Award for Special Achiever

Awarded by the Cotton Textiles Export Promotion Council (TEXPROCIL) on its 70[th] anniversary, acknowledging our significant contribution to the textile industry and for building a global-standard textile Company that represents India on the world stage

Corporate Information

Group Chief Executive Officer

Registrar & Transfer Agent

Mr. Samir Prabodhchandra Joshipura

KFin Technologies Limited

Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Serilingampalle, Hyderabad, Rangareddi, Telangana - 500 032

Group Chief Financial Officer

Mr. Rahul Roongta

Chief Financial Officer

Email: [email protected] Telephone: 1-800-309-4001

Mr. Avneesh Barua

Company Secretary

www.tridentindia.com

Mr. Sushil Sharma

Statutory Auditors

S.R. Batliboi & Co. LLP

Secretarial Auditors

Mehta & Mehta

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TBD Textile Connect – Textile & Apparel Industry HR Summit Excellence Awards

Awards received by our Group CHRO, Ms. Pooja B. Luthra, from Shri Giriraj Singh, Hon’ble Union Minister of Textiles in the following categories:

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ET NOW Best Organisations for Women 2025

Recognised for the third consecutive year as a Company that champions equality, empowerment, and inclusive excellence at the workplace

Internal Auditors

Deloitte Touche Tohmatsu India LLP
Mahajan & Aibara

Bankers

State Bank of India Punjab National Bank Indian Bank Union Bank of India Export Import Bank of India HDFC Bank Limited ICICI Bank Limited Bank of Baroda IndusInd Bank Limited

Axis Bank

HSBC Bank Standard Chartered Bank DBS Bank India Ltd.

Leadership Excellence in Workforce Diversity
Best HR Practice
Best Employer – Manufacturing
Excellence in Recruitment and Campus Hiring

Integrated Annual Report 2024-25

56 Trident Limited

Statutory Reports

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and Analysis Management Discussion

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Economic Scenario

Global Economic Overview

In 2024, global GDP grew by approximately 3.3%, marginally above the 3.1% recorded in 2023.[1] This expansion was driven by resilient economic activity in the United States, where real GDP rose by 2.8%. In contrast, the Eurozone experienced modest growth of 0.8%, constrained by weak performance of the manufacturing sector and elevated energy costs.[2 ] In China, growth slowed to 4.8% owing to a prolonged property-sector downturn and softer domestic demand.[3]

3% in Q1 FY 2024, led by a 3% decline in energy prices on account of lower natural gas and crude oil prices, while metals and agricultural prices showed only minor changes. Meanwhile, global cotton prices decreased by nearly 9%, from 95 cents per pound in 2023 to 86.6 cents in 2024, benefitting textile manufacturers with reduced input costs and supporting downstream production.

Manufacturing activity remained close to stagnation throughout 2024. Although intermittent upswings suggested the broader economy was still growing at around an annualised rate of 3.0%, factory output remained under pressure due to lesser new orders and supply chain disruptions.[5]

Global inflation averaged 5.9% in 2024, with food and energy price pressures easing gradually.[4]

Commodity prices remained relatively muted in 2024. The World Bank’s commodity price index fell by roughly

==> picture [32 x 33] intentionally omitted <==

Outlook

The IMF projects global GDP growth to decelerate to 2.8% in 2025, before witnessing a modest recovery to around 3.0% in 2026.[6 ] Underlying headwinds stemming from elevated interest rates in advanced economies, renewed trade tensions due to rising tariffs and lower investment in many regions are contributing to this slowdown. As supply-side pressures abate and central banks gradually normalise monetary conditions, global headline inflation is expected to ease further from 5.9% in 2024 to 4.5% in 2025 and 3.5% in 2026.[7 ] Growth in the United States is forecast to slow to 1.8% in 2025, as higher interest rates are likely to impact consumer spending and investment, while the Eurozone is expected to expand by about 1.2% on the back

of fiscal support and an anticipated pickup in industrial production.[8 ] In China, the expected growth rate is 4% in 2025, primarily due to structural reforms and a weak real estate sector.

Global manufacturing PMI is likely to remain near the 50 mark in early 2025, reflecting continued softening in new orders and cautious inventory restocking, even as services activity outpaces goods.[9 ] Commodity prices are expected to stay relatively subdued as cotton prices, which fell roughly 9% in 2024 to 86.6 cents per pound, are projected to stabilise and possibly rise. USDA forecasts indicate tighter global ending stocks for 2025 and 26, which could lift the A-Index to around 82 cents per pound.

World Economic Outlook Growth Projections

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

(%)
Projections
(Real GDP, Annual Percent Change)
2024 2025 2026
World Output 3.3 2.8 3.0
Advanced Economies 1.8 1.4 1.5
United States 2.8 1.8 1.7
Euro Area 0.9 0.8 1.2
Germany -0.2 0.0 0.9
France 1.1 0.6 1.0
Italy 0.7 0.4 0.8
Spain 3.2 2.5 1.8
Japan 0.1 0.6 0.6
United Kingdom 1.1 1.1 1.4
Canada 1.5 1.4 1.6
Other Advanced Economies 2.2 1.8 2.0
Emerging Market and Developing Economies 4.3 3.7 3.9
Emerging and Developing Asia 5.3 4.5 4.6
China 5.0 4.0 4.0
India 6.5 6.2 6.3
Emerging and Developing Europe 3.4 2.1 2.1
Russia 4.1 1.5 0.9
----- End of picture text -----

Source: IMF World Economic Outlook, April 2025

1IMF

2Bureau of Economic Analysis

3The Associated Press

4IMF

5S&P Global

6IMF

7IMF

8The Associated Press

9J.P. Morgan Global Manufacturing PMI®

Integrated Annual Report 2024-25

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Statutory Reports

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Management Discussion and Analysis (Contd.)

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Indian Economic Overview

Outlook

India’s economy remained remarkably resilient in the face of global disruptions. Strong domestic consumption, higher government spending on infrastructure and an accommodative monetary policy powered this growth. Retail inflation eased to 4.6% in FY 2024-25, the lowest since FY 2018-19. This led the Reserve Bank of India (RBI) to implement its first rate cut in five years to 6%, thereby supporting continued growth.[10]

The prospects for the Indian economy remain promising. A growing population, the government’s continued thrust on infrastructure and a decade of digital transformation position India’s GDP for accelerated growth in the coming years.

The financial services sector remained stable, supported by well-capitalised banks and a solid regulatory framework. Government initiatives, such as ‘Make in India’ spurred domestic manufacturing growth, while long-term prospects in manufacturing and technology attracted strong foreign investment. The expansion of India's digital economy, including e-commerce and digital payments, further boosted economic activity.

Despite global tariff pressures and geopolitical tensions, the RBI projects a strong GDP growth rate of 6.5% for FY 2025-26.[15] Moreover, retail inflation is expected to hover around 4.0% in FY 2025-26, providing scope for further monetary accommodation if needed.[16]

Imported commodity prices in India eased in FY 2024-25, with the World Bank’s Commodity Markets Outlook projecting a 5.1% decline in 2025 driven largely by falling crude oil and metals prices, which kept domestic inflationary pressures anchored. Cotton prices in India averaged around INR 7,800 per quintal in FY 2024-25, supported by lower production and an INR 589 MSP increase in May 2025 that set prices at INR 7,710–8,110 per quintal.[11]

India has strong potential to grow its presence in global markets, supported by economic growth, longterm employment prospects and skill development opportunities for millions. To tap into this potential, the Government of India has announced the National Manufacturing Mission in the Union Budget 2025–26, which aims to boost Make in India through supportive policies, ease of doing business, MSME growth, a future-ready workforce and clean-tech manufacturing. In Budget 2025–26, PLI allocations were further enhanced for key sectors, with electronics and IT hardware rising from INR 5,777 Crore to INR 9,000 Crore; automobiles and auto components from INR 346.87 Crore to INR 2,818.85 Crore; and the textile sector’s PLI allocation surging from INR 45 Crore to INR 1,148 Crore.[17]

India’s manufacturing sector grew at 4.8% in FY 2024-25, up from 4.7% in FY 2023-24. This contributed to 7.4% GDP growth in the fourth quarter of FY 2024-25.[12] The government increased budget allocations to support manufacturing, with FDI in the sector reaching USD 184 Billion—a 90.5% rise over the past decade—fuelled by production-linked incentive schemes.[13] Over the past six financial years, total FDI inflows amounted to USD 464.54 Billion.[14] With robust physical and digital infrastructure, India is now well-positioned to expand the share of the manufacturing sector in the economy and strengthen its role in global supply chains.

India’s Manufacturing PMI 2024-25

The country is steadily advancing towards Industry 4.0, adopting best-in-class technologies in manufacturing. This is further supported by government initiatives such as the National Manufacturing Mission, which aims to raise the manufacturing sector’s contribution to GDP to 25% by 2025.

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58.5
58.0
57.5
57.0
56.5
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
'24 '24 '24 '24 '24 '24 '24 '24 '24 '25 '25 '25
----- End of picture text -----

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Source: S&P Global

10PIB 11MoSPI 12RBI

13DPIIT’s FDI Factsheet, PIB

14 DPIIT’s FDI Factsheet, The Economic Times 15RBI 16RBI 17PIB

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Industry Overview

Textile

Global Textile Market

In 2024, the global textile market was valued at approximately USD 1.94 Trillion, up from USD 1.84 Trillion in 2023.[18] The Asia-Pacific region remained the largest contributor, generating nearly half of the global revenue. This was driven by population growth, rising disposable incomes and robust manufacturing activity across the region.[19]

Despite moderating growth in advanced economies, demand in emerging markets helped maintain overall output close to pre-pandemic levels. Technological adoption also accelerated, with digital printing and automation boosting throughput and AI-powered inventory management and predictive analytics restoring retailer stock levels to normal by the end of 2024.

The International Cotton Advisory Committee (ICAC) estimated global cotton production at 25.62 million tonnes for FY 2024-25, marking a 6.2% increase Y-o-Y.[20] Sustainability also remained a key industry trend, with brands increasingly adopting recycled and bio-based fibres and integrating ESG metrics into sourcing decisions.

As the China-plus-One strategy gains momentum, global buyers are increasingly diversifying their manufacturing bases. In this context, India has solidified its position as

18Research Nester 19IMARC Group

20International Cotton Advisory Committee 21World Economic Forum | Fibre2Fashion

22Research Nester 23Research Nester

24PIB

25Fibre2Fashion

26Fibre2Fashion

27Ministry of Textiles, GOI 28Wazir Advisors

a preferred value-chain partner. The country’s large cotton output, competitive labour costs and robust manufacturing infrastructure have made it an attractive alternative to China. Furthermore, the recent India–UK FTA (signed May 2025) eliminates tariffs on 99% of Indian textile exports. This is expected to boost bilateral trade by an estimated USD 34 Billion annually by 2040 and substantially enhance India’s access to Europe’s second-largest apparel market.[21] Concurrent negotiations on an India–EU FTA and an India– EaEU FTA, likely to conclude by late 2025, could further enhance competitiveness by lowering duties in key markets.

Looking ahead, the global textile market is projected to reach a valuation of about USD 2.05 Trillion in 2025, driven by a recovery in apparel and home textiles, technological advancements and expanding free-trade agreements.[22] This growth will be further supported by continued digitalisation—ranging from blockchain enabled traceability to Industry 4.0 automation—which is becoming critical for cost efficiency and compliance. Brands and retailers are now increasingly prioritising vendors with strong ESG scores, traceable supply chains and energy-efficient operations, which suggests that sustainability is likely to remain a key trend for the market in the coming years.

With global trade stabilising post-COVID, the industry is expected to maintain a steady momentum, growing at a projected CAGR of 7–8% through 2030.[23]

Indian Textile Market

The textile and apparel (T&A) market in India has been on an upward trajectory, growing from USD 106 Billion in FY 2019-20 to USD 147 Billion in FY 2024-25, at a CAGR of 7%. With a contribution of approximately 2.3% to the national GDP in FY 2024-25 and accounting for 3.91% of global textile and apparel trade, India remains one of the world’s largest textile markets.[24]

Textile and apparel exports surged by 6%, reaching USD 36.6 billion in FY 2024-25, despite soft festive demand and competitive imports from Bangladesh. During the same period, exports of cotton-based products (yarn, fabrics, made-ups and handloom) grew by 3.19% to USD 12.056 Billion.[25]

Gujarat, Maharashtra, Tamil Nadu, Punjab, Uttar Pradesh and West Bengal continue to dominate India’s textile production. However, fluctuating cotton prices averaging INR 7,800 per quintal in FY 2024-25 added cost pressures, especially for spinners and weavers.[26] Nevertheless, India’s abundant raw-material base with a cotton output of 301.75 lakh bales in FY 2024-25 provided a firm foundation for competitive manufacturing.[27]

To meet the Ministry of Textiles’ target of reaching USD 250 Billion by FY 2030-31, the market will need to grow at a CAGR of 9% onwards.[28]

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Management Discussion and Analysis (Contd.)

Key Initiatives and Policy Support

Research and Development (R&D)

In FY 2024-25, the Ministry of Textiles approved 23 strategic R&D projects (focused on speciality fibres, sustainable textiles, technical textiles and more) amounting to INR 60 Crore, with the objective of driving innovation and improved operational efficiency.[29]

Trade Agreements

The India–EFTA TEPA (signed March 10, 2024) grants duty-free access on 99.6 % of Indian textile exports to EFTA countries. This is projected to significantly boost bidirectional textile trade.[30]

PM MITRA Parks

Seven PM MITRA (Mega Integrated Textile Region and Apparel) Parks (with a total outlay of INR 4,445 Crore) are under development in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra. These ‘farm-to-factory’ hubs aim to integrate spinning, weaving, processing and apparel manufacturing under one roof.[31]

PLI Scheme

The Production Linked Incentive (PLI) Scheme for Textiles, with an approved outlay of INR 10,683 Crore (from FY 2020-21 to FY 2025-26), has already generated INR 1,355 Crore in turnover, including INR 166 Crore in exports, by March 31, 2024. The scheme continues to promote the production of man-made fibre (MMF) apparel and technical textiles.[32]

29PIB

30PIB

31PIB

32PIB | Ministry of Textiles Annual Report

Kasturi Cotton Bharat

Launched in mid-2024, this joint branding and traceability initiative encourages the use of Indian cotton globally. At Bharat Tex 2025, Kasturi Cotton secured MoUs with few Industries, which further enhanced export prospects.[33]

Bharat Tex 2025

Held in January 2025 in Delhi, this flagship event brought together 1,200+ exhibitors with 50,000+ buyers, showcasing government-backed clusters, digital printing technologies and sustainability solutions. This platform also facilitated MoUs between state textile bodies and international buyers, strengthening global market linkages.[34]

National Technical Textiles Mission (NTTM)

With a total allocation of INR 517 Crore, the NTTM has disbursed INR 393.39 Crore across 168 projects (focusing on market development, export promotion and skill building) since its inception. This has further consolidated India’s leadership in high-value technical textiles.[35]

Paper

Global Paper Industry

The global pulp and paper industry was valued at USD 340.1 Billion in 2024. The Asia-Pacific region dominates this market, accounting for 53.3% of global revenue in 2024, followed by North America (15%) and Europe (24%). Projections suggest that the industry is set to reach USD 343.0 Billion in 2025 at a steady 1% CAGR through 2032.[36]

Printing and Writing (P&W) Paper[37]

The global P&W paper market is projected to grow by USD 9.64 Billion between 2023 and 2028, at a CAGR of 2.06%
Despite this growth, P&W paper volumes continue to face pressure from digitisation. Global P&W production declined by approximately 0.5 % in 2023 and is likely to remain flat in FY 2024-25
Maplitho (wood-free printing paper) and offset/Bible paper are seeing stable demand in emerging markets, particularly in India and China, where educational publishing and commercial print recovery are supporting volumes. Asia-Pacific constituted over 50% of global P&W demand in 2023, and its share is expected to tick up slightly in 2024.

Copier Paper[38]

In 2024, the global copier paper market generated a revenue of approximately USD 17.75 Billion
North America remained the largest regional buyer, accounting for roughly 45% of copier paper demand in 2024, followed by Europe (32%) and Asia-Pacific (15%)
With greater sustainability awareness, demand for eco-friendly paper such as chlorine-free and recycled copier grades, is on the rise. The demand for environment-friendly paper is estimated to be 18% of total copier paper sales in 2024 (up from 14% in 2022)
The sector is expected to grow to USD 18.09 Billion in CY 2025 (a 3.9 % Y-o-Y increase) and reach USD 26.84 Billion by 2031 at a 1.9% CAGR over the forecast period (2025 to 2031)

36Fortune Business Insights

37globenewswire.com | fastmarkets.com | cdn.newspulpaper.com

38futuremarketinsights.com | marketresearchfuture.com

39Fortune Business Insights | fastmarkets.com | cdn.newspulpaper.com

Segmental Insights and Outlook[39]

Bible and Offset Printing Paper

Demand for coated bible and offset grades has witnessed a recovery, especially in academic publishing and speciality print segments. While overall P&W volumes remain flat, offset paper prices rebounded by 2% globally in Q4 2024 due to tighter supply, improving margins for producers.

Maplitho (Wood-free Printing Paper)

The demand for Maplitho in Asia-Pacific grew by 3.2% in 2024 as digital advertising fatigue prompted publishers to return to high-quality print runs.

Asia-Pacific (APAC) Outlook

APAC’s P&W consumption is forecast to rise 1.5% in 2025, driven by India’s rebound in educational print and Southeast Asia’s retail catalogues, even as European and North American markets remain largely flat.

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33Fibre2Fashion

34PIB

35PIB

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62 Trident Limited

Statutory Reports

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Management Discussion and Analysis (Contd.)

Overall, while global pulp and paper’s core (packaging) segment continues to command the bulk of growth, P&W paper (including copier, maplitho, Bible and offset) is stabilising close to pre-pandemic levels. The need for eco-friendly retail packaging and stricter government regulations are driving the shift to paper packaging. Its advantages including lightweight, cost-effectiveness and biodegradability make it ideal for logistics.

Additionally, e-commerce expansion and supportive policies are expected to boost demand for paper bags and corrugated boxes. Technological investments, including automation, AI-driven mill operations and water/energy optimisations, will continue to help manufacturers manage margins amid subdued volume growth.

Indian Paper Industry

India is the 15[th] largest paper producer globally, accounting for approximately 5% of the world’s paper market, with domestic consumption reaching 23.5 MTPA in FY 2024-25. 40Steady growth in demand for writing, printing and speciality papers has contributed to this surge in demand.[41]

The industry remained fragmented, with manufacturers leveraging diverse raw materials such as wood, bamboo and wheat straw. Writing and printing (P&W) and copier grades maintained stable volumes, supported by a consistent demand in education and corporate sectors despite overall volume growth moderating to 2–5% in FY 2023-24.[42] Packaging grades continued to dominate (>60% of demand), driven by e-commerce expansion and bans on single-use plastic use, though realisations in packaging paper softened in FY 2023-24 amid competitive pressure.[43] However, realisations in packaging paper softened slightly in FY 2024-25 amid competitive pressure from imports, with domestic producers’ revenues projected to decline by 3–4%.[44]

Import volumes surged to 1.76 million tonnes (during April to December 2024), valued at INR 11,196 Crore (USD 1.3 Billion), reflecting acute domestic supply tightness, especially in wood-based segments.[45 ] Domestic cotton-based and recycled-fibre grades have gained traction, helping mills maintain eco-credentials amid rising

40Infometrics

41Maximise Market Research

42Pulp and Paper Times

43Pulp and Paper Times

44CareEdge Ratings

45Indian Paper Manufacturers Association (IPMA) 46Papermart

47Papermart

48Pulp and Paper Times

49Pulp and Paper Times

50Fortune Business Insights

51Pulp and Paper Times

ESG scrutiny. However, available pulpable wood remained at 9 MTPA versus a demand of 11 MTPA, estimated to have reached 15 MTPA by FY 2024-25, owing to raw-material constraints.[46]

Government support through incentives for capacity expansion and the promotion of recycled fibre and sustainable practices has contributed to long-term growth. Rising literacy rates, bolstered by the National Education Policy, have expanded the student base, driving demand for notebooks, textbooks and supplementary materials.[47] Additionally, growing utilisation of corrugated and household paper products, fuelled by e-commerce expansion and disposable-plastic restrictions, continued to support the sector’s growth.[48] Consequently, India is now the fastest-growing paper market globally, with consumption expected to rise by 6-7% annually and reach 30 MTPA by FY 2026-27.[49] This expansion will be fuelled by sustained economic growth, a sharper emphasis on education and literacy and the rise of organised retail, which will collectively boost end-use demand.

The industry’s market value is projected to reach USD 19.1 Billion by 2033, growing at a 7.5% CAGR between 2024 and 2033.[50] The expected uptick in global demand, the lifting of pandemic-related restrictions and the ban on singleuse plastics are the major contributors towards the robust industry performance, while the paper sector provides direct employment to around 0.5 million people and indirect employment to approximately 1.5 million.[51]

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Growth Drivers in India’s Writing and Printing Paper Segment

Education Sector Demand

Digital Literacy and Testing

Increasing numbers of competitive examinations, offline assessments and enhanced enrolment in government schools continue to drive volumes for offset and Bible printing paper.

Increased government spending on education through schemes like Samagra Shiksha has boosted demand for textbooks, notebooks and other academic materials, directly contributing to higher printing paper usage.[52]

Institutional and Office Revival

Export Opportunities

Demand from neighbouring countries for quality writing and printing grades has improved, opening additional revenue channels.

Post-pandemic recovery in government and corporate sectors has increased demand for copier and maplitho paper, with consumption rebounding strongly in FY 2024-25.

Low Per Capita Consumption

Public Sector Procurement

Regular tenders from state education boards and public sector undertakings for copier and maplitho paper have offered demand visibility.

India’s per capita paper consumption remains at ~16–17 kg, far below the global average of 57 kg, signalling strong room for growth in writing and printing paper.[53]

Stable Raw Material Costs

Environmental Regulations

Continued preference for sustainably produced ECF/ FSC-certified paper gives compliant producers a competitive edge.

Cotton-based pulp prices remained relatively stable in FY 2024-25, helping maintain healthy margins for wood-free paper producers.[54]

52Ministry of Education

53IPMA

54The Pulp and Paper Times

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64 Trident Limited

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Management Discussion and Analysis (Contd.)

Company Overview

Trident Limited (Trident), the flagship Company of the Trident Group, operates as a vertically integrated manufacturer in the home textile and paper sectors. The Company’s operations encompass four major business segments: Yarn, Home Textiles (including Bath and Bed linen), Paper and Chemicals. Its manufacturing facilities are located in the states of Punjab and Madhya Pradesh, with its office based in Ludhiana, Punjab.

Trident has earned global recognition across its yarn, bath linen, bed linen, paper and chemical business segments. The Company is particularly renowned as the world’s largest producer of wheat straw-based paper.

Distinguished for its commitment to superior product quality, social responsibility and environmental stewardship, Trident has built a reputation for seamlessly integrating sustainability and advanced technologies throughout its operations. This dedication has brought the Company significant recognition globally.

To drive future growth, Trident has formulated a comprehensive strategy that focuses on driving continued product development, world-class manufacturing excellence and robust brand building.

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Business Overview

Yarn

The Company produces premium cotton yarn for the domestic textile industry, employing cutting-edge technology across its manufacturing facilities. Its product portfolio features a wide range of high-quality yarns.

Product Portfolio

100% cotton combed yarn
Open-end yarn
Air jet yarn
Carded 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
Zero twist yarn
Bamboo/ cotton yarn
Modal/ cotton yarn
BCI cotton yarn
BMP cotton yarn • 100% dyed yarn

Home Textiles

Trident is the largest vertically integrated company in the home textile industry in India, with bath and bed linen being its primary segments. The Company places a strong emphasis on innovation throughout its business.

Bath Linen

At Trident, we offer a comprehensive range of bath linen products through our vertically integrated manufacturing facility. With an annual capacity of 90,000 MT, we are one of the largest terry towel manufacturers in the world.

The Company operates two production facilities for bath linen, located in Dhaula (Punjab) and Budhni (Madhya Pradesh). We focus primarily on sustainability and innovation, consistently launching quality products that meet global standards, supported by our strong R&D and Product Development team.

We have a strong presence in the US, EU, UK, ANZ, JFE, and GCC markets. Looking ahead, we plan to penetrate non-US regions by keeping up with fast-moving fashion trends and designs through continuous feedback on customer perceptions.

In the upcoming financial year, we are planning to expand Trident’s towel manufacturing capacity focussed on expanding fashion towel production capabilities.

Product Portfolio

Luxury
Sustainable
Spa and hotel
Beach
Jacquard
Dobby texture
Bathmats
Checkered
Waffle
Sheared
Bathrobe
Infants and kids

• Bath rugs

Bed Linen

Trident offers a comprehensive range of bed linen products through its integrated manufacturing facility at Budhni, Madhya Pradesh. The Company continues to prioritise innovation, sustainability and quality, which has strengthened its position in the global home textile market.

In FY 2024-25, the division delivered a strong performance, clocking a revenue of INR 1335.32 Crore (up 5% from last year), with continued demand from key markets. The Company further enhanced its product mix and operational efficiencies. Some of its key achievements include deeper retail partnerships, expansion in fashion and digital print collections and wider application of proprietary technologies in product development.

Looking ahead, the division will focus on diversifying beyond the US market and tapping into growth opportunities in Europe, the Middle East and Australia. Strategic expansion into fashion bedding, trend-oriented designs (TOB) and greater penetration within existing retail assortments will also be undertaken to drive organic growth.

Product Portfolio

Luxury
Performance
Sustainable
BCI/ Organic/ Regenerative/ Kasturi
Egyptian/ Supima/ Pima
Spa and hotel
Printed
Dobby / Damask
Waffle
Infants and kids
Duvet/ comforter/ sheets/ pillow cover

Integrated Annual Report 2024-25

Trident Limited

Statutory Reports

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Management Discussion and Analysis (Contd.)

Paper

Trident is the world’s largest manufacturer of paper based on wheat straw, operating with an installed capacity of 175,000 TPA. The division offers a diverse portfolio including multi-colour publishing paper, branded copier paper and quick-turnaround printing grades. Known for its sustainable manufacturing practices, Trident Paper continues to strengthen its position in the domestic market with a reputation for quality and eco-friendly products.

Branded Copier Paper

Trident Spectra
Trident My Choice
Trident Royal Touch
Trident Digi Print
Trident Spectra Bond
Trident Enviro

Writing and Printing Maplitho Paper

Product Portfolio

Super Line
Cartridge Paper
Stiffener Paper
Diamond Line
Drawing Paper
Platinum Line
Silver Line
Trident Royale
Cup Stock
Nature Line
NL Coating (Sublimation Grade)
Pearl Line
Maplitho Watermark Paper

The Company also manufactures and markets My choice notebook made from Trident 60 GSM Paper.

Chemicals

Trident manufactures high-purity LR/AR-grade sulphuric acid, catering to diverse industrial applications including battery production, zinc sulphate, alum, dyes and detergents. The Company is a leading producer of industrial and battery-grade sulphuric acid in Northern India, renowned for its consistent quality and reliable supply.

Factors Fuelling the Company’s Growth

Abundant Raw Material Availability

India continues to be the world’s largest cotton producer[55] , which enables Trident to source quality raw materials domestically, ensuring cost-efficiency and supply stability.

Favourable Macroeconomic Conditions

India’s GDP grew at 6.5% in FY 2024-25[56] ; this economic expansion supports rising domestic consumption and infrastructure-driven demand across core segments.

Government Support

Initiatives such as the PLI scheme (which saw its allocation increase by 89% to INR 16,092 Crore for FY 2024-25 according to the Union Budget 2025-26) and the National Manufacturing Mission are creating a conducive environment for growth in textiles, paper and chemicals.

Growing Export Opportunities

India’s trade agreements and enhanced competitiveness have opened access to new markets, allowing Trident to diversify geographically, particularly in home textiles and paper.

Sustainability Focus

Increasing global demand for eco-friendly products aligns with Trident’s strengths in wheat straw-based paper, energy-efficient manufacturing and OEKO-TEX[®] -certified textiles.

Digital and Organised Retail Expansion

Growth in e-commerce and organised retail is driving higher demand for branded home textiles, a key focus area for the Company.

Financial Performance

Segmental Revenues

In FY 2024-25, Trident’s total income amounted to INR 70,253 million, up from INR 67,903 million in the prior year, reflecting a 3.5% increase driven by higher volumes and improved realisations. EBITDA for the year stood at INR 9,611 million (with a margin of 13.7%) when compared to INR 9,949 million (14.6% margin) in FY 2023-24, as cost efficiency measures partly offset raw-material inflation.

Yarn and Home Textiles

The revenue from Yarn and Home Textiles rose to INR 59,579 million in FY 2024-25 from INR 55,846 million in FY 2023-24.

Paper and Chemicals

Finance costs declined by 16% to INR 1,294 million, leading to a modest PBT reduction to INR 4,697 million from INR 4,802 million. Consequently, PAT stood at INR 3,668 million (EPS INR 0.73) compared to INR 3,896 million (EPS INR 0.78) last year. Cash profit was INR 7,288 million, slightly below INR 7,498 million in FY 2023-24. The balance sheet strengthened, with net debt/EBITDA improving to 0.95× as of March 2025 from 1.54× a year earlier, underscoring robust cash-flow generation and disciplined capital management.

The revenue from Paper and chemicals stood at INR 10,079 million, down from INR 11,459 million in FY 2023-24.

Balance Sheet

Paid-up Capital

The total equity share capital remained unchanged at INR 5,096 million as of March 31, 2025 (the same as March 31, 2024).

Net Worth

Dividend

The net worth of the Company increased to INR 46,103 million (as of March 31, 2025), compared to INR 43,091 million (as of March 31, 2024).

In FY 2024-25, the Company declared an interim dividend of 36% on the face value of each equity share, consistent with the previous year’s payout.

Key Financial Ratios and Other Parameters

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Ratio Formula Unit FY25 FY24 %Change Remarks
Debtors Turnover Total Sales/Total Times 18.42 18.57 -1% NA
Trade Receivables
Inventory Turnover Total Sales/Total Times 4.51 4.54 -1% NA
Inventory
Interest Coverage EBIT/Interest Times 4.63 4.11 13% Refer Note-1
Ratio
Current Ratio Current Assets/ Times 1.98 1.58 25% Refer Note-2
Current Liabilities
Debt Equity Ratio Gross Debt/Net Times 0.4 0.57 -30% Refer Note-3
Worth
Operating Profit EBIT/Total Sales % 8.6% 9.43% -9% NA
Margin
Net Profit Margin PAT/Total Sales % 5.27 5.79% -9% NA
Return on Net PAT/Net Worth % 7.96 9.04% -12% Refer Note-4
Worth
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Note: Reason for major change (if variation is 25% or more):

Decrease in Finance cost
Reduction in trade payables and decrease in current borrowings resulted in improved current ratio.
Offset Printing Paper
Cream Wove Paper
Gross Debt reduced by INR 4,850 million, resulted in improved Ratio
PAT reduced by INR 227.50 million, Net worth rose by INR 3,012 million

Other key financial ratios and related information are provided in detail in Note 54 to the standalone financial statements.

55USDA | Cotton Association of India

56RBI

Integrated Annual Report 2024-25

68 Trident Limited

Statutory Reports

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Management Discussion and Analysis (Contd.)

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Strengths: Weaknesses:
• Diversified Business Portfolio: Presence across textiles • High Capital Intensity: Ongoing need for investments
(bath & bed linen), paper, chemicals, and energy reduce in technology upgrades, compliance, and capacity
dependence on a single sector and enhances revenue expansion impacts free cash flow
stability
• Product Category dependency in Textiles: High
• Integrated Manufacturing Facilities: Vertically integrated exposure to cotton-based home textiles can be
operations in Punjab and Madhya Pradesh improve cost vulnerable to global demand and raw material
efficiency, quality control, and lead time volatility
• Strong Export Market Presence: Recognised global • Energy and Resource-Intensive Operations: High
player in home textiles, serving leading international water, energy, and raw material consumption can
retailers lead to rising operational costs
• Sustainability Leadership: Significant investments • High dependency on Export Markets: A significant
in green energy and eco-friendly production enhance share of revenue comes from exports, making the
environmental credibility Company vulnerable to international trade policies
and global economic conditions
• Established Brand Reputation: Trident is a trusted brand,
especially in textiles, with a loyal customer base and
recognition in both domestic and global markets
• Robust Infrastructure: State-of-the-art facilities and
digitalisation initiatives ensure operational excellence
and innovation
• Geographical Advantages: Factories located in Punjab
and Madhya Pradesh, having leverage regional
strengths in raw material availability, skilled
workforce, and infrastructure S W
O T
Opportunities: Threats:
• Global Shift towards Sustainable Textiles: Increasing • Global Market Volatility: Economic slowdowns,
demand for eco-friendly and ethically produced products geopolitical tensions, and trade barriers can impact
aligns with Trident's sustainability agenda exports and input costs
• Expansion into New Geographies: Growing opportunities • Intense Industry Competition: Price and quality
in emerging markets for home textiles pressures from global players, especially in textiles
and paper
• Government Incentives: Benefitting from Production
Linked Incentive (PLI) schemes and textile parks under • Raw Material Price Fluctuations: Cotton, pulp, and
Make in India chemicals are subject to price volatility, affecting
margins
• Innovation in Functional Textiles and Speciality Paper:
Scope to develop antimicrobial, organic, and smart • Regulatory and Environmental Compliance Risks:
fabrics, and expand value-added paper offerings Stricter norms, particularly in water-intensive
sectors, can lead to cost and operational pressures
• Green Energy Integration: Strengthening energy division
with renewable projects enhances long-term cost savings • Currency Fluctuations: Affects export
and ESG positioning competitiveness and profitability
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Risk Management

the product of its likelihood and impact, and is classified using a Risk Rating Matrix to prioritise mitigation efforts effectively.

Trident has implemented a robust and structured Risk Management System designed to safeguard the organisation against potential threats while enabling informed decision-making. An effective risk management approach begins with comprehensive planning, early identification and analysis of risks, timely implementation of corrective measures, and continuous monitoring and reassessment. This is supported by clear communication, thorough documentation, and coordinated efforts across the organisation.

Every risk is assigned to a Risk Owner who is responsible for timely mitigation. These efforts are regularly reviewed by the Chief Risk Officer (CRO) to ensure ongoing relevance and responsiveness.

Our Enterprise Risk Management (ERM) processes are automated, enabling improved visibility, tracking, and governance. Risk management is embedded into the organisational culture, with responsibilities shared across functions, daily monitoring, periodic reviews, and reporting to the Risk Management Committee. This comprehensive approach fosters a proactive risk culture aligned with our strategic objectives.

Risks at Trident are managed at two broad levels: Enterprise Risks and Operating Risks. These are further categorised into specific domains such as Sectoral Risks, Operational Risks, Financial Risks, Sustainability Risks, IT Risks, among others.

To enhance transparency and control, a digitised Risk Register is maintained, enabling systematic identification, assessment, periodic review, and tracking of mitigation plans. Each risk is assigned a Risk Score, calculated as

For further details on risk management, kindly refer to ‘Risk Management’ section of the Integrated Annual Report and Business Responsibility and Sustainability Report.

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Integrated Annual Report 2024-25

70 Trident Limited

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Management Discussion and Analysis (Contd.)

Human Resources

As of March 31, 2025, the Company’s workforce comprised approximately 2,414 employees (up from 2,297 in the preceding year) and 13,495 workers (as compared to 13,350 last year) across its manufacturing and administrative facilities.

Our people fuel Trident’s growth and innovation. We cultivate an empowering, inclusive culture by nurturing talent, strengthening leadership pipelines, and rewarding high performance. Holistic well-being initiatives covering health, housing, and financial security ensure a motivated workforce. Continuous learning and development, through internal programmes and external partnerships, bridge skill gaps and drive internal mobility. Together, these efforts build a resilient, future ready organisation rooted in care, accountability, and growth.

Key HR Initiatives

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Initiative Description
Leadership Development Assess and enhance leadership skills across managerial levels to build a future ready
Programmes pipeline.
Takshashila Internal Development Flagship journey to identify and nurture high potential internal talent for succession
Programmes and cultural continuity.
Growth, Incentives & Rewards Strengthen performance-driven growth with timely recognition and enhanced
incentive structures.
Karamyogi Capability Assessments Implement Assessment & Development Centres and skill mapping to identify
'Platinum' members with future-ready capabilities.
Playing Captains Introduce structured career paths empowering experienced Karamyogis to mentor
peers and drive accountability.
Subsidised Meal Continue meal subsidies to support workforce nutrition, health, and productivity
across locations.
Free Housing facilities Provide free housing to enhance employee well-being and stability for those away
from home.
Medical Insurance Offer comprehensive medical insurance coverage to reduce financial stress during
unforeseen circumstances.
Pay for Performance Reinforce a high-performance culture by closely linking compensation to individual
and team outcomes.
Learning & Development Bridge skill gaps with targeted training; MoUs signed with Global Skill Park (Bhopal)
and DST’s Dual System Training scheme at ITIs (Barnala, Budhlada, Malerkotla,
Bathinda).
Academia & Industry Partnerships Strengthen campus hiring and structured internships to identify and nurture
emerging talent through collaborations with educational institutions.
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Statutory Reports
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internal controls and provided assurance of its adequacy and effectiveness through periodic reporting. Internal audit was carried out as per risk-based internal audit plan, which was reviewed by the Audit Committee of the Company. The Audit Committee periodically reviewed the findings and suggestions for improvement and was apprised of the implementation status in respect of the actionable items.

Internal Control Systems and Adequacy

The Company has implemented financial reporting controls that are commensurate with its scale and the nature of its industry. These controls and protocols are designed to safeguard assets, enhance operational efficiency and ensure accuracy in both operational processes and financial disclosures. A dedicated internal team, in coordination with the Audit Committee, continuously monitors business activities and promptly notifies the Management Board of any discrepancies. Insights from these reviews inform the Company’s risk-assessment strategies, which identify, evaluate and mitigate potential threats. These internal controls support regulatory compliance, deter fraud and maintain transparency factors that help attract investment, bolster stakeholder confidence and drive sustainable growth.

Cautionary Statement

This Management Discussion and Analysis Report may contain forward-looking statements, such as goals, estimates, projections and expectations of the Company, as defined under applicable laws and regulations. Actual results may differ materially from those expressed or implied in such statements due to various factors, including but not limited to changes in governmental regulations, tax laws, foreign exchange fluctuations, raw-material availability and pricing, cyclical demand and pricing in key markets and broader economic conditions in India and other jurisdictions where the Company operates. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by law.

During the year under review, Deloitte Touche Tohmatsu India LLP and M/s Mahajan & Aibara Associates were engaged as Internal Auditors of the Company. They carried out the internal audit of the Company’s operations and reported its findings to the Audit Committee. Internal auditors also evaluated the functioning and quality of

Integrated Annual Report 2024-25

Trident Limited

Statutory Reports

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Business Responsibility & Sustainability Reporting

SECTION A: GENERAL DISCLOSURES

19. Markets served by the entity:

a. Number of locations

I. Details of the listed entity

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1. Corporate Identity Number (CIN) of the Listed Entity L99999PB1990PLC010307
2. Name of the Listed Entity TRIDENT LIMITED
3. Year of incorporation 1990
4. Registered office address Trident Group, Sanghera, Barnala, Punjab, India, 148101
5. Corporate address Not Applicable
6. E-mail [email protected]
7. Telephone 0161-5039999
8. Website www.tridentindia.com
9. Financial year for which reporting is being done 2024-25
10. Name of the Stock Exchange(s) where shares are listed  National Stock Exchange of India Ltd
 BSE Limited
11. Paid-up Capital INR 5,096.0 million
12. Name and contact details (telephone, email address) of the Mr. Deepak Nanda, Managing Director,
person who may be contacted in case of any queries on the +91 161-5039999, [email protected]
BRSR report
13. Reporting boundary Standalone basis
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).
14. Name of assurance provider NA
15. Type of Assurance Obtained NA
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II. Products/services

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

S. No.	Description of main activity	Description of business activity	% of Turnover of the entity (FY25)
1	Textile Manufacturing Paper Manufacturing	Sourcing, manufacturing and supply of high-performance yarn, bath and bed linen.	85.54% 14.46%
2		Manufacturing of high-quality, high-speed printing, publishing papers, high-quality branded copier paper, and Wheat straw- basedpaper.

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

S. No.	Product/Service	NIC Code	% of Total Turnover contributed
1	Textile Products (Highperformance yarn, bath and bed linen) Paper Products (Pulp, Paper and Paperboard)	131	85.54%
2		1701	14.46%

III. Operations

Number of locations
Locations	Number
National (No. of States and Union Territories)	26
International (No. of Countries)	100

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

The contribution of exports as a percentage of the total turnover of Trident Limited is 53%

c. A brief on types of customers

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 various 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.

IV. Employees

20. Details as at the end of Financial Year:

a. Employees and workers (including differently abled):

S. No.	Particulars	Total (A)	Male	Male	Female	Female
			No. (B)	% (B / A)	No. (C)	% (C / A)
	Permanent (D) Other than Permanent (E) Total employees (D + E) Permanent (F) Other than Permanent (G) Total workers (F + G)	EMPLOYEES 2340 1916 227 205
1.		2340	1916	81.9%	424	18.1%
2.		227	205	90%	22	10%
3.		2567	2121	82.63%	446	17.37%
		WORKERS 11464 9559 3656 2940
4.		11464	9559	83.4%	1905	16.6%
5.		3656	2940	80.42%	716	19.58%
6.		15120	12499	82.67%	2621	17.33%

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

Location	Number of plants	Number of offices	Total
National	3	1	4
International*	Nil	Nil	Nil

*excluding locations of foreign subsidiaries

Trident Limited

Integrated Annual Report 2024-25

Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

b. Differently abled employees and workers:

S. No.	Particulars	Total (A)	Male	Male	Female	Female
			No. (B)	% (B / A)	No. (C)	% (C / A)
	DIFFERENTLY ABLED EMPLOYEES Permanent (D) 1 1 100% Other than Permanent (E) 0 0 0 Total differently abled employees(D + E) 1 1 100% DIFFERENTLY ABLED WORKERS Permanent (F) 30 28 93.33% Other thanpermanent (G) 0 0 0 Total differently abled workers(F + G) 30 28 93.33%
1.		1	1	100%	0	0
2.		0	0	0	0	0
3.		1	1	100%	0	0

4.		30	28	93.33%	2	6.67%
5.		0	0	0	0	0
6.		30	28	93.33%	2	6.67%

21. Participation/Inclusion/Representation of women

Participation/Inclusion/Representation of women
	Total (A) 6 3	No. and percentage of Females
		No. (B)	% (B / A)
Board of Directors		1	16.7%
Key Management Personnel		0	0%

22. Turnover rate for permanent employees and workers

(Disclose trends for the past 3 years)

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FY 2024-25 FY 2023-24 FY 2022-23
Male Female Total Male Female Total Male Female Total
Permanent Employees 38.9% 48.1% 40.57% 27% 28% 27% 18% 31% 18%
Permanent Workers 21.6% 30.2% 23.04% 21% 28% 23% 16% 27% 21%
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V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. (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	Trident Home Textiles Limited, India Trident Group Enterprises Pte. Ltd., Singapore Trident Global Inc., USA Trident Europe Limited, UK THTL TradingLLC, UAE	Subsidiary	100%	No
2		Subsidiary	100%	No
3		Step-down Subsidiary	100%	No
4		Step-down Subsidiary	100%	No
5		Step-down Subsidiary	100%	No

VI. CSR Details

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

(ii) Turnover (in Rs.)- INR 70,253 million
(iii) Net worth (in Rs.) - INR 46,103 million

VII. Transparency and Disclosures Compliances

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

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Grievance
Redressal FY 2024-25 FY 2023-24
Mechanism in Place (Current Financial Year) (Previous Financial Year)
Stakeholder (Yes/No)
group from
whom Number of Number of
complaint is (If yes, then provide Number of complaints Number of complaints
received web-link for complaints pending Remarks complaints pending Remarks
grievance redress filed during resolution filed during resolution
policy) the year at close of the year at close of
the year the year
Communities Yes 0 0 - 0 0 -
https://assets.
tridentindia.com/
code_of_business_
conduct_and_ethics_
d7dd6908fa.pdf
Investors Yes 0 0 - 0 0 -
(other than https://assets.
shareholders) tridentindia.com/
code_of_business_
conduct_and_ethics_
d7dd6908fa.pdf
Shareholders Yes 92 0 - 113 5 Pending complaints
https://www. were lodged post
tridentindia.com/ Mar 10th, 2024,
share-information and the same were
closed within the
prescribed legal
timeline on April 5th,
2024
Employees and Grievance policy- 5510 44 - 4985 (Leena) 9 -
workers https://assets.
tridentindia.com/
grievance_handling_
policy_3ad730383d.
pdf
Customers Yes 452 36 Complaints 78 7 Complaints related
https://assets. related to to product quality
tridentindia.com/ product and performance
code_of_business_ quality,
conduct_and_ethics_ packaging
d7dd6908fa.pdf and
warehousing
Value Chain Yes 0 0 - 0 0 -
Partners https://assets.
tridentindia.com/
code_of_business_
conduct_and_ethics_
d7dd6908fa.pdf
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76 Trident Limited

Integrated Annual Report 2024-25

Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

26. Overview of the entity’s 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

Our materiality assessment focuses on identifying and prioritising the most important sustainability/ESG and business conduct issues for the Company. It is based on stakeholder engagement, thorough research, operational insights and regulatory landscape to ensure that all stakeholder groups are represented.

Financial Indicate implications of the risk S. Material issue whether risk Rationale for identifying the risk / In case of risk, approach to adapt or opportunity No. identified or opportunity opportunity or mitigate (Indicate positive or (R/O) negative implications) 1 Energy & Risk and Risk: Trident is dependent on The Company has Positive Implication: Climate Opportunity fossil fuels as a source of energy implemented ESG principles Implementation of Change for boilers. The Company is also across the business functions measures to switch dependent on heavy amount of and operations and have from Coal will reduce water intake for paper and pulp undertaken some key targets carbon emissions and manufacturing. Any disruption in the under the pillars of Emissions, enhance the Company’s supply chain of traditional fuel will Water, Waste and RE. Trident reputation in the long have direct and significant increase has undertaken Science Based run resulting in better in the price and could adversely Targets to reduce Scope 1 brand value. Costly affect the Company’s operations and and Scope 2 emissions by Investments: Adapting profitability. Secondly, as climate 2031 and become a Net-Zero to changing climate change is leading to more intense Company 2050. Some of the conditions may require weather events such as- heat best practices implemented significant investments waves, droughts, extreme floods includes- increasing biofuel in new infrastructure or and cyclones, it can impact the consumption, transitioning equipment. water availability at extreme high from coal based grid supply temperatures, forest degradation, to renewable purchases like and impact the supply chain during IREC’s, water conservation extreme weather events. These and recycling and CAPEX events can have direct impact on the investment in Solar and energy Company’s value chain operations efficient technologies. 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 decarbonisation opportunities throughout the value chain and develop products which has low/zero emissions. Climate change adaptation and decarbonisation solutions will also provide the company an opportunity to gain competitive edge and enhance market position

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)
2	Health and Safety	Risk	As a manufacturing Company, the operation at Trident requires workforce to interact with plant machinery and handle material. These activities may lead to accidents, injuries, and fatalities, resulting in legal liabilities, fines, compensation claims, increased insurance premiums, productivity loss and damage to the Company’s reputation. Poor H&S practices also contribute to employee dissatisfaction and low morale. Some of the common health and safety risks the Company needs 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 its operations, corporate spaces and supply chain. Various measures are implemented to promote a safe and healthy working environment, such as- Strict adherence to Regulations, Periodic Risk Assessment through HIRA, Employee and Worker Training on occupational health and safety practices and procedures, including the proper use of personal protective equipment (PPE) and emergency response protocols, Safety Equipment and Infrastructure, Ongoing Safety Audits and continuous employee and worker engagements. All manufacturing locations are certified to Occupational Health and Safety Management Systems (ISO 45001:2018) which encourages proactive approach to identify, evaluate and remediate risks before they cause accidents and injuries. By implementing these measures, Trident aims to create a safety culture, protect employees and ensure compliance throughout operations.	Positive: Safe workplace aids in minimising accidents and illnesses, which have positive impact on employee morale and productivity
3	Resource Efficiency	Opportunity	Trident sees resource efficiency as on opportunity to optimise its use of resources, reduce waste generation, and enhance sustainability. Some potential area of resource utilisation improvement includes- Energy Efficiency, Water Conservation, Raw Material Optimisation, Circular Economy, Supply Chain Engagement and Trainings.	Trident aims to maximise resource utilisation and minimise inefficiencies. This will enhance our competitiveness in a resource- constrained world.	Positive: By embracing resource efficiency, Trident can increase productivity, lower operational costs, and foster a sustainable future for both the company as well as the communities in which it operates.

78 Trident Limited

Integrated Annual Report 2024-25

Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

S. No.	Material issue identified	Rationale for identifying the risk / opportunity	In case of risk, approach to adapt or mitigate	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)
		The Company has adopted 5Rs Practice- Reduce, Reuse, Recycle, Re-engineer and Redesign, within its operational boundary. The Company has also invested in new products, efficient equipment, plastic recycling through EPR, circular economy (alternative raw material, waste as energy) and utilising waste in process (Alternative Raw Material), to improve the resource-efficiency of the Company. The Company is also engaged with its marginalised suppliers to procure agriculture waste and utilise 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.		Value, Ethics and Compliance	Risk and Opportunity	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 labour 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 well- being). 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 organisation, 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, minimise reputational risks, reduce environment impact, ensure compliance and build transparency across value chain.	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 organisation.	Positive
4	Customer Satisfaction	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.	NA
				Community Engagement & Local employment	Opportunity	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.	NA	Positive
5	Employment	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.	NA

Trident Limited

Integrated Annual Report 2024-25

Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

S. No.	Material issue identified	Indicate whether risk or opportunity (R/O) Risk and Opportunity Opportunity	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)
8	Supply Chain Sustainability		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 minimise 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 deployed several measures to manage supply chain related risks and is engaged with suppliers through regular audits for critical material supplies. The Company has a defined code of corporate governance and conduct, the coverage of which extends to suppliers to ensure ethical compliance. Trident believes that suppliers are important partners in achieving business and sustainability goals and has developed and introduced a comprehensive supplier sustainability framework in 2024, comprising of policies on responsible sourcing, code of conduct, supplier due diligence detailing the expectations from supplier partners. 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
9	Product Responsibility & Association		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.	NA	Positive

Financial

												Financial	Financial	Financial
S. No. 10	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					implications of the risk or opportunity (Indicate positive or negative implications)
	Diversity & Inclusion	Opportunity	Trident understands diversity and inclusion as an opportunity to leverage best talent for its operations. The Company promotes diversity and aims to provide inclusive work environment, ensuring that workforce is treated fairly and equitably in terms of compensation, benefits, opportunities and recognition.				NA					Positive

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, the NGRBC Principles and Core Elements.						policies and processes put in					place towards adopting
Disclosure Question				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 element sof the NGRBCs. (Yes/ No)				Yes	Yes	Yes		Yes	Yes	Yes	Yes		Yes	Yes
b. Has the policy been approved by the Board? (Yes/ No)				Yes	Yes	Yes		Yes	Yes	Yes	Yes		Yes	Yes
c. Web Link of the Policies, if available
				Sustainability_Policy.pdf
2. Whether the entity has translated the policy into procedures. (Yes / No)				Yes	Yes	Yes		Yes	Yes	Yes	Yes		Yes	Yes
3. Do the enlisted policies extend to your value chain partners? (Yes/No)				Yes, the enlisted policy extend to our value chain partners . We always encourage our value chain partners to follow thepolicies of the Company.
4. Name of the national and international codes/certifications/labels/ standards (e.g. Forest Stewardship Council, Fair trade, Rainforest Alliance, Trustee) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle.
P1 (Ethics and Transparency)				- Provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Quality Management System (ISO 9001:2015) - Fair Trade Certification - SMETA (SEDEX Members Ethical Trade Audit Report) - Information Security Management Systems (ISO 27001:2022)
P2 (Product and Service Responsibility)				- Environmental Management System (14001:2015) - Zero Discharge of Hazardous Chemicals (ZDHC) - Quality Management System (ISO 9001:2015) - Occupational Health and Safety Management Systems (ISO 45001:2018) - OEKO-TEX® Made in Green (MIG) - OEKO-TEX® Standard 100 - Sustainable Textile Production (STeP) - Fair Trade Certification

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

82 Trident Limited

Integrated Annual Report 2024-25

Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

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Disclosure Question P1 P2 P3 P4 P5 P6 P7 P8 P9
- Global Organic Textile Standards (GOTS)
- Organic Contents Standard (OCS)
- Global Recycled Standard (GRS)
- Recycled Claim Standard (RCS)
- Egyptian Cotton Certification
P3 (Human Resources) ISO 45001, International Bill of Human Rights, ILO Declaration on
Fundamental Principles and Rights at Work, UNGC Human Rights
Principles, UN Guiding Principles on Business and Human Rights
P4 (Responsive to stakeholders) CSR disclosures under Section 135 of the Companies Act, 2013, read
with the Companies (Corporate Social Responsibility Policy) Rules,
2014, as amended
Higg Index- Facility Social & Labor Module (Higg FSLM)
P5 (Respect for human rights) - SMETA 4 PILLAR
- BSCI Amfori
- WRAP (Worldwide Responsible Accredited Production)
- Higg Index- Facility Social & Labor Module (Higg FSLM/SLCP)
- International Bill of Human Rights, ILO Declaration on
Fundamental Principles and Rights at Work, UNGC Human
Rights Principles, UN Guiding Principles on Business and Human
Rights
P6 (Environmental responsibility) - Higg Index- Facility Environmental Module (Higg FEM)
- Environmental Management System (14001:2015)
- Zero Discharge of Hazardous Chemicals (ZDHC)
- Occupational Health and Safety Management System
(45001:2018)
- OEKO-TEX® Standard 100
- Sustainable Textile Production (STeP)
- OEKO-TEX® Made in Green (MIG)
- Fair Trade Certification
- Global Organic Textile Standards (GOTS)
- Organic Contents Standard (OCS)
- Global Recycled Standard (GRS)
- Recycled Claim Standard (RCS)
P7 (Public policy advocacy) - United Nations Sustainable Development Goals (SDGs)
P8 (Inclusive growth) - CSR disclosures under Section 135 of the Companies Act, 2013,
read with the Companies (Corporate Social Responsibility Policy)
Rules, 2014, as amended
P9 (Customer engagement) - Quality Management System (ISO 9001:2015)
- Information Security Management Systems (ISO 27001:2022)
5. Specific commitments, goals and targets set by the entity with defined timelines, if any.
P4 (Responsive to stakeholders) Trident as a responsible and forward-thinking company, has set
ambitious sustainability goals and targets to make a positive impact
on the environment and society. Here are the key goals and the
corresponding targets Trident has undertaken:
1. Achieve 30% gender equity by 2030
P6 (Environmental responsibility) 2. Trident Ltd has committed to Science Based Targets, the details
of which are as follows-
2a. Trident Limited commits to reduce scope 1 and 2 GHG
emissions 42% by FY2031 from a base year of FY2022
2b. Trident Limited commits to reduce scope 3 GHG emissions
32.5% by FY2034 from a base year of FY2023
2c. Trident Limited commits to reach net-zero greenhouse gas
emissions across the value chain by FY2050
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Disclosure Question P1 P2 P3 P4 P5 P6 P7 P8 P9
6. Performance of the entity against the specific commitments, goals and targets along-withreasons in case the same are not
met.
P4 (Responsive to stakeholders) Against the target of 30% women representation across roles and
businesses by 2030, as on 31 March 2025, our Gender Diversity is at
17%.
As part of our flagship hiring program, Takshashila, we ensured
a deliberate focus on gender diversity. Specialised efforts are
continuously being made to reach and recruit sole earners
and women from rural backgrounds. Policies around flexible
working, and career comeback were further strengthened in the
reporting year to support women in managing work-life harmony
without compromising career progression. Sensitisation through
communication, training, strengthening of Internal policies and
processes is being done to foster an inclusive and respectful
workplace.
P6 (Environmental responsibility) FY Scope 1 Scope 2 Total
21-22 5,71,177 3,68,826 9,40,003
22-23 4,76,027 2,75,599 7,51,626
23-24 6,71,774 3,47,698 1,019,472
(without IREC)
2,68,609 9,40,383
(with IREC)
24-25 6,58,509 3,60,850 1,019,359
(without IREC)
1,24,418 7,82,927
(with IREC)
As part of our SBTi commitment, we are periodically monitoring
our inventory against yearly Targets. In the reporting year 24-25, we
were able to regulate our emissions through expansion of onsite
solar capacity to 51.9MWp, usage of 49.29% biofuel in fuel mix and
procurement of IREC’s (International renewable energy certificates)
against grid electricity consumption at Budhni.
Governance, leadership, and oversight
7. Statement by director responsible for the business At Trident, we have always believed in driving business with purpose.
responsibility report, highlighting ESG related Through reporting, we would like to communicate to our stakeholders,
challenges, targets and achievements our progress on Environmental, Social and Governance performance.
We believe Sustainability is a journey, and while we believe there is
more work to be done, we are also poised to take up challenges and
improvements through transforming our ways of doing business.
8. Details of the highest authority responsible for Mr. Deepak Nanda
implementation and oversight of the Business Managing Director
Responsibility Policy/(ies)
Tel- +91 161-5039999
E-Mail id: [email protected]
9. Does the entity have a specified Committee of the Yes, the CSR Committee of the Board of Directors is also empowered
Board/ Director responsible for decision making on to and responsible for implementation of Business Responsibilty and
sustainability related issues? (Yes / No). If yes, provide sustainability guiding Principles. Mr. Deepak Nanda is authorised for
details. implementation of sustainability related issues.
Tel- +91 161-5039999
E-Mail id: [email protected]
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Trident Limited

Integrated Annual Report 2024-25

Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

10. Details of Review of NGRBCs by the Company:

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Indicate whether review was undertaken by Director / Committee of the
Subject for Review
Board/Any other Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and follow up action
MD MD MD MD MD MD MD MD MD
Frequency (Annually/ Half yearly/ Quarterly/ Any
other –please specify)
Annual
Compliance with statutory requirements of relevance to P1 P2 P3 P4 P5 P6 P7 P8 P9
the principles, and rectification of any non-compliances MD MD MD MD MD MD MD MD MD
Frequency (Annually/ Half yearly/ Quarterly/ Any
other –please specify)
Weekly
11. Has the entity carried out independent assessment/
evaluation of the working of its policies by an external P1 P2 P3 P4 P5 P6 P7 P8 P9
agency? (Yes/No). If yes, provide name of the agency
No No No No No No No No No
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
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) Not applicable, since all the principles are covered by
the respective policies
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)
Any other reason (please specify)
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12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:

SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key processes and decisions. The information sought is categorised as “Essential” and “Leadership”. While the essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible.

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

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	9	- Familiarisation Programmes	100%
Key Managerial Personnel	6	- Anti Bribery and Anti-Corruption (P1) - POSH (P5) - Anti Money Laundering (P1) - Internet Security- Cyber and -Information Security (P1) - Code of Conduct and Business Ethics (P1) - SEBI (PIT) Regulations (P2)	100%

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
Employees other than BoD and KMPs	272	- Anti Bribery and Anti-Corruption (P1) - Internet Security- Cyber and -Information Security, SAP (P1) - AML & KYC Policy - Discover Wellness (Building a -Collaborative Culture, Power within you, Increase motivation) (P3) - PMGM, Financial Literacy (P3) - TPM, TQM, Quality Circle, Business Excellence (P3) - Functional knowledge training (P3) - POSH (P5) - Compliance (P1) - Health and Safety, Near Miss and Incident Reporting, First Aid and CPR, Workplace Safety, Chemical Handling, LABS(P3) - Behavioural Trainings, Conflict Mgt, Teamwork, Customer CoC, Communication Skills	89.4%
Workers	236	- HR Policies (P5) - H&S Training (Fire Safety, Work Permit, First Aid, Electrical and Machine Safety, Work at Height, EHS & Use of PPEs, First Aid and CPR, LABS) (P3) - Checker & Packer, CLRI, 6S, Quality Circle, how to use Success Factor, - Functional Knowledge (SOP’s, Work Instruction) (P3) - Code of Conduct & Standing Orders (P1) - Behavioural Training, Ergonomics - Customer CoC, Anti Bribery and Anti-Corruption - Health and Hygiene (No smoking, Heatwaves and summer safety, Menstrual Health - POSH (P5) - Behavioural Trainings, Conflict Mgt, Teamwork, Financial Literacy	81.6%

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(Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and as disclosed on the entity’s website):

			Monetary	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	NA		NIL		0	NIL	No
Settlement	NA		NIL		0	NIL	No
Compoundingfee	NA		NIL		0	NIL	No


		NGRBC Principle		Name of the regulatory/ enforcement agencies/ judicial institutions		Brief of the Case	Has an appeal been preferred? (Yes/No)
Imprisonment		NA		NIL		NIL	No
Punishment		NA		NIL		NIL	No

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Integrated Annual Report 2024-25

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3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary 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 web-link to the policy.

Yes, we have an Anti-Corruption and Anti-Bribery policy.

Trident Limited is committed to conducting its business activities in adherence to its values which comprise of highest standards in the conduct of business. The ABAC Policy emphasises on Trident’s Zero-tolerance approach towards corruption and bribery, and includes prohibitions against providing financial or other benefits for corrupt purposes or in connection with the improper performance of a relevant function. Our compliance extends to, but is not limited to, the Indian Prevention of Corruption Act 1988, we also abide by other applicable laws that govern corruption and bribery, whether it involves public officials, commercial entities, or both.

This policy is applicable to every individual working at all levels and cadres (whether permanent, fixed- term, temporary and contractual), directors, retainers, consultants, contractors, subcontractors, subcontractor’s representative deployed in Trident premises, trainees, casual workers, or those associated with us or any of our subsidiaries/associates in any other capacity, raw materials and packing material suppliers.

Anti-corruption and anti-bribery principle is also enshrined in Trident’s comprehensive code of conduct, which serves as a guiding document for all employees.

Link- https://assets.tridentindia.com/anti_corruption_and_anti_bribery_6d01646a95.pdf

Link- https://assets.tridentindia.com/code_of_business_conduct_and_ethics_d7dd6908fa.pdf

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

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FY 2024-25 FY 2023-24
(Current (Previous
Financial Year) Financial Year)
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0
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6. Details of complaints with regard to conflict of interest:

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FY 2024-25 FY 2023-24
(Current Financial Year) (Previous Financial Year)
Number Remarks Number Remarks
Number of complaints received in relation to Nil Nil Nil Nil
issues of Conflict of Interest of the Directors
Number of complaints received in relation to Nil Nil Nil Nil
issues of Conflict of Interest of the KMPs
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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.

**8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following format:**

the following format:
	FY 2024-25	FY 2023-24
Number of days of accountspayables	36.84	51

9. Open-ness of business

Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and advances & investments, with related parties, in the following format:

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Metrics FY 2024-25 FY 2023-24
Concentration of Purchases a. Purchases from trading houses as % of total 28.42% 27.4%
purchases
b. Number of trading houses where purchases are 204 231
made from
c. Purchases from top 10 trading houses as % of total 78.65% 73.79%
purchases from trading houses
Concentration of Sales a. Sales to dealers / distributors as % of total sales 0 0
b. Number of dealers / distributors to whom sales are 0 0
made
c. Sales to top 10 dealers / distributors as % of total 0 0
sales to dealers / distributors
Share of RPTs in a. Purchases (Purchases with related parties / Total 0.05% 0.04%
Purchases)
b. Sales (Sales to related parties / Total Sales) 5.37% 6.03%
c. Loans & advances (Loans & advances given to NA 1.45%
related parties / Total loans & advances)
d. Investments (Investments in related parties / Total 98.25% 0.12%
Investments made)
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Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe

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 2024-25 Current Financial Year	FY 2023-24 Previous Financial Year	Details of improvements in environmental and social impacts
R&D*	-	-	Installation of roof Mounted Solar Power Plant at Budhni Location, Solar and paddle steam sludge dryer in Punjab and Budhni, ZLD improvement
Capex*	48.54% (INR 1035.7 million)	26%(INR 1274.9 million)

*The Company have presented the total amount spent in research and development and capex investment towards the goal of emission reduction, waste management and sustainable products.

2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) - Yes

b. If yes, what percentage of inputs were sourced sustainably?

Yes, 30.7% of total inputs were sourced sustainably in FY2024-25. The business of the Company is deep rooted in an agro-based economy leading to farmer prosperity. The supplier 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. Controllable check points have been implemented within the sourcing system and has also implemented ‘annual supplier audit’ for critical material procurement.

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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.


S. No.	Type of Waste	Waste management type (Recycle/Reuse/disposal/end of life)
1	Plastics E-waste Hazardous waste Other waste	We engage with authorised recyclers to facilitate the collection and reprocessing of plastic waste generated as per the Plastic Waste Management Rules, 2016, thereby, assuming accountability for the end-of-life management of theplasticpackagingmaterials we utilise.
2		Trident has installed E-waste collection centres within office and operation premises to collect, segregate and recycle the E-waste through authorised recyclers with valid certifications.
3		Hazardous waste is disposed through CPCB, SPCB authorised vendors in both Punjab and MP. 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 wastewater.
4		All Non-hazardous wastes are sold to recyclers for further upcycling, recycling and relevant use. Trident has also incorporated food waste and other biomass waste to generate electricity at one of the manufacturinglocations, through biogasplant.

Trident is committed to sustainability through our 5Rs Practice: Reduce, Reuse, Recycle, Re-engineer, and Redesign. We actively seek alternatives to plastic waste, partnering with recyclers for Extended Producer Responsibility (EPR) initiatives. hazardous waste like ETP Sludge is disposed of at authorised Treatment, Storage, and Disposal (TSD) Facilities.

Our innovations include converting food and biomass waste into electricity via biogas plants and promoting sustainable paper packaging through our “Good Paper” campaign. We prioritise Forest Stewardship Council (FSC) certified papers, reducing carbon and water footprints compared to plastics. Trident remains dedicated to minimising our environmental impact and promoting responsible resource management, showcasing our commitment to sustainability and environmental stewardship.

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 also submitted targets to the local state pollution control board with approval of collecting back 324 MT post-consumer plastic waste in MP and 1814 MT in Punjab for the FY 2024-25.

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

ESSENTIAL INDICATORS

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

				% of employees covered by	% of employees covered by	% of employees covered by	% of employees covered by
Category	Total	Health insurance		Accident	insurance	Maternity benefits		Paternity Benefits		Day Care facilities
	(A)	Number (B)	% (B/ A)	Number (C)	% (C/A)	Number (D)	% (D/A)	Number (E)	% (E/ A)	Number (F)	% (F/ A)
				Permanent employees
Male	1916	1916	100%	1916	100%	0	0	1916	100%	0	0
Female	424	424	100%	424	100%	424	100%	0	0	424	100%
Total	2340	2340	100%	2340	100%	424	18.12%	1916	81.88%	424	18.12%
				Other than Permanent employees
Male	205	205	100%	205	100%	0	0	205	100%	0	0
Female	22	22	100%	22	100%	22	100%	0	0	22	100%
Total	227	227	100%	227	100%	22	9.69%	205	90.31%	22	9.69%

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

				% of workers covered by	% of workers covered by	% of workers covered by	% of workers covered by
Category	Total	Health insurance		Accident	insurance	Maternity benefits		Paternity Benefits		Day Care facilities
	(A)	Number (B)	% (B/ A)	Number (C)	% (C/A)	Number (D)	% (D/A)	Number (E)	% (E/ A)	Number (F)	% (F/ A)
				Permanent workers
Male	9559	9559	100%	9559	100%	0	0	9559	100%	0	0
Female	1905	1905	100%	1905	100%	1905	100%	0	0	1905	100%
Total	11464	11464	100%	11464	100%	1905	16.62%	9559	83.38%	1905	16.62%
				Other than Permanent workers
Male	2940	2940	100%	2940	100%	0	0	2940	100%	0	0
Female	716	716	100%	716	100%	716	100%	0	0	716	100%
Total	3656	3656	100%	3656	100%	716	19.58%	2940	80.42%	716	19.58%

c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) in the following format –

than permanent) in the following format –
	FY 2024-25 (Current Financial Year)	FY 2023-24 (Previous Financial Year)
Cost incurred on well-beingmeasures as a % of total revenue of the company	0.51%	0.28%

2. Details of retirement benefits, for Current FY and Previous Financial Year.

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FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
No. of No. of Deducted and No. of No. of Deducted and
Benefits employees workers Deposited employees workers Deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 100% 100% Y 100% 100% Y
Gratuity 100% 100% NA 100% 100% Y
ESI 2.5% 78.6% Y 3.27% 73.8% Y
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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, Trident Limited ensures that the manufacturing premises and offices across locations are accessible to differently a bled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016. We are fully committed to promoting inclusivity and diversity within our workforce and proactively implement measures to enhance accessibility. This includes the provision of ramps for wheelchair access and the availability of accessible rest rooms on the ground floor. Pursuant to the Rights of Persons with Disabilities Act, 2016, Trident has also framed ‘Equal-Opportunity and Fair Treatment policy’ with a vision for creating an inclusive workplace.

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

Yes. Trident recognises the importance of equal opportunity and inclusivity in accordance with the Rights of Persons with Disabilities Act, 2016 and has implemented an equal opportunity and fair treatment policy to ensure that individuals with disabilities are treated fairly and have access to the same opportunities as others.

Policy Link- Microsoft Word - Equal Opportunity & Fair Treatment Policy

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Integrated Annual Report 2024-25

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

Gender	Permanent employees	Permanent employees	Permanent workers Return to work rate Retention rate 96.6% 86.5% 59.2% 69.7% 93.5% 85.5%	Permanent workers Return to work rate Retention rate 96.6% 86.5% 59.2% 69.7% 93.5% 85.5%
	Return to work rate	Retention rate	Return to work rate	Retention rate
Male	97.7%	78.9%	96.6%	86.5%
Female	83.3%	87.5%	59.2%	69.7%
Total	96.8%	79.6%	93.5%	85.5%

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.

Yes. Trident has an integrated approach on receiving and redressing grievances from employees and workers. We believe in continual improvement of our grievance redressal mechanism system and actively work towards keeping communication channels open for feedback implementation. The following details the various mechanism in brief available for all categories of workforce:

Permanent Workers KAAN- The company has a 24*7 Helpline Service known as “KAAN” where an aggrieved member can contact in case of any unresolved grievances. Weekly KAAN meetings are scheduled at all locations for different categories of workforce. Other than Permanent SAMEEP- The Company has adopted digital chat bot to stay connected with 17,500+ employees and Workers support them by creating a platform where members can lodge anonymous grievance/ Suggestions/ Opinions/ Improvement ideas etc.. Permanent Employees Trident supports factory level grievance committee, which includes unit level management, to address any specific concern related to that factory. This committee addresses a wide range of issues including those related to health and safety, wages & working conditions, labour related issues, canteen and administration and so forth. Other than Permanent ICC- The Company has formulated a Policy on Prevention of Sexual Harassment at Workplace for Employees prevention, prohibition and redressal of sexual harassment at workplace and Internal Complaints Committee has also been set up to redress any such complaints received. The Company periodically conducts sessions for employees across the organisation to build awareness about the Policy and the provisions of the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013.

Panchsabha-Panchsabha was introduced during FY 23-24 under the overarching philosophy of Sarbat Da Bhala with a commitment to ensure Fairness, Justice and Transparency to all. This grievance mechanism aims at negating the influence of hierarchy in grievance resolution and a step further in ensuring a transparent and fair process for grievance redressal. A team of 5 panch give audience to complainant and help him/ her to resolve grievances which could be of interpersonal, societal & economical, value integrity and/or disciplinary issues. Ways to approach the Panchsabhaare-Walkin, Sameep (raise ticket),Email/WhatsApp to nominated Panchsabha coordinator.

The Company has an open-door approach, wherein every employee irrespective of hierarchy has access to senior management and can also reach out independently to the Human Resource Function if they choose to. In addition, the Company has framed and implemented whistle-blower policy that enables all employees to report any suspected or actual misconduct in the organisation anonymously, further promoting a culture of transparency.

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

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FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
No. of No. of
employees Total employees
Total
/ workers in employees / workers in
Category employees / respective % (B/A) / workers in respective % (D/C)
workers in
category, who respective category, who
respective
are part of category (C) are part of
category (A)
association(s) association(s)
or Union (B) or Union (D)
Total Permanent Employees 2340 0 0 2244 0 0
- Male 1916 0 0 1868 0 0
- Female 424 0 0 376 0 0
Total Permanent Workers 11464 0 0 12334 0 0
- Male 9559 0 0 10167 0 0
- Female 1905 0 0 2167 0 0
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8. Details of training given to employees and workers:

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FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
On Health and safety On Skill On Health and safety On Skill
Category Total (A) measures up gradation Total (D) measures up gradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 2121 174 8% 976 46% 1917 1244 65% 1339 70%
Female 446 32 7% 255 57% 380 214 56% 215 57%
Total 2567 206 8% 1231 48% 2297 1458 63% 1554 67%
Workers
Male 12499 6091 49% 8118 65% 10933 8444 77% 7898 72%
Female 2621 1406 54% 2113 81% 2417 2070 86% 1906 79%
Total 15120 7497 50% 10231 68% 13350 10514 79% 9804 73%
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9. Details of performance and career development reviews of employees and worker:

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FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 2121 2121 100% 1917 1917 100%
Female 446 446 100% 380 380 100%
Total 2567 2567 100% 2297 2297 100%
Workers
Male 12499 12499 100% 10933 10933 100%
Female 2621 2621 100% 2417 2417 100%
Total 15120 15120 100% 13350 13350 100%
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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 Occupational Health and Safety Management System has been implemented in all owned manufacturing facilities covering all employees and workers (including contractor, FTE, Apprentice). The Company’s health and safety management system is based on ISO 45001, the International Standard for Occupational Health and Safety, which emphasises on enhancing EHS performance by setting objectives and targets and continually monitoring key performance indicators. Robust health and safety policy is also in place to ensure the Company’s members are

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Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

provided a safe and healthy working environment, while complying with all the necessary regulations to protect the environment, safe disposal of waste, 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. These committees are formed for effective monitoring of risk and its mitigation and implement standardised 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 safe workplace.

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

We follow consistent practices across all owned manufacturing facilities to identify work-related hazards and assess risks on a regular basis for all routine and non-routine jobs. The processes used are listed as follows:

‘Hazard Identification and Risk Assessment (HIRA)’- The company utilises Hazard Identification and Risk Assessment, a process involving systematic identification of potential hazards in the workplace place and evaluating the associated risks. It helps the Company in understanding the nature of the hazards, their potential impact on employee health and safety, and the likelihood of their occurrence. Periodically conducting HIRA assessments, helps us to proactively identify and addresses work-related hazards, implements appropriate control measures and minimises the risks towork force
Chemical Risk Assessment is used by the company for identifying health hazards during handling of chemicals
Safety Audits- Periodic Safety Audits are carried out both in house and by external agency to help identify workrelated hazards
Incidence investigation system is in place in the company which helps in finding the root cause and prevention of recurrence of incidence.
Workmen Compensation Policy- Covers all workers for any accident during course of employment (outside the coverage of ESIC)
ESIC- All workers as per statutory obligation (coverage for workers with gross wages less 21000).
All the sites have access to non-occupational medical and healthcare services either on-site or through tie-ups with reputed medical entities in close proximity. Our Budhni campus has state of the art Madhuban Hospital, run by Trident Humanity Foundation and equipped to provide a range of non-occupational healthcare services, including general medical and specialised consultations, preventive care, vaccinations, and treatment for common illnesses and injuries. In addition, personnel are being trained to respond appropriately to medical emergencies on-site.

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

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

FY 2024-25 FY 2023-24
Safety Incident/Number Category Current Previous
Financial Year Financial Year
Lost Time Injury Frequency Rate(LTIFR) (per one million-person Employees 0 0
hours worked)
Workers 0.122 0.067
Total recordable work-related in juries Employees 0 0
Workers 2 2
No. of fatalities Employees 0 0
Workers 1 0
High consequence work-related injury or ill-health (excluding fatalities) Employees 0 0
Workers 0 0
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*Including the contract workforce

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

Yes, Trident has established processes for workers and employees to report work-related hazards and remove themselves from such risks. The company also provides regular training and awareness sessions on hazard identification and reporting procedures .We have mechanisms such as near miss reporting, direct communication with supervisors and EHS department and written procedures and guidelines to support reporting of identified risks by all the stakeholders. An online system of incident reporting is in place which allows us to keep track of incidents that occur as well as the Corrective Action and Preventive Actions (‘CAPA’). Learnings from Incidents reported gets discussed in safety committee meetings, communicated to all the concerned persons and deployed horizontally, which helps us to prevent re-occurrence of similar incidents in future. Additionally, we have whistle-blower policy that allows anonymous reporting of suspected or actual hazards.

In case of any imminent danger, workers are free to leave the workplace without taking permission from any authority and report the same to concerned person.

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

The company has always been fully committed to safety and has implemented several measures to ensure a safe and healthy workplace across all its business verticals as follows-
The company has technical and management safety standard comprising of various work practices such as Permit to Work for Confined Space, Working at Height, Hot Work, LOTO, Machine Guarding, Electrical Safety, Process Safety Management etc. A dedicated team of qualified safety officers is present at all premises who are responsible for implementing, monitoring, and enhancing the workplace health and safety conditions
To oversee and ensure the maintenance of optimal safety standards across all operational facilities, Health and Safety committee has been formed with equal representation of workers and management. Periodic occupational health monitoring, Work zone monitoring, and employee medical check-up is also being ensured. Mock drills are carried out at regular intervals across all operational facilities.
We have a well-documented on-site emergency plan
d. Do the employees/ workers of the entity have access to non-occupational medical and healthcare services? (Yes/No)

Yes, employees and workers of the Company have access to non-occupational medical and healthcare services, primarily through the ESIC Schemes and / or health insurance coverage by the employer. These services include outpatient and inpatient treatment, maternity care, and other general health services at ESIC Hospital and empanelled private facilities. For employees not covered under ESIC, the organisation provides group health insurances policies that ensure access to quality medical care for non-work related health issues.

Brief Description of Policies-:

Group Mediclaim Policy-The coverage extends to all permanent employees and workers (outside the coverage of ESIC), providing financial support for medical expenses in the event of illness or injury. This ensures access to necessary medical treatments and services outside of work-related incidents.
We also prioritise the provision of appropriate personal protective equipment (PPE) to the workers and ensure that employees have access to and are trained in the proper use of safety gear such as helmets, gloves, safety shoes, goggles and ear protection. The Company also provides comprehensive training on evacuation procedures, fire safety protocols and the proper use of fire fighting equipment to ensure that personnel on site are well-prepared to respond effectively in case of an emergency. Along with Training, capacity building sessions are conducted at regular intervals at each unit, including sessions from industry experts. It is mandatory for all new employees (including contractor, interns, security) to undergo safety induction/orientation.

The Company also leverages visual safety aids and messages throughout its facilities and use signs, labels, posters and other visual aids to communicate and reinforce important safety information and reminders to employees.

Group Personal Accident Policy- Covering all employees and workers (permanent and other than permanent) for any accident occured, outside the office premises.

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Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

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

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

FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Pending Pending
Filed during resolution Filed during resolution
Remarks Remarks
the year at the end of the year at the end of
year year
Working Conditions 5 0 Received 12 0 Received
from from
Health &Safety 7 2 7 0
Quarterly Quarterly
held Safety held Safety
Committee Committee
Meeting Meeting
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14. Assessments for the year

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

100%

Health and safety 100% practices We are ISO 45001 certified and undergo periodic assessments to ensure robustness of safety management systems. Our Internal audits on Health and Safety practices are conducted on a weekly basis, and Statutory Authority inspect the plant premises basis scheduled inspections. Customer nominated external audit agency also assess the entire premises based on their code of conduct. In the reporting year we also conducted H&S internal audit through third party.

Working Conditions 100%

We are ISO 9001, 14001, 45001 certified. We also undergo SMETA, BSCI Amfori, FSLM, WRAP audits annually. These audits are in addition to the audits of customers’ code of conduct, which are carried out either by the customers themselves or by third-party agencies nominated by the customers.

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 finalised and an intra plant audit is conducted to validate the documentation process, safety conditions and other aspects through checklists.

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

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 stakeholders and the 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. In the next step, stakeholder groups are identified and prioritised followed by strategy building, communication and engagement. Through this process we have identified key stakeholders impacted, built engagement sessions to address issues, shared best practices and fostered value addition and brand building.

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Principle 5: Businesses should respect and promote human rights

ESSENTIAL INDICATORS

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

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FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
No. of No. of
Category employees employees
Total (A) % (B/A) Total (C) % (D/C)
/ workers / workers
covered (B) covered (D)
Employees
Permanent 2340 1726 74% 2244 1931 86.1%
Other than permanent 227 0 0 53 46 86.8%
Total employees 2567 1726 67% 2297 1977 86.0%
Workers
Permanent 11464 11256 98% 12334 10438 84.6%
Other than permanent 3656 432 12% 1016 954 93.9%
Total workers 15120 11688 77% 13350 11392 85.3%
2. Details of minimum wages paid to employees and workers, in the following format
FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Equal to More than Equal to More than
Category Total (D)
Total (A) minimum wage minimum wage minimum wage minimum wage
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Permanent
Male 1916 0 0 1916 100% 1868 0 0% 1868 100%
Female 424 0 0 424 100% 376 0 0% 376 100%
Other than permanent
Male 205 13 6.34% 192 93.66% 49 28 57.1% 21 42.8%
Female 22 1 4.55% 21 95.45% 4 2 50% 2 50%
Workers
Permanent
Male 9559 0 0 9559 100% 10167 0 0% 10167 100%
Female 1905 0 0 1905 100% 2167 0 0% 2167 100%
Other than Permanent
Male 2940 25 0.85% 2915 99.15% 766 643 84% 123 16%
Female 716 7 0.98% 709 99.02% 250 186 74.4% 64 25.6%
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2. Details of minimum wages paid to employees and workers, in the following format

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

Kindly refer ‘Stakeholder Engagement’ section of Integrated Annual Report.

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Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

3. Details of remuneration/salary/wages

a. Median remuneration / wages:

	Female Number Median remuneration/ salary/ wages of respective category 1 5900000 0 0 424 12,00,000 1905 300,000 the following format: FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year) 15.2% 15.06%	Female Number Median remuneration/ salary/ wages of respective category 1 5900000 0 0 424 12,00,000 1905 300,000 the following format: FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year) 15.2% 15.06%	Female Number Median remuneration/ salary/ wages of respective category 1 5900000 0 0 424 12,00,000 1905 300,000 the following format: FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year) 15.2% 15.06%
		FY 2024-25 (Current Financial Year)	FY 2023-24 (Previous Financial Year)
Gross wagespaid to females as % of total wages		15.2%	15.06%

b. Gross wages paid to females as % of total wages paid by the entity, in the following format:

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 the company strongly discourages internal and external stakeholders from violating Human Rights.

In compliance with the Prevention of Sexual Harassment (POSH) of Women at Workplace Act, the Company has also set up Internal Complaints Committees at each of its offices and manufacturing locations. These committees are responsible for receiving and addressing complaints related to sexual harassment, ensuring a supportive and respectful workplace for women.

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

The Company does have internal mechanism to redress grievances related to human rights issues. These mechanisms are guided by its comprehensive human rights policy, which is available and accessible to all stakeholders.

To ensure that grievances are addressed appropriately, Trident has Grievance committee and Internal Complaints committee to capture the complaints and investigate. Employees and stakeholders who have concerns or grievances regarding human rights violations can raise their issues through the established channels. Where required, Key management personnel are involved in both addressing and redressing such cases due to the sensitivity of the complaint. The company encourage individuals to come forward and report any violations or instances of human rights abuses without fear of retaliation.

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

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FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Filed Pending Filed Pending
during the resolution during the resolution
Remarks Remarks
year at the end of year at the end of
year year
Sexual Harassment 0 0 NA 0 0 NA
Discrimination atworkplace 0 0 NA 0 0 NA
Child Labour 0 0 NA 0 0 NA
Forced Labour/Involuntary 0 0 NA 0 0 NA
Labour
Wages 148 0 NA 0 0 NA
Other human rights related 0 0 NA 0 0 NA
issues
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7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, in the following format:

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FY 2024-25 FY 2023-24
Current Previous
Financial Year Financial Year
Total Complaints reported under Sexual Harassment on of Women at Workplace 0 0
(Prevention, Prohibition and Red ressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees / workers 0 0
Complaints on POSH upheld 0 0
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8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.

The Company has integrated robust mechanisms to prevent adverse consequences to the complainant in cases of discrimination and harassment. The Company’s policies are designed to safeguard the rights of complainants and ensure their confidentiality throughout the process and has integrated a control mechanism to address issues of harassment and misconduct. The internal Complaints Committee oversees any complaints and engages with the stakeholders to investigate and resolve the issue. The engagement is kept highly confidential looking at the sensitivity of the situation. The Company also has Whistle Blower Policy to address such cases.

Policy Link- https://assets.tridentindia.com/equal_opportunity_and_fair_treatment_policy_fcf41dd723.pdf

9. 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.

10. Assessments of the year

Link-

https://assets.tridentindia.com/vigil_mechanism_policy_986d90052a.pdf

https://assets.tridentindia.com/grievance_handling_policy_3ad730383d.pdf https://assets.tridentindia.com/prevention_of_sexual_harassment_3458625b25.pdf

Assessments of the year
	% Of your plants and offices that were assessed (By entity or statutory authorities or third parties)
Child labour	100%
Forced/involuntary labour	100%
Sexual harassment	100%
Discrimination at workplace	100%
Wages	100%
Others – CTPAT, Environment, Health and Safety etc.	100%

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

No significant risk or concern has been raised from the completed assessments during this financial year.

98 Trident Limited

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Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

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

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

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FY 2024-25 FY 2023-24
Parameter Unit Current Previous
Financial Year Financial Year
From renewable sources
Total electricity consumption (A) GJ 192,648.5 113,067.8
Total fuel consumption (B) GJ 4,563,289 3,428,517.9
Energy consumption through other sources (C) GJ 0 0
Total energy consumed from renewable sources (A+B+C) GJ 4,755,937.54 3,541,585.7
From non-renewable sources
Total electricity consumption (D) GJ 1,786,928.32 1,748,204.40
Total fuel consumption (E) GJ 4,693,832.2 4,866,816.4
Energy consumption through other sources (F) GJ 0 0
Total energy consumed from non-renewable sources (D+E+F) GJ 6,480,760.6 6,615,019.4
Total energy consumed (A+B+C+D+E+F) GJ 11,236,698.1 10,156,605.1
Energy intensity per rupee of turnover (Total energy consumed / GJ/INR 0.0001613 0.00014957
Revenue from operations)
Energy intensity per rupee of turnover adjusted for Purchasing Power 0.0033326 0.00313508
Parity (PPP) (Total energy consumed / Revenue from operations
adjusted for PPP)
Energy intensity in terms of physical output GJ/MT 26.80 32.07
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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.

Refer table below for details:

		DESIGNATED	PAT CYCLE III
S. No.	BUSINESS	CONSUMER REG. NO.	BASE LINE (TOE/ MT)	TARGET SEC (TOE/MT)	Achieved 2023- 24 (TOE/TONNE)	REMARKS
1	Trident Home Textiles	TXT 0002 PB	1.5592	1.4971	1.4927	-
2	Trident Yarn	TXT 0003 PB	0.4021	0.3876	0.4058	-
3	Trident Pulpand Paper	PNP 0030 PB	0.5523	0.5237	0.3251	-
4	Home Textile Division	TXT0137MP	1.7191	1.6010	1.2831	-

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

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FY 2024-25 FY 2023-24
Parameter Unit Current Previous
Financial Year Financial Year
Water withdrawal by source (in kilolitres)
(i) Surface water KL 11,311,958 12,959,637
(ii) Groundwater KL 6,49,780 3,49,304
(iii) Third party water (Municipal water supplies) KL 0 0
(iv) Seawater / desalinated water KL 0 0
(v) Others KL 0 0
Total volume of water withdrawal(in kilolitres i+ii+iii+iv+v) KL 11,961,738 13,308,941
Total volume of water consumption (in kilolitres) KL 13,226,622 13,724,529
Water intensity per rupee of turnover (Total water consumption / KL/Rupee of 0.000189877 0.0002021
Revenue from operations) turnover
Water intensity per rupee of turnover adjusted for Purchasing 0.003922859 0.004236
Power Parity (PPP) (Total water consumption / Revenue from
operations adjusted for PPP)
Water intensity in terms of physical output KL/MT 31.55 43.33
- -
Water intensity (optional) – the relevant metric may be selected by
the entity (Water Consumed / MT Production)
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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.

No.

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

Yes, The Company has manufacturing facilities identified as designated consumers and they have been assigned Reduction Targets (refer Target SEC) under Performance, Achieve and Trade Scheme of the Government of India.

In accordance with the PAT cycle-

a) We have conducted third party Mandatory Energy Audits for establishing baseline and identifying improvement opportunities.
b) We have conducted monitoring & verification audits to verify our progress and performance on reduction Targets.

4. Provide the following details related to water discharged:

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FY 2024-25 FY 2023-24
Parameter Current Previous
Financial Year Financial Year
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(ii) To Groundwater
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(iii) To Seawater
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
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100 Trident Limited

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Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

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FY 2024-25 FY 2023-24
Parameter Current Previous
Financial Year Financial Year
(iv) Sent to third parties
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
(v) Others
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
Total water discharged (in kilolitres)
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5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.

Yes, Trident has maintained zero liquid discharge facility from the beginning of operations and employ best in class technology for water recovery from waste streams. The zero liquid discharge mechanism covers 100% of towel and sheeting processing at Budhni location. The recovery of water is through a biological plant for bio degradation of wastewater, membrane technology, reverse osmosis and multi effect evaporator systems. This system enables recovery of wastewater to be reused in operations. We also treat water through effluent treatment plant at Punjab location and use the same for landscaping purposes.

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

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FY 2024-25 FY 2023-24
Please specify
Parameter Current Previous
unit
Financial Year Financial Year
NOx Tons/annum 823.23 551.73
SOx Tons/annum 911.91 735.45
Particulate matter (PM) Tons/annum 617.20 567.68
Persistent organic pollutants (POP) Tons/annum 0 0
Volatile organic compounds (VOC) Tons/annum 0 0
Hazardous air pollutants (HAP) Tons/annum 0 0
Others – Ozone Depleting Substances (HCFC – 22 or R-22) tons/annum 0 0
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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. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) &its intensity, in the following format:

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FY 2024-25 FY 2023-24
Parameter Unit Current Previous
Financial Year Financial Year
Total Scope 1 emissions (Break-up of the GHG intoCO2, CH4, N2O, HFCs, Metric 658,509 671,774
PFCs,SF6, NF3, if available) tonnes of CO2 (Biogenic- 12311 (Biogenic- 9807
Equivalent Non Biogenic- Non Biogenic-
646198) 661967)
Total Scope 2 emissions (Break-up of the GHG intoCO2, CH4, N2O, HFCs, Metric Without IREC- Without IREC-
PFCs,SF6, NF3, if available) tonnes of CO2 360850 347,698
Equivalent With IREC- With IREC-
124418 268609
Total Scope 1 and Scope 2emissions per rupee of turnover (Total MTCO2e/ Without IREC- Without IREC-
Scope 1 and Scope 2 GHG emissions / Revenue from operations) per rupee of 0.0000146 0.0000150
turnover With IREC- With IREC-
0.0000112 0.0000138
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FY 2024-25 FY 2023-24
Parameter Unit Current Previous
Financial Year Financial Year
Total Scope 1 and Scope 2 emission intensity per rupee of turnover MTCO2e/ Without IREC- Without IREC-
adjusted for Purchasing Power Parity (PPP) (Total Scope 1 and Scope revenue from 0.0003023 0.0003146
2 GHG emissions / Revenue from operations adjusted for PPP) operations With IREC- With IREC-
adjusted for 0.0002322 0.0002902
PPP
Total Scope 1 and Scope 2 emission intensity in terms of physical MTCO2e/MT of Without IREC- Without IREC-
output Production 2.4310 3.2192
With IREC- With IREC-
1.8673 2.9694
Total Scope 1 and Scope 2emission intensity (optional) – the relevant Tons/annum - -
metric may beselected by the entity
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*The emission figures for FY 23-24 have been revised as per ESG Report Limited Assurance findings for FY 23-24.

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.

No

Link- https://www.imf.org/external/datamapper/PPPEX@WEO/OEMDC/IND

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

Yes, Trident Limited has SBTi Targets validated in the reporting year, and as part of its reduction ambitions, have undertaken some key projects to reduce greenhouse gas emissions.

Energy Efficiency

Our manufacturing units across Punjab and Budhni are focusing on Energy Efficiency through Process Improvements and investing in new technologies. In the reporting year through sustainability program Clean by Design, we have invested INR 13.747 Million and implemented measures like Installation of motion sensors on lightening fixtures, replacement of ceiling fan with energy efficient BLDC fan, pump efficiency improvement with energy efficient impellers, utilisation of flash steam, Replacement of clutch motor with servo motors, Transformer power factor improvement, heat loss reduction by insulation, installation of energy efficient LED lamps, Installation of VFD’s, air pressure optimisation with pressure regulators and so forth. This has led to 1527954.18 KWh of energy saving, 5,817 KL of Water Saving, 8,543 MT reduction in Steam consumption, 2731. 26 MTCO2e reduction in GHG Emissions. Additionally, for upgradation of ZLD at Budhni, we have invested 171 million INR.

Renewable Energy

Trident has invested in Renewable Energy Projects such as installation of Rooftop solar, Biomass for energy generation for generating energy from renewable sources. With an investment of 715.76 Million INR, we have installed an additional 23.56 MWp rooftop solar in FY 24-25 taking our capacity to 51.98 MWp, generating 53,769,045 KWh, and avoiding 39,090 MTCO2e of emissions. We are also continuously evaluating mechanism for plugging our waste streams and using waste as input in our internal operations. Under the initiative in the reporting year, we have commissioned Paddle Steam Sludge Dryer at Budhni and Solar Sludge Dryer at Punjab with a combined investment of 27.6 million INR, which will help us use Bio sludge as fuel at Captive Power Plant. We have also increased Biofuel percentage in fuel mix to 49.29%

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

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FY 2024-25 FY 2023-24
Parameter Current Previous
Financial Year Financial Year
Total Waste generated (in metric tonnes)
Plastic waste (A) 1034.97 606.40
E-waste (B) 22.70 14.15
Bio-medical waste (C) 0.09 0.06
Construction and demolition waste (D) 3548.69 0
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Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

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FY 2024-25 FY 2023-24
Parameter Current Previous
Financial Year Financial Year
Battery waste (E) 18.84 10.19
Radioactive waste (F) 0 0
Other Hazardous waste. (ETP Sludge, Oil-soaked cotton, Used Oil) (G) 5641.28 4816.35
Other Non-hazardous waste generated (H). Please specify, if any. 274458.54 (Process 246166.25(Process
Waste- 133391.15, waste-98882.92
Other Waste Other
141067.40) waste-147283.33)
Total (A+B+C+D+E+F+G+H) 284725.12 251613.40
Waste intensity per rupee of turnover (Total waste generated / Revenue 0.0000040 0.0000037
from operations)
Waste intensity per rupee of turnover adjusted for Purchasing Power 0.00008445 0.00007767
Parity (PPP) (Total waste generated / Revenue from operations adjusted
for PPP)
Waste intensity in terms of physical output 0.68 0.79
For each category of waste generated, total waste recovered through
recycling, re-using or other recovery operations (in metric tonnes)
(i) Recycled 92048.07 68192.09
(Plastic-1034.97 (Plastic-606.4
E Waste-22.70 E Waste-14.15
Battery Waste-18.84 Battery Waste-10.19
Other Other Hazardous-
Hazardous-3132.38 2107.07
Other Non- Other Non-
Hazardous-87839.18) Hazardous-
65454.28)
(ii) Re-used Process waste- Process waste-
7841.01 5622.23
(iii) Other recovery operations (Waste to energy) Process waste- Process waste-
31584.04 4303.65
Total 131473.12 78117.97
For each category of waste generated, total waste disposed by nature of
disposal method (in metric tonnes)
Category of waste
(i) Incineration Other Hazardous Other Hazardous
Waste-34.45 Waste- 31.22
(ii) Land filling Other Hazardous Other Hazardous-
Waste- 2474.54 2678.06
Other Non- Other Non-
Hazardous Waste- Hazardous-
149891.52 170786.09
(iii) Other disposal operations 851.70 -
Total 153252.21 173495.37
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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.

10. 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.

The Company has established dedicated processes and facilities for handling hazardous waste, battery waste, e-waste, and scrap ensuring compliance with all legal requirements associated with different types of waste. Having adopted 5Rs framework to address waste generation, viz. Reduce, Reuse, Recycle, Re-engineer, Redesign, our primary focus is on waste reduction and reuse,and we responsibly dispose of whatever remains.
Waste identification, segregation and storage- We have identified the different types and categories of waste and the operations, processes, and activities where they are generated. Areas are earmarked within each department/ process where the waste generated daily is segregated and stored. Vendors for recycling different types of waste are identified and based on their compliance with legal requirements and the company’s SOP, authorisation is granted. The transportation of waste follows specific procedures and adherence to the requirements for suitable vehicles and transport methods
Waste reduction, recycle and reuse- While we follow the standard SOP for waste disposal, we give precedence to identifying areas within our operations where waste can be reduced. This involves kaizens around optimising processes, finding alternatives to wasteful methods and practices, e.g. we have implemented optimisation systems to reduce steam and power consumption .We also actively explore opportunities to reuse materials within our operations, e.g. Comber Noil and rich flat cotton waste from spinning units are reused in open end spinning with in our operations. Furthermore, to reduce dependency on traditional fuels, we are exploring various forms of waste to energy viz. micro dust from spinning is used in boiler, wastewater from washing straw which is rich in organic content is used to generate Biogas.
Responsible Disposal-Disposal of Hazardous waste, Biomedical waste, e-waste, and battery waste is done following all necessary compliances and guidelines. Hazardous waste and biomedical waste are handed over to TSDFs (Treatment, Storage, and Disposal Facilities) authorised by the State Pollution Control Board, and e-waste and battery waste are given to vendors authorised by the State Pollution Control Board.
Chemical Management- The company has a well-documented chemical management policy accessible to all stakeholders and supporting procedures on identification, procurement, storage and handling, transportation and traceability of chemicals which includes the following procedures:
a. Chemical Evaluation against requirements of RSL/MRSL prescribed in ZDHC and Oeko Tex STeP and furnishing documents viz. TDS, SDS, Certificate of Analysis, GOTS, REACH
b. The Chemical management system holds chemical manager responsible for performing chemical risk assessment when incorporating any new chemical
c. Wastewater standard- Ensuring effluent quality meet applicable standards for key parameters such as pH, suspended solids, BOD, COD, TDS, Heavy metals and toxic substances.

Daily testing of the ETP in-let water, ETP out-let water is conducted by in-house laboratory. A government-approved third-party agency performs monthly testing, and globally recognised laboratories like Hohenstein conduct annual tests based on the ZDHC wastewater guidelines.

11. 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:

The above-mentioned requirement is not applicable to the Company as the Company does not have any of its operations/ offices in/ around ecologically sensitive areas.

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

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Business Responsibility & Sustainability Reporting (Contd.)

12. Details of environmental impact assessments of projects undertaken by the entity basedon applicable laws, in the current financial year:

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
-	-	-	-	-	-

13. 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 noncompliances, in the following format:

Yes, Trident complies with all the applicable environmental laws and regulations/guidelines implemented by the government.

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

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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

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PRINCIPLE 8: Businesses should promote inclusive growth and equitable development
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ESSENTIAL INDICATORS

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

Name and brief details of project Healthcare- Madhuban Hospital	SIA Notificatio No.	n Date of notification	Whether conducted by independent external agency (Yes /No)	Results communicated in public domain (Yes / No) Yes	Relevant Web link
	-	-	Yes		https://assets.tridentindia.com/ Impact_Assessment_Report_CB_ Trident_IA_Updated_07_05_2024_ b8f310ba16.pdf
					_

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)
	- -	-	-	-	-	-
		-	-	-	-	-

ESSENTIAL INDICATORS

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

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	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 Organisations (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
2		National
3		National
4		National
5		National
6		National
7		National
8		National
9		National
10		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.

Not Applicable

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

The Company has established mechanism to receive and address grievances of the community through on-ground CSR team, external affairs team and overseen by the CSR committee & CSR board. The ground team engages with the community gram panchayats to conduct focused group discussions, surveys to understand the requirements, concerns and take necessary action through the multiple CSR interventions.

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

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FY 2024-25 FY 2023-24
Current Previous
Financial Year Financial Year
Directly sourced from MSMEs/ small producers 28.7% 43.4%
Directly from within India 95% 96.7%
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5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost

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FY 2024-25 FY 2023-24
Location Current Previous
Financial Year Financial Year
Rural 7.9% 87.14%
Semi-urban 78.8% 12.71%
Urban 13.2% 0.15%
Metropolitan - -
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(Place to be categorised as per RBI Classification System - rural / semi-urban / urban / metropolitan)

Not Applicable
Name of authority	Brief of the case	Corrective action taken
-	NA	-
-	NA	-

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Statutory Reports

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Business Responsibility & Sustainability Reporting (Contd.)

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

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.

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.

Since there were no complaints, the question is not applicable

7. Provide the following information relating to data breaches:

a. Number of instances of data breaches - NIL
b. Percentage of data breaches involving personally identifiable information of customers - NIL
c. Impact, if any, of the data breaches-NA

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 socialparameters relevant to theproduct	100%
Safe and responsible usage	100%
Recyclingand/or safe disposal	0

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

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FY 2024-25 (Current Financial Year) FY 2023-24 (Previous Financial Year)
Received Pending Received Pending
during resolution at Remarks during resolution at Remarks
the year end of year the year end of year
Data privacy 0 0 Nil 0 0 Nil
Advertising 0 0 Nil 0 0 Nil
Cyber-security 0 0 Nil 0 0 Nil
Delivery of essential services 0 0 Nil 0 0 Nil
Restrictive 0 0 Nil 0 0 Nil
Trade Practices 0 0 Nil 0 0 Nil
Unfair Trade Practices 0 0 Nil 0 0 Nil
Other 0 0 Nil 0 0 Nil
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4. Details of instances of product recalls on account of safety issues:

	Number	Reasons for recall
Voluntaryrecalls	0	NA
Forced recalls	0	NA

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 considers Data Privacy a critical aspect and has developed Information Safety Management System based on ISO 27001. We also have a comprehensive policy in place to address data privacy and security Link- https:// assets.tridentindia.com/ISMS_policy_bf829ab817.pdf

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Statutory Reports

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Directors’ Report

Dear Members,

Your Directors are pleased to present the 35[th] Annual Report (1[st] Integrated Annual Report) on the affairs of the Company along with Audited Financial Statements of the Company for the Financial Year ended on March 31, 2025

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.

Financial performance and review

The audited financial statements (standalone and consolidated) prepared by the Company, in accordance with the Indian Accounting Standards (Ind AS), are provided in the Annual Report of the Company. The highlights of financial performance (standalone and consolidated) of the Company for the Financial Year ended March 31, 2025 is as under:

(Rs. Million)

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Standalone Consolidated
Particulars
Current Year Previous Year Current Year Previous Year
- Revenue from operations 69,658.9 67,304.2 69,870.8 68,088.3
- Other income 594.1 599.0 601.5 577.6
Total Income 70,253.0 67,903.2 70,472.3 68,665.9
Total Expenses 65,556.5 63,101.0 65,726.8 63,898.9
EBITDA 9,610.7 9,949.0 9,709.3 9,980.5
Depreciation 3,620.0 3,602.0 3,662.0 3,649.8
EBIT 5,990.7 6,347.0 6,047.3 6,330.7
Interest (Finance Cost) 1,294.2 1,544.8 1,301.8 1,563.7
Profit before exceptional item and tax 4,696.5 4,802.2 4,745.5 4,767.0
Exceptional Items - (360.5) - (1.5)
Profit before tax 4,696.5 5,162.7 4,745.5 4,768.5
Profit after tax 3,668.3 3,895.8 3,707.3 3,499.9
Other Equity 41,006.8 37,995.0 41,113.9 38,058.1
EPS (face value of C 1/- each) (in C ) 0.73 0.78 0.73 0.69
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A detailed discussion on financial and operational performance of the Company is given under “Management Discussion and Analysis Report” forming part of the Annual Report.

Transfer to Reserves

During the year under review, the Company transferred an amount of Rs. 5.8 Million to the ‘General Reserve’ on account 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’.

Dividend

Your Company has a dividend distribution policy that balances the dual objectives of rewarding shareholders through dividends whilst also ensuring the availability of sufficient funds for growth of the Company. The web link of the Dividend Distribution Policy is https://assets. tridentindia.com/DDP_Dividend_Policy.pdf

Changes in Share Capital

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

In line with the dividend distribution policy, considering the sense of shareholders’ expectations and past dividend history, the Company has declared and paid an interim dividend Rs. 0.36 per share (i.e. 36%) on face value of Rs. 1/each, during the Financial Year under review. The dividend pay-out for FY 2024-25 was Rs. 1,834.5 Million.

Expansions/ Modernisation

The Company has successfully expanded its solar power capacity by aggregating 23.5 MWp during the year under review, which is a step to significantly reducing the carbon footprint for the Company. The overall installed captive solar power capacity after abovementioned enhancement reached to 51.9 MWp.

The Board of Directors did not recommend any final dividend for the financial year ended March 31, 2025.

This capacity enhancement showcases Company’s commitment towards reducing its carbon emissions and ensuring sustainability.

Credit Rating

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

Consolidated Financial Statements

The consolidated financial statements of the Company and all its subsidiaries form a part of this Annual Report and have been prepared in accordance with Section 129(3) of the Companies Act, 2013. The statement containing highlights of performance of each Subsidiary, salient features of the financial statements for the financial year ended on March 31, 2025 (Form AOC – I) is annexed to the Financial Statements.

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

The annual accounts of the Company and of the Subsidiary Companies are open for inspection by any shareholder at the Registered Office of the Company. The Company will also make available copies of these documents to shareholders upon receipt of request from them.

Subsidiary and Associate Companies

As on March 31, 2025, the Company has following Subsidiaries:

Subsidiaries

a) Trident Home Textiles Limited, Indian, whollyowned Subsidiary
b) Trident Group Enterprises Pte. Ltd., Singapore, wholly owned Subsidiary

Step down Subsidiaries

a) Trident Global Inc., USA, wholly-owned step down Subsidiary
b) Trident Europe Limited, UK, wholly-owned step down Subsidiary
c) THTL Trading LLC, UAE, wholly-owned step down Subsidiary

None of the Subsidiary or Step-down Subsidiary fall under the criteria of Material Subsidiary as defined under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”).

Change in Subsidiaries/Step-down Subsidiaries

During the year under review, Trident Group Enterprises Pte. Ltd. (TGEPL) was incorporated in Singapore by the Company on September 13, 2024, with the objective to diversify and expand the current business operations in global market, explore the future business opportunities and carry out treasury, investment & financing activities. Further, TGEPL has acquired entire 100% shareholding of THTL Trading LLC., a Limited Liability Company incorporated in the emirate of Dubai, United Arab Emirates (‘UAE’), on January 14, 2025, with the objective to diversify and expand the current business operations in global market, explore the future business opportunities and/or to employ talent to manage business activities of the Company.

Further, Trident Group Enterprises Pte. Ltd. has acquired the entire shareholding held in Trident Global Inc. (‘TGI’) and Trident Europe Limited (‘TEL’) from the Company and other shareholders on January 23, 2025. Resultantly, TGI and TEL became wholly-owned Subsidiaries of Trident Group Enterprises Pte. Ltd and step-down subsidiaries of Trident Limited. This restructuring in shareholding of TGI and TEL shall help in simplification of the Company’s subsidiary structure, optimisation of cost of governance & compliance.

Trident Global B.V., the step-down subsidiary of the Company incorporated in Netherlands, has been voluntarily dissolved and accordingly ceased as step-down subsidiary of the Company on September 17, 2024.

There is no associate company within the meaning of Section 2(6) of the Companies Act, 2013 (hereinafter referred to as ‘the Act’). There have been no material changes in the nature of the business of the subsidiaries during the year under review.

Board of Directors and Key Managerial Personnel

Directors Retiring by Rotation

Pursuant to provisions of Companies Act, 2013 (‘the Act’) and the Articles of Association of the Company, Mr. Deepak Nanda (DIN: 00403335) is liable to retire by rotation and being eligible, offers 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.

Changes during the year

During the year under review, Mr. Rajiv Dewan has completed his second term as Non-Executive/Independent Director

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Statutory Reports

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Directors’ Report (Contd.)

25(8) of SEBI LODR Regulations that they are independent from the Management of the Company and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. Further, all the Independent Directors have given declarations that they complied with the provisions

of the Company on September 29, 2024. Considering his immense business knowledge, leadership, strategic thinking and sound Judgement approach, the Board believed that the continuation of Mr. Rajiv Dewan on the Board of the Company shall strengthen the overall Board’s skills and governance, and shall provide continuous benefit to the Company. Therefore, basis the recommendations of Nomination and Remuneration Committee and the Board, the shareholders vide their resolution passed by Postal Ballot dated December 12, 2024, has appointed Mr. Rajiv Dewan as Non-Executive/Non-Independent of the Company w.e.f. September 30, 2024, liable to retire by rotation.

of Companies (Appointment and Qualifications of Directors) Rules, 2014 and has also affirmed that they comply with the Code for Independent Directors prescribed in Schedule IV to the Act and the Code of Business Conduct and Ethics of the Company.

Further, the shareholders vide their resolution passed in 34[th] Annual General Meeting of the Company dated August 06, 2024, have re-appointed Mr. Raj Kamal and Prof. Rajeev Ahuja as Independent Directors, for a second term of one year, with effect from August 09, 2024 and approved the reappointment of Mr. Deepak Nanda (DIN: 00403335) retired by rotation.

During the year under review, a separate Meeting of Independent Directors was held on March 01, 2025.

Details of Key Managerial Personnel (KMP)

Pursuant to section 203 of the Companies Act, 2013, Mr. Deepak Nanda, Manging Director, Mr. Samir Prabodhchandra Joshipura, Chief Executive Officer, Mr. Avneesh Barua, Chief Financial Officer and Mr. Sushil Sharma, Company Secretary, are the designated KMP of the Company as on March 31, 2025.

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

Changes in KMP during the year:

Sr No.	Name of the KMP	Designation	Changes	Effective date
1.	Mr. Matta Aravind Kumar	Company Secretary and Compliance Officer (KMP)	Resignation	July 31, 2024
2.	Mr. Sushil Sharma	Company Secretary and Compliance Officer (KMP)	Appointment	August 08, 2024
3.	Mr. Manish Bhatia	Chief Financial Officer and KMP	Resignation	October 26, 2024
4.	Mr. Avneesh Barua	Chief Financial Officer and KMP	Appointment	November 06, 2024

Number of Board Meetings

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, the Independent Directors in their separate meeting held on March 01, 2025 have reviewed the performance of Non-Independent Directors, Chairperson and the Board as a whole including review of quality, quantity and timeliness of flow of information between

During the year under review, the Board met 7 times. The maximum gap between any two consecutive Board meetings did not exceed 120 days. The details of the Board meetings are set out in the ‘Corporate Governance Report’ which forms part of this Report.

Committees of the Board

Board and Management.

The Company has duly constituted Board level Committees as mandated by the applicable laws and as per the business requirements. Details of the committees, along with their composition, charters and meetings held during the year, are provided in the ‘Corporate Governance Report’, forms a part of this Report. During the FY 2024-25, the Board has accepted all the recommendations of its committees.

Further the Board, during the year under review, has also evaluated the performance of the Board, its Committees and all Individual Directors including Chairman of the Company. The evaluation was carried out on the basis of a structured questionnaire circulated in advance to all the Directors. The Board expressed its satisfaction on the same and is of the opinion that all the independent directors of the company are persons of high repute & possess the relevant expertise & experience in their respective fields.

Evaluation of performance of the Board

The Company has duly approved Nomination and Remuneration Policy prescribing inter-alia the criteria for

Board Diversity

The Company recognises and embraces the benefits of having a diverse Board of Directors to enhance the quality of its performance. The Company considers increasing diversity at Board level as an essential element in maintaining a competitive advantage in the complex business that it operates. The identified key skills / expertise / competencies of the Board and mapping with individual Director are provided in the ‘Corporate Governance Report’, which forms a part of this Report.

Board Training, Induction and familiarisation of Directors

At the time of appointing a Director, a formal letter of appointment is given, which inter-alia includes the role, function, duties and responsibilities expected from

him/her as a Director of the Company and necessary documents, reports and internal policies to enable him/ her to familiarise with the Company and it’s procedures and practices. Periodic presentations are made at the Board, Committees, Strategy meetings, on business and performance updates of the Company, global business environment, business strategy and risks involved etc.

Updates on relevant statutory changes on important laws are periodically presented or circulated to the Board. The Directors are also explained in detail the compliances required from them under the Act, the SEBI Regulations

and other relevant Laws and Regulations.

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

Conservation of Energy, Technology

Absorption, Foreign Exchange Earnings and Outgo

The disclosures to be made under Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are as under:

A. Conservation of energy

i. Steps taken or impact on conservation of energy: Trident is committed to sustainable business practices by contributing to environment protection and considers energy conservation as one of the strong pillars of preserving natural resources.
Your Company has taken various initiatives as listed below, for energy conservation:
Installation of Rooftop Solar Power Plant.
Programmes for improving energy efficiency and energy productivity across all operations.
Installation of energy efficient equipment in yarn comber waste collection process.
Optimisation of equipment energy efficiency by analysing the energy data.
Replacement of old conventional fan with BLDC Fan.
Installation of Motion sensor.
ii. Steps taken by the Company for utilising alternate sources of energy: During the year under review, the Company has successfully expanded its solar power capacity aggregated by 23.5 MWp i.e. 1.1 MWp on April 10, 2024, 5.5 MWp on May 03, 2024, 5.9 MWp on May 20, 2024 and 11.02 MWp on March 29, 2025.
This capacity enhancement showcases Company’s commitment towards reducing its carbon emissions and ensuring sustainability.
iii. Capital investment on energy conservation equipment: Rs. 285.37 Million.

B. Technology absorption

i. Efforts made towards technology absorption:
During the year under review, your Company continued to work on upgradation of its renewable energy to reduce its carbon footprint. In this regard, the equipment imported for the installation of solar panels were duly commissioned by the Company and accordingly, the technology has been duly absorbed in previous year.
ii. Details of technology imported:
a) During the Year under review, the expansion of Sheeting Cut, Stitch, Pack (‘CSP’) & Process House, Capacity enhancement of looms were imported by the Company.
- Details of Technology imported during the last three financial years are mentioned in the respective Annual Reports.
b) Year of Import: 2024-25
c) Whether the technology has been fully absorbed: Yes
d) If not fully absorbed, areas where the absorption has not taken place and reasons thereof: Not Applicable

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Statutory Reports

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Directors’ Report (Contd.)

iii. Expenditure incurred on Research and Development: Nil

C. Foreign exchange earnings and outgo

During the year under review, the Foreign Exchange earnings of the company were Rs. 37,865.0 Million (Previous Year Rs. 40,608.0 Million) and Foreign Exchange outgo was Rs. 3,768.7 Million (Previous Year Rs. 3,722.7 Million).

Disclosure on ESOP

The Board of Directors and the Shareholders of the Company have approved the ‘Trident Limited Employee Stock Option Scheme – 2020’ (‘ESOS Scheme’) at their Meetings held on May 16, 2020, and July 9, 2020, respectively. This scheme has been effective from July 9, 2020. Pursuant to the Schemes, the Company had 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 details of ESOS vested, exercised or lapsed during the year are duly provided in Note 42 to Standalone Financial Statement of the Company and the same is not repeated here for the sake of brevity.

Further, the Board of Directors and the Shareholders of the Company have also approved the ‘Trident Limited General Employee Benefit Scheme – 2023’ (‘GEBS Scheme’) at their Meetings held on May 24, 2023 and August 12, 2023 respectively.

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: https://www.tridentindia.com/other-statutorydisclosures. The said Scheme is available on the website of the Company https://assets.tridentindia.com/SEBI_SBEB_ SE_E_fe40a293ce_55e261095b.pdf

Pursuant to Regulation 13 of Employee Benefits Regulations, a certificate from Secretarial Auditors of the Company, with respect to the implementation of the schemes, will be made available during the ensuing Annual General Meeting (“AGM”).

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. During the year under review, the Policy was amended on November 06, 2024 and January

24, 2025 to align the policy with the statutory amendments and the updated policy is duly available on the website of the Company at following link: https://assets.tridentindia. com/NRC_Policy.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 I’ hereto and forms part of this report. The details of the remuneration paid to the directors during the year are provided in the ‘Corporate Governance Report’ which forms a part of this Report.

Particulars of Employees

The information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in ‘Annexure II’

Information required under Section 197(12) of the Act read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate exhibit forming part of this report and is available on the website of the Company at https:// www.tridentindia.com/other-statutory-disclosures. If any Shareholder is interested in obtaining information as described under first proviso to the Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, he/she may, before the date of forthcoming Annual General Meeting, write to the Company Secretary in this regard.

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 Director, Employee who observes any unethical behaviour, 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: [email protected]. 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_policy.pdf

During the year under review, there were no instances of fraud reported to the Audit Committee/Board.

Corporate Social Responsibility (CSR)

CSR Committee comprises of Mr. Rajiv Dewan (Chairman of the Committee), Dr. Anthony DeSa and Mr. Deepak Nanda as Members. 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.

Business Responsibility and Sustainability Report

The CSR Committee overseas the Business Responsibility and Sustainability Reporting of the Company. The Business Responsibility and Sustainability Report describing the initiatives taken from an environmental, social and governance perspective, in the prescribed format is included in this Annual Report of the Company.

Risk Management

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 and Integrated Annual Report.

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.

Your Company’s Financial Statements are prepared on the basis of the Significant Accounting Policies and approved by the Audit Committee and the Board. These Accounting

policies are reviewed and updated from time to time.

These systems and controls are subjected to Internal Audit and their findings and recommendations are reviewed by the Audit Committee which ensures the implementation.

During the year under review, Deloitte Touche Tohmatsu India LLP and M/s. Mahajan & Aibara were engaged as Internal Auditors of the Company. They carried out the internal audit of the Company’s operations and reported its findings to the Audit Committee. Internal auditors also evaluated the functioning and quality of internal controls and provided assurance of its adequacy and effectiveness through periodic reporting. Internal audit was carried out as per risk-based internal audit plan, which was reviewed by the Audit Committee of the Company. The Audit Committee periodically reviewed the findings and suggestions for improvement and was apprised of the implementation status in respect of the actionable items. For more details, please refer ‘Internal Control’ section of the Management Discussion and Analysis Report, a part of this Report.

No Default to Banks / Financial Institutions

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 the 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 and the Act for the FY 2024-25 are given in Corporate Governance Report, which forms part of the Annual Report. The certificate of Practising Company Secretary on compliance with Corporate Governance norms is also annexed with the ‘Corporate Governance Report’.

Auditors & Auditors’ Report

Statutory Audit

M/s S.R. Batliboi & Co. LLP, Chartered Accountants, Statutory Auditors of the Company have submitted Auditors’ Report on the financial statements of the Company for the financial year ended on March 31, 2025. There has been no qualification, reservation, adverse remark or disclaimer given by the Statutory Auditors in their Report. The information referred to in the Auditors’ Report is selfexplanatory and do not call for any further comments.

Cost Audit

The Company is maintaining the Cost Records, as specified by the Central Government under section 148(1) of the Act. The Board of Directors of your Company, on the recommendations of the Audit Committee, have reappointed M/s Ramanath Iyer & Co., Cost Accountants, as Cost Auditors for the FY 2025-26 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, 2025 is under finalisation

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Statutory Reports

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Directors’ Report (Contd.)

and shall be filed with the Central Government within the prescribed time limit.

Secretarial Audit

M/s Mehta & Mehta, Practising Company Secretaries, have submitted Secretarial Audit Report for the financial year ended on March 31, 2025 and same is annexed as ‘Annexure IV’ and forms part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Secretarial Auditors in their Report. Information referred to in the Secretarial Auditors’ Report is self-explanatory and do not call for any further comments.

Annual Secretarial Compliance Report

A Secretarial Compliance Report, pursuant to regulation 24A of the SEBI LODR Regulations, for the FY 2024-25 on compliance with all applicable SEBI Regulations and circulars/ guidelines issued thereunder, shall be obtained from M/s. Mehta & Mehta, Practising Company Secretaries, and shall be placed on the website of the Company and be submitted to Stock Exchanges.

Further, the Indian Subsidiaries neither fall under the criteria of secretarial audit as prescribed under Section 204 of the Act nor fall within the ambit of Annual Secretarial Compliance Report under regulation 24A of the SEBI LODR Regulations.

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: https://www. tridentindia.com/annual-reports

Particulars of loans, guarantees or investments

The Particulars of loans, guarantees or investments have been disclosed in the financial statements and the Company has duly complied with Section 186 of the Act, in relation to Loans, Guarantee and Investments, during the FY 2024-25.

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 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 and

Dealing with Related Party Transactions and hence, the disclosures in Form No. AOC-2 is not applicable. The related party disclosures are provided in the notes to financial statements.

All related party transactions are placed before the Audit Committee for its review and approval. Prior omnibus approval of the Audit Committee are being obtained on an annual basis for the transactions which are planned/ repetitive in nature, and omnibus approvals are taken as per the policy laid down for unforeseen transactions. Related party transactions entered into pursuant to the omnibus approval so granted are placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions etc. of the transactions. The Policy on Materiality of and Dealing with Related Party Transactions as approved by the Board is available on the website of the Company at the following link: https://assets. tridentindia.com/rpt_policy.pdf

Secretarial Standards

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

Incremental Borrowings under Large Corporate Framework of SEBI

Pursuant to Regulation 50B of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations) read with Chapter XII of the NCS Master Circular dated May 22, 2024 relating to ‘Fund raising by issuance of debt securities by large corporates’, the Company was not required to raise funds by way of issuance of debt securities during the FY 2024-25.

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, 2025 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) 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.
b) 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.
Further, the Company has also complied with all the

provisions relating to the Maternity Benefits Acts, 1961.

c) All Policies as required under the Act or the SEBI LODR Regulations are available on the website of the Company i.e. https://www.tridentindia.com/. Links of the Policies are provided in the ‘Corporate Governance Report’, which forms part of this report.
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.
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 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.

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

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Statutory Reports

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Directors’ Report (Contd.)

are given in ‘Management Discussion and Analysis Report’ forms a part of this Report.

Central Government, Government of Punjab, Government of Madhya Pradesh, Financial Institution(s), Bank(s), Customers, Dealers, Vendors and Society at large.

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

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.

Acknowledgements

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

For and on behalf of the Board

Rajiv Dewan

Deepak Nanda Managing Director DIN: 00403335

Date: May 21, 2025 Place: New Delhi

Director DIN: 00007988

Annexure I

Salient features of the Nomination and Remuneration Policy

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

Objectives

Identify persons who are qualified to become Directors and who may be appointed in Key Managerial Personnel (KMP) or Senior Management in accordance with the criteria laid down, and recommend to the Board their appointment and removal
Formulate the criteria for determining qualifications, positive attributes and independence of a director
Devising a policy on diversity of Board of Directors
Specify the manner and criteria for effective evaluation of the performance of the Board, its Committees and individual Directors. Basis the performance evaluation results of independent Directors, decide whether to extend or continue their term of appointment or not
Recommend to the Board of Directors a policy relating to the remuneration of the Directors, KMP and other employees
Recommend to the Board, all remuneration, in whatever form, payable to senior management

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

The following are the guiding factors:

KMPs, Senior Management Personnel and other employees of the quality required to run the Company successfully

Relationship of remuneration to performance is clear and meets appropriate performance benchmark
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

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

The following are the guiding factors:

The amount of sitting fees shall be subject to ceiling/ limits as provided under Companies Act, 2013 and rules made thereunder or any other enactment for the time being in force and as decided by the Board from time to time
The Non-Executive/ Independent Director(s) may also receive remuneration / compensation / commission etc as per criteria/limit thereof prescribed under Act read with the Rules made thereunder and SEBI LODR Regulations
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. However, Independent Directors shall not be entitled to any stock option
In case, where a Company has no profits or inadequate profits, the Non-Executive Directors and Independent Directors in addition to executive directors shall be eligible for minimum remuneration as per limits prescribed in Schedule V of the Companies Act, 2013, subject to the approval of the Shareholders.
The scope of duties, the role and nature of responsibilities
The level of skill, knowledge, experience, local factors and expectations of individual
The Company’s performance, long term strategy and availability of resources

Evaluation

The evaluation will be done on the basis of structured questionnaire to be circulated in advance to all the Directors. Based on evaluation criteria, the Board shall annually review the performance of each and every Director.

The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors,

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Statutory Reports

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Annexure II

Disclosure 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 FY 202425 and the percentage increase in remuneration of each Director, Chief Financial Officer & Company Secretary during the FY 2024-25 are as under:

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

Ratio of
% increase /
Remuneration remuneration
(Decrease) in
of Director/ of each Director
Sr. No. [Name of Director/ KMP ] Designation/ Status FY 2024-25KMP for Remuneration in the Remuneration of / to median
FY 2024-25
Employees
Rs. Million % Times
Remuneration paid to Non-Executive Directors in form of sitting fee and commission on profits
1 Dr. Anthony DeSa Non-Executive Independent Director 6.4 (6.0) 24
2 Mr. Rajiv Dewan Non-Executive Non-Independent Director 6.5 (7.0) 24
3 Prof. Rajeev Ahuja Non-Executive Independent Director 6.2 0 23
4 Mr. Raj Kamal Non-Executive Independent Director 6.0 (5.0) 22
5 Mrs. Usha Sangwan Non-Executive Independent Director 5.9 (3.0) 22
Remuneration paid to Executive Directors/KMPs in form of salary
6 Mr. Deepak Nanda Managing Director 21.7 13.0 77
7 Mr. Samir Prabodhchandra Chief Executive Officer 51.7 NA NA
Joshipura [@]
8 Mr. Avneesh Barua [%] Chief Financial Officer 4.3 NA NA
9 Mr. Aravind Matta Company Secretary 2.8 NA NA
10 Mr. Manish Bhatia [#] Chief Financial Officer 19.0 NA NA
11 Mr. Sushil Sharma^ Company Secretary 4.4 NA NA
----- End of picture text -----*

Ceased as CS/KMP w.e.f. July 31, 2024, accordingly not comparable.
Ceased as CFO/KMP w.e.f. October 26, 2024, accordingly not comparable.
^ appointed w.e.f. August 08, 2024, accordingly not comparable.
% appointed w.e.f. November 06, 2024, accordingly not comparable.
@ appointed w.e.f. February 20, 2024, accordingly not comparable.
During the year under review, there is increase of 4.5% in the median remuneration of employees.
There were 13,804 permanent employees on the rolls of Company as on March 31, 2025.
Average percentiles increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

Average percentile increase / (Decrease) in salaries of employees other than managerial personnel in last financial year was (14%). The average percentile increase in the remuneration of managerial personnel for the current year is given in the table above. Further, the remuneration paid to managerial personnel is basis prevailing market trends, performance indicators and is in line with the resolutions approved by the Board of Directors and Shareholders.

It is hereby affirmed that the remuneration paid is as per the Nomination & Remuneration Policy of the Company.

The information required under rule 5(2) read with rule 5(3) is provided in a separate exhibit forming part of this report and is available on the website of the Company at https://www.tridentindia.com/other-statutory-disclosures

For and on behalf of the Board

Rajiv Dewan

Deepak Nanda Managing Director DIN: 00403335

Date: May 21, 2025 Place: New Delhi

Director DIN: 00007988

Annexure III

Annual Report on CSR Activities

1. Brief outline on CSR Policy of the Company

The Company believes in corporate excellence and social welfare. This corporate philosophy is the force for integrating CSR in values, culture, operation and business decisions at all levels of the Company. Being a responsible corporate citisen, Trident has a value system of giving back to society and improving life of the people and the surrounding environment. 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, the contribution by any corporate may look tiny. However, we believe that every such contribution shall bring a big change in our society.

Focus Area:

Eradicating hunger, poverty and malnutrition;
Promoting healthcare including preventive healthcare;
Promoting education including special education and employment enhancement vocation skills;
Promoting gender equality and empowering women;
Ensuring environment sustainability;
Protection of national heritage, art and culture;
Training to promote rural sports;
Rural development projects;
Slum area development;

2. Composition of CSR Committee


Sr. No.	Name of Director	Designation	Nature of Directorship	Number of meetings of CSR Committee held/ attended during the year
1	Mr. Rajiv Dewan	Chairman of the Committee	Non-Executive and Non-Independent Director	2/2
2	Dr. Anthony DeSa	Member of the Committee	Non-Executive and Independent Director	2/2
3	Mr. Deepak Nanda	Member of the Committee	ManagingDirector	2/2

3. Web-link(s):

Composition of CSR Committee: https://www.tridentindia.com/committees composition

CSR Policy: https://assets.tridentindia.com/CSR_policy.pdf CSR Projects approved by the board: https://www.tridentindia.com/other-statutory-disclosures

4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in pursuance of sub-rule (3) of rule 8, if applicable. The impact assessment for the CSR projects is available on website of the Company https://www.tridentindia.com/other-statutory-disclosures

5. (a) Average net profit of the company as per Section 135(5): Rs. 7,085.1 Million

(b) Two percent of average net profit of the company as per section 135(5): Rs. 141.7 Million
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(d) Amount required to be set off for the financial year, if any: Nil
(e) Total CSR obligation for the financial year (5a+5b+5c): Rs. 141.7 Million
(a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): 48.09 Million

(b) Amount spent in Administrative Overheads: NIL

Trident Limited

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Directors’ Report (Contd.)

(c) Amount spent on Impact Assessment, if applicable: NIL

(d) Total amount spent for the Financial Year (6a+6b+6c): 48.09 Million

(e) CSR amount spent or unspent for the financial year:

( C million)

Annexure IV

FORM NO. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2025

Pursuant to Section 204(1) of the Companies Act, 2013 and rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Amount Unspent

		Amount Unspent
Total Amount Spent for the Financial Year	. Total Amount transferred to Unspent CSR Account as per sub section (6) of Section 135 Amount Date of Transfer	Amount transferred to any fund specified under Schedule VII as per second proviso to sub section (5) of Section 135
		Name of Fund Amount Date of Transfer
48.09	93.6 29.04.2025	NA NA NA

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

( C million) Sr. Particular Amount No. i Two percent of average net profit of the company as per sub section (5) of Section 135 141.7 ii Total amount spent for the Financial Year 48.09 iii Excess amount spent for the financial year [(ii)-(i)] - iv Surplus arising out of the CSR projects or programmes or activities of the previous financial - years, if any v Amount available for set-off in succeeding financial years [(iii)-(iv)] -

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

								(`C`million)
S No	Preceding Financial Year(s)	Amount transferred to Unspent CSR Account under section 135 (6)	Balance Amount in unspent CSR Account under sub. section (6) of Section 135	Amount Spent in the Financial Year	Amount transferred to a fund as specified under Schedule VII as per second proviso to sub·section (5) of section 135,		Amount remaining to be spent in succeeding financial years.	Deficiency, if any
					Amount	Date of transfer
1	2023-24	113.0	100.4	12.6	-	-	100.4

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the Financial Year: No

9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5):

An amount of Rs. 93.6 million embarked unspent pertains to “Ongoing Projects”. This amount has been transferred to an unspent CSR Account on April 29, 2025. The said “Ongoing Projects” shall be completed till FY 2027-28.

For and on behalf of the Board

Rajiv Dewan

Deepak Nanda Managing Director DIN: 00403335

Date: May 21, 2025 Place: New Delhi

Director DIN: 00007988

To,

The Members, Trident Limited . Raikot Road, Sanghera, Barnala, Punjab-148101

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 “the Company”). Secretarial audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conduct/statutory compliance and expressing our opinion thereon.

Based on our verification of the Company’s books, papers,

minutes books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the year ended on March 31, 2025 , complied with the statutory provisions listed here under and

also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the year ended on March 31, 2025 , according to the provisions of:

(i) The Companies Act, 2013 (‘the Act’) and the rules made thereunder.
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under;
(iii) The Depositories Act, 1996 and the Regulations and Byelaws framed there under;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings (during the period under review not applicable to the Company) ;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
(b) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (during the period under review not applicable to the Company);
(e) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
(f) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (during the period under review not applicable to the Company);
(g) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client (during the period under review not applicable to the Company);
(h) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (during the period under review not applicable to the Company);
(i) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (during the period under review not applicable to the Company);
(j) The Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 (during the period under review not applicable to the Company);
We have examined compliance with the applicable clauses of the Secretarial Standards issued by the Institute of Company Secretaries of India;

During the period under review, the Company has complied with the provisions of Act, Rules, Regulations, Guidelines, Standards, etc.

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of the Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that

122 Trident Limited

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Integrated Annual Report 2024-25

Statutory Reports

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Directors’ Report (Contd.)

took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notices are given to all Directors to schedule the Board / Committee Meetings, agenda and detailed notes on agenda were sent at least seven days in advance to all the directors and 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.

Board / Committee decisions were carried through requisite majority while the dissenting members’ views, if any, are captured and recorded as part of the minutes.

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

We further report that during the audit period, the Company had the following specific events / actions having a major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.

a) The Board of Directors at its meeting held on May 18, 2024 had recommended to the Shareholders raising of funds by way of Non-Convertible Debentures (NCD). Further, the shareholders at the Annual General meeting held on August 06, 2024 had approved the raising of funds upto Rs. 500 Crore by way of issuing Non-Convertible Debentures (NCD) during the period of one year. However, Company has not issued any NCDs in FY 2024-25.
b) The Board of Directors at its meeting held on May 18, 2024 declared interim dividend for FY 2024-25 at the rate of INR 0.36/- per fully paid up Equity Share of INR 1/each (@36% per equity share).
c) The Board of Directors at its meeting held on July 24, 2024 had approved the appointment of Mr. Rajiv Dewan as Non-Executive and Non-Independent Director of the Company.
d) The NRC at its meeting held on October 30, 2024 and Shareholders approved through the Postal Ballot dated December 12, 2024 the payment of remuneration by way of commission to Non-Executive Directors.
e) The Board of Directors at its meeting held on December 14, 2024 had approved the following;
Restructuring of overseas subsidiaries structure - Sale of shareholding held by the Company in Trident Global Inc. (USA), and Trident Europe Limited (UK), the overseas subsidiaries of the Company, to Trident Group Enterprises Pte. Ltd., Singapore. Resultantly, Trident Global Inc., USA and Trident Europe Limited, UK will become wholly owned subsidiaries of Trident Group Enterprises Pte. Ltd. and step-down subsidiaries of Trident Limited.
Make further investment in Trident Group Enterprises Pte Ltd, overseas wholly-owned subsidiary - Proposal to acquire entire shareholding of THTL Trading L.L.C., a Limited Liability Company incorporated in the emirate of Dubai, United Arab Emirates (‘UAE’) by Trident Group Enterprises Pte. Ltd., Singapore.
Infusion of funds- For the acquisition of aforementioned subsidiaries by Trident Group Enterprises Pte. Ltd, Trident Limited shall infuse funds to the tune of USD 1.62 Million approximately in the Trident Group Enterprises Pte. Ltd.

For Mehta & Mehta, Company Secretaries (ICSI Unique Code P1996MH007500)

Ashwini Inamdar

Partner

FCS No: 9409 CP No.: 11226

PR No. 3686/2023 UDIN: F009409G000399139

Place: Mumbai

Date: 21-05-2025

Note: This report is to be read with our letter of even date which is annexed as ‘ANNEXURE A’ and forms an integral part of this report.

Annexure A

To, The Members, Trident Limited , Raikot Road, Sanghera, Barnala, Punjab-148101

Our report of even date is to be read along with this letter.

1) Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on 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.
3) We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4) Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
5) The compliance of the provisions of corporate laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.
6) As regard the books, papers, forms, reports and returns filed by the Company under the provisions referred in Secretarial Audit Report in Form MR-3, the adherence and compliance to the requirements of the said regulations is the responsibility of management. Our examination was limited to checking the execution and timeliness of the filing of various forms, reports, returns and documents that need to be filed by the Company with various authorities under the said regulations. We have not verified the correctness and coverage of the contents of such forms, reports, returns and documents.
7) 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.

For Mehta & Mehta, Company Secretaries (ICSI Unique Code P1996MH007500)

Ashwini Inamdar

Partner FCS No: 9409 CP No.: 11226 PR No. 3686/2023 UDIN: F009409G000399139

Place: Mumbai Date: 21-05-2025

124 Trident Limited

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Statutory Reports

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Corporate Governance Report

This report is prepared in accordance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) and the report contains the details of Corporate Governance systems and processes at Trident Limited (“Trident” or “the Company”). This report is structured into the following sections to enhance clarity, comprehension, and presentation.

==> picture [495 x 160] intentionally omitted <==

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

Corporate
Board and its functions Committees of the Board
Governance Philosophy
Shareholders Information Company Policies Affirmation and Disclosure
----- End of picture text -----

Corporate Governance Philosophy

The Company firmly believes that the philosophy of Corporate Governance, inter alia, should aim at fulfilling the aspirations of all the stakeholders and the expectations of the society at large. The Governance framework at Trident Limited is built on sound systems and processes with an unwavering focus on sustainability and transparency, thereby making it a truly responsible enterprise.

Corporate Governance Practices

Digitalised training on ‘Code of Conduct’ and Insider Trading Norms;

Trident endeavours to continuously improve and adopt the best Corporate Governance codes and practices. Some of the implemented global governance norms and best practices include the following:

Digitalised Dashboard for authority matrix.

Initiatives for Stakeholders:

Shareholder Service Centre: Facility on website for updations of PAN, Bank mandate and email IDs as well as grievance resolutions by the shareholders holding securities in physical form;

Board-level Initiatives:

Separate roles of Chairman and Executive Director which is being held by different individuals.
Focused, relevant and thorough discussions on key matters.
Request in all correspondences: Regular reminder to shareholders to convert their physical holdings in dematerialised form and to register their email IDs, PAN and Bank mandate by emphasising on the benefits;
Separate strategy sessions for the business growth, risk and challenges.

Digitalisation Initiatives:

Email to Shareholders of Quarterly Results and other general corporate updates.
Complete and robust digitalised tool for ensuring compliances across all locations and functions;
Senior citizens investor cell, online personal verification, WhatsApp services from RTA.
Digitalised Performance Evaluation of Directors, Board and its Committees;

Management Level initiatives:

Online Secured Platform for circulation of documents to Directors enabling paperless meetings;
Management Level Committee for oversight on matters relating to corporate social responsibility, ESG etc.
Digitalised Monitoring Tool for Insider Trading;
Trident Management Board consisting of business Chief Executive Officers for continuous review of operational and financial risk mitigation measures and governance practices.
Online database for Unpublished Price Sensitive Information (‘UPSI’);
Implementation of online confirmation portal for material events and Information requiring disclosure under • Periodically strategic meeting with knowledge Partners.
Regulation 30 of the SEBI LODR Regulations;

The Company is committed to pursue growth by adhering to the highest national & international practices of Corporate Governance.

The Company’s philosophy on Corporate Governance is based on following principles:

==> picture [494 x 182] intentionally omitted <==

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

Promote ethical &
Structure the Board to Remunerate Timely & balanced
responsible decision
add value fairly & responsibly disclosures
- making
Encourage Recognise the legitimate Respect the rights of Legal & Statutory
enhanced performance interest of the stakeholders the shareholders compliances in its true spirit
Recognise & manage Safeguard integrity in Lay solid foundations for
business risks financial reporting management
----- End of picture text -----

Trident Limited not only adheres to the prescribed Corporate Governance practices as per the SEBI LODR Regulations but stretches beyond the Regulatory mandate of Corporate Governance principles and practices which is demonstrated through consistent shareholder returns, high credit ratings, digital and green initiatives which are pro-environment, awards and recognitions, focused and equitable workplace etc.

Board and its functions

The Board comprises of an optimum mix of Executive, Non-Executive, Independent and Women Director from diversified backgrounds possessing considerable experience and expertise to promote shareholder interests and govern the Company effectively by providing valuable oversight and insightful strategic guidance.

The majority of Board Members comprises of Independent Directors and the same is also in line with the applicable provisions of Companies Act, 2013 (“the Act”) and SEBI LODR 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.

Composition of the Board of Directors

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

Female
Executive Director Independent
Male
Non-Executive Director Non-Independent
16.67% 16.67%
66.67%
83.33% 33.33% 83.33%
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Statutory Reports

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Corporate Governance Report (Contd.)

Trident Management Board (“TMB”)

Board’s Role in driving Leadership for Excellence and Innovation

To ensure utmost focus on the business performance of the Company, the Board has delegated the operational conduct of the business to the Group Chief Executive Officer. Further, the Company has appointed respective business Chief Executive Officers (“CEO”) and business Chief Financial Officers (“CFO”) who directly report to the Group Chief Executive Officer and Group Chief Financial Officer, respectively. In order to promote the culture of transparency, feedback and objective discussion, periodically meeting of TMB is held. TMB comprises of Group Chief Executive Officer, Group Chief Financial Officer, respective business Chief Executive Officers (“CEO”) and Chief Financial Officers (“CFO”), Company Secretary (“CS”) and other functional heads. TMB provides forum for Cross Functional Team (‘CFT’) meeting for better coordination amongst the business, implement good governance culture and resolve strategic challenges.

Our Governance Structure is multi-tiered, comprising the Board of Directors, Board Committees, the Managing Director (‘MD’) and the Trident Management Board (“TMB”). The Board is responsible for and committed to establish sound principles of Corporate Governance in the Company. The Board plays a crucial role in overseeing how the management serves the short and long-term interests of shareholders and other stakeholders. This belief is reflected in our governance practices, under which we strive to maintain an effective, informed, and independent Board. We keep our governance practices under continuous review and benchmark ourselves to best practices across the industry. The Board is overall responsible for the management, general affairs, strategic direction, and performance of the Company and is ably supported by the Board level committees, the MD and the TMB. In the quarterly Board meetings, presentations are made on different businesses by the respective business CEOs and CFOs. Inputs of Board meetings are implemented and updates on the same are also provided in the subsequent meetings.

The reporting structure, as shown below, between the Board, Board Committees and Management Board forms the backbone of Trident’s Corporate Governance framework.

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

Statutory Auditors Corporate Advisory Board
Shareholders
(Independent from the (Far sighted navigator, providing
management & reports non-binding recommendations)
to Shareholders)
Board of Directors Board Level Committees
(Formulating strategy, directing, (review and report to the Board on
& enabling the long-term matters as per respective terms of
reference)
success of the entire Company
Managing Director
(Substantial powers to manage
the affairs of the Company)
Trident Management Board
Group CEO Group CFO
(driving Business performance)
----- End of picture text -----

Chairman of the Board

Dr. Anthony DeSa, Non-Executive and Independent Director acts as a Chairman of the Board. The Chairman presides over the meeting of the Board and of the shareholders of the Company.

Woman Director

Pursuant to the requirement of Regulation 17(1)(a) of SEBI LODR Regulations, Mrs. Usha Sangwan is a Non-Executive Independent Woman Director.

Key Board Qualifications, Skills, and Attributes

The Board comprises of qualified Members who bring in required skills, expertise and competency so that fruitful contribution is made by the Board and its Committees and thereby Trident achieves highest standards of Corporate Governance. The key skills and attributes which are considered while identifying, selecting and nominating the candidate to serve on the Board of the Company are as under:

==> picture [33 x 35] intentionally omitted <==

Financial

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

Operations

Understanding Organisations, Business processes, Strategic Planning, Driving change, Risk Management, Economics of Scale, Innovation

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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

Brief Profile of Directors as on March 31, 2025

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

Dr. Anthony DeSa
DIN: 05290160
Non-Executive / Independent Director
/ Chairman
Age * 68
Initial Date of Appointment 18.01.2022
Date of Re-appointment NA
Tenure Till 17.01.2027
Tenure 5 Years
Shareholding NIL
Listed entities from which NIL
resigned from past three
years
Board Membership – Other NIL
Indian Listed Companies
No. of Directorships in Public NIL
Limited Companies [#]
Member/Chairperson in 2 1
Committee(s)^
Audit Committee
1. Trident Limited
Stakeholders Relationship
Committee
2. Trident Limited
Key skills and Attributes
----- End of picture text -----*

==> picture [240 x 256] intentionally omitted <==

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

Ms. Usha Sangwan
DIN:02609263
Non-Executive / Independent Director
Age * 66
Initial Date of Appointment 15.05.2021
Date of Re-appointment NA
Tenure Till 14.05.2026
Tenure 5 years
Shareholding * NIL
Listed entities from which NIL
resigned from past three
years
Board Membership – Other 1. SBI Life Insurance Company
Indian Listed Companies * Limited
2. Torrent Power Limited
3. Tata Technologies Limited
4. Tata Motors Limited
No. of Directorships in Public 1. Tata Motors Passenger
Limited Companies # Vehicles Limited
2. Tata Passenger Electric
Mobility Limited
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Trident Limited

128

129

Statutory Reports

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Corporate Governance Report (Contd.)

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Member/Chairperson in 8 4 Committee(s) * ^ Audit Committee 1. Torrent Power Limited 2. SBI Life Insurance Company Limited
1. Tata Technologies Limited
1. Tata Motors Limited 5. Tata Motors Passenger Vehicle Limited
1. Tata Passenger Electric Mobility Limited

Mr. Raj Kamal DIN: 07653591 Non-Executive / Independent Director

==> picture [239 x 215] intentionally omitted <==

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

Age * 54
Initial Date of Appointment 09.08.2022
Date of Re-appointment 09.08.2024
Tenure Till 08.08.2025
Tenure 1 Year
Shareholding * NIL
Listed entities from which NIL
resigned from past three
years
Board Membership – Other Life Insurance Corporation of India
Indian Listed Companies
No. of Directorships in Public NIL
Limited Companies #
Member/Chairperson in 1 0
Committee(s) * ^
Audit Committee
1. Trident Limited
Key skills and Attributes
----- End of picture text -----*

Stakeholders Relationship Committee

SBI Life Insurance Company Limited 8. Tata Motors Limited Key skills and Attributes

==> picture [57 x 58] intentionally omitted <==

==> picture [50 x 58] intentionally omitted <==

Prof. Rajeev Ahuja DIN: 09196228 Non-Executive / Independent Director

Mr. Rajiv Dewan DIN: 00007988 Non-Executive / Non-Independent Director

==> picture [495 x 299] intentionally omitted <==

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

Age * 59 Age * 63
Initial Date of Appointment 09.08.2022 Initial Date of Appointment 30.09.2024
Date of Re-appointment 09.08.2024 Date of Re-appointment NA
Tenure Till NA
Tenure Till 08.08.2025
Tenure Liable to retire by Rotation
Tenure 1 Year Shareholding * NIL
Listed entities from which NIL
Shareholding * NIL
resigned from past three
Listed entities from which NIL years
resigned from past three Board Membership – Other Mrs. Bectors Food Specialities
years Indian Listed Companies * Limited
No. of Directorships in Public NIL
Board Membership – Other NIL
Limited Companies #
Indian Listed Companies
Member/Chairperson in 4 3
No. of Directorships in Public NIL Committee(s) * ^
Limited Companies # Audit Committee
1. Trident Limited
Member/Chairperson in 1 0
Committee(s) * ^ 2. Mrs. Bectors Food
Audit Committee Specialities Limited
Stakeholder’s Relationship
Trident Limited Committee
3. Trident Limited
Key skills and Attributes
4. Mrs. Bectors Food
Specialities Limited
Key skills and Attributes
----- End of picture text -----*

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

Mr. Deepak Nanda
DIN: 00403335
Executive / Managing Director
Age * 65
Initial Date of Appointment 12.11.2011
Date of Re-appointment 05.09.2021
Tenure Till 04.09.2026 (as MD)
Tenure 5 Years (Liable to retire by Rotation)
Shareholding NIL
Listed entities from which NIL
resigned from past three
years
Board Membership – Other NIL
Indian Listed Companies
No. of Directorships in Public NIL
Limited Companies #
Member/Chairperson in 1 0
Committee(s) * ^
Stakeholder’s Relationship
Committee
1. Trident Limited
Area of Expertise
----- End of picture text -----

Member Chairperson

Detailed profile available at https://www.tridentindia.com/ leadership and forms part of Annual Report.

As on March 31, 2025
As per Regulation 26 of the SEBI LODR Regulations, the number of directorships excludes Private Companies, Foreign Companies and Companies under Section 8 of the Act.
^ For the membership and chairpersonship in Committees, only Audit Committee and Stakeholders’ Relationship Committee have been considered as per Regulation 26 of the SEBI LODR Regulations. Also, all Public Limited Companies, whether listed or not, have been included and all other Companies including Private Limited Companies, Foreign Companies, high value debt listed entities and Companies under Section 8 of the Act, have been excluded.

None of the Directors of the Company are inter-se related to each other. The Company has not issued any convertible instruments. Hence, none of the Directors hold any such instruments.

None of the Directors on the Board is a director in more than seven listed entities. None of the Non-Executive Directors is an Independent Director in more than seven listed entities as required under the SEBI LODR Regulations.

Further, Managing Director do not serve as Independent Director in any other listed Company. None of the Directors holds directorships in more than twenty Indian Companies,

with more than ten public limited Companies. All the Directors are in compliance with the limit of Directorships/ Independent Directorships of listed companies as prescribed under Regulations 17A of the SEBI LODR Regulations.

None of the Directors on the Board is a member of more than ten Committees or Chairman of more than five Committees (Audit Committee and Stakeholder’s Relationship Committee) across all public limited Companies in which he/she is a director. All directors have made the necessary disclosures regarding their Committee positions.

Directors’ Non-disqualification declaration

The Company has received declarations from all Directors confirming that they are not disqualified under Section 164(2) of the Companies Act or any other applicable provisions of the said Act or rules made thereunder. Certificate of NonDisqualifications of Directors pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI LODR Regulations is annexed as Annexure I .

Change in Director

During the year under review, Mr. Rajiv Dewan completed his second term as Non-Executive and Independent Director of the Company on September 29, 2024.

Considering his immense business knowledge, leadership, strategic thinking and sound Judgement approach, the Board believed that the continuation of Mr. Rajiv Dewan on the Board of the Company shall strengthen the overall Board’s skills and governance, and shall provide continuous benefit to the Company. Therefore, the Board of Directors appointed Mr. Rajiv Dewan as Non- Executive and Non-Independent Director of the Company w.e.f. September 30, 2024, liable to retire by rotation.

The brief profile of the directors’ seeking appointment/ re-appointment is provided in the Notice of convening the 35[th] Annual General Meeting, which forms a part of the Annual Report.

Board Independence

The definition of ‘Independence’ of Directors is governed by Section 149(6) of the Act and Regulation 16 of SEBI LODR Regulations. The Company has received necessary declarations 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 SEBI LODR Regulations and are independent of the Management.

Trident Limited

130

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Statutory Reports

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Corporate Governance Report (Contd.)

Appointment and Tenure

Nomination & Remuneration Policy, adopted by the Company and approved by the Board of Directors and the shareholders, wherever applicable.

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.

Non-Executive Directors are paid remuneration by way of sitting fee for attending Meetings of the Board and/or Committees thereof. The Non-Executive directors are also entitled for the profit related Commission upto 1% of the net profit of the Company,computed under Section 197 and 198 of the Act, as per the approval of shareholders.

Directors’ Remuneration

Policy for Directors’ Remuneration

Executive Director’s Remuneration is recommended by the Nomination & Remuneration Committee in accordance with

The details of the remuneration paid to the Directors:

Remuneration of the Executive Directors for the FY 2024-25

						(INR Million)
Name	Designation	Gross Salary	Commission	Stock Option	Sitting Fee / Others, if any	Total Amount
Mr. Deepak Nanda	ManagingDirector	21.7	-	-	-	21.7

Remuneration of the Non-executive Directors for the FY 2024-25

						(INR Million)
Name	Designation	Gross Salary	Commission	Stock Option	Sitting Fee / Others, if any	Total Amount
Dr. Anthony DeSa	Non-Executive / Independent Director / Chairman	-	5.0	-	1.4	6.4
Ms. Usha Sangwan	Non-Executive / Independent Director	-	5.0	-	0.9	5.9
Mr. Rajiv Dewan	Non-Executive / Non-Independent Director	-	5.0	-	1.5	6.5
Mr. Raj Kamal	Non-Executive / Independent Director	-	5.0	-	1.0	6.0
Prof. Rajeev Ahuja	Non-Executive / Independent Director	-	5.0	-	1.2	6.2

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

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

The details of transactions, entered into with entities in which Non-Executive Directors are interested are set out in Note No. 38 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 are as per the Nomination and Remuneration Policy of the Company.

Service Contracts, Notice Period and Severance Fees

Directors’ and Officers’ (‘D&O’) Liability Insurance

The employment of Managing Director shall terminate automatically in the event of his ceasing to be a Director of the Company 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 and policy of the Company.

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

ESG parameters for determining Performance

Greening ourselves
Decarbonising our Industry
Women Empowerment
Diversity & Inclusion
Governance
Global ESG leaderships

Evaluation of Directors

Pursuant to applicable provisions of the Act and the SEBI LODR Regulations, the Board, in consultation with its Nomination & Remuneration Committee, has formulated a framework containing, inter-alia, the process, format, attributes and criteria for performance evaluation of the entire Board of the Company, its Committees and Individual Directors, including Independent Directors, Chairman and Managing Directors. The framework is monitored, reviewed and updated by the Board, in consultation with the Nomination and Remuneration Committee, based on need and compliance requirements.

Evaluation of the Board and its Committees is based on

various aspects of their functioning, such as, adequacy of the constitution and composition of the Board and its Committees, matters addressed in the meetings, processes followed at the meeting, Board’s focus, regulatory compliances and corporate governance, etc. Similarly, for evaluation of individual director’s performance, various parameters like director’s profile, contribution in Board and Committee meetings, execution and performance of specific duties, obligations, regulatory compliances and governance, etc. are considered.

Further, the performance of chairman, executive directors and independent directors are evaluated on certain additional parameters depending upon their roles and responsibilities. For the Chairman, the criteria include leadership, relationship with stakeholders etc., for the executive directors, the criteria includes execution of business plans, risk management, achievement of business targets, development of plans and policies aligned to the vision and mission of the company, etc. Similarly, criteria for evaluation of independent directors include effective deployment of knowledge and expertise, commitment to his/her role towards the company and various stakeholders, willingness to devote time and efforts towards his/her role, high ethical standards, adherence to applicable codes and policies, effective participation and application of objective independent judgement during meetings etc.

Accordingly, the annual performance evaluation of the Board, its Committees and each Director was carried out for FY 2024-25 by the Board by way of questionnaire. This included performance evaluation of all the Directors (including Independent Director) the entire Board of Directors excluding the Director being evaluated. On the basis of performance evaluation done by the Board, it determines whether to

extend or continue their term of appointment, whenever their respective term expires.

The Independent Directors had met separately on March 01, 2025, without the presence of Non-Independent Directors and the Members of Management and discussed, inter-alia, the performance of Non-Independent Directors and Board as a whole and the performance of the Chairman of the Company after taking into consideration the views of Executive and NonExecutive Directors.

The Directors expressed their satisfaction with the evaluation process and mechanism.

The salient features of Nomination & Remuneration Policy of the Company are provided in the Directors’ Report and complete policy is duly available on the website of the Company at following link https://assets.tridentindia.com/ NRC_Policy.pdf

Outcome of Performance Evaluation

The evaluation concluded with overall positive ratings and that the Board as a whole is functioning as a cohesive body which is well engaged with different perspectives. It was indicated that the Board is performing with suitable mix of expertise that continue to exhibit a collaborative and beneficial mindset, creating a conducive environment at Board meetings for participation and challenge. The Board also evaluated that committees are functioning effectively.

Further, the outcome of the performance evaluation was satisfactory and reflected the commitment of the Board and its Committees to the Company’s governance and strategic objectives.

Familiarisation Program for Independent Directors

The Company conducts familiarisation programme for the Independent Directors to enable them to familiarise with the Company, its management and its operations so as to gain a clear understanding of their roles, rights and responsibilities for the purpose of contributing significantly towards the growth of the Company. They are given full opportunity to interact with senior management personnel and are provided with all the documents required and/or sought by them to have a good understanding of the Company, its business model and various operations and the industry of which it is a part.

The details of familiarisation program for Independent Directors are available on the official website of the Company at the following link: https://assets.tridentindia.com/ Familarisation_Programme.pdf

No Permanent Board Seats

SEBI has mandated for shareholders’ approval for a directors’ continuation on the Board at least once every 5 years from the date of their appointment or reappointment. However, this

132 Trident Limited

133

Statutory Reports

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Corporate Governance Report (Contd.)

provision is not applicable to the Company as it does not have any Permanent Board seats.

As on 31[st] March 2025, out of six directors of the Company, four are Independent Directors on the Board and remaining Directors are Non-Executive Non-Independent, who are subject to retire by rotation. The Managing Director has been appointed for 5 years pursuant to the compliance of the law.

Committees of the Board

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.

Succession Planning

Succession Planning is critical to the success of the Company as it ensures continuity and sustainability of corporate performance. It involves a process that recognises, develops, and retains top leadership talent and further helps in identifying key roles and mapping out ways to ensure the organisation has the right people with the right blend of skills, aptitude, expertise, and experiences, in the right place and at the right time. As per the NRC Policy of the Company, the NRC has laid a succession plan outlining the process for retaining, developing, and/or appointing the Board of Directors, KMPs and SMPs of the Company and it review such plans on an annual basis and recommend revisions, if any, to the Board.

Composition of Committees as on March 31, 2025

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

Audit Committee
in identifying key roles and mapping out ways to ensure the
Dr. Anthony DeSa C
organisation has the right people with the right blend of skills,
aptitude, expertise, and experiences, in the right place and at Mr. Rajiv Dewan M
the right time. As per the NRC Policy of the Company, the NRC Mr. Raj Kamal M
has laid a succession plan outlining the process for retaining,
developing, and/or appointing the Board of Directors, KMPs Prof. Rajeev Ahuja M
and SMPs of the Company and it review such plans on an
annual basis and recommend revisions, if any, to the Board.
Nomination & Remuneration Committee
Senior Management Prof. Rajeev Ahuja C
The following are the details of Senior Management personnel: Dr. Anthony Desa M
Mr. Rajiv Dewan M
# Name Designation
1. Mr. Samir Group Chief Executive Officer
Prabodhchandra Stakeholders’ Relationship Committee
Joshipura Mr. Rajiv Dewan C
2. Mr. Rahul Roongta Group Chief Financial Officer Dr. Anthony DeSa M
3. Mr. Kamal Gaba Chief Executive Officer- Bed Mr. Deepak Nanda M
Linen
4. Mr. Mohit Soni Chief Executive Officer- Bath
Linen Risk Management Committee
Ms. Usha Sangwan C
5. Mr. Abhay Shukla Chief Executive Officer- Yarn
Budhni Mr. Rajiv Dewan M
Mr. Deepak Nanda M
6. Mr. Manjul Jain Chief Executive Officer- Yarn
Punjab
7. Mr. Rajnish Gera Chief Executive Officer -Paper CSR Committee
8. Mr. Avneesh Barua Chief Financial Officer Mr. Rajiv Dewan C
Dr. Anthony DeSa M
9. Mr. Sushil Sharma Company Secretary
Mr. Deepak Nanda M
The above list of Senior Management Personnel is as on
March 31, 2025 as per the updated criteria adopted by the
Nomination and Remuneration Committee during the year. Financial Management Committee (Non-Statutory Committee)
Mr. Rajiv Dewan C
Management Discussion and Analysis
Mr. Deepak Nanda M
The Management Discussion and Analysis report is given
Mr. Avneesh Barua M
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The Management Discussion and Analysis report is given in the annual report, which forms part of this Corporate Governance report.

C Chairman of the Committee M Member

Terms of reference of Board level Committees:

valuation of undertakings or assets of the listed entity, wherever it is necessary;

Statutory Committees:

evaluation of internal financial controls and risk management systems;

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:

reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
reviewing the adequacy of internal audit function, if any,
• oversight of the listed entity’s financial reporting process and the disclosure of its financial information to ensure that including the structure of the internal audit department, the financial statement is correct, sufficient and credible; staffing and seniority of the official heading the department, reporting structure coverage and frequency
• recommendation for appointment, remuneration and of internal audit;
recommendation for appointment, remuneration and terms of appointment of auditors of the listed entity;
discussion with internal auditors of any significant findings and follow up there on;
approval of payment to statutory auditors for any other services rendered by the statutory auditors;
reviewing the findings of any internal investigations by the
• reviewing, with the management, the annual financial internal auditors into matters where there is suspected statements and auditor’s report thereon before submission fraud or irregularity or a failure of internal control systems to the board for approval, with particular reference to: of a material nature and reporting the matter to the board;
a. matters required to be included in the director’s responsibility statement to be included in the board’s report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;
discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;
to look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;
b. changes, if any, in accounting policies and practices and reasons for the same;
c. major accounting entries involving estimates based on the exercise of judgement by management;
to review the functioning of the whistle blower mechanism;
d. significant adjustments made in the financial statements arising out of audit findings;
approval of appointment of chief financial officer after assessing the qualifications, experience and background, etc. of the candidate;
e. compliance with listing and other legal requirements relating to financial statements;
Carrying out any other function as is mentioned in the terms of reference of the audit committee.
f. disclosure of any related party transactions;
reviewing the utilisation of loans and/ or advances from/ investment by the holding company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments existing as on the date of coming into force of this provision.
g. modified opinion(s) in the draft audit report;
reviewing, with the management, the quarterly financial statements before submission to the board for approval;
reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilised for purposes other than those stated in the offer document / prospectus / notice and the report
consider and comment on rationale, cost-benefits and impact of schemes involving merger,

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

submitted by the monitoring agency monitoring the utilisation of proceeds of a [public issue or rights issue or preferential issue or qualified institutions placement], and making appropriate recommendations to the board to take up steps in this matter;

The Committee, in its meetings, in addition to the members also has the following set of invitees:

The Group CEO and Group CFO are permanent invitees.
reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;
The representatives of Internal Auditors and Statutory Auditors are invitees, as per the respective items.
approval or any subsequent modification of transactions of the listed entity with related parties;
The Business and Operational Heads are invited to the meetings, as and when required.
scrutiny of inter-corporate loans and investments;

134 Trident Limited

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Statutory Reports

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Corporate Governance Report (Contd.)

Nomination & Remuneration Committee

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

Recommend to the Board a policy relating to the remuneration of directors (both Executive and NonExecutive Directors), KMP and SMP;
For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an independent director. The person recommended to the Board for appointment as an independent director shall have the capabilities identified in such description. For the purpose of identifying suitable candidates, the Committee may:
a. use the services of an external agencies, if required;
b. consider candidates from a wide range of backgrounds, having due regard to diversity; and
c. consider the time commitments of the candidates.
formulation of criteria for evaluation of performance of independent directors and the board of directors;
devising a policy on diversity of board of directors;
identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the board of directors their appointment and removal.
whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors.
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, inter-alia, includes:

Resolving the 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 etc.
Review of measures taken for effective exercise of voting rights by shareholders.
Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent.
Review of the various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/ annual reports/statutory notices by the shareholders of the company.

Details of Shareholders’ Complaints during FY 2024-25

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Avg.
Pending, Turnaround
Received from Received Resolved
if any Time
(in days)
Directly from 32 32 0 5.81
Investors
SEBI (SCORES) 55 55 0 6.6
Stock 2 2 0 15
Exchanges
Other Sources 3 3 0 8
TOTAL 92 92 0 6.91
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Risk Management Committee

The terms of reference of Risk Management Committee are in line with the SEBI LODR Regulations and, inter-alia, includes 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 at https://assets.tridentindia. com/risk_management_policy.pdf

CSR Committee

The terms of reference of Corporate Social Responsibility (CSR) Committee, inter-alia, includes,
Identify the areas of CSR activities and projects and to ensure that the Company is taking the appropriate measures to undertake and implement CSR projects successfully;
Assess the performance and impact of CSR Activities of the Company;
Evaluate CSR communication plans;
Set path for implementation and monitoring mechanism and the progress status to ensure achievement; and
Ensure the value, ethics and principles are upheld in all its activities.
Decide and recommend to the Board, the amount of expenditure to be incurred on CSR activities;
Formulation of Annual Action Plan;
Evaluate and monitor expenditure towards CSR Activities in compliance with the Act; and

the attendance of Non-Independent Directors and members of management, to carry out the evaluations/ review as prescribed under Schedule IV of the Act and Regulation 25 of SEBI LODR Regulations. During the year, a separate Meeting of Independent Directors was held on March 01, 2025.

Evaluation of need and impact assessment of the projects undertaken by the Company.

Recommendation of the Committees

During the year, all recommendations of the Committees of the Board have been accepted by the Board.

The Company also holds at least one Audit Committee meeting in each quarter, inter-alia, to review financial results. The Statutory Auditors, Internal Auditors and Cost Auditors, attended the Meetings of Audit Committee on the invitation for their respective agenda items. The maximum gap between any two consecutive Audit meetings does not exceed 120 days. The Company also holds at least one meeting of Nomination and Remuneration Committee, Stakeholders Relationship Committee and two meetings of Risk Management Committee during every financial year not exceeding the limit of 210 days. The Meetings of other Committees of the Board are held whenever matters falling under their terms of reference need discussion and decision.

Meetings

Board and Committees’ Meetings

The Board meets at regular intervals to discuss and decide on Company/Business policy and strategies apart from other Board businesses. At least four Board meetings have been held in a financial 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.

Board Meetings held during the Financial Year 2024-25:

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 SEBI LODR Regulations and Combined Code of Corporate Governance and Conduct are made available to the members of the Board/ Committee.

During the year under review, 7 Meetings of Board were held on May 18, 2024, July 24, 2024, August 08, 2024, November 06, 2024, December 14, 2024, January 24, 2025 and March 01, 2025.

Board Attendance

100% 100% 100% The separate meeting of Independent Directors of the Company is also held at least once in a financial year, without Board Meetings AGM Committee Meetings

The detail of Directors’ Attendance in respective Meetings held during their tenure, for the Financial Year is as under:

Name	Annual General Meeting	Board Meeting	Audit Committee	Risk Management Committee	Stakeholders’ Relationship Committee	Corporate Social Responsibility Committee	Nomination & Remuneration Committee
Meetings held	1	7	5	2	1	2	5
Mr. Rajiv Dewan	1 of 1	7 of 7	5 of 5	2 of 2	1 of 1	2 of 2	5 of 5
Ms. Usha Sangwan	1 of 1	7 of 7	~	2 of 2	~	~	~
Dr. AnthonyDeSa	1 of 1	7 of 7	5 of 5	~	1 of 1	2 of 2	5 of 5
Mr. RajKamal	1 of 1	7 of 7	5 of 5	~	~	~	~
Prof. Rajeev Ahuja&	1 of 1	7 of 7	3 of 3	~	~	~	5 of 5
Mr. Deepak Nanda*	1 of 1	7 of 7	2 of 2	2 of 2	1 of 1	2 of 2	~

Ceased to be Member of Audit Committee with effect from September 30, 2024
& Inducted as Member of Audit Committee with effect from September 30, 2024

~ Not a member of the Committee

136 Trident Limited

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Statutory Reports

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Corporate Governance Report (Contd.)

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 him 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 Company Secretary while preparing the Agenda and Minutes of the Board/Committee Meeting(s) 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 confirmation of the same is attached to the Directors’ Report. 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.

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 of publication
Unaudited financial results for thequarter ended June 30, 2024	Business Standard Punjabi Jagran	July 25, 2024
Unaudited financial results for the quarter and half year ended September 30, 2024	Business Standard Punjabi Jagran	November 07, 2024
Unaudited financial results for the quarter and nine months ended December 31, 2024	Business Standard Punjabi Jagran	January 25, 2024
Audited financial results for the quarter and year ended March 31, 2025	Business Standard Punjabi Jagran	May 22, 2025 (tentatively)

Compliance Officer

The Board has appointed Mr. Sushil Sharma, 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:

Shareholders Information

Disclosures regarding appointment/ re-appointment of Directors

Appointment/Re-appointment of Directors during the year	Brief Description
Re-appointment of Mr. Deepak Nanda (Retired at Annual General Meeting)	Pursuant to the Act and Articles of Association of the Company, Mr. Deepak Nanda (DIN: 00403335) retired at the Annual General Meeting held on August 06, 2024 and he has offered himself for re-appointment. Therefore, members of the Company approved his re-appointment. Mr. Raj Kamal has been re-appointed as Independent Directors, for a second term of one year, with effect from August 09, 2024. Prof. Rajeev Ahuja has been re-appointed as Independent Directors, for a second term of one year, with effect from August 09, 2024. Mr. Rajiv Dewan completed his second term as Non-Executive and Independent Director of the Company on September 29, 2024. Considering his vast experience and substantial contribution made by him during his tenure, Board of Directors appointed Mr. Rajiv Dewan as Non-Executive and Non-Independent Director of the Company w.e.f. September 30, 2024, which was subsequent approved by shareholders.
Re-appointment of Mr. Raj Kamal as Independent Director
Re-appointment of Prof. Rajeev Ahuja as Independent Director
Appointment of Mr. Rajiv Dewan as Non- Executive and Non-Independent Director

Means of communication

Press-Release

The Company issues Press-Release from time to time on the material events which are being updated on Stock exchanges and the same are simultaneously displayed on the Company’s website as well;

Financial Results

The quarterly/half-yearly/annual results along with audit/limited review report, press release and investor presentation is filed with the stock exchanges immediately after the approval of the Board;

All the releases can be accessed on the website of the Company at https://www.tridentindia.com/material-eventsand-information

The results are also published in at least one prominent national and one regional newspaper having wide circulation, within the prescribed timelines;

Website

The Company has a dedicated section on ‘Investor Relations’ on its corporate website: https://www.tridentindia.com/ investor-overview which encompasses all the information for the investors like financial results, policies and codes, stock exchange filings, press releases, annual reports etc.

Quarterly financial results are sent to shareholders;
Financial results are also uploaded on the Company’s website and can be accessed at https://www.tridentindia. com/financial-reports

AGM 34th Day, Date and Time: Tuesday, August 06, 2024 at 11:00 AM Venue: Through Video Conferencing (VC) / Other Audio Visual Means (OAVM) Special Resolutions passed: 1. To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’) 2. To approve re-appointment of Mr. Raj Kamal (DIN:07653591) as an Independent Directors of the Company 3. To approve re-appointment of Prof. Rajeev Ahuja (DIN:09196228) as an Independent Directors of the Company	AGM 33rd Day, Date and Time: Saturday, August12, 2023 at 11:00 AM Venue: Through Video Conferencing (VC) / Other Audio Visual Means (OAVM) Special Resolutions passed: 1. To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’) 2. To approve Trident Limited General Employee Benefits Scheme, 2023 3. To approve transfer of excess monies from existing schemes to Trident Limited General Employee Benefits Scheme, 2023 4. To approve alteration in Articles of Association of the Company	AGM 32nd Day, Date and Time: Saturday, July 23, 2022 at 11:00 AM Venue: Through Video Conferencing (VC) / Other Audio Visual Means (OAVM) Special Resolutions passed: 1. To approve Commission to Independent Directors of the Company 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 3. To approve raising of funds by way of Non-Convertible Debentures (‘NCDs’) 4. To approve alteration in Articles of Association of the Company.

Postal Ballot:

The details of the voting results as are follows:

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

a) Votes in favour of the resolution:

	No. of votes cast by them	% of votes cast in favour
Postal Ballot date
December 12, 2024	3,86,18,36,133	99.891%

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Statutory Reports

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Corporate Governance Report (Contd.)

b) Votes against the resolution:

Votes against	the resolution:
No. of Members voted	No. of votes cast by them 4200879	% of votes cast against
452		0109%

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

Person who conducted the postal ballot exercise: The Board of Directors had appointed Mr. Bhupesh Gupta, Practicing Company Secretary (FCS 4590 | CP 5708), Proprietor of M/s. B.K. Gupta and Associates, Company Secretaries, as Scrutiniser for conducting the Postal Ballot, through the e-voting process, in a fair and transparent manner.

The Scrutiniser, after the completion of scrutiny, submitted his report to Company Secretary, who was duly authorised by the Chairman to accept, acknowledge, and countersign the Scrutiniser’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 results of the e- voting by Postal Ballot were announced. The results were also displayed on the website of the Company at https://www.tridentindia.com/ and on the website of electronic service providers (ESP) and communicated to BSE Limited (BSE), National Stock Exchange of India Limited (NSE).

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.

General Shareholders Information

The following information would be useful to our shareholders:

Annual General Meeting

Day and Date Book closure date Time Venue	Saturday, August 23, 2025
	August 18, 2025 to August 23, 2025 (both days inclusive)
	11:00 AM
	Through Video Conferencing (VC) / Other Audio Visual Means (OAVM)

Dividend Payment Date: The Board has not proposed final dividend for the FY 2024-25. However, an Interim Dividend has been paid INR 0.36 per share face value of INR 1/- during the FY 2024-25.

Dividend History:

Dividend History:
Financial Year	Dividend %age (per share Face value of INR 1/-)	Gross Dividend (Rs. Millions)
FY25	36%	1,834.5
FY24	36%	1,834.5
FY23	36%	1,834.5
FY22	36%	1,834.5

Next Financial Year: 2025-26

The financial results will be adopted as per the following tentative schedule:

For the quarter ended June 30, 2025 July 2025 (4[th] week) For the quarter and half year ended October 2025 (4[th] week) September 30, 2025 For the quarter and nine months January 2026 (4[th] week) ended December 31, 2025 For the quarter and year ended May 2026 (3[rd] week) March 31, 2026

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 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:

KFin Technologies Limited

Unit: Trident Limited

31 & 32, Financial District, Nanakramguda, Serilingampalle, Hyderabad, Rangareddy, Telangana, India - 500 032.

Email: [email protected] | Telephones: 1-800-309-4001

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 SEBI LODR Regulations, securities cannot be transferred unless they are held in dematerialised 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 dematerialise form. All the valid service requests are processed within the prescribed timelines.

Listing on Stock Exchanges and Stock code

The equity shares of the Company are compulsory traded and settled in the dematerialised form under ISIN: INE064C01022. As on March 31, 2025, the equity shares of the Company were listed on the following exchanges with the following stock codes:

Name of Stock Exchanges	Address	Stock code	Reuters code	Bloomberg
BSE Limited (‘BSE’)	Phiroze Jeejeebhoy Towers Dalal Street,Mumbai – 400 001	521064	TRIE.BO	TRID:IN
National Stock Exchange of India Limited (‘NSE’)	Exchange Plaza, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051	TRIDENT	TRIE.NS	TRID:IN

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	Month		BSE			NSE
		High	Low	Traded Volume	High	Low	Traded Volume
2024	April	42.04	36.21	39522740	42.05	37.1	233499704
	May	40.98	36.4	37536172	40.80	36.4	187088397
	June	41.79	33.66	46800279	41.78	33.5	296299097
	July	41.49	36.2	33743815	41.45	36.2	336714106
	August	39.72	36.41	35677677	39.75	36.4	238189053
	September	38.06	35.48	22520017	38.04	35.48	121779629
	October	37.4	31.77	24033777	37.39	31.77	127716704
	November	35.47	31.06	14018929	35.47	31.07	83483158
	December	40.17	32.47	43207619	40.20	32.45	570750964
2025	January	34.85	28.14	23574377	34.87	28	138371343
	February	32.44	25.5	13751172	32.45	25.47	92999407
	March	26.69	23.91	22517359	26.55	23.9	163806002

Category wise shareholding as on March 31, 2025

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Shareholding
Category
No. of shares %
Promoter & Promoter Group A 3,75,45,13,805 73.68
Public B 1,32,57,79,651 26.02
Non-Promoter Non-Public C 1,56,62,214 0.31
Total A+B+C 5,09,59,55,670 100.00
Description Shareholders Total Shares Shares %
Category wise shareholding as on Promoters & 3 3,75,45,13,805 73.68
March 31, 2025 Promoter Group
Public
Mutual Funds, 19 53,04,512 0.10
Banks, AIF etc.
FPI, NRI 8,054 17,85,19,246 3.50
0.31% Employees 537 79,05,858 0.15
Public I E P F 1 9,51,77,596 1.87
Promoter & Promoter Other Public 21,25,753 1,03,88,72,439 20.39
Group Non Promoter 1 1,56,62,214 0.31
Non-Promoter-Non Non -Pubic
Public
Total 21,34,368 5,09,59,55,670 100
26.02%
73.68%
----- End of picture text -----*

PAN Based

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Statutory Reports

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Corporate Governance Report (Contd.)

Movement in Shareholding Pattern during FY25

Promoter & Promoter Group	Public	Non-Promoter Non-Public
+ 0.49%	+ 0.27%	- 0.76%

Distribution of shareholding as on March 31, 2025

Category	Shareholders*	%	Shares	%
1-5000	21,06,423	98.69	60,24,88,926	11.82
5001-10000	16,788	0.79	12,39,69,740	2.43
10001-20000	6,891	0.32	9,77,91,285	1.92
20001-30000	1,875	0.09	4,67,08,965	0.92
30001-40000	712	0.03	2,50,28,061	0.49
40001-50000	520	0.02	2,42,56,747	0.48
50001-100000	712	0.03	5,08,76,503	1.00
100001 & Above	447	0.02	4,12,48,35,443	80.94
Total	21,34,368	100	5,09,59,55,670	100

PAN Based

Dematerialisation status as on March 31, 2025

Sr. No. Category	Total Shares	%
1 Physical	1,80,13,131	0.4
2 N S D L	58,35,71,537	11.4
3 C D S L	4,49,43,71,002	88.2
Total	5,09,59,55,670	100.0

The ISIN No. of the Company is INE064C01022

Subsidiaries

The Audit Committee reviews the significant issues, including financial statements pertaining to subsidiary companies. Attention of the Directors is drawn to significant transactions and arrangements entered by the subsidiary companies. The performance of subsidiaries is also reviewed by the Board quarterly. The Company has a policy for determining ‘material subsidiaries’ which is disclosed on its website https://assets.tridentindia.com/POLICY_FOR_DETERMINING_MATERIAL_SUBSIDIARY.pdf. The Company has no material subsidiaries as on the date of this Report.

Company Policies

Your Company is committed to highest standards of Corporate Governance. Considering this, your Company has formulated certain policies, inter alia, in accordance with the requirements of the Companies Act, 2013 (“the Act”), SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI (Prohibition of Insider Trading) Regulations, 2015 and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The policies of the Company are available on the Company’s website and can be accessed in the Governance section at the Web-link: https:// www.tridentindia.com/code-policies

These policies are reviewed periodically and are updated as and when needed. During the year, the Company has revised and adopted some of its Policies, inter-alia, in order to align the same with recent changes in Corporate Laws and SEBI Regulations. A brief description on about the Key Policies adopted by the Company is as under:

Whistle-blower Policy

The Company has a Vigil Mechanism and Whistle-Blower policy under which the Employee, Director, Stakeholder who observes any unethical behaviour, 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]. without fear of any retaliation. No personnel is denied access to the Audit Committee and whistle blower policy protects such whistle blowers from adverse personnel action.

Weblink: https://assets.tridentindia.com/vigil_ mechanism_policy.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy January 24, 2025 No changes made in the Policy during the FY 2024-25

Code of Business Conduct and Ethics

The Company has in place a comprehensive Code of Conduct and Our Code (the “Codes”) applicable to the Directors and employees. The Codes give guidance and reflect the core values of the Company viz. Customer Value, Ownership Mindset, Respect, Integrity, One Team and Excellence. The Codes are available on the website of the Company. The Codes have been circulated to the Directors and Senior Management Personnel and its compliance is affirmed by them annually. A declaration on confirmation of compliance of the Code of Conduct, signed by the Chief Executive Officer is attached to this Report as Annexure II .

Weblink: https://assets.tridentindia.com/Code_of_ Business_conduct_Ethics.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy January 24, 2025 Changes in definition of Senior Management Personnel, Definition of relative

Dividend Distribution Policy

The policy details guidelines for dividend distribution for equity shareholders as per the requirements of the SEBI LODR Regulations.

Weblink: https://assets.tridentindia.com/DDP_Dividend_ Policy.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy November 14, 2023 No changes made in Policy during the FY 2024-25

Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information

The policy is in terms of Regulation 3 read with Schedule A of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,2015 (SEBI PIT Regulation)

Weblink: https://assets.tridentindia.com/Fair_ Disclosure_Policy.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy May 21, 2025 Updation of policy inline with recent amendment in SEBI (PIT) Regulations.

Policy for determination of Materiality for disclosure of Event or Information

The policy determines the requirements for disclosing material events including deemed material events for the Company and its subsidiary companies which are in nature of unpublished price sensitive information. The policy also lays the guidelines on archival and retention of records of the Company

Weblink: https://assets.tridentindia.com/Material_ events_policy.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy January 24, 2025 Insertion of Interpretation and Responsibility clause

Policy for determining Material Subsidiaries

The policy determines the guidelines for material subsidiaries of the Company and also provides the governance framework for such material subsidiaries.

Weblink: https://assets.tridentindia.com/POLICY_FOR_ DETERMINING_MATERIAL_SUBSIDIARY.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy January 24, 2025 Changes related to Material Subsidiary in line with amendments.

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Statutory Reports

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Corporate Governance Report (Contd.)

Policy on Materiality of and Dealing with Related Party Transactions

This policy envisages the procedure governing Related Party Transactions required to be followed by the Company to ensure compliance with the applicable Laws.

Weblink: https://assets.tridentindia.com/RPT_Policy.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy

May 21, 2025 Insertion of clauses for approval of Audit Committee and industry standards provisions

Policy for remuneration of the Directors, Key Managerial Personnel and other employees

The policy envisages the criteria on appointment and remuneration of Directors, Key Managerial Personnel and Senior Management personnel and succession planning for the Board and Senior Management.

Weblink: https://assets.tridentindia.com/NRC_Policy.pdf

Date of latest Review/ Amendment in Policy

Key Changes in Policy

January 24, 2025 Changes in definition of Senior Management Personnel & others

Corporate Social Responsibility Policy

The Corporate Social Responsibility(‘CSR’) policy of the Company outlines a company’s commitment to contribute to substainable development by delivering economic, social and environment benefit to the society at large.

Weblink: https://assets.tridentindia.com/CSR_policy.pdf

Date of latest Review/ Amendment in Policy

Key Changes in Policy

January 24, 2025 No changes made in Policy during the FY 2024-25

Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Workplace

The purpose of this policy is to create and maintain a healthy and conducive work environment, free of discrimination. This includes no discrimination on any basis, including gender and any form of sexual harassment.

Weblink: https://assets.tridentindia.com/prevention_of_ sexual_harassment.pdf

Date of latest Review/ Key Changes in Policy Amendment in Policy July 26, 2024 Annual revision & addition of employer and members’ Rights & Duties

Affirmations and Disclosures

Commodity Price Risk or Foreign Exchange Risk and Hedging Activities

The Company prudently hedges the Foreign Exchange Risk as per Risk Management Policy of the Company.

There is no exposure in commodity derivatives as per SEBI circular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated November 15, 2018 as detailed below:

Exposure of the listed entity to commodity and commodity risks faced by the entity throughout the year:
a. Total exposure of the listed entity to NIL commodities in INR:
b. Exposure of the listed entity to NIL various commodities:
c. Commodity risks faced by the listed NIL entity during the year and how they have been managed:

Preferential Allotment or Qualified Institutional Placement:

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 fees

Listing fees for the year 2025-26 have been paid to the stock exchanges, where the equity shares of the Company are listed, within the stipulated time.

Suspension from Trading

The securities of the Company have not been suspended from trading during the financial year ended March 31, 2025

Disclosure of certain types of agreements

binding listed entities

Pursuant to clause 5A to para A of part A of schedule III,

no such agreement subsists as on date relating to said regulation. However, pursuant to the Regulation 30A of the SEBI LODR Regulations, read with clause 5A to para A of part A of schedule III of the aforesaid Regulations, ‘Trident Group Limited’ (entity forming part of Promoter Group) has rights conferred on it by the Articles of Association of Trident Limited and these may be construed as rights that directly or indirectly impact the management or control of Trident Limited. The disclosure of rights is available on the official website of Trident Limited at the following link: https://assets. tridentindia.com/disclosureofright.pdf

Disclosure with respect to Demat suspense account/ unclaimed suspense account

As per Regulation 34(3) read with Schedule V of the SEBI LODR Regulations, the details of the shares in the Suspense Account are as follows:

Unclaimed Suspense Account

Unclaimed Suspense Account
Particulars	No of Shareholders	No of Shares
Aggregate Number of Shareholders and the Outstanding Shares in the suspense account lyingat the beginningof theyear	986	39,50,960
Number of shareholders who approached listed entity for transfer of shares from suspense account duringtheyear	72	3,71,640
Number of shareholders to whom shares were transferred from suspense account during the year	72	3,71,640
Number of shares transferred to suspense account duringtheperiod	1,896	40,54,410
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.	2,810	76,33,730

Escrow Suspense Account

Particulars	No of Shareholders	No of Shares
Aggregate Number of Shareholders and the Outstanding Shares in the suspense account lyingat the beginningof theyear	6	29,880
number of shareholders who approached listed entity for transfer of shares from suspense account duringtheyear	5	11,560
number of shareholders to whom shares were transferred from suspense account during the year	5	11,560
Number of shares transferred to suspense account duringtheperiod	11	26,930
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.	12	45,250

Nodal Officer

Mr. Sushil Sharma, Company Secretary has been appointed as Nodal Officer in order to ensure compliances with the IEPF Rules. The Contact details of the Nodal Officer are available on the website on the Company.

Fee paid to Statutory Auditor

The Company has paid total fees of INR 24.65 million for the FY 2024-25, for all services, on a consolidated basis for the Company and its subsidiaries, to the statutory auditor(s) and all entities in the network firm / network entity of which the statutory auditors are a part.

Details of credit ratings obtained by the Company

Rating Agency	Instrument/Facility rated	Rating/Outlook	Rating Action
Care Ratings Limited	Long-term Bank facilities	CARE AA;Stable	Reaffirmed
	Long-term/Short-term Bank facilities	CARE AA;Stable/CARE A1+	Reaffirmed
	Short-term Bank facility	CARE A1+	Reaffirmed
CRISIL Limited	LongTerm Rating	CRISIL AA/Stable	Reaffirmed
	Short Term Rating	CRISIL A1+	Reaffirmed
	Rs.150 Crore Commercial Paper	CRISIL A1+	Reaffirmed
Indian Ratings& Research Pvt. Ltd.	Proposed non-convertible debentures	IND AA/Stable	Affirmed

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

Trident Limited

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Statutory Reports

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Corporate Governance Report (Contd.)

Audit Qualification

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

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company is committed to provide a work environment which ensures that every employee is treated with dignity, respect and afforded equal treatment. Training/awareness programmes are conducted throughout the year to create sensitivity towards ensuring respectable workplace.

During the year, no complaints were received by the Company under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Related party transactions

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 38 to the Standalone Financial Statements disclosed as per applicable Accounting Standards. Further in compliance with Regulation 23 of the SEBI LODR Regulations, the details of Related party are being filed with Stock exchanges on Half yearly basis & have been duly disseminated on the website of stock exchanges i.e. BSE & NSE.

The interested directors were not present at the Meeting(s) at the time of discussion on such agenda items and do not participate in the discussion or decision on such matters.

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.

Weblink: https://assets.tridentindia.com/RPT_Policy.pdf

Particular of Loan/ Advances

Particular of Loans/advances, etc. pursuant to Para A of Schedule V of the SEBI LODR Regulations are provided in Note 49 of the Financial Statements.

Further, the Company has not granted any Loan/advances to any directors during the Financial Year.

Compliances made by the Company

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 SEBI LODR 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 SEBI LODR Regulations. The Company has adopted the discretionary requirements of the SEBI LODR Regulations to the below extent:

• Non Executive Chairman

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 Communications

The Company sends quarterly, half yearly and annual financial results to all shareholders who have registered their e-mail ids with depositories / RTA.

Reporting of Internal Auditor

Internal Auditor directly report to the Audit Committee.

Unmodified Auditor’s Opinion

The Financial Statements of the Company are with Unmodified Auditor’s Opinion.

Outstanding GDR/ADR/Warrants

The Company has no outstanding GDR/ADR/ Warrants as on March 31, 2025.

Certificate and certifications

Compliance certificate from Practising Company Secretaries regarding compliance with the compliances of corporate governance is annexed as Annexure III
Compliance certificate pursuant to Regulation 17(8) of SEBI LODR Regulations on the financial statements for the Financial year ended March 31, 2025 is annexed as Annexure IV

ANNEXURE I

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To,

Trident Limited

Raikot Road, Sanghera, Barnala, Punjab-148101.

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 Raikot Road,Sanghera, Barnala, Punjab, India -148101 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities 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 me / us by the Company & 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 March 31, 2025 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 or any such other Statutory Authority.

Sr. No.	Name of Directors	DIN	Date of appointment in Company
1.	Rajeev Ahuja	09196228	09/08/2022
2.	RajKamal	07653591	09/08/2022
3.	Usha Sangwan	02609263	15/05/2021
4.	Rajiv Dewan	00007988	14/05/2005
5.	Deepak Nanda	00403335	12/11/2011
6.	Anthony DeSa	05290160	18/01/2022

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.

For Mehta & Mehta, Company Secretaries (ICSI Unique Code P1996MH007500)

Ashwini Inamdar Partner FCS No: 9409 CP No.: 11226 PR No.: 3686/2023 UDIN: F009409G000398921

Place: Mumbai Date: 21-05-2025

146 Trident Limited

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Statutory Reports

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ANNEXURE II

DECLARATION OF COMPLIANCE WITH CODE OF CONDUCT

ANNEXURE IV

To

The Audit Committee/Board of Directors

I hereby confirm and declare that all the Directors of the Company and Senior Management Personnel have affirmed compliance with the Code of Conduct of the Company for the FY 2024-25.

Samir Prabodhchandra Joshipura

Chief Executive Officer

Date: May 21, 2025 Place: New Delhi

Trident Limited

Trident Group, Sanghera, Barnala, Punjab, India, 148101

Sub: Certification Pursuant to Regulation 17(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable Regulations for Financial Results (Standalone & Consolidated) of the Company for the Financial Year ended March 31, 2025

Dear Sir/Madam,

This is to certify that the Financial Results (Standalone & Consolidated) of the Company for the Year ended March 31, 2025 have been prepared in accordance with applicable laws, rules, regulations and accounting standards. It is further certified that:

Annexure III

CERTIFICATE ON CORPORATE GOVERNANCE

To, The Members,

Trident Limited

We have examined the compliance of conditions of Corporate Governance Trident Limited (hereinafter referred as “Company”) for the Financial year ended March 31, 2025 as prescribed under Regulations 17 to 27 and paras C, D and E of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as “Listing Regulations”).

We state that compliance of conditions of Corporate Governance is the responsibility of the management, and our examination was limited to procedures and implementation thereof adopted by the Company for ensuring compliance with conditions of 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 our examination of the relevant records and the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as prescribed under 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 the affairs of the Company.

A. We have reviewed Financial Statements and the Cash Flow Statement of Trident Limited for the financial year ended March 31, 2025 and that to the best of our knowledge and belief:
these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
these statements together present a true and fair view of the listed entity’s affairs and are in compliance with listing and other legal requirements, existing accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by the listed entity during the year which are fraudulent, illegal or violative of the listed entity’s code of conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the listed entity 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 we 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:
significant changes in internal control over financial reporting during the year, if any;
significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements, if any; and
that there are no instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the listed entity’s internal control system over financial reporting.

This certificate is issued solely for the purposes of complying with Listing Regulations and may not be suitable for any other purpose.

Place: Mumbai Date: 21-05-2025

For Mehta & Mehta, Company Secretaries (ICSI Unique Code P1996MH007500)

Ashwini Inamdar

Partner FCS No: 9409 CP No.: 11226 PR No.: 3686/2023 UDIN: F009409G000399348

For Trident Limited

Avneesh Barua Chief Financial Officer

Date: May 21, 2025 Place: New Delhi

For Trident Limited

Samir Prabodhchandra Joshipura Chief Executive Officer

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Financial Statements

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Independent Auditor’s Report

To the Members of Trident Limited

Report on the Audit of 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, 2025, the Statement of Profit and Loss, including the statement of Other Comprehensive loss, 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 material accounting policies and other explanatory information in which are included the financial statements 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 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 accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit including other comprehensive loss, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as 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 together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.

Emphasis of Matter – Income Tax Search

We draw attention to Note 53 of the standalone Ind AS financial statements relating to a search under Section 132 of the Income Tax Act, 1961 conducted by the Income Tax Department at certain locations of the Company including its manufacturing locations and its Indian subsidiaries and residence of few of its employees/key managerial personnel.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone Ind AS financial statements for the financial year ended March 31, 2025. 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. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matter described below to be the key audit matter to be communicated in our report. We

have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the standalone Ind AS financial statements section of our report, including in relation to this matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the

risks of material misstatement of the standalone Ind AS financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying standalone Ind AS financial statements.

Key audit matters

How our audit addressed the key audit matter

Revenue from sale of products (as described in Note 2.1B of the standalone Ind AS financial statements)

The Company’s revenue is derived primarily from sale of goods. The Company is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels & Bedsheets) and Paper & Chemicals. Revenue from sale of goods is recognised at a point in time when • performance obligation is satisfied and is based on the transfer of control to the customer as per terms of the contract.

In view of the significance of the matter, our procedures included the following:

We assessed the appropriateness of the Company’s accounting policies for revenue recognition by comparing with applicable accounting standards.

We evaluated the design, implementation and operating effectiveness of key internal controls over recognition of revenue.

Revenue recognition has been identified as a key audit matter • as there could be incentives or external pressures to meet expectations resulting in revenue being overstated or recognised before the control has been transferred.

On a sample basis, we tested the revenue transactions recorded during the year by verifying the underlying documents to assess whether revenue is recognised appropriately when control is transferred.
We tested, on a sample basis specific revenue transaction recorded near the financial year-end date to assess whether revenue (including export incentives) is recognised in the correct financial period in which control is transferred.
We scrutinised manual journal entries related to revenue recognised during the year based upon specified risk-based criteria, to identify unusual or irregular items.
We verified the adequacy of disclosures as per applicable accounting standards.
We performed analytical review procedures to assess any unusual trend.

Other Information

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 other information. The other information comprises the information included in the Annual report, but does not include the standalone Ind AS financial statements and our auditor’s report thereon.

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 accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. 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 judgements and estimates that are

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 financial statements, or our knowledge obtained in the 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.

150 Trident Limited

Integrated Annual Report 2024-25 151

Financial Statements

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Independent Auditor’s Report (Contd.)

reasonable and prudent; and the design, implementation and maintenance of adequate 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 management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those 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 judgement 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. 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 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 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 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 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 the components which have been audited by us. For the 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 audits 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, 2025, 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, in respect of Trident Limited Employee

Welfare Trust whose financial statements include total assets of Rs. 1,462.2 Million as at March 31, 2025, total revenues of Rs. 1,008.1 Million and net cash inflows of Rs. 1,144.1 Million for the year ended on that date (also refer note 60 of standalone Ind AS financial statements). These financial statements and other financial information of

the Trident Limited Employee Welfare Trust have been audited by other auditor, whose financial statements, other financial information and auditor’s report has been furnished to us by the Management. Our opinion on the standalone Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect of Trident Limited Employee Welfare Trust, and our report on Other Legal and Regulatory Requirements

below is based solely on the report of such other auditor. Our opinion 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, based on our audit and on the consideration of report of the other auditor on financial statements and the other financial information of Trident Limited Employee Welfare Trust, as noted in the ‘Other Matter’ paragraph 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, 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 except for the matters stated in the paragraph 2(j)(vi) below on reporting under Rule 11(g);
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive loss, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) The matter described in Emphasis of Matter – Income Tax search paragraph above, in our opinion, may not have an adverse effect on the functioning of the Company;

152 Trident Limited

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Financial Statements

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Independent Auditor’s Report (Contd.)

(f) On the basis of the written representations received from the directors as on March 31, 2025, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025, from being appointed as a director in terms of Section 164 (2) of the Act;
(g) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(j)(vi) below on reporting under Rule 11(g)
(h) With respect to the adequacy of the internal financial controls with reference to standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure 2” to this report;
(i) In our opinion, the managerial remuneration for the year ended March 31, 2025, 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.
(j) 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 31 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 45 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 its knowledge and
belief, as disclosed in the note 61(v) to the standalone Ind AS financial statements, 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 Company to or in any other persons or entities, 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 its knowledge and belief, as disclosed in the note 61(vi) to the standalone Ind AS financial statements, no funds have been received by the Company from any persons or entities, 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 performed that have been 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 (a) and (b) contain any material misstatement.
v. The interim dividend declared and paid by accounting software. Additionally, the audit the Company during the year and until the trail in respect of the relevant prior year date of this audit report is in accordance has not been preserved by the Company as with section 123 of the Act. per the statutory requirements for record retention, as stated in Note 50 to the
vi. Based on our examination which included standalone Ind AS financial statements.
vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account which has a feature of For S.R. Batliboi & Co. LLP recording audit trail (edit log) facility and Chartered Accountants the same has operated throughout the year for all relevant transactions recorded in the software except that, audit trail feature is not enabled for direct changes to per Pravin Tulsyan database when using certain access rights, Partner as described in note 50 to the standalone Membership Number: 108044 Ind AS financial statements. Further, UDIN: 25108044BMIBFV4663 during the course of our audit we did not Place of Signature: New Delhi come across any instance of audit trail Date: May 21, 2025 feature being tampered with, in respect of
ICAI Firm Registration Number: 301003E/E300005

154 Trident Limited

Integrated Annual Report 2024-25 155

Financial Statements

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Annexure “1” to the Auditors’ Report

(Referred to in paragraph 1 under the heading of ‘Report on Other Legal and Regulatory Requirements’ 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:

(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.
- B. 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, 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.
(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
(d) The Company has not revalued its property, plant and equipment (including right of use assets) or intangible assets during the year ended March 31, 2025.
(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 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 intransit, subsequent evidence of receipts/delivery acknowledgement/bill of lading has been linked with inventory/sales records.

(b) As disclosed in note 17 to the standalone Ind AS financial statements, the Company has been sanctioned working capital limits in excess of Rs. five crores in aggregate from banks and financial institutions during the year on the basis of security of current assets of the Company based on the records examined by us in the normal course of audit of the financial statements, the quarterly returns/statements filed by the Company with such banks and financial institutions are in agreement with the unaudited books of accounts of the Company.
(iii) (a) During the year the Company has not provided loans, advances in the nature of loans, stood guarantee or provided security to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(a) of the Order is not applicable to the Company.
(b) During the year the investments made are not prejudicial to the Company’s interest. However, the Company has not provided guarantees, provided security and granted loans and advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties.
(c) The Company has not granted loans and advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(c) of the Order is not applicable to the Company.
(d) The Company has not granted loans or advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(d) of the Order is not applicable to the Company.
(e) There were no loans or advance in the nature of loan granted to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(e) of the Order is not applicable to the Company.

(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, related to the manufacture of Textile products, Paper and Chemicals and are of the opinion that, prima facie, the specified amounts and records have been made and maintained. We have, however, not made a detailed examination of the same.

(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 to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on 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. Further, according to the information and explanations given to us, provisions of sections 186 of the Companies Act, 2013 in respect of investments have been complied with by the Company.
- (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 it, though there has been a slight delay in few cases of income tax. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they became payable.
(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, the requirement to report under clause 3(v) of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Companies
(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2025 on account of disputes are given below:

Nature of Statute	Nature of Dues	Amount (Rs. In Million)	Period to which the Amount relate	Forum where dispute is pending
Finance Act, 1994	Demand of service tax on commission paid to non-executive director	64.2	2014-15 to 2016-17	CESTAT, Chandigarh
Building and other construction workers (regulation of employment and conditions of service) Act,1996	Building Cess	8.1	From FY 2007 – 2009 till June 30, 2017	High Court of Madhya Pradesh
Building and other construction workers (regulation of employment and conditions of service) Act,1996	Building Cess	59.7	FY 2020-21 to 2022-23	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
Income Tax Act, 1961	Income tax (including interest)	58.9	Assessment Year 2015-16, 2016-17, 2017-18, 2020-21 2021-22, 2022-23 and 2023-24	Commissioner of Income tax (Appeals)
Income Tax Act, 1961	Income tax (including interest)*	2.6	Assessment Year 2018-19, 2019-2020	Deputy Commissioner of Income Tax (TDS)
Income Tax Act, 1961	Income tax (including interest)*	288.1	Assessment Year 2021- 2022,2022-2023	Deputy Commissioner of Income Tax

Subsequent to year end the Company has filed the appeal against the above said assessment years.

156 Trident Limited

Integrated Annual Report 2024-25 157

Financial Statements

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Annexure “1” to the Auditors’ Report (Contd.)

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	Excise Duty	10.7	2013 – 14	Joint Secretary Revenue, New Delhi
Income Tax Act, 1961	Income Tax (including interest and penalty)	250.9	Assessment year 2004-2005, 2005-2006, 2006-2007, 2008-2009, 2009-2010 and 2010-2011	High Court of Punjab and Haryana

Note: During the previous years, the Company has deposited Rs 34.8 Million under protest in connection with dispute with Income Tax authorities for the AY 2004-05 to 2022-23. During the current year, the Company has deposited Rs. 3.6 Million under protest in connection with dispute with Income Tax authorities for the AY 2016-17.

During the previous years, the Company has deposited Rs 2.5 Million under protest in connection with a dispute with CESTAT, Chandigarh for the year AY 2014-15 to 2016-17.

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.
- The Company does not have any associate or joint venture.
(x) (a) The Company has not raised money during the year by way of initial public offer or further public offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.
(ix) (a) The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.
(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 the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
(c) Term loans were applied for the purposes for which the loans were obtained.
(xi) (a) No fraud by the Company or no material fraud on the Company has been noticed or reported during the year.
(d) On an overall examination of the standalone Ind AS financial statements of the Company, no funds raised on short-term basis have been used for long-term purposes by the Company.
(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.
(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. The Company does not have any associates or joint venture.
(c) As represented to us by the management, there were no whistle blower complaints received by the Company during the year.
(f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries. Hence, the requirement to report on clause 3(ix) (f) of the Order is not applicable to the Company.
(xii) The Company is not a Nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.
(xiii) Transactions with the related parties are in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, and the details have been disclosed in the notes to 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 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 provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Hence, the requirement to report on clauses 3(xvi)(a), (b), (c) and (d) of the Order are not applicable.
(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 during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.
(xix) On the basis of the financial ratios disclosed in note 54 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 Ind AS 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 amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. This matter has been disclosed in Note 47 to the standalone Ind AS financial statements.
(b) All amounts that are unspent under section (5) of section 135 of Companies Act, pursuant to any ongoing project, has been transferred to special account in compliance of with provisions of sub section (6) of section 135 of the said Act. This matter has been disclosed in note 47 to the standalone Ind AS financial statements.
(xxi) The requirement to report on clause 3(xxi) of the Order is not applicable to the standalone Ind AS financial statements of the Company.

For S.R. Batliboi & Co LLP Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Pravin Tulsyan

Partner

Membership Number: 108044 UDIN: 25108044BMIBFV4663 Place of Signature: New Delhi Date: May 21, 2025

158 Trident Limited

159

Integrated Annual Report 2024-25

Financial Statements

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Annexure “2” to the Independent Auditor’s Report

OF EVEN DATE ON THE STANDALONE IND AS FINANCIAL STATEMENTS OF TRIDENT LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)

We have audited the internal financial controls with reference to standalone Ind AS financial statements of Trident Limited (“the Company”) as of March 31, 2025, in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls 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.

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.

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 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 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.

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.

Inherent Limitations of Internal Financial Controls with Reference to standalone Ind AS 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 inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with 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, 2025, 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 S.R. Batliboi & Co LLP

Chartered Accountants ICAI Firm Registration Number: 301003E/E300005

per Pravin Tulsyan Partner Membership Number: 108044 UDIN: 25108044BMIBFV4663 Place of Signature: New Delhi Date: May 21, 2025

160 Trident Limited

Integrated Annual Report 2024-25

161

Financial Statements

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Standalone Balance Sheet

as at March 31, 2025

==> picture [495 x 509] intentionally omitted <==

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

(Rs. Million)
As at As at
Particulars Note No.
March 31, 2025 March 31, 2024
I ASSETS
Non current assets
a) Property, plant and equipment 3 43,340.6 44,616.6
b) Capital work in progress 3,37 489.6 847.5
c) Intangible assets 3 398.8 553.3
d) Right of use assets 40 518.9 577.6
e) Intangible assets under development 3 35.2 29.3
f) Financial assets
i) Investments 4 (a),4 (b),44 200.3 515.7
ii) Other financial assets 5,44 720.0 577.5
g) Non current tax assets (net) 6 175.5 230.9
h) Other non current assets 7 506.7 364.2
Total non current assets 46,385.6 48,312.6
Current assets
a) Inventories 8 12,404.4 13,830.8
b) Financial assets
i) Trade receivables 9,44 2,995.0 4,137.2
ii) Cash and cash equivalents 10,44 683.0 221.9
iii) Other bank balances (other than ii above) 11,44 5,974.5 5,048.0
iv) Loans 12A,44 - 15.3
v) Other financial assets 12,44 1,378.4 1,756.1
c) Other current assets 13 1,472.4 1,900.8
Total current assets 24,907.7 26,910.1
Total assets 71,293.3 75,222.7
II EQUITY AND LIABILITIES
Equity
a) Equity share capital 14 5,096.0 5,096.0
b) Other equity 15 41,006.8 37,995.1
Total equity 46,102.8 43,091.1
Non current liabilities
a) Financial liabilities
i) Borrowings 16,44 9,629.1 11,734.2
ii) Lease liabilities 40 259.2 291.8
b) Deferred tax liabilities (net) 43 (b) 2,752.1 3,098.4
Total non current liabilities 12,640.4 15,124.4
Current liabilities
a) Financial liabilities
i) Borrowings 17,44 6,128.6 8,873.9
ii) Lease liabilities 40 40.0 38.6
iii) Trade payables 18,44
a) Total outstanding dues of micro enterprises and small enterprises; 262.9 1,163.3
and
b) Total outstanding dues of creditors other than micro enterprises and 3,225.2 3,626.1
small enterprises
iv) Other financial liabilities 19,44 1,355.4 1,709.1
b) Provisions 20 421.9 570.6
c) Other current liabilities 21 929.7 1,025.7
d) Current tax liabilities (net) 22 186.4 -
Total current liabilities 12,550.1 17,007.3
Total liabilities 25,190.5 32,131.7
Total equity and liabilities 71,293.3 75,222.8
----- End of picture text -----

See accompanying notes forming part of the Standalone Financial Statements

1 to 61

As per our report of even date attached

For and on behalf of the Board of Directors

For S.R. Batliboi & Co. LLP

Chartered Accountants

(ICAI Firm's Registration No. 301003E/E300005)

Rajiv Dewan

Deepak Nanda Managing Director DIN: 00403335

Director DIN: 00007988

Samir Prabodhchandra Joshipura Chief Executive Officer

Pravin Tulsyan

Avneesh Barua

Chief Financial Officer

Partner (Membership No. 108044)

Sushil Sharma

Place: New Delhi Company Secretary Date: May 21, 2025 Membership No. F6535

Place: New Delhi Date: May 21, 2025

Standalone Statement of Profit and Loss

for the year ended March 31, 2025

==> picture [496 x 504] intentionally omitted <==

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

(Rs. Million)
Note For the year ended For the year ended
Particulars
No. March 31, 2025 March 31, 2024
1 Revenue from operations 23 69,658.9 67,304.2
2 Other income 24 594.1 599.0
3 Total Income (1+2) 70,253.0 67,903.2
4 Expenses:
Cost of raw materials consumed 25 35,270.4 35,026.1
Purchase of stock in trade 26 41.7 305.9
Changes in inventories of finished goods, waste, work-in-progress 27 639.9 (980.9)
and stock in trade
Employee benefits expenses 28 8,914.2 8,353.0
Finance costs 29 1,294.2 1,544.8
Depreciation and amortisation expense 3 3,620.0 3,602.0
Forex (gain)/loss (including MTM) (153.0) (121.0)
Other expenses 30 15,929.1 15,371.1
Total expenses 65,556.5 63,101.0
5 Profit before exceptional items and tax (3-4) 4,696.5 4,802.2
6 Exceptional items 58 - (360.5)
7 Profit before tax (5-6) 4,696.5 5,162.7
8 Tax expenses
- Current tax 43 (a) 1,302.0 1,171.4
- Deferred tax (charge)/credit 43 (a) (275.3) 97.1
- Current tax adjustments related to earlier years 43 (a) 55.3 (12.1)
- Deferred tax adjustments related to earlier years 43 (a) (53.8) 1,028.2 10.5 1,266.9
9 Profit for the year (7-8) 3,668.3 3,895.8
10 Other comprehensive income/ (loss)
Items that will not be reclassified to profit or loss:
- Remeasurement (loss)/gain of the defined benefit plan 9.9 (300.4)
- Income tax related to items that will not be reclassified to (2.5) 75.6
profit or loss
7.4 (224.8)
Items that will be reclassified to profit or loss:
- Net movement in effective portion of cash flow hedge reserve (78.8) (49.2)
- Income tax related to items that may be reclassified to profit 19.8 12.4
or loss
(59.0) (36.8)
Other comprehensive (losses), net of taxes (51.6) (261.6)
11 Total comprehensive income (9+10) 3,616.7 3,634.2
12 Earnings per share (EPS) face value (of Re.1/- each) 36
- Basic 0.73 0.78
- Diluted 0.73 0.78
----- End of picture text -----

See accompanying notes forming part of the Standalone Financial Statements 1 to 61

As per our report of even date attached For S.R. Batliboi & Co. LLP Chartered Accountants (ICAI Firm's Registration No. 301003E/E300005)

For and on behalf of the Board of Directors

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

Managing Director DIN: 00403335

Avneesh Barua Samir Prabodhchandra Joshipura Chief Financial Officer Chief Executive Officer

Pravin Tulsyan Partner (Membership No. 108044)

Sushil Sharma

Company Secretary Membership No. F6535

Place: New Delhi Date: May 21, 2025

Trident Limited

162

163

Integrated Annual Report 2024-25

Financial Statements

==> picture [122 x 31] intentionally omitted <==

		Total	41,257.7	3,895.8	(36.8)	-	(224.8)	3,634.2	8.8	-	1.8	(1,811.5)	43,091.0		Total	Total	43,091.0	3,668.3	(59.0)	-	7.4	3,616.7	3.8	-	1.2	1,201.7	(1,811.6)	46,102.8
Other equity	Other comprehensive income	Effective portion of cash flow hedge	55.1	-	(36.8)	-	-	(36.8)	-	-	-	-	18.3	Other equity	Other comprehensive income	Effective portion of cash flow hedge	18.3	-	(59.0)	-	-	(59.0)	-	-	-	-	-	(40.7)
	Reserves and surplus	Share based payment reserve	6.1	-	-	-	-	-	8.8	(2.3)	-	-	12.7		Reserves and surplus	Share based payment reserve	12.7	-	-	-	-	-	3.8	(4.6)	-	-	-	11.9
		Retained earnings	23,419.8	3,895.8	-	-	(224.8)	3,671.0	-	-	-	(1,811.5)	25,279.3			Retained earnings	25,279.3	3,668.3	-	-	7.4	3,675.7	-	-	-	-	(1,811.6)	27,143.4
		Capital redemption reserve	600.0	-	-	-	-	-	-	-	-	-	600.0			Capital redemption reserve	600.0	-	-	-	-	-	-	-	-	-	-	600.0
		Treasury shares	(480.1)	-	-	-	-	-	-	-	1.0	-	(479.1)			Treasury shares	(479.1)	-	-	-	-	-	-	-	-	360.3	-	(118.8)
		PPE fair valuation reserve*	6,907.7	-	-	(0.3)	-	(0.3)	-	-	-	-	6,907.4			PPE fair valuation reserve*	6,907.4	-	-	-	-	-	-	-	-	-	-	6,907.4
		Trident employee welfare trust reserve	308.5	-	-	-	-	-	-	-	-	-	308.5			Trident employee welfare trust reserve	308.5	-	-	-	-	-	-	-	-	841.4	-	1,149.9
		General reserve	1,077.0	-	-	0.3	-	0.3	-	2.3	0.8	-	1,080.3			General reserve	1,080.3	-	-	-	-	-	-	4.6	1.2	-	-	1,086.1
		Securities premium reserve	3,333.7	-	-	-	-	-	-	-	-	-	3,333.7			Securities premium reserve	3,333.7	-	-	-	-	-	-	-	-	-	-	3,333.7
		Capital reserve	933.9	-	-	-	-	-	-	-	-	-	933.9			Capital reserve	933.9	-	-	-	-	-	-	-	-	-	-	933.9
Equity share capital			5,096.0	-	-	-	-	-	-	-	-	-	5,096.0	Equity share capital			5,096.0	-	-	-	-	-	-	-	-	-	-	5,096.0
Particulars			As at April 01, 2023	Profit for the year	Net movement in effective portion of cash flow hedge reserve, net of tax effect	Transfer from fair valuation reserve on account of sale of land	Remeasurement of the benefit plan, net of tax effect	Total comprehensive income	Compensation options granted during the year (refer note 15 and 42)	Less: Share options forfeited/lapsed during the year (refer note 15 and 42)	Share options exercised during the year (refer note 15)	Dividend paid on equity shares	As at March 31, 2024	Particulars			As at April 01, 2024	Profit for the year	Net movement in effective portion of cash flow hedge reserve, net of tax effect	Transfer from fair valuation reserve on account of sale of land	Remeasurement of the benefit plan, net of tax effect	Total comprehensive income	Compensation options granted during the year (refer note 15 and 42)	Less: Share options forfeited/lapsed during the year (refer note 15 and 42)	Share options exercised during the year (refer note 15)	Sale of Treasury Shares	Dividend paid on equity shares	As at March 31, 2025

Trident Limited

Integrated Annual Report 2024-25

164

165

Financial Statements

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Standalone Cash Flow Statement

for the year ended March 31, 2025

==> picture [496 x 650] intentionally omitted <==

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

(Rs. Million)
For the year ended For the year ended
Particulars
March 31, 2025 March 31, 2024
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 4,696.5 5,162.7
Adjustments for:
Depreciation and amortisation expense 3,620.0 3,602.0
Interest expenses on financial liabilities measured at amortised cost 1,272.0 1,519.3
Interest income (410.7) (438.7)
Profit on sale of non current investments (15.9) -
Liabilities no longer required written back (net) (33.6) (10.4)
Bad debts recovered - (10.3)
Fair value loss on non-current investments - 12.4
(Profit) on sale of investment in subsidiary company disclosed as - (360.5)
exceptional item
Share based payment expense 3.8 8.8
Non current investments written off - 0.6
Expected credit loss allowance on trade receivables and advances to 18.2 61.8
vendors
Unrealised foreign exchange (gain)/loss 44.8 (55.2)
Gain on disposal of property, plant and equipment (net) (11.2) 4,487.4 (28.9) 4,300.9
Operating profit before working capital changes 9,183.9 9,463.6
Changes in working capital:
Adjustments for (increase)/decrease in operating assets:
Inventories 1,426.4 (3,487.8)
Trade receivables 1,084.5 (1,442.5)
Other current financial assets 114.1 17.2
Other non current financial assets (142.9) (55.4)
Other current assets 428.4 (342.3)
Other non current assets (25.3) 94.6
Adjustments for increase/(decrease) in operating liabilities:
Trade payables (1,272.4) (656.2)
Other current financial liabilities (28.8) (14.2)
Other current liabilities (96.0) 245.5
Current provisions (138.8) 1,349.2 165.7 (5,475.4)
Cash generated from operations 10,533.1 3,988.2
Direct taxes paid (net) (1,115.5) (1,239.3)
Net cash flow from operating activities (A) 9,417.6 2,748.9
B. CASH FLOW FROM INVESTING ACTIVITIES
Payment for property, plant and equipment, capital work in progress, (2,256.0) (6,473.1)
intangible assets and intangible asset under development
Proceeds from sale of property, plant and equipment 31.7 86.7
Loans given - 1.5
Loans given received back 15.3 (1.5)
Investment in subsidiary company (169.9) (5.0)
Purchase of non current investments - (496.6)
Proceeds from sale of non current investments 501.2 365.5
Interest received 566.3 231.2
Fixed deposits and other bank balances not considered as cash and
cash equivalents
- Placed (4,121.1) (4,158.8)
- Matured 3,286.0 3,333.5
Net cash (used) in investing activities (B) (2,146.5) (7,116.6)
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(Rs. Million)
For the year ended For the year ended
Particulars
March 31, 2025 March 31, 2024
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from sale of treasury shares by trust 1,201.9 -
Proceeds from exercise of stock options by trust 2.6 2.2
Repayment of non-convertible debentures - (250.0)
Proceeds from non-current borrowings 273.3 5,156.0
Repayment of non-current borrowings (2,160.6) (539.0)
Net increase/(decrease) in working capital borrowings (3,004.6) 2,498.5
Interest paid (1,244.4) (1,552.9)
Amount refunded against right of use assets - 17.6
Payment of principal portion of lease liabilities (39.0) (35.3)
Payment of interest portion of lease liabilities (27.6) (29.9)
Dividend paid on equity shares (1,811.6) (1,811.5)
Net cash generated (used in)/from financing activities (C) (6,810.0) 3,455.7
Net Increase/ (decrease) in cash and cash equivalents (A+B+C) 461.1 (912.0)
Cash and cash equivalents at the beginning of the year 221.9 1,133.9
Cash and cash equivalents at the end of the year 683.0 221.9
Comprises:
Cash on hand 24.5 24.3
Balances with banks:
- In current accounts 107.9 125.0
- In cash credit accounts 33.6 30.3
- In bank deposits accounts (original maturity of less than 3 517.0 42.3
months)
683.0 221.9
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Refer Note 17 for Change in liabilities arising from financing activities and for non-cash financing and investing activities.

The above cash flow statement has been prepared under the “Indirect Method” as set out in Indian Accounting Standard - 7.

See accompanying notes forming part of the Standalone Financial Statements

1 to 61

As per our report of even date attached

For and on behalf of the Board of Directors

For S.R. Batliboi & Co. LLP Chartered Accountants (ICAI Firm's Registration No. 301003E/E300005)

Rajiv Dewan

Deepak Nanda

Director Managing Director DIN: 00007988 DIN: 00403335

Avneesh Barua Samir Prabodhchandra Joshipura Chief Financial Officer Chief Executive Officer

Pravin Tulsyan

Partner (Membership No. 108044) Place: New Delhi Date: May 21, 2025

Sushil Sharma Place: New Delhi Company Secretary Date: May 21, 2025 Membership No. F6535

Trident Limited

Integrated Annual Report 2024-25

166

167

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

NOTE 1 - CORPORATE INFORMATION

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 (NSE) and Bombay Stock Exchange (BSE). The Company is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels & Bedsheets) and Paper & Chemicals.

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.

The Company has prepared the financial statements on the basis that it will continue to operate as a going concern.

New and amended standards

The registered office of the Company is situated at Sanghera, India. The principal activities of the Company are described in Note 39. These standalone Ind AS financial statements were approved for issuance by the Board of Directors of the Company in their meeting held on May 21, 2025.

The Company applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 April 2024. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

NOTE 2.1 - MATERIAL ACCOUNTING POLICIES

(i) Ind AS 117 Insurance Contracts

The Ministry of Corporate Affairs (MCA) notified the Ind AS 117, Insurance Contracts, vide notification dated 12 August 2024, under the Companies (Indian Accounting Standards) Amendment Rules, 2024, which is effective from annual reporting periods beginning on or after 1 April 2024.

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. The standalone Ind AS financial statements of the company also includes financial information and other explanatory information of Trident Limited Employee Welfare Trust.

Ind AS 117 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Ind AS 117 replaces Ind AS 104 Insurance Contracts. Ind AS 117 applies to all types of insurance contracts, regardless of the type of entities that issue them as well as to certain guarantees and financial instruments with discretionary participation features; a few scope exceptions will apply. Ind AS 117 is based on a general model, supplemented by:

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:

A specific adaptation for contracts with direct participation features (the variable fee approach)
A simplified approach (the premium allocation approach) mainly for short-duration contracts
Derivative financial instruments
Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments in Note O-Financial Instruments)
The application of Ind AS 117 did not have material impact on the Company’s standalone financial statements as the Company has not entered any contracts in the nature of insurance contracts covered under Ind AS 117.
Defined benefit plans - plan assets are measured at fair value

(ii) Amendments to Ind AS 116 Leases – Lease Liability in a Sale and Leaseback

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 MCA notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2024, which amend Ind AS 116, Leases, with respect to Lease Liability in a Sale and Leaseback. The amendment specifies the requirements that a seller-lessee

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

Dividend income

uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.

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.

The amendment is effective for annual reporting periods beginning on or after 1 April 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of Ind AS 116.

Other income

Insurance claims are recognised when there exists no significant uncertainty with regards to the amounts to be realised and the ultimate collection thereof.

The amendments did not have a material impact on the Company’s financial statements.

Revenue recognition

B

Contract balances - Trade receivables

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.

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.

Government grants/subsidies

C

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.

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.

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 volume rebates and incentives etc. offered by the Company as part of the contract.

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.

Borrowing costs

D

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.

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.

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 revenue in respect of duty drawback and similar other export benefits (Refer Note C- Government grants/ subsidies) is recognised on post export basis at the rate at which the entitlements accrue and is included in the ‘Other operating revenue‘.

All other borrowing costs are recognised in the Statement of Profit and Loss in the period in which they are incurred.

168 Trident Limited

169

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

E Income taxes

Income tax expense comprises current income tax and deferred tax.

Retirement and Employee benefits

F

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.

The Company has schemes of employees benefits such as Provident fund, Gratuity and Compensated absences, which are dealt with as under:

Defined Contribution

Provident fund is the defined contribution scheme. The contribution to this scheme is charged to the 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 recognised 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 recognised as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

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.

Defined Benefit plan

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.

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 the Statement of Profit and Loss. Past service cost

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 laws) that have been enacted or substantively enacted by the end of the reporting period.

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 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.

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:

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 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 undiscounted amount of short-term employee benefits expected to be paid in exchange for the

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

assets, borrowing costs capitalised in accordance with the Company’s accounting policy (refer note 2.1 (D)). Such items 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.

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.

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.

Long-term employee benefits

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.

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.

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 recognised in the Statement of Profit and Loss when the asset is derecognised.

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.

Depreciation on tangible assets

H

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.

Capital Work in progress is stated at cost, less any recognised impairment loss.

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.:

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. 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

	As per management estimate	As per schedule II
Generalplant and equipment on triple shift basis	- 9.5years	- 7.5years
End user devices,such as,desktops,laptops,etc (included under Computers)	- 5years	- 3years
Servers and networks (included under Computers)	- 5years	- 6years
Office equipment	- 10years	- 5years
Vehicles	- 6years	- 6years
Tube wells and water reservoirs	- 10years	- 5years
Boundarywalls	-20years	-30years
Roads (Other than RCC)	- 10years	- 5years

170 Trident Limited

Integrated Annual Report 2024-25

171

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

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.

Leasehold improvements are depreciated over the remaining lease period or over the useful life, whichever is shorter.

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.

Inventories

J

Raw materials, work in progress, finished goods, process waste and stores and spares are valued at cost or 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:

I Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation 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 Company can demonstrate:

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 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
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.
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
Stock-in-trade (acquired for trading) - Cost is determined on a moving weighted average basis including other costs incurred in bringing the inventories to their present location and condition.

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.

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 straightline 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.
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.

	As per management estimate
SAP ECC 6 licences	- 10years
SAP Hana licences	- 5years
Other softwares and Websites	- 5years

Includes by products which is valued at net realisable value

Impairment of Non Financial Assets

K

The Company assesses at each reporting date whether there is an indication that an asset may be impaired.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

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.

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.

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.

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 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.

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.

i) Right of use assets

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:

estimates the asset’s or CGU’s recoverable amount. A previously recognised 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 recognised. 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 recognised for the asset in prior years. Such reversal is recognised in the Statement of Profit and Loss.

Leasehold land 30 to 99 years

Capital work in progress and intangibles asset under

Office premises and guest houses 5 to 20 years

development is tested for impairment annually

Factory premises (including plant & equipment) 10 years

Segment reporting

L

The Company identifies primary segments based on the dominant source, nature of risks and returns

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.

and the internal organisation and management structure. The operating segments are the segments for which standalone financial information is available and for which operating profit/loss amounts are

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Company as a lessor

The right-of-use assets are also subject to impairment. Refer to the accounting policies in section 2.1(K) Impairment of non-financial 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.

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.

N Provisions, contingent liabilities and contingent assets

Provisions

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.

The Company’s lease liabilities are disclosed separately in the Balance Sheet (see Note 40).

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.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

Contingent Assets

subsequent measurement, financial assets are classified in four categories:

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.

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)

Contingent assets are neither recognised nor disclosed

in the standalone Ind AS financial statements.

Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); and

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.

Financial assets at fair value through profit or loss

(a) Financial assets

Initial recognition and measurement

Financial assets at amortised cost (debt instruments)

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.

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

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 assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

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 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

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 Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example,

(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.

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

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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.

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 Company manages 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 both by collecting contractual cash flows and selling the financial assets, and

Gains and losses on these financial assets are never recycled to the 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.

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 recognised in the other comprehensive income (OCI). However, the Company recognises 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.

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.

Financial assets designated at fair value through OCI (equity instruments)

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 the Statement of Profit and Loss.

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 -by-instrument basis.

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 is carried at deemed cost in the standalone financial statements.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in OCI. There is no recycling of the amounts from OCI to the Statement of Profit and Loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

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

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

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 account historical credit loss experience and adjusted for forward-looking information.

The Company has transferred its rights to receive cash flows from the asset or has 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 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.

(b) Financial liabilities

Initial recognition and measurement

Impairment of financial assets

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.

The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, debt instruments at FVTOCI 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 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.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

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’.

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.
Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial liabilities at amortised cost

After initial recognition, financial liabilities are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the 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

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.

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included as finance costs in the Statement of Profit and Loss.

A liability is current when:

It is expected to be settled in normal operating cycle

Derecognition

It is held primarily for the purpose of trading

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 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.

It is due to be settled within twelve months after the reporting period, or
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Company classifies all other liabilities as noncurrent.

Offsetting of financial instruments

Deferred tax assets and liabilities are classified as noncurrent assets and liabilities.

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.

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.

P Earnings per share

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.

R Derivative financial instruments and hedge accounting

Derivative financial instruments and hedge accounting

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.

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.

Treasury shares are reduced while computing basic and

diluted earnings per share.

Derivatives not designated as hedging instruments

Q Current versus non-current classification

This category has derivative assets or liabilities which are not designated as hedges.

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as current when it is:

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 recognised 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 recognised 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.

Expected to be realised or intended to be sold or consumed in normal operating cycle
Held primarily for the purpose of trading
Expected to be realised within twelve months after the reporting period, or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

Hedge Accounting

the transaction to sell the asset or transfer the liability takes place either:

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 recognised 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 recognised 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 recognised 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 recognised 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:
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

recognised 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 recognised in the cash

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 reassessing 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.

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.

S Fair Value Measurement

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.

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

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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.

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 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 recognised 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.

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 the 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. In the event of sale in open market, the company transfers the excess of sale price over cost of acquisition of treasury shares, net of tax, to Other Equity.

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).

V Foreign exchange gains and losses

The Company’s functional and reporting currency is INR.
Exchange differences are dealt with as follows:

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

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

risks. Even though the Company believes its business model and products will still be viable after the transition to a low-carbon economy, climate-related matters increase the uncertainty in estimates and assumptions underpinning several items in the financial statements. Even though climate-related risks might not currently have a significant impact on measurement, the Company is closely monitoring relevant changes and developments, such as new climate-related legislation.

appropriate valuation model. Further details are given in Note 42.

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 equitysettled 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

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.

period and is recognised in employee benefits expense.

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.

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.

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: -

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

Useful lives of depreciable tangible assets and Intangible assets

performance and/or service conditions are satisfied.

Management reviews the useful lives of depreciable assets at each reporting date. As at March 31, 2025 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.

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 share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty,

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.

any remaining element of the fair value of the award is expensed immediately through profit or loss.

Defined benefit plans

Climate – related matters

Y

The Company considers climate-related matters in estimates and assumptions, where appropriate. This assessment includes a wide range of possible impacts on the Company due to both physical and transition

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Notes to the Standalone Ind AS Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

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.

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.

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 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 cashinflows, the growth rate used for extrapolation purposes and the impact of general economic environment (including competitors).

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.

Leases - Estimating the period of lease contracts with related parties

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 in the 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.

Determining the lease term of contracts with renewal and termination options – Company as lessee

The Company determines the lease term as the noncancellable 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 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.

Valuation of raw materials inventories

At each reporting date, the management applies judgement in determining the appropriate valuation of raw materials inventories(primarily for cotton), 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 3 - PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

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(Rs. Million)
Gross Block Depreciation/Amortisation Net Block
As at As at As at As at As at As at
Particulars Sales / For the Sales /
March Additions March March March March March
Discard year Discard
31, 2024 31, 2025 31, 2024 31, 2025 31, 2025 31, 2024
A) Property, plant and
equipment
Freehold land 14,562.9 40.3 - 14,603.2 - - - - 14,603.2 14,562.9
Buildings 14,629.1 88.3 - 14,717.4 2,908.0 470.6 - 3,378.6 11,338.8 11,721.1
Plant and 44,175.6 1,812.7 56.8 45,931.5 26,626.6 2,748.0 40.7 29,333.9 16,597.6 17,549.0
equipment
Furniture and 575.8 71.2 0.1 646.9 306.2 44.7 0.0 350.9 296.0 269.6
fixtures
Office equipment 435.6 64.6 0.1 500.1 179.4 40.6 0.1 219.9 280.2 256.2
Computers 555.9 23.1 9.2 569.8 371.0 65.3 8.5 427.8 142.0 184.9
Vehicles 208.4 33.1 15.8 225.7 135.5 19.7 12.3 142.9 82.8 72.9
Total 75,143.3 2,133.3 82.0 77,194.6 30,526.7 3,388.9 61.6 33,854.0 43,340.6 44,616.6
B) Intangible assets
Softwares 1,091.5 10.2 0.1 1,101.6 558.4 157.6 0.0 716.0 385.6 533.1
Websites 35.2 - - 35.2 15.0 7.0 - 22.0 13.2 20.2
Total 1,126.7 10.2 0.1 1,136.8 573.4 164.6 0.0 738.0 398.8 553.3
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Notes:

Property, plant and equipment have been pledged to secure borrowings of the Company (refer note 16 and 17)
The amount of borrowing costs capitalised during the year is Rs. Nil (Previous year Rs. 143.2 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. 7,904.9 Million.
Capital work in progress includes goods in transit of Rs. Nil (Previous year Rs. 85.3 Million).

5. Capital Work in progress (CWIP) and Intangible assets under development ageing

March 31, 2025

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Amount in CWIP and Intangible assets under development
Particulars Less than More than
1-2 years 2-3 years Total
1 year 3 years
Capital work in progress 478.6 0.2 0.4 10.4 489.6
Intangible assets under development 19.9 5.4 - 9.9 35.2
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March 31, 2024

March 31, 2024
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 inprogress	691.9	90.3	11.8	53.5	847.5
Intangible assets under development	19.4	-	-	9.9	29.3

6. Depreciation and amortisation expense

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Depreciation of property, plant and equipment 3,388.9 3,442.1
Amortisation of intangible assets 164.6 99.4
Depreciation of Right of use assets (refer note 40) 66.5 60.5
Depreciation and amortisation charged to the Statement of Profit and Loss 3,620.0 3,602.0
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182 Trident Limited

183

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 4 (a) -INVESTMENT IN SUBSIDIARIES (NON CURRENT)

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As at As at
Particulars
March 31, 2025 March 31, 2024
Unquoted equity shares investments (all fully paid)
Carried at cost
Investments in equity instruments
- of subsidiaries
Nil (Previous year 213,000 equity shares) of GBP 1 each of Trident Europe Limited - 20.0
3,01,000 equity shares (Previous year Nil) of USD 1 each of Trident Group Enterprise Pte. 186.3 -
Ltd.
10,50,000 equity shares (Previous year 5,50,000 equity shares) of Rs 10 each of Trident Home 10.5 5.5
Textiles Limited
Nil (Previous year 24,500 equity shares) of USD 1 each of Trident Global Inc. - 1.1
Total 4 (a) 196.8 26.6
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*During the current year, the Company has sold entire shareholding held by the Company in Trident Global Inc. (USA), and Trident Europe Limited (UK), the overseas subsidiaries of the Company, to Trident Group Enterprises Pte. Ltd., Singapore (TGEPL). Trident Home Textiles Limited also sold 24.5% of equity shares of Trident Global Inc. (USA) to TGEPL. These transactions are done at fair value on arm’s length basis. Pursuant to this, Trident Global Inc., USA and Trident Europe Limited, UK became wholly owned subsidiaries of TGEPL and step-down subsidiaries of Trident Limited.

NOTE 4 (b) -OTHER NON CURRENT INVESTMENTS

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As at As at
Particulars
March 31, 2025 March 31, 2024
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 1.2 1.2
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 2.3 2.6
Venture Fund (Private Equity fund)
Nil (Previous year 600 units) of face value of USD 10,000 each of Lighthouse Canton - 485.3
(IFSC) Fund -1
Total 4 (b) 3.5 489.1
Total 4 (a) and 4 (b) 200.3 515.7
Aggregate book value of unquoted investments 201.7 528.2
Aggregate market value of unquoted investments 200.3 515.7
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NOTE 5 - OTHER NON-CURRENT FINANCIAL ASSETS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured and considered good)
Security deposits 720.0 577.1
Interest accrued on deposits - 0.4
Total 720.0 577.5
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 6 - NON CURRENT TAX ASSETS (NET)

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As at As at
Particulars
March 31, 2025 March 31, 2024
Advance income tax (net of provision for tax) 175.5 230.9
Total 175.5 230.9
NOTE 7 - OTHER NON-CURRENT ASSETS
As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured and considered good)
Capital advances 144.3 27.1
Prepaid expenses 362.4 337.1
Total 506.7 364.2
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NOTE 8 - INVENTORIES*

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As at As at
Particulars
March 31, 2025 March 31, 2024
- Raw materials (including Rs. 190.6 Million (Previous year Rs. 340.9 Million) in transit) 7,269.7 7,979.5
- Work in progress 1,950.0 1,930.7
- Finished goods (Including Rs. 1,297.5 Million (Previous year Rs. 1,102.1 Million) in transit) 2,352.6 2,919.9
- Waste (valued at Net Realisable Value) 216.9 317.8
- Stock in trade 1.4 9.1
- Stores and spares 613.8 673.8
Total 12,404.4 13,830.8
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*At cost and net realisable value, whichever is lower.

All inventories of Company have been hypothecated to secure short term borrowings. (refer note 16 and 17).

NOTE 9 - TRADE RECEIVABLES

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As at As at
Particulars
March 31, 2025 March 31, 2024
Trade receivables:
- From related parties (refer note 38) 268.6 632.5
- From others 2,726.4 3,504.7
Total 2,995.0 4,137.2
Breakup of trade receivables
- Unsecured, considered good 2,995.0 4,137.2
- Trade receivables which have significant increase in credit risk 38.4 56.5
3,033.4 4,193.7
Impairment allowance (allowance for bad and doubtful debts)
- Trade receivables which have significant increase in credit risk (38.4) (56.5)
(38.4) (56.5)
Total trade receivables 2,995.0 4,137.2
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For trade receivables ageing refer note 56

For terms and conditions relating to related parties receivables, refer note 38.

All book debts have been hypothecated to secure short term borrowings. (refer note 16 and 17)

184 Trident Limited

185

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 10 - CASH AND CASH EQUIVALENT

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As at As at
Particulars
March 31, 2025 March 31, 2024
Cash on hand 24.5 24.3
Balances with banks:
- In current accounts 107.9 125.0
- In cash credit accounts 33.6 30.3
- In bank deposits with original maturity of less than 3 months [#] 517.0 42.3
Total 683.0 221.9
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For the purpose of statement of cash flows, the above has been considered as cash and cash equivalents.

Includes lien on deposits amounting Rs. 174.6 Million (Previous year Nil) created with ICICI bank.

At 31 March 2025, the Company had available Rs. 14,989.5 Million (31 March 2024: Rs. 11,982.3 Million) of undrawn committed borrowing facilities.

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 to earn interest at the respective short-term deposit rates.

NOTE 11 - OTHER BANK BALANCES

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As at As at
Particulars
March 31, 2025 March 31, 2024
In bank deposits accounts [#] (original maturity between 3 to 12 months) 4,644.0 4,572.4
In earmarked accounts
(i) Unpaid dividend accounts 131.1 140.5
(ii) Held as margin money in deposits accounts - 279.4
(iii) In current accounts - 5.7
(iv) In bank deposits accounts (remaining maturity of less than 12 months) 1,199.4 50.0
Total 5,974.5 5,048.0
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*Include Nil (Previous year Rs. 275.0 Million) held as security against non convertible debentures (refer note 16). During the current year, security has been released by bank on account of repayment of non convertible debentures during the previous year.

**Balances in current accounts and in bank deposits accounts of Trident Employee Welfare Trust kept for Trident Limited General Employee Benefits Scheme-2023.

It includes interest accrued on deposits Rs. 101.3 Million.

NOTE 12A - LOANS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured, considered good, unless otherwise stated)
Loan to related party (refer note 38 and 52) - 15.3
Total loans carried at amortised cost - 15.3
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Loans are non-derivative financial assets which generate variable interest income for the Company and are measured at amortised cost. The carrying value may be affected by changes in the credit risk of the counterparties.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 12 - OTHER CURRENT FINANCIAL ASSETS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured, considered good, unless otherwise stated)
Security deposits 35.5 36.0
Interest accrued on deposits and loans (refer note 38) 9.5 266.0
Export incentives and other receivables from government authorities 1,110.2 1,199.0
Derivative Instruments at fair value through OCI
Foreign exchange forward contracts
- Cash flow hedges 33.5 40.6
Derivative instruments at fair value through profit or loss
- Foreign exchange forward contracts 4.3 -
Others
- from related parties (refer note 38) 4.5 7.4
- from others
- Considered good 180.9 207.0
- from others - credit impaired 13.4 2.5
194.3 209.5
Less: Impairment allowance for "from others"- credit impaired (13.4) 180.9 (2.5) 207.0
Total 1,378.4 1,756.1
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*Includes interest accrued on loans to a related party (refer note 38).

NOTE 13 - OTHER CURRENT ASSETS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured, considered good, unless otherwise stated)
Advances to vendors
- Considered good 620.1 945.9
- Advances to vendors - credit impaired 0.4 12.2
620.5 958.1
Less: Impairment allowance for advances to vendors - credit impaired (0.4) 620.1 (12.2) 945.9
Prepaid expenses 238.9 331.0
Balances with government authorities/Export incentives receivables 613.4 623.9
Total 1,472.4 1,900.8
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NOTE 14 - SHARE CAPITAL

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As at March 31, 2025 As at March 31, 2024
Particulars
No. of shares Amount No. of shares Amount
Authorised
Equity shares of Re. 1 each (with voting rights) 1,50,93,00,00,000 1,50,930.0 1,50,93,00,00,000 1,50,930.0
Preference shares of Rs. 10 each 3,10,50,00,000 31,050.0 3,10,50,00,000 31,050.0
Total 1,81,980.0 1,81,980.0
Issued, subscribed and paid up [refer (a) to (d)]
Equity shares of Re. 1 each (with voting rights) fully paid 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0
up
Total 5,096.0 5,096.0
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186 Trident Limited

187

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025 (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:

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Equity share capital
Particulars For the year ended March 31, 2025 For the year ended March 31, 2024
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 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0
Increase/(decrease) during the year - - - -
Outstanding at the end of the year 5,09,59,55,670 5,096.0 5,09,59,55,670 5,096.0
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(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:

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Equity share capital
Particulars As at March 31, 2025 As at March 31, 2024
No. of shares % held No. of shares % held
Madhuraj Foundation 1,40,80,22,010 27.6% 1,38,30,22,010 27.1%
Trident Group Limited 2,33,11,69,835 45.7% 2,33,11,69,835 45.7%
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(d) Disclosure of shareholding of promoters:

Disclosure of shareholding of promoters as at March 31, 2025 is as follows:

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Equity share capital
As at March 31, 2025 As at March 31, 2024
Particulars
% Change
No. of shares % held No. of shares % held
during the year
Madhuraj Foundation 1,40,80,22,010 27.6% 1,38,30,22,010 27.1% 0.5%
Trident Group Limited 2,33,11,69,835 45.7% 2,33,11,69,835 45.7% 0.0%
Lotus Global Foundation 1,53,21,960 0.3% 41,66,000 0.1% 0.2%
Mr. Rajinder Gupta - - 1,11,55,960 0.2% (0.2%)
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Disclosure of shareholding of promoters as at March 31, 2024 is as follows:

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Equity share capital
As at March 31, 2025 As at March 31, 2024
Particulars
% Change
No. of shares % held No. of shares % held
during the year
Madhuraj Foundation 1,38,30,22,010 27.1% 1,38,30,22,010 27.1% 0.00%
Trident Group Limited 2,33,11,69,835 45.7% 2,33,11,69,835 45.7% 0.00%
Lotus Global Foundation 41,66,000 0.1% 41,66,000 0.1% 0.00%
Mr. Rajinder Gupta 1,11,55,960 0.2% 1,11,55,960 0.2% 0.00%
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 14 - SHARE CAPITAL (Contd..)

(e) Bonus shares, shares buyback and issue of shares for consideration other than cash (during five years immediately preceding 31st March 2025)

During the five years immediately preceding 31[st] March 2025, no bonus shares have been issued.

Further, no shares have been issued for consideration other than cash.

(f) Subsequent to the year end, the Company has declared interim dividend of Rs. 0.5/- per equity share of Rs. 1 each for FY 2025-26.

NOTE 15 - OTHER EQUITY

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As at As at
March 31, 2025 March 31, 2024
a) Capital reserve
Opening balance 933.9 933.9
Add: Addition during the year - 933.9 - 933.9
Capital reserve of Rs. 847.3 Million (March 31, 2024 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, 2024 Rs. 20.6 Million) represents reserve
recognised as Investment subsidy received from the government.
Capital reserve of Rs. 66.0 Million (March 31, 2024 Rs. 66.0 Million) represents reserve
recognised on account of forfeiture of equity warrants.
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 1,080.3 1,077.0
Add: transfer from fair valuation reserve on account of sale of land - 0.3
Add: Addition on share options exercised 1.2 0.8
Add: Addition on share options forfeited/lapsed 4.6 1,086.1 2.3 1,080.3
Represents difference (net of tax) between exercise price of the share options to the eligible
employees and cost of treasury shares.
Represents compensation cost reversal on account of forfeiture of shares pertaining to left
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 308.5 308.5
Add: Addition during the year 841.4 1,149.9 - 308.5
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 6,907.4 6,907.7
Less: transfer to general reserve on account of sale of land - 6,907.4 (0.3) 6,907.4
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188 Trident Limited

189

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 15 - OTHER EQUITY (Contd..)

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As at As at
March 31, 2025 March 31, 2024
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.
f) Treasury shares
Opening balance (479.1) (480.1)
Add: Change during the year (refer note 42) 360.3 (118.8) 1.0 (479.1)
This reserve represents cost of own equity shares held by Trident Limited Employee Welfare
Trust.
g) Other comprehensive income
Opening balance 18.3 55.1
Add: Exchange differences on translating the financial statements of a foreign operation - -
Add: Movement in effective portion of cash flow hedge reserve (59.0) (40.7) (36.8) 18.3
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.
h) Capital redemption reserve
Opening balance 600.0 600.0
Add: Transferred from retained earnings - 600.0 - 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.
i) Share based payment reserve
Opening balance 12.7 6.1
Add: Compensation stock options expense for the year 3.8 8.8
Less: Share options forfeited during the year (refer note 42) (4.6) 11.9 (2.3) 12.7
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 42.
j) Retained earnings
Opening balance 25,279.3 23,419.8
Add: Profit for the year 3,668.3 3,895.8
Add: Other comprehensive income net of income tax due to remeasurement (loss)/gain of the 7.4 (224.8)
defined benefit plan
Less: Interim dividend (Rs. 0.36 per share) (Previous year Rs. 0.36 per share) 1,811.6 27,143.4 1,811.5 25,279.3
Total 41,006.8 37,995.1
Interim dividend declared and distributed is after adjusting dividend of Rs. 22.9 Million related to equity
shares held by Trident Limited Employee Welfare Trust (Previous year Interim dividend declared and
distributed is after adjusting dividend of Rs. 23.0 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.
Net of dividend of Nil (previous year Rs. 4.4 Million) paid on equity shares held by TAL benefit trust.
----- End of picture text -----*

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 16 - NON CURRENT BORROWINGS

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As at As at
Particulars
March 31, 2025 March 31, 2024
Term loans - secured
From banks 9,629.1 11,734.2
Total 9,629.1 11,734.2
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a) 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, 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 41-I(A) and 41-II (A)). The amount disclosed as above is net of Current maturities of long-term debts - secured of Rs. 1074.0 Million (Previous year Rs. 856.2 Million).

The interest rates range from 8.0% to 9.55% per annum (Previous year 7.70% to 9.70% per annum) before Interest subsidy under Technology Upgradation Fund Scheme from State Government of Madhya Pradesh.

For the current maturities of long-term borrowings, refer note 17 current borrowings and note 41-I(A) and 41-II (A) for repayment schedule.

NOTE 17 - CURRENT BORROWINGS

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As at As at
Particulars
March 31, 2025 March 31, 2024
Cash credit/export packing credit/working capital loans from banks - Secured 5,035.0 8,017.7
Current maturities of long-term debts - secured (refer note 16) 1,093.6 856.2
Total 6,128.6 8,873.9
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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 trade receivables, raw materials, semi finished, finished goods and consumable stores.

The interest rates for cash credit/export packing credit/working capital loans from banks range from 5.05% to 8.90% per annum (Previous year 4.90% to 8.65% per annum).

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. (Refer note 41).

It includes interest accrued on working capital loans Rs. 24.4 Million.
** It includes interest accrued on long term borrowings Rs. 19.6 Million.

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(Rs. Million)
Particulars 01-Apr-24 Cash flows New leases Other 31-Mar-25
Current borrowings 8,017.7 (3,004.6) - - 5,013.1
Current lease liabilities (note 40) 38.6 (39.0) - 40.4 40.0
Non-current borrowings 12,590.4 (1,887.3) - - 10,703.1
Non-current lease liabilities 291.8 - 7.8 (40.4) 259.2
(note 40)
Total liabilities from financing 20,938.5 (4,930.9) 7.8 - 16,015.4
activities
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Trident Limited

190

191

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 17 - CURRENT BORROWINGS (Contd..)


					(Rs. Million)
Particulars	01-Apr-23	Cash flows	New leases	Other	31-Mar-24
Current borrowings	5,519.2	2,498.5	-	-	8,017.7
Current lease liabilities (note 40)	35.0	(35.3)	-	38.9	38.6
Non-current borrowings	8,223.4	4,367.0	-	-	12,590.4
Non-current lease liabilities (note 40)	261.5	-	69.2	(38.9)	291.8
Total liabilities from financing activities	14,039.1	6,830.2	69.2	-	20,938.5

The ‘Other’ column includes the effect of reclassification of non-current portion of borrowings, including lease liabilities to current due to the passage of time, and the effect of accrued but not yet paid interest on borrowings, including lease liabilities.

NOTE 18 - TRADE PAYABLES - CURRENT

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As at As at
Particulars
March 31, 2025 March 31, 2024
i) Outstanding dues to micro enterprises and Small enterprises (refer note 35) 262.9 1,163.3
ii) Outstanding dues to other than micro enterprises and small enterprises
- to related parties (refer note 38) 166.8 192.6
- to others 3,058.4 3,433.5
3,225.2 3,626.1
Total 3,488.1 4,789.4
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For trade payables ageing refer note 55

NOTE 19 - OTHER CURRENT FINANCIAL LIABILITIES

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

As at As at
Particulars
March 31, 2025 March 31, 2024
Interest accrued but not due on borrowings - 41.5
Payable to employees
- to related parties (refer note 38) 5.7 8.4
- to others 616.7 676.3
Payables on purchase of Property, plant and equipment and intangible assets 325.0 670.7
Security deposits 126.4 88.6
Financial liabilities at fair value through OCI
- Foreign exchange forward contracts - Cash flow hedges 88.1 16.4
Unclaimed dividend 131.1 140.5
Other liabilities 62.4 66.7
Total 1,355.4 1,709.1
----- End of picture text -----**

Include total outstanding dues of micro enterprises and small enterprises of Rs. 12.0 Million (Previous year Rs. 97.5 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.

*** Include payable to related parties of Rs. 23.2 Million (Previous year Rs. 50.4 Million) (refer note 38).

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 20 - CURRENT PROVISIONS

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As at As at
Particulars
March 31, 2025 March 31, 2024
Provision for employee benefits
Leave benefits (refer note 34) 288.2 284.3
Gratuity (refer note 34) 133.7 286.3
Total 421.9 570.6
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NOTE 21 - OTHER CURRENT LIABILITIES

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As at As at
Particulars
March 31, 2025 March 31, 2024
Statutory remittances 320.3 386.1
Advances from customers 609.4 639.6
Total 929.7 1,025.7
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NOTE 22 - CURRENT TAX LIABILITIES (NET)

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As at As at
Particulars
March 31, 2025 March 31, 2024
Provision for current income tax (net of advance tax) 186.4 -
Total 186.4 -
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NOTE 23 - REVENUE FROM OPERATIONS

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Sale of products:
Finished goods
- Yarn 17,524.0 15,411.0
- Towel 23,575.2 22,932.4
- Bedsheets 12,075.7 11,603.2
- Paper and chemicals 9,914.2 11,218.5
Others
- Waste 2,520.8 2,184.4
- Others 22.5 22.4
65,632.4 63,371.9
Traded
- Towel - 94.3
- Bedsheets - 73.6
- Paper 54.5 132.7
54.5 300.6
Sale of services - 0.5
- 0.5
Other operating revenue:
Export incentives on finished and traded goods 3,558.6 3,356.7
Investment promotion assistance 413.4 274.5
3,972.0 3,631.2
Total 69,658.9 67,304.2
Timing of revenue recognition
Goods transferred at a point in time 65,686.9 63,672.5
Services transferred over time - -
Total revenue from contracts with customers 65,686.9 63,672.5
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192 Trident Limited

193

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 23 - REVENUE FROM OPERATIONS (Contd..)

a. Revenue from contracts with customers disaggregated based on nature of products

Set out below is the revenue from contracts with customers and reconciliation to Statement of Profit and Loss

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Total revenue from contracts with customers 65,686.9 63,673.0
Add: Items not included in disaggregated revenue:
- Export incentives on finished and traded goods 3,558.6 3,356.7
- Investment promotion assistance 413.4 274.5
Revenue from operations as per the Statement of Profit and Loss 69,658.9 67,304.2
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b. Contract balances:

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Trade receivables 2,995.0 4,137.2
Advances from customers 609.4 639.6
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NOTE 24 - OTHER INCOME

a) Interest income

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
- On bank deposits 365.6 388.6
- On loans and other financial assets (at amortised cost) 45.1 50.1
410.7 438.7
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b) Others

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Fair value gain on financial instruments measured at fair value through profit and loss:
Profit on sale of non current investments 15.9 -
Liabilities/sundry credit balances no longer required written back (net) 33.6 10.4
Bad debts/loans recovered - 10.3
Gain on disposal of property, plant and equipment (net) 11.2 28.9
Insurance claims 26.5 30.5
Miscellaneous income 96.2 80.2
183.4 160.3
Total 594.1 599.0
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Includes income pertaining to penalty recovery & rent income.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 25 - COST OF RAW MATERIALS CONSUMED

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Raw materials consumed
Inventory at beginning of year 7,979.4 5,631.5
Add: Purchase of raw materials 34,560.8 37,374.1
42,540.2 43,005.6
Less: Inventory at end of year 7,269.8 7,979.5
Cost of raw material and component consumed (Refer (a) below) 35,270.4 35,026.1
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Net of sales of raw materials of Rs. 75.4 Million (Previous year Rs. 3.7 Million)

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
a) Raw materials consumed comprises:
Cotton and fibers 24,885.4 24,534.6
Yarn 4,723.4 4,328.5
Dyes and chemicals 3,610.7 3,649.8
Agro based products 2,050.9 2,513.2
Total 35,270.4 35,026.1
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NOTE 26 - PURCHASE OF STOCK IN TRADE

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Towel - 96.6
Bedsheets - 73.6
Paper 41.7 135.7
Total 41.7 305.9
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NOTE 27 - CHANGES IN INVENTORIES OF FINISHED GOODS, WASTE,STOCK IN TRADE AND WORK-IN-PROGRESS

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Opening Stock
Finished goods 2,919.9 2,042.9
Waste 317.8 206.3
Stock in trade 9.1 5.6
Work-in-progress 1,930.7 5,177.5 1,941.8 4,196.6
Less: Closing Stock
Finished goods 2,352.6 2,919.9
Waste 216.9 317.8
Stock in trade 1.4 9.1
Work-in-progress 1,950.0 4,520.9 1,930.7 5,177.5
Changes in inventories of finished goods, waste, work-in-progress and stock in trade 639.9 (980.9)
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194 Trident Limited

195

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 28 - EMPLOYEE BENEFITS EXPENSES

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Salaries and wages (refer note 34) 7,942.0 7,643.7
Employee share based payment expense (refer note 42) 3.8 8.8
Contribution to provident and other funds 539.5 441.3
Staff welfare expenses 428.9 259.2
Total 8,914.2 8,353.0
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Net of Rs. 12.8 Million (Previous year Rs. 14.5 Million) subsidy received from Government.

Refer note 37 for pre-operative expenses.

NOTE 29 - FINANCE COSTS

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
(a) Interest expense:
- On term loans, non convertible debentures, working capital loans etc. 1,240.5 1,576.7
- On lease liabilities (refer note 40) 27.6 29.9
- On security deposits 3.9 3.8
Less: Amount included in the cost of qualifying assets - (91.1)
Interest expenses on financial liabilities measured at amortised cost 1,272.0 1,519.3
(b) Other borrowing costs 22.2 25.5
Total 1,294.2 1,544.8
----- End of picture text -----*

*Net of interest subsidy of Rs. 529.0 Million (Previous year Rs. 135.0 Million) from Technology Upgradation Fund Scheme from State Government of Madhya Pradesh.

*Interest on income tax of Rs. Nil (Previous year, after adjusting reversal of interest on income tax of Rs. 1.0 Million).

Refer note 37 for pre-operative expenses.

NOTE 30 - OTHER EXPENSES

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Stores and spares consumed 1,088.3 1,008.0
Packing materials consumed 2,474.0 2,340.2
Power and fuel (net of utilised by others) 5,532.2 5,793.4
Water charges 73.1 148.6
Job charges 155.9 160.5
Rent (refer note 40) 25.6 19.1
Repairs and maintenance
- Plant and equipment 162.9 169.8
- Buildings 93.7 146.6
- Others 147.2 205.2
Materials handling charges 238.7 222.2
Insurance charges 229.1 305.6
Rates and taxes 142.1 44.3
Commission on sales 1,003.4 1,009.6
Freight, clearing and octroi charges 1,335.6 1,358.6
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 30 - OTHER EXPENSES (Contd..)

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

For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Claims 131.1 59.0
Advertisement and business promotion 358.3 390.1
Auditors' remuneration (refer note 33) 20.5 21.3
Travelling and conveyance 239.9 259.5
Postage and telephone 51.5 47.7
Legal and professional 1,221.7 1,142.8
Expected credit loss allowance on trade receivables and advances to vendors 18.2 61.8
Fair value loss on non-current investments - 12.4
Charity and donation 296.7 42.2
Non current investments written off - 0.6
Contribution to political parties 435.0 70.0
Expenditure on corporate social responsibility (refer note 47) 141.7 135.2
Loss on Fire (net) 39.1 -
Miscellaneous expenses 273.6 196.8
Total 15,929.1 15,371.1
----- End of picture text -----**

*Net of Rs. 113.3 Million (Previous year Rs. 107.2 Million) subsidy received from Government.
** Donated to Bharatiya Janata Party (Previous year donated through electoral bonds to President of India).

Refer note 37 for pre-operative expenses.

NOTE 31 - CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

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As at As at
Particulars
March 31, 2025 March 31, 2024
A Contingent liabilities
Claims (excluding claims by employees where amounts are not ascertainable) not
acknowledged as debt:
- Service tax 66.7 66.7
- Income tax 388.0 97.3
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A. Contingent liabilities under service tax of Rs. 66.7 Million (Previous year Rs. 66.7 Million) represents:
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 FY 2014-15 to 2016-17. During the previous year, the Company had filed an appeal before CESTAT Ludhiana.
B. Contingent liabilities under Income Tax Act, 1961 of Rs. 388.0 Million (Previous year Rs. 97.3 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. 381.9 Million pertaining to assessment year 2015-2016, 2016-2017, 2017-18, 201819,2019-2020, 2020-21, 2021-22 & 2022-23 (Previous year Rs. 91.2 Million pertaining to assessment year, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21, 2022-23 and 2023-24).
These matters are subject to legal proceedings in the ordinary course of business. The Company has assessed that it is only possible, but not probable, that outflow of economic resources will be required.
C. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28[th] 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.

Trident Limited

196

197

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 32 - COMMITMENTS

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As at As at
Particulars
March 31, 2025 March 31, 2024
a) Estimated amount of contracts remaining to be executed on capital account (net of 565.9 571.8
advances)
b) For lease commitments (refer note 40) - -
c) Other commitments [#] - -
----- End of picture text -----

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 33 - AUDITORS’ REMUNERATION

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As at As at
Particulars
March 31, 2025 March 31, 2024
As auditors:
- Audit fee 11.0 12.0
- Tax audit fee 1.5 1.5
- Limited reviews 4.5 4.7
In other capacities:
Certifications/others 2.1 1.5
Reimbursement of expenses 1.4 1.6
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NOTE 34 - 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. 393.9 Million during the year (Previous year Rs. 343.6 Million) as expense towards contribution to this plan. An amount of Rs. Nil (Previous year Rs. 6.8 Million ) has been included under property, plant and equipment / capital work in progress. Further amount of Rs. Nil (Previous year Rs. 0.2 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	For the year ended
	As at March 31, 2025	As at March 31, 2024
Contribution toprovident fund (includingcontribution to Pension fund)	393.9	350.6

b) 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 trust 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 standalone Ind AS financial statements:

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 34 - EMPLOYEE BENEFITS (Contd..)

(I) Components of net benefit expense

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

For the year ended
S.
No. [Particulars] As at As at
March 31, 2025 March 31, 2024
1 Current service cost 133.7 81.7
2 Net interest (income) 9.9 (6.0)
3 Total expense recognised in the Statement of Profit and Loss 143.6 75.7
Re-measurements recognised in other comprehensive income (OCI)
4 Effect of changes in financial assumptions 16.0 5.9
5 Effect of experience adjustments (33.0) 296.9
6 Return on plan assets (greater)/less than discount rate 7.1 (2.5)
7 Total loss/(gain) of re-measurements included in OCI (9.9) 300.4
----- End of picture text -----*

Includes Rs. Nil (Previous year Rs. 2.6 Million) which has been capitalised and not debited to Statement of Profit and Loss.

*Includes Rs. Nil (Previous year Rs. 0.1 Million) which has been reimbursed under Deen Dayal Upadhay Gramin Kaushal Yojna and Scheme for Capacity Building in Textile Sector (Samarth Scheme)

(II) Net asset recognised in Balance Sheet

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

S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Present value of defined benefit obligation (718.1) (710.0)
2 Fair value of plan assets 584.4 423.7
3 Recoverable from Trident trust - -
4 Net defined benefit (liability)/assets (133.7) (286.3)
(III) Change in present value of defined benefit obligation
S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Present value of defined benefit obligation at the beginning of the year 710.0 534.3
2 Current service cost 133.7 81.7
3 Interest cost 43.7 36.7
Remeasurement gains / (losses):
4 Effect of changes in financial assumptions 16.0 5.9
5 Effect of experience adjustments (33.0) 296.9
6 Benefits paid (152.3) (245.5)
7 Present value of defined benefit obligation at the end of the year 718.1 710.0
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(III) Change in present value of defined benefit obligation

(IV) Change in fair value of plan assets

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S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Fair value of plan assets at the beginning of the year 423.7 1,022.0
2 Interest income on plan assets 33.9 42.6
3 Employer contributions 286.2 (397.9)
4 Return on plan assets greater /(lesser) than discount rate (7.1) 2.5
5 Benefits paid (152.3) (245.5)
6 Fair value of assets at end of the year 584.4 423.7
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198 Trident Limited

199

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 34 - EMPLOYEE BENEFITS (Contd..)

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:

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S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Discount rate (%) 6.40% 6.90%
2 Pre-retirement mortality Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) Ult. (2006-08) Ult.
3 Salary increase rate 6.00% 6.00%
4 Attrition rate 18.00% 18.00%
5 Retirement age 58 Years 58 Years
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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)

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S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Present value of defined benefit obligation 718.1 (710.0)
2 Net asset/(liability) (133.7) (286.3)
3 Experience adjustment of obligation (gain)/ loss (33.0) 296.9
----- End of picture text -----

(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

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March 31, 2025 March 31, 2024
S.
No. [Particulars] Increase/ Increase/
(Decrease) (Decrease)
1 Discount rate + 50 bps (15.9) (14.7)
2 Discount rate - 50 bps 16.7 15.3
3 Salary increase rate + 0.5% 16.7 15.4
4 Salary increase rate – 0.5% (16.1) (14.9)
5 Attrition rate + 5% (22.7) (12.3)
6 Attrition rate - 5% 24.3 12.0
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 34 - EMPLOYEE BENEFITS (Contd..)

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.

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:

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As at
Year ending
March 31, 2025
March 31, 2026 144.2
March 31, 2027 108.5
March 31, 2028 109.7
March 31, 2029 175.0
March 31, 2030 186.4
March 31, 2031to March 31, 2035 891.4
As at
Year ending
March 31, 2024
March 31, 2026 162.4
March 31, 2027 116.3
March 31, 2028 120.4
March 31, 2029 118.9
March 31, 2030 195.6
March 31, 2031to March 31, 2035 879.8
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The average duration of the defined benefit obligation at the end of the reporting period is 4.1 years (Previous year 5 years).

The expected employer contribution for the next year is Rs. 133.7 Million (Previous year 286.3 Million).

(IX) Leave Obligations

The employee benefit expenses also include leave encashment amounting to INR 74.3 Million (Previous year 207.6 Million)

Since the Company does not have an unconditional right to defer settlement for any of the leave obligations, it disclosed the amount as current liabilities. However, the Company does not expect that all leave obligations will be settled in the next 12 months.

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As at As at
Particulars
March 31, 2025 March 31, 2024
Leave obligations not expected to be settled within the next 12 months 288.2 284.3
Total 288.2 284.3
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Trident Limited

200

Integrated Annual Report 2024-25 201

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 35 - DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

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As at As at
Particulars
March 31, 2025 March 31, 2024
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 274.9 1,260.8
- 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
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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. 262.9.Million (Previous year Rs. 1,163.3.Million) included in trade payables
Include total outstanding dues of micro enterprises and small enterprises of Rs. 12.0 Million (Previous year Rs. 97.5 Million) payables against purchase of property, plant and equipment and intangible assets.
In the previous financial year, the amounts pertaining to medium enterprises were included in the disclosures related to micro and small enterprises.

NOTE 36 - EARNING PER SHARE

The earnings per share (EPS) disclosed in the Statement of Profit and Loss have been calculated as under:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Profit for the year as per the Statement of Profit and Loss (Rs. Million) (A) 3,668.3 3,895.8
Weighted average number of equity shares (number) (B) 5,09,59,55,670 5,09,59,55,670
Weighted average number of treasury shares held by Trust (number) (C) 5,96,95,762 6,39,04,061
Potential dilutive equity shares (number) (D) 2,02,263 5,89,107
Weighted average number of equity shares in computing basic earning per (E)=(B-C) 5,03,62,59,908 5,03,20,51,609
share (number)
Weighted average number of equity shares in computing diluted earning per (F)=(B-C+D) 5,03,64,62,171 5,03,26,40,716
share (number)
Basic earning per share (Rs. per share) (face value of Re. 1 each) (A/E) 0.73 0.78
Diluted earning per share (Rs. per share) (face value of Re. 1 each) (A/F) 0.73 0.78
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

Note 37 - PROJECT AND PRE OPERATIVE EXPENSES PENDING ALLOCATION (INCLUDED IN CAPITAL WORK IN PROGRESS)

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As at As at
Particulars
March 31, 2025 March 31, 2025
Opening balance: 39.4 295.6
Add: Expenses incurred during the year:
Employee benefits expenses
- Salaries and wages 0.7 170.1
- Contribution to provident and other funds 0.0 9.4
- Staff welfare expenses 0.1 9.8
Finance costs
- On term loans - 91.1
Stores and spares consumed - 1.1
Water charges 0.1
Power and fuel (net of utilised by others) - 61.3
Repair and maintenance
- Plant and equipment - 0.1
- Buildings - 3.4
Insurance charges 0.4 3.9
Rates and taxes 5.4 8.9
Travelling and conveyance 2.7 18.1
Legal and professional 35.8 24.5
Miscellaneous expenses 0.2 7.2
Less: Sale of products
- Energy (captive consumption) - (78.8)
- Bedsheets - 45.4 - 330.1
Total 84.8 625.7
Less: Allocated to property, plant and equipment and intangible assets 68.6 586.4
Closing balance included in capital work in progress 16.2 39.3
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Comprises of Rs. Nil ( Previous year Rs. 91.1 Million) on specific borrowings taken.

NOTE 38 - 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)

b) Enterprise that are Controlled by the Company i.e. subsidiary and step down subsidiary Company

Trident Global Inc.* (Step down subsidiary w.e.f January 23, 2025)
Trident Europe Limited* (Step down subsidiary w.e.f January 23, 2025)
THTL Trading LLC** (w.e.f. January 14, 2025)
Trident Home Textile Limited
Trident Group Enterprise Pte. Ltd. ( w.e.f September 13, 2024)

202 Trident Limited

203

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 38 - RELATED PARTY DISCLOSURES (Contd..)

Trident Group Corp Limited till September 14, 2023***
Trident Global B.V. w.e.f. June 15, 2023**** to September 17, 2024
Trident Home Décor Limited*
Trident Innovations Limited*
The Company had sold the entire shareholding in Trident Global Inc. and Trident Europe Limited to Trident Group Enterprise Pte. Limited on January 23, 2025. Thus become the step - down subsidiary of the Company. Refer note 48 for the details.

** THTL Trading LLC became a step- down subsidiary of Company on Janary 14, 2025 through investment by Trident Group Enterprise Pte. Limited

*** During the previous year, the Company had sold its entire stake of 63.95% in Trident Global Corp Limited on September 14, 2023.

**** During the previous year, a subsidiary of the Company, Trident Home Textiles Limited (“THTL”), has incorporated a wholly owned subidiary Trident Global B.V. in Netherlands on June 15, 2023.

* During the previous year, name of the subsidiaries of the Company, Trident Innovations Limited and Trident Home Décor Limited have been removed by the Register of Companies based on application under Section 248 (2) of the Companies Act, 2013.

(ii) Other related parties where transactions have taken place during the year:

a) Enterprises under the common control

Trident Humanity Foundation (formerly known as Trident Institute of Social Sciences (‘TISS’))

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 38 - RELATED PARTY DISCLOSURES (Contd..)

  - Mr.  Kapil Ghorse - Director (till April 21, 2023)

  - - Mr. Raj Kamal - Director - Prof. Rajeev Ahuja - Director

  - **II. Key Managerial Personnel** - Mr. Avneesh Barua - CFO (w.e.f. November 6, 2024) - Mr. Manish Bhatia - CFO (w.e.f. December 06, 2023 till  October 26, 2024) - Mr. Hari Krishan - Company Secretary (till August 14, 2023) - Mr. Matta Aravind Kumar - Company Secretary (w.e.f. August 15, 2023 till July 31, 2024) - Mr. Sushil Sharma - Company Secretary (w.e.f. August 8, 2024) - Mr. Samir Prabodhchandra Joshipura - Chief Executive Officer (w.e.f. February 20, 2024)

  - **III. Relatives of (I), (II) and (d) above** - Ms. Shreya Markanday - Relative of Director (Mr. Pradeep Kumar Markanday till April 21, 2023) (w.e.f. August 9, 2022 till April 21, 2023)

  - - 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 Company have control
- Trident Foundation
Mintleaf People Connect Limited
Technum Opus Private Limited till April 21, 2023

b) Enterprise that has significant influence over the Company

Lotus Global Foundation

Trident Group Limited
g) Enterprises over which person specified in (d) above exercise significant infuence

c) Enterprise on which Company exercises significant influence

Trident Global Corp Limited w.e.f. September 15, 2023
Trident Global Inc.*
Subsidiary with effect from December 1, 2022 till w.e.f January 21, 2025

h) Post Employment Benefit Plans

Trident Trust

d) Trustee of the enterprise that exercises control over the Company

Mr. Rajinder Gupta Chairman Emeritus

e) Directors, Key Management Personnel (KMP) and their relatives

I. Board of Directors
Mr. Deepak Nanda - Managing Director
- Mr. Rajiv Dewan - Director (Chairman w.e.f from August 09, 2022 till December 05, 2023)
- Ms. Pallavi Shardul Shroff - Director (ceased to be Director and Chairperson w.e.f. May 15, 2021)
- Mr. Dinesh Kumar Mittal - Director (upto April 21, 2023) - Ms. Usha Sangwan - Director - Dr. Anthony De Sa - Chairman and Director (Appointed Chairman w.e.f. December 06, 2023)
- Mr. Swapan Nath - Director (till April 21, 2023) - Mr. Kavish Dhanda - Director (till April 21, 2023) - Mr. Naveet Jindal - Director (till April 21, 2023) - Mr. Kamal Gaba - Director (till April 21, 2023) - Mr. Pardeep Kumar Markanday - Director (till April 21, 2023)

B. The remuneration, commission and consultancy fee to directors, promoter and other members of Key management peronnel during the year was as follows:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Short-term benefits 346.1 318.7
346.1 318.7
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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.

204 Trident Limited

205

Integrated Annual Report 2024-25

Financial Statements

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March 31, 2024 3,983.0 7.6 75.3 4,065.9 - - 68.1 68.1 0.5 1.5 0.2 2.2 - - 0.5 0.5 March 31, 2024 1.7 - 60.1 455.3 517.1 281.4 281.4 17.6 - 17.6 3.2 - 1.9 2.2 7.3 - -
Total - Total - -
March 31, 2025 3,469.0 2.7 266.5 3,738.2 1.4 1.4 60.0 60.0 1.5 0.3 1.8 17.0 17.0 0.1 0.1 March 31, 2025 7.9 2.7 88.2 497.8 596.6 1.5 1.5 0.6 18.1 18.7 0.8 0.1 1.1 2.0 3.0 3.0
March 31, 2024 - - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - -
benefit plans 2025 - - - - - - - - - - - - - - - - benefit plans 2025 - - - - - - - - - - - - - - - - -
Post employment Post employment
March 31, March 31,
March 31, 2024 2,493.5 - - 2,493.5 - - - - 0.5 1.5 0.1 2.1 - - 0.2 0.2 March 31, 2024 - - - - - - - - - - 2.1 - - - 2.1 - -
where KMP/ 2025 3,469.0 - - 3,469.0 1.4 1.4 - - - 1.5 0.3 1.8 17.0 17.0 0.1 0.1 where KMP/ 2025 - 2.7 - - 2.7 - - - 18.1 18.1 0.8 - - - 0.8 - -
Director have control, specified in (d) above March 31, Director have control, specified in (d) above March 31,
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence
March 31, 2024 - - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - -
2025 - - - - - - - - - - - - - - - - 2025 - - - - - - - - - - - - - - - - -
Enterprises on which Company exercises significant influence March 31, Enterprises on which Company exercises significant influence March 31,
March 31, 2024 - - - - - - - - - - - - - - - - March 31, 2024 - - - - - 281.4 281.4 - - - - - 1.9 - 1.9 - -
2025 - - - - - - - - - - - - - - - - 2025 - - - - - 1.5 1.5 - - - - - - - - - -
Enterprises that are under common control March 31, Enterprises that are under common control March 31,
March 31, 2024 1,489.5 7.6 75.3 1,572.4 - - - - - - 0.1 0.1 - - 0.3 0.3 March 31, 2024 1.7 60.1 455.3 517.1 - - 17.6 - 17.6 1.1 - - 2.2 3.3 - -
Subsidiaries March 31, 2025 - 2.7 266.5 269.2 - - - - - - - - - - - - Subsidiaries March 31, 2025 7.9 - 88.2 497.8 593.9 - - 0.6 - 0.6 - 0.1 - 1.1 1.2 - -
March 31, 2024 - - - - - - 68.1 68.1 - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - -
Company 2025 - - - - - - 60.0 60.0 - - - - - - - - Company 2025 - - - - - - - - - - - - - - - 3.0 3.0
Enterprise that has significant Enterprise that has significant
influence over the influence over the
controls the Company/ March 31, controls the Company/ March 31,
Trident Global Corp Limited Trident Home Textile Limited Trident Global Inc. Trident Global Corp Limited Trident Group Limited Mr. Rajinder Gupta Mr. Abhishek Gupta Trident Global Corp Limited Trident Global Corp Limited Trident Global Corp Limited Trident Home Textile Limited Trident Global Corp Limited Trident Europe Limited Trident Global Inc. Mintleaf People Connect Limited Trident Home Textile Limited Trident Global Corp Limited Trident Global Corp Limited Trident Global Inc. Trident Humanity Foundation Trident Home Textile Limited Madhuraj Foundation
Particulars Sale of goods (including taxes) - - - Total Sale return (including taxes) - Total Royalty paid (including taxes) - Total Rent received - - - Total Purchases (including taxes) - Total Management service charges received (including taxes) - Total Notes to the Standalone Ind AS Financial Statements as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated) NOTE 38 - RELATED PARTY DISCLOSURES (Contd..) Particulars Management service/comm charges paid (including taxes) - - - - Total Material handling and other charges (including taxes) - Total Expense incurred on our behalf by - - Total Expense incurred on behalf of - - - - Total Rent Paid- - Total
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Trident Limited

206

207

Integrated Annual Report 2024-25

Financial Statements

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March 31, 2024 226.1 226.1 23.6 12.0 35.6 - - 5.0 0.3 5.0 5.0 5.0 5.0 25.3 205.0 0.6 205.6 March 31, 2024 0.1 2.0 1.1 1.8 1.2 0.1 1.3 7.6 19.2 19.2 10.6 8.1 1.1 1.1 1.1 1.1 1.1 1.3 - 5.3 0.2 8.8 4.7 4.9
Total - Total - - - - - - - - -
March 31, 2025 219.3 219.3 25.4 12.9 38.3 48.7 48.7 5.0 5.0 5.0 5.0 5.0 25.0 197.3 197.3 March 31, 2025 1.5 0.9 1.4 1.2 1.0 6.0 21.7 21.7 10.8 8.4 4.4 2.8 19.0 51.7 4.3
March 31, 2024 226.1 226.1 - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - - - - - - - - -
benefit plans 2025 219.3 219.3 - - - - - - - - - - - - - - - benefit plans 2025 - - - - - - - - - - - - - - - - - - - - - - - -
Post employment Post employment
March 31, March 31,
March 31, 2024 - - - 12.0 12.0 - - 5.0 0.3 5.0 5.0 5.0 5.0 25.3 205.0 0.6 205.6 March 31, 2024 0.1 2.0 1.1 1.8 1.2 0.1 1.3 7.6 19.2 19.2 10.6 8.1 1.1 1.1 1.1 1.1 1.1 1.3 - 5.3 0.2 8.8 4.7 4.9
where KMP/ 2025 - - - 12.9 12.9 48.7 48.7 5.0 - 5.0 5.0 5.0 5.0 25.0 197.3 - 197.3 where KMP/ 2025 - 1.5 0.9 1.4 1.2 - 1.0 6.0 21.7 21.7 10.8 8.4 - - - - - - 4.4 2.8 - 19.0 51.7 4.3
Director have control, specified in (d) above March 31, Director have control, specified in (d) above March 31,
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence
March 31, 2024 - - - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - - - - - - - - -
2025 - - - - - - - - - - - - - - - - - 2025 - - - - - - - - - - - - - - - - - - - - - - - -
Enterprises on which Company exercises significant influence March 31, Enterprises on which Company exercises significant influence March 31,
March 31, 2024 - - - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - - - - - - - - -
2025 - - - - - - - - - - - - - - - - - 2025 - - - - - - - - - - - - - - - - - - - - - - - -
Enterprises that are under common control March 31, Enterprises that are under common control March 31,
March 31, 2024 - - - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - - - - - - - - -
Subsidiaries 2025 - - - - - - - - - - - - - - - - - Subsidiaries 2025 - - - - - - - - - - - - - - - - - - - - - - - -
March 31, March 31,
March 31, 2024 - - 23.6 - 23.6 - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Company 2025 25.4 25.4 Company 2025
Enterprise that has significant Enterprise that has significant
influence over the influence over the
controls the Company/ March 31, controls the Company/ March 31,
Trident Trust Madhuraj Foundation Lotus Global Foundation Trident Global Corp Limited Ms. Usha Sangwan Mr. Dinesh Kumar Mittal Mr. Raj Kamal Prof. Rajeev Ahuja Mr. Rajiv Dewan Dr. Anthony De Sa Mr. Rajinder Gupta Mr. Kapil Ghorse Mr. Dinesh Kumar Mittal Mr. Rajiv Dewan Ms. Usha Sangwan Dr. Anthony De Sa Mr. Rajeev Ahuja Mr. Kapil Ghorse Mr. Raj Kamal Mr. Deepak Nanda Mr. Abhishek Gupta Ms. Madhu Gupta Ms. Gayatri Gupta Mr. Naveet Jindal Mr. Swapan Nath Mr. Kamal Gaba Mr. Kavish Dhanda Mr. Pardeep Kumar Markanday Mr. Hari Krishan Mr. Sushil Sharma Mr. Matta Arvind Kumar Ms. Shreya Markanday Mr. Manish Bhatia Mr. Samir Prabodhchandra Joshipura Mr. Avneesh Barua
Particulars Contribution towards gratuity and risk management fund (net) - Total Payment against lease liabilities (including taxes and interest) - - Total Commission on sales - Total Commission paid (on accrual basis) - - - - - - Total Consultancy fees - - Total Notes to the Standalone Ind AS Financial Statements as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated) NOTE 38 - RELATED PARTY DISCLOSURES (Contd..) Particulars Sitting fees paid - - - - - - - Total Remuneration paid - - - - - - - - - - - - - - -
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Trident Limited

208

209

Integrated Annual Report 2024-25

Financial Statements

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March 31, 2024 87.8 497.9 839.2 1.5 4.0 - 1,342.6 12.3 1.1 13.4 5.0 - 5.0 0.5 0.1 0.6 1.5 1.5 March 31, 2024 1.5 1.5 8.1 8.1 0.0 16.5 16.5 8.1 8.1
Total - - - - - - Total - - - - -
March 31, 2025 144.8 497.9 839.2 1.5 4.0 0.0 1,342.6 39.5 39.5 259.7 259.7 March 31, 2025 0.6 0.6 25.2 25.2
March 31, 2024 - - - - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - -
benefit plans 2025 - - - - - - - - - - - - - - - - - - benefit plans 2025 - - - - - - - - -
Post employment Post employment
March 31, March 31,
March 31, 2024 87.8 - - 1.5 4.0 - 5.5 - 1.1 1.1 - - - - - - - - March 31, 2024 - - - - - - - - -
- - 1.5 4.0 - 5.5 - - - - - - - - - - - - - - - - - - - -
where KMP/ 2025 144.8 where KMP/ 2025
Director have control, specified in (d) above March 31, Director have control, specified in (d) above March 31,
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence
March 31, 2024 - - - - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - -
2025 - - - - - - - - - - - - - - - - - - 2025 - - - - - - - - -
Enterprises on which Company exercises significant influence March 31, Enterprises on which Company exercises significant influence March 31,
March 31, 2024 - - - - - - - 12.3 - 12.3 - - - - - - - - March 31, 2024 - - - - - - - - -
2025 - - - - - - - 39.5 - 39.5 - - - - - - - - 2025 - - - - - - - - -
Enterprises that are under common control March 31, Enterprises that are under common control March 31,
March 31, 2024 - - - - - - - - - - 5.0 - 5.0 0.5 0.1 0.6 1.5 1.5 March 31, 2024 1.5 1.5 8.1 8.1 0.0 16.5 16.5 - -
Subsidiaries March 31, 2025 - - - - - - - - - - - 259.7 259.7 - - - - - Subsidiaries March 31, 2025 - - - - - 0.6 0.6 25.2 25.2
March 31, 2024 - 497.9 839.2 - - - 1,337.1 - - - - - - - - - - - March 31, 2024 - - - - - - - - -
Company - - - 0.0 - - - - - - - - - - - Company - - - - - - - - -
2025 497.9 839.2 2025
Enterprise that has significant influence over the 1,337.1 Enterprise that has significant influence over the
controls the Company/ March 31, controls the Company/ March 31,
Madhuraj Foundation Trident Group Limited Lotus Global Foundation Mr. Rajinder Gupta Mr. Rajiv Dewan Trident Humanity Foundation Trident Foundation Trident Home Textiles Limited Trident Group Enterprises Pte Ltd. Trident Home Décor Limited Trident Innovations Limited Trident Home Textiles Limited Trident Home Textiles Limited Trident Global Inc. Trident Home Textiles Limited Trident Global Inc. Trident Global Inc.
Particulars Total Dividend paid (on payment basis) - - - - - Total Corporate social responsibility expenses - - Total Investment in equity shares of subsidiary - - Total Non current investments written off - - Total Loan given to subsidiary - Total Notes to the Standalone Ind AS Financial Statements as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated) NOTE 38 - RELATED PARTY DISCLOSURES (Contd..) Particulars Loan received back from subsidiary - Total Loan recovered earlier written off *** - Total Interest income from subsidiaries - - Total Loan and interest received back - Total * Included in legal and professional expenses in Note 30 ** Formerly known as Trident Institute of Social Sciences.
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Trident Limited

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Integrated Annual Report 2024-25

Financial Statements

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March 31, 2024 549.1 7.6 75.8 632.5 130.0 99.8 229.8 6.4 - 11.8 0.9 0.9 84.9 35.4 0.4 140.7 March 31, 2024 43.1 7.3 50.4 1.0 0.1 0.5 3.0 1.6 1.1 7.3 1.0 1.6 0.6 0.7 - 0.4 0.4 3.7 - 8.4
Total - - Total - - - - -
March 31, 2025 193.5 2.8 72.3 268.6 119.6 97.7 217.3 5.5 4.3 0.1 1.2 35.2 38.2 84.5 March 31, 2025 23.2 23.2 0.4 0.4 0.7 3.0 4.5 0.9 0.9 0.6 0.5 0.3 2.0 0.5 5.7
March 31, 2024 - - - - - - - - - - - - - - - - March 31, 2024 43.1 - 43.1 - - - - - - - - - - - - - - - - -
benefit plans 2025 - - - - - - - - - - - - - - - - benefit plans 2025 23.2 - 23.2 - - - - - - - - - - - - - - - - -
Post employment Post employment
March 31, March 31,
March 31, 2024 549.1 - - 549.1 - 99.8 99.8 - - - - - - - - - March 31, 2024 - 7.3 7.3 1.0 - - - - - 1.0 1.0 1.6 0.6 0.7 - 0.4 0.4 3.7 - 8.4
where KMP/ 2025 193.5 - - 193.5 - 97.7 97.7 - 5.5 - - - - - - 5.5 where KMP/ 2025 - - - 0.4 - 0.4 - - - 0.8 0.9 0.9 0.6 0.5 0.3 - - 2.0 0.5 5.7
Director have control, specified in (d) above March 31, Director have control, specified in (d) above March 31,
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises Enterprises over person exercise significant influence
March 31, 2024 - - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - - - - - - - -
2025 - - - - - - - - - - - - - - - 2025 - - - - - - - - - - - - - - - - - - - -
Enterprises on which Company exercises significant influence March 31, Enterprises on which Company exercises significant influence March 31,
March 31, 2024 - - - - - - - - - - 0.9 - - - 0.4 1.3 March 31, 2024 - - - - - 0.5 - - 1.1 1.6 - - - - - - - - - -
2025 - - - - - - - - - - 0.1 - - - - 0.1 2025 - - - - - - - - 3.0 3.0 - - - - - - - - - -
Enterprises that are under common control March 31, Enterprises that are under common control March 31,
March 31, 2024 - 7.6 75.8 83.4 - - - - - - - 0.9 84.9 35.4 - 121.2 March 31, 2024 - - - - - - 3.0 - - 3.0 - - - - - - - - - -
Subsidiaries 2025 - 2.8 72.3 75.1 - - - - - - - 1.2 35.2 38.2 - 74.6 Subsidiaries 2025 - - - - - - - - - - - - - - - - - - - -
March 31, March 31,
March 31, 2024 - - - - 130.0 - 130.0 6.4 - 11.8 - - - - - 18.2 March 31, 2024 - - - - 0.1 - - 1.6 - 1.7 - - - - - - - - - -
Company - - - - - - - 4.3 - - - - - 4.3 Company - - - - - - - 0.7 - 0.7 - - - - - - - - - -
Enterprise that has significant 2025 119.6 119.6 Enterprise that has significant 2025
influence over the influence over the
controls the Company/ March 31, controls the Company/ March 31,
Trident Global Corp Limited Trident Home Textile Limited Trident Global Inc. Madhuraj Foundation Lotus Global Foundation Madhuraj foundation Trident Global Corp Limited Trident Group Limited Trident Humanity Foundation Trident Home Textile Limited Trident Global Inc. Trident Europe Limited Mintleaf People Connect Limited Trident Trust Trident Global Corp Limited Trident Global Corp Limited Madhuraj Foundation Mintleaf People Connect Limited Trident Home Textile Limited Trident Group Limited Trident Humanity Foundation Mr. Deepak Nanda Mr. Abhishek Gupta Ms. Madhu Gupta Ms. Gayatri Gupta Mr Sushil Sharma Mr. Matta Arvind Kumar Mr.Manish Bhatia Mr. Samir Prabodhchandra Joshipura Mr. Avneesh Barua
Particulars Trade receivables - - - Total Lease liabilities (at amortised cost) - - Total Trade payables - - - - - - - - Total Notes to the Standalone Ind AS Financial Statements as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated) NOTE 38 - RELATED PARTY DISCLOSURES (Contd..) Particulars Other payables - - Total Other receivables - - - - - - Total Payable to employees - - - - - - - - - Total
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Trident Limited

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Integrated Annual Report 2024-25

Financial Statements

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Total	March 31, 2024		0.0	0.1	0.1		4.5	0.3	4.5	4.5	4.5	4.5	22.8		15.3	15.3		19.7	19.7		29.1	29.1
	March 31, 2025		0.0	-	0.0		4.5	-	4.5	4.5	4.5	4.5	22.5		-	-		-	-		59.8	59.8
Post employment benefit plans	March 31, 2024		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
	March 31, 2025		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/ Director have control, Enterprises over person specified in (d) above exercise significant influence	March 31, 2024		0.0	0.1	0.1		4.5	0.3	4.5	4.5	4.5	4.5	22.8		-	-		-	-		29.1	29.1
	March 31, 2025		0.0	-	0.0		4.5	-	4.5	4.5	4.5	4.5	22.5		-	-		-	-		59.8	59.8
Enterprises on which Company exercises significant influence	March 31, 2024		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
	March 31, 2025		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
Enterprises that are under common control	March 31, 2024		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
	March 31, 2025		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
Subsidiaries	March 31, 2024		-	-	-		-	-	-	-	-	-	-		15.3	15.3		19.7	19.7		-	-
	March 31, 2025		-	-	-		-	-	-	-	-	-	-		-	-			-		-	-
Enterprise that controls the Company/ has significant influence over the Company	March 31, 2024		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
	March 31, 2025		-	-	-		-	-	-	-	-	-	-		-	-		-	-		-	-
Particulars		Advances to employees (imprest)	- Ms. Gayatri Gupta*	- Mr. Samir Prabodhchandra Joshipura	Total	Commission payable	- Ms. Usha Sangwan	- Mr. Dinesh Kumar Mittal	- Prof. Rajeev Ahuja	- Mr. Rajiv Dewan	- Dr. Anthony De Sa	- Mr. Raj Kamal	Total	Loans	- Trident Global Inc.	Total	Interest accrued on loans	- Trident Global Inc.	Total	Consultancy fees payable	- Mr. Rajinder Gupta	Total

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 39 - SEGMENT INFORMATION

I Segment accounting policies:

a. Product and Services from which reportable segment derive their revenues (Primary Business Segments)
Based on the nature and class of product and services, their customers and assessment of differential risks and returns and financial reporting results reviewed by Chief Operating Decision Maker (CODM), 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.

Trident Limited

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Integrated Annual Report 2024-25

Financial Statements

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March 31, 2024 67,304.2 - 438.7 160.3 67,903.2 7,507.8 (1,160.8) (1,544.8) 360.5 (1,266.9) 3,895.8 65,274.7 9,948.0 75,222.7 7,337.8 4,144.1 12,590.4 41.5 8,017.7 32,131.5 5,773.2 3,602.0
Total - -
March 31, 2025 69,658.9 410.7 183.4 70,253.0 7,920.4 (1,929.6) (1,294.2) (1,028.3) 3,668.3 60,082.3 11,211.0 71,293.3 5,324.2 4,108.6 10,703.1 44.0 5,010.6 25,190.5 1,910.2 3,620.0
March 31, 2024 - (14,914.9) - - (14,914.9) - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - -
Elimination March 31, 2025 (16,010.2) (16,010.2)
March 31, 2024 - - 438.7 40.3 479.0 - (1,160.8) (1,544.8) 360.5 (1,266.9) - - 9,948.0 9,948.0 - 4,144.1 12,590.4 41.5 8,017.7 24,793.7 135.0 208.8
Unallocable March 31, 2025 - - 410.7 71.9 482.6 - (1,929.6) (1,294.2) - (1,028.3) - - 11,211.0 11,211.0 - 4,108.6 10,703.1 44.0 5,010.6 19,866.3 381.3 230.6
March 31, 2024 11,429.4 29.8 - 15.1 11,474.3 2,842.6 - - - - - 6,394.6 - 6,394.6 1,072.3 - - - - 1,072.3 341.0 194.8
Paper and chemicals March 31, 2025 10,069.9 9.5 - 25.6 10,105.0 2,608.6 - - - - - 6,304.2 - 6,304.2 858.0 - - - - 858.0 186.5 210.8
March 31, 2024 12,738.6 6.1 - 17.3 12,762.0 2,224.6 - - - - - 7,690.1 - 7,690.1 1,010.6 - - - - 1,010.6 500.5 813.3
Bedsheets March 31, 2025 13,353.0 0.2 - 15.3 13,368.5 1,975.3 - - - - - 6,884.5 - 6,884.5 719.6 - - - - 719.6 177.7 866.5
March 31, 2024 25,185.9 208.7 - 28.8 25,423.3 1,522.6 - - - - - 18,027.6 - 18,027.6 2,548.2 - - - - 2,548.2 1,198.5 833.1
Towel - - - - - - - - - - -
March 31, 2025 26,022.7 91.4 34.6 26,148.7 1,548.4 17,200.5 17,200.5 1,935.7 1,935.7 606.3 512.6
March 31, 2024 17,950.4 14,670.4 - 58.8 32,679.6 918.0 - - - - - 33,162.4 - 33,162.4 2,706.7 - - - - 2,706.7 3,598.2 1,552.0
Yarn March 31, 2025 20,213.3 15,909.1 - 36.0 36,158.4 1,788.1 - - - - - 29,693.1 - 29,693.1 1,810.9 - - - - 1,810.9 558.4 1,799.5
External sales Inter segment Sales Interest income Other income
Segment revenue - - Total revenue Segment results Unallocated corporate expenses (net of unallocated Income) Finance costs Exceptional income (Refer Note 58) 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 amortisation expense
Particulars 1 2 3 4 a b 5
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March 31, 2024 5.1 49.2 12.4 (10.4) 0.6 61.8
Total -
March 31, 2025 4.3 78.8 0.3 15.6 38.8
March 31, 2024 - - - - - -
- - - - - -
Elimination March 31, 2025
March 31, 2024 - - 12.4 (23.4) 0.6 -
- - 0.3 - 0.4
Unallocable March 31, 2025 (13.5)
March 31, 2024 (0.3) - - 2.4 - -
2025 0.0 - - 5.8 - -
Paper and chemicals March 31,
March 31, 2024 2.2 - - 4.6 - (2.0)
Bedsheets March 31, 2025 4.3 22.5 - 2.4 - (0.0)
March 31, 2024 - 47.0 - (0.2) - 61.8
Towel - - -
March 31, 2025 62.3 26.3 37.7
March 31, 2024 3.2 2.2 - 6.2 - 2.0
Yarn March 31, 2025 - (6.0) - (5.4) - 0.7
Foreign exchange loss/ (gain) on derivative financial instruments carried at Fair value through profit and loss Foreign exchange loss on derivative financial instruments carried at Fair value through other comprehensive income Net loss on financial assets measured at Fair value through profit and loss Liabilities/ sundry credit balances no longer required (written back)/irrecoverable balances writen off (net) Non current investments written off Expected credit loss allowance on trade receivables and advances to vendors
Material non cash items other than depreciation and amortisation expense: - - - - -
Particulars
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Trident Limited

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Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 39 - SEGMENT INFORMATION (Contd..)

III Details of secondary segment – geographical:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Revenue from external customer in:
India 32,805.9 26,526.7
USA 12,843.8 25,561.7
Rest of the world 24,009.2 15,215.8
Total Sales 69,658.9 67,304.2
Non-current assets located in:
India 46,180.7 47,790.6
USA 4.6 6.3
Rest of the world - -
Total non-current assets 46,185.3 47,796.9
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Excludes investments amounting to Rs. 200.3 Million (Previous year Rs. 515.7 Million)

NOTE 40 - 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 u	se assets
	Land	Office premises and guest houses	Factory premises (including plant and equipment)	Total
As at March 31, 2023	315.1	192.2	79.3	586.6
Additions*	-	-	51.5	51.5
Depreciation expense	(9.0)	(37.7)	(13.8)	(60.5)
As at March 31, 2024	306.1	154.5	117.0	577.6
Additions	-	7.8	-	7.8
Depreciation expense	(9.0)	(39.7)	(17.8)	(66.5)
As at March 31, 2025	297.1	122.6	99.2	518.9

After adjusting Rs 17.7 Million amount refunded against right of use assets.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 40 - LEASES (Contd..)

Set out below are the carrying amounts of lease liabilities and the movements during the year:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Opening balance 330.4 296.5
Additions 7.8 69.2
Accretion of interest 27.6 29.9
Payments (66.6) (65.2)
Closing balance 299.2 330.4
Current lease liabilities 40.0 38.6
Non current lease liabilities 259.2 291.8
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*Includes payable to related parties of Rs. 217.3 Million (Previous year Rs. 229.8 Million) (refer note 38)

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:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Depreciation expense of right of use assets 66.5 60.5
Interest expense on lease liabilities 27.6 29.9
Expense relating to short-term leases (included in other expenses) 25.6 19.1
Total amount recognised in the Statement of Profit and Loss 119.7 109.5
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For maturity analysis of lease liability, refer note 44 Financial risk management framework and policies under maturities of financial liabilities.

The Company had total cash outflows for leases of Rs. 92.2 Million (previous year: Rs. 84.3 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.

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.

NOTE 41 (I) DETAILS OF LONG TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT March 31, 2025

AS AT March 31, 2025
	Long term borrowings (refer note 16)	Current maturities of long term borrowings (refer note 17)	Total long term borrowings
Term loans from banks (for details Refer (A) below)	9,631.8	1,075.4	10,707.2
Less: Unamortised borrowingcosts	(2.7)	(1.4)	(4.1)
Carrying value of term loans from banks	9,629.1	1,074.0	10,703.1

218 Trident Limited

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Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 41 (I) DETAILS OF LONG TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT March 31, 2025 (Contd..)

A. Term loans from banks:

Amount of loan
Sr. No. outstanding Repayment details of loan outstanding as at March 31, 2025 as at March 31, 2025
1 325.1 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. 14.7 Million would be paid as last installment as per revised repayment schedule.
2 194.3 3 quarterly installments of Rs. 6.7 Millions each, 1 quaterly installment of Rs. 14.0 Million, 4 quarterly installments of Rs. 15.0 Millions each, 4 quarterly installments of Rs. 16.8 Millions each, 1 quarterly installment of Rs. 20.7 Million and balance of Rs. 12.6 Million would be paid as last installment as per revised repayment schedule.
3 599.9 1 quarterly installment of Rs. 15.5 Million, 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.
4 308.7 3 quarterly installments of Rs. 10.2 Millions each, 1 quaterly installment of Rs. 20.3 Million, 4 quarterly installments of Rs. 22.5 Millions each, 4 quarterly installments of Rs. 25.3 Millions each, 2 quarterly installments of Rs. 30.9 Millions each and balance of Rs. 4.8 Million would be paid as last installment as per revised repayment schedule.
5 596.7 1 quaterly installment of Rs. 12.0 Million, 4 quarterly installements of Rs. 14.0 Millions each, 3 quarterly installements of Rs. 16.0 Millions each, 1 quaterly installment of Rs. 32.0 Million, 4 quarterly installements of Rs. 35.5 Millions each, 4 quarterly installements of Rs. 40.0 Millions each, 2 quarterly installements of Rs. 49.0 Millions each, balance of Rs. 48.9 Million would be paid as last installment as per revised repayment schedule.
6 3,362.1 4 quarterly installment of Rs.70.9 Million each, 4 quarterly installment of Rs. 80.9 Million each, 4 quarterly installment of Rs. 101.1 Million each, 4 quarterly installment of Rs. 162.0 Million each, 4 quarterly installment of Rs. 166.9 Million, 3 quarterly installment of Rs. 177.2 Million each, 1 quarterly installment of Rs. 146.8 Million, 1 quarterly installment of Rs. 244.1 Million and balance of Rs. 117.3 Millions would be paid as last installment as per revised repayment schedule.
7 1,710.5 4 quarterly installment of Rs. 43.4 Million each, 4 quarterly installment of Rs. 49.6 Million each, 4 quarterly installment of Rs. 61.5 Million each, 2 quarterly installment of Rs. 99.3 Million each, 1 quarterly installment of Rs. 78.6 Million, 1 quarterly installment of Rs. 58.9 Million, 4 quarterly installment of Rs. 60.8 Million each, 4 quarterly installment of Rs. 64.4 Million each, 1 quarterly installment of Rs. 139.2 Million and balance of Rs. 116.3 Millions would be paid as last installment as per revised repayment schedule.
8 1,165.3 31 quarterly installements of Rs. 37.6 Millions each. 9 2,444.6 4 quarterly installment of Rs. 51.8 Million each, 4 quarterly installment of Rs. 68.9 Million each, 4 quarterly installment of Rs. 86.3 Million each, 4 quarterly installment of Rs. 93.0 Million each, 4 quarterly installment of Rs. 103.6 Million each, 4 quarterly installment of Rs. 113.8 Million each, 1 quarterly installment of Rs. 120.1 Million, 1 quarterly installment of Rs. 91.7 Million, 1 quarterly installment of Rs. 85.6 Million, and balance of Rs. 77.5 Millions would be paid as last installment as per revised repayment schedule.
Total 10,707.2

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 41 (I) DETAILS OF LONG TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT March 31, 2025 (Contd..)

II. DETAILS OF LONG TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT MARCH 31, 2024

MARCH 31, 2024
	Long term borrowings (refer note 16)	Current maturities of long term borrowings (refer note 17)	Total long term borrowings
Term loans from banks (for details Refer (A) below)	11,736.9	857.6	12,594.5
Less: Unamortised borrowingcosts	(2.7)	(1.4)	(4.1)
Carrying value of term loans from banks and non convertible debentures	11,734.2	856.2	12,590.4

A. Term loans from banks:

Amount of loan
Sr. No. outstanding Repayment details of loan outstanding as at March 31, 2024 as at March 31, 2024
1 361.6 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.
2 222.7 1 quarterly installment of Rs. 5.4 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.
3 659.5 1 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.
4 344.3 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.
5 644.7 5 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 3,588.5 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from June 2024 onwards in 4 quarterly installment of Rs. 53.8 Million each, 4 quarterly installment of Rs. 62.8 Million each, 4 quarterly installment of Rs. 71.8 Million each, 4 quarterly installment of Rs. 89.7 Million each, 4 quarterly installment of Rs. 143.5 Million each, 8 quarterly installment of Rs. 152.5 Million each and 2 quarterly installment of Rs 341.0 Million each as per repayment schedule.
7 1,853.8 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from June 2024 onwards in 4 quarterly installment of Rs. 27.8 Million each, 4 quarterly installment of Rs. 32.5 Million each, 4 quarterly installment of Rs. 37.1 Million each, 4 quarterly installment of Rs. 46.4 Million each, 4 quarterly installment of Rs. 74.2 Million each, 4 quarterly installment of Rs. 76.5 Million each, 4 quarterly installment of Rs. 81.1 Million each and 2 quarterly installment of Rs 175.7 Million each as per repayment schedule.
8 1,276.4 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from June 2024 onwards in 8 quarterly installment of Rs. 25.5 Million each, 8 quarterly installment of Rs. 38.3 Million each, 8 quarterly installment of Rs. 44.7 Million each, 4 quarterly installment of Rs. 47.9 Million each and 2 quarterly installment of Rs 108.4 Million each as per repayment schedule.

220 Trident Limited

221

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 41 (I) DETAILS OF LONG TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT March 31, 2025 (Contd..)

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Amount
of loan
Sr. No. outstanding Repayment details of loan outstanding as at March 31, 2024
as at March
31, 2024
9 990.8 Partial loans have been disbursed against the total loan sanctioned from multiple banks and
repayment of these loans would be made from December 2024 onwards in 3 quarterly installment of
Rs. 13.2 Million each, 12 quarterly installment of Rs. 9.9 Million each, 8 quarterly installment of Rs.
27.2 Million each, 4 quarterly installment of Rs. 49.5 Million each, 4 quarterly installment of Rs. 52.0
Million each and 2 quarterly installment of Rs 104.4 Million each as per repayment schedule.
10 2,652.2 Partial loans have been disbursed against the total loan sanctioned from multiple banks and
repayment of these loans would be made from December 2024 onwards in 2 quarterly installment
of Rs. 99.5 Million each, 4 quarterly installment of Rs. 49.8 Million each, 4 quarterly installment of
Rs. 66.4 Million each, 4 quarterly installment of Rs. 83.0 Million each, 4 quarterly installment of Rs.
89.6 Million each, 4 quarterly installment of Rs. 99.7 Million each, 4 quarterly installment of Rs. 109.5
Million each and 4 quarterly installment of Rs 115.3 Million each as per repayment schedule.
Total 12,594.5
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 42 - EMPLOYEES’ STOCK OPTION PLANS (Contd..)

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Particulars Details
Fair value of grant date
End of first year 24.4
End of second year 25.0
End of third year 25.7
End of fourth year 26.2
Particulars March 31, 2025 March 31, 2024
Number Number
Outstanding at 1 April 10,74,150 15,98,500
Exercised during the year 1,58,700 1,32,800
Options lapsed due to resignation/non acceptance during the year 3,66,450 3,91,550
Outstanding at 31 March 5,49,000 10,74,150
Exercisable at 31 March 5,49,000 10,74,150
Share based payment expense (Rs. in Million) 3.8 8.8
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Note: No new shares has been granted during the current year and previous year.

During the previous year, the Company has fully prepaid the Non-Convertible Debentures on March 29, 2024 along with interest applicable.

NOTE 42 -EMPLOYEES’ STOCK OPTION PLANS

The Board of Directors and the Shareholders of the Company had 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 FY 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.

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
ESOPgrant date	November 12, 2022
Exercise period under the ESOS	Exercisable within 4 years from date of respective vesting
Exerciseprice	Rs. 16.50
VESTING PERIOD UNDER ESOS
End of first year	10%
End of second year	20%
End of third year	30%
End of fourth year	40%

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.

NOTE 43 (a) - CURRENT TAX AND DEFERRED TAX

(i) Income tax expense recognised in the Statement of Profit and Loss

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Particulars March 31, 2025 March 31, 2024
(A) Current tax:
- in respect of current year 1,302.0 1,171.4
- in respect of earlier years 55.3 (12.1)
Total (A) 1,357.3 1,159.3
(B) Deferred tax:
- in respect of current year (275.3) 97.1
- in respect of earlier years (53.8) 10.5
Total (B) (329.1) 107.6
Total income tax expense (A+B) 1,028.2 1,266.9
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(ii) Income tax recognised in other comprehensive income

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Particulars March 31, 2025 March 31, 2024
Current tax relating to items recognised in other comprehensive income during the
year on:
- Remeasurement loss/(gain) of defined benefit obligations (2.5) 75.6
Total current tax credit/(charge) recognised in other comprehensive income (2.5) 75.6
Deferred tax related to items recognised in other comprehensive income during the year
on:
- Effective portion of cash flow hedge reserve 19.8 12.4
Total deferred tax credit recognised in other comprehensive income 19.8 12.4
Total tax credit / (charge) recognised in other comprehensive income 17.3 88.0
Classification of income tax recognised in other comprehensive income
- Income taxes related to items that will not be reclassified to profit or loss (2.5) 75.6
- Income taxes related to items that will be reclassified to profit or loss 19.8 12.4
Total 17.3 88.0
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Trident Limited

222

223

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 43 (a) - CURRENT TAX AND DEFERRED TAX (Contd..)

(iii) Reconciliation of income tax expense and the accounting profit multiplied by Company’s domestic tax rate:

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Particulars March 31, 2025 March 31, 2024
Profit before tax as per the Statement of Profit and Loss 4,696.5 5,162.7
Income tax expense calculated at 25.168% 1,182.0 1,299.3
Add: Income tax impact on disallowances of items of permanent nature 225.8 15.5
Add: Income tax for earlier years recognised in the Statement of Profit and Loss 1.5 (1.6)
Add: Impact of income tax on items on which income tax is payable at lower rates being 10.5 (9.5)
capital gains
Add: Impact of income tax on dividend income received by Trident Employee Welfare - 8.7
Trust
Less: Income tax impact on change of indexed cost of acquisition on fair valuation gain (391.6) (45.5)
of land
Income tax as per (i) above 1,028.2 1,266.9
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NOTE 43 (b) - MOVEMENT IN DEFERRED TAX BALANCES

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Recognised
Recognised in
As at in other As at
Particulars Statement of
March 31, 2024 comprehensive March 31, 2025
Profit and Loss
income
Tax effect of items constituting deferred tax
liabilities
Property, plant and equipment and intangible assets 3,215.5 (230.8) - 2,984.7
Income considered in the books of accounts but not
in income tax:
Provision for employee benefits - gratuity - (2.5) 2.5 -
Right of use assets 35.3 (14.1) - 21.2
Others - cash flow hedge 6.1 - (19.8) (13.7)
3,256.9 (247.4) (17.3) 2,992.2
Tax effect of items constituting deferred tax assets
Provision for employee benefits - bonus and leave 75.0 (1.9) - 73.0
benefits
Financial assets at fair value through Statement of 3.1 (4.1) - (1.0)
Profit and Loss
Lease liability 50.5 (9.8) - 40.7
Expected credit loss allowance 17.9 55.5 - 73.4
Others 12.0 42.0 - 54.0
158.5 81.7 - 240.1
Net deferred tax liabilities 3,098.4 (329.1) (17.3) 2,752.1
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 43 (b) - MOVEMENT IN DEFERRED TAX BALANCES (Contd..)

Particulars	As at March 31, 2023	Recognised in Statement of Profit and Loss	Recognised in other comprehensive income	As at March 31, 2024
Tax effect of items constituting deferred tax liabilities
Property, plant and equipment and intangible assets	3,007.0	208.5	-	3,215.5
Financial assets at fair value through Statement of Profit and Loss	0.4	(0.4)	-	-
Income considered in the books of accounts but not in income tax:		-		-
Provision for employee benefits -gratuity	27.7	(27.7)	-	-
Right of use assets	49.2	(13.9)	-	35.3
Others - cash flow hedge	18.5	-	(12.4)	6.1
	3,102.8	166.5	(12.4)	3,256.9
Tax effect of items constituting deferred tax assets
Provision for employee benefits - bonus and leave benefits	30.7	44.2	-	75.0
Financial assets at fair value through Statement of Profit and Loss	-	3.1	-	3.1
Lease liability	59.1	(8.6)	-	50.5
Expected credit loss allowance	2.3	15.6	-	17.9
Others	7.4	4.6	-	12.0
	99.5	58.9	-	158.5
Net deferred tax liabilities	3,003.3	107.6	(12.4)	3,098.4

NOTE 44 - 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:

to ensure the Company’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 Company manages capital risk in order to maximise 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.

Refer note 54 for ‘Debt-to-equity ratio as of March 31, 2025 and March 31, 2024

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Particulars March 31, 2025 March 31, 2024
Borrowings other than convertible preference shares (Note 16) 9,629.1 11,734.2
Less: cash and cash equivalents (Note 10) (683.0) (221.9)
Net debt 8,946.1 11,512.3
Convertible preference shares (Note 15) - -
Equity 46,103.0 43,091.0
Total capital 46,103.0 43,091.0
Capital and net debt 55,049.1 54,603.3
Gearing ratio 16.3% 21.1%
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224 Trident Limited

225

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2025 and 31 March 2024.

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:

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Carrying Value Fair Value
Particulars As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Financial assets
Measured at fair value through profit or loss
Investments (refer note 4(a) & (b)) 3.5 489.1 3.5 489.1
Derivative financial instruments (refer note 12) 4.3 - 4.3 -
Measured at amortised cost
Security deposits (refer note 5) 720.0 577.1 720.0 577.1
- - -
Bank deposits with remaining maturity more than 12
months (refer note 5)
Interest accrued on deposits (refer note 5) - 0.4 - 0.4
Measured at fair value through other comprehensive
income
Derivative financial instruments (refer note 12) 33.5 40.6 33.5 40.6
Financial liabilities
Measured at amortised cost
Borrowings (Including current maturities) (refer note 16 10,703.1 12,590.4 10,703.1 12,590.4
and 17)
Measured at fair value through other comprehensive
income
Derivative financial instrument (refer note 19) 88.1 16.4 88.1 16.4
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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

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.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

A. Fair value hierarchy as at 31 March 2025

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As at March
Particulars Level 1 Level 2 Level 3 Valuation technique(s) and key input(s)
31, 2025
Financial assets
– Investments in private 2.3 - 2.3 - NAV published in annual report of
equity fund (refer note private equity fund.
4)
– Investments in 1.2 - - 1.2
unquoted equity
instruments
(refer note 4)
– Derivatives instruments 33.5 - 33.5 - Fair value of forward contracts is
at fair value through determined using forward exchange
other comprehensive rates prevailing with authorised
income dealers dealing in foreign exchange
Financial liabilities
– Derivatives instruments 88.1 - 88.1 - Fair value of forward contracts is
at fair value through determined using forward exchange
other comprehensive rates prevailing with authorised
income dealers dealing in foreign exchange
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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 2024

Particulars	As at March 31, 2024	Level 1	Level 2	Level 3	Valuation technique(s) and key input(s)
Financial assets
– Investments in private equity fund (refer note 4)	487.9	-	487.9	-	NAV published in annual report of private equity fund.
– Investments in unquoted equity instruments* (refer note 4)	1.2	-	-	1.2
– Derivatives instruments at fair value through profit or loss	-	-	-	-	Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealingin foreign exchange
– Derivatives instruments at fair value through other comprehensive income	40.6	-	40.6	-	Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealingin foreign exchange
Financial liabilities
– Derivatives instruments at fair value through other comprehensive income	16.4	-	16.4	-	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.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

226 Trident Limited

227

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - 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. 2,995.0 Million and Rs. 4,137.2 Million as of March 31, 2025 and March 31, 2024, 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 letter of credit, 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):

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As at As at
Particulars
March 31, 2025 March 31, 2024
Revenue from top customer (%) 18.0% 18.5%
Revenue from top five customers (%) 39.5% 41.0%
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Revenue from top customer amounting to Rs. 12,536.0 Million (Previous year Rs. 11,759.7 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 56

The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2025 was Rs. 38.4 Million (Previous year Rs. 56.5 Million).

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As at As at
Particulars
March 31, 2025 March 31, 2024
Balance at the beginning 56.5 6.9
Expected credit loss recognised - 49.6
Reversed during the year - -
Written back during the year 18.1 -
Balance at the end 38.4 56.5
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

In case of its other current assets i.e. advances to vendors,lthe Company had computed the expected loss allowance based on its credit risk The allowance for lifetime expected credit loss on other current asset is is Rs. 0.4 Millions(Previous year Rs. 12.2 Million). The following is the movement in the expected credit loss allowance.

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As at As at
Particulars
March 31, 2025 March 31, 2024
Balance at the beginning 12.2 -
Expected credit loss recognised - 12.2
Reverse during the year 11.8 -
Balance at the end 0.4 12.2
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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 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.

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Total
Carrying
Less than 3 years to 5 years undiscounted
Particulars 1-3 years amount of
1 year 5 years and above contractual
liabilities
cash flows
March 31, 2025
Non-interest bearing
- Trade payable 3,488.1 - - - 3,488.1 3,488.1
- Interest accrued but not due on 44.0 - - - 44.0 44.0
borrowings
- Payables to employees 622.4 - - - 622.4 622.4
- Payables on purchase of property, 325.0 - - - 325.0 325.0
plant and equipment
- Unclaimed dividend 131.1 - - - 131.1 131.1
- Other liabilities 62.4 - - - 62.4 62.4
Fixed-interest bearing
- Security deposits 126.4 - - - 126.4 126.4
- Non convertible debentures - - - - - -
Variable interest rate instruments
- Borrowings from banks and other 1,074.0 3,132.9 3,705.2 2,791.0 10,703.1 15,713.7
financial institution
- Lease liabilities 64.7 83.3 73.8 282.5 504.3 299.2
Total 5,938.1 3,216.2 3,779.0 3,073.5 16,006.8 20,812.3
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228 Trident Limited

Integrated Annual Report 2024-25 229

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - 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, 2024
Non-interest bearing
- Trade payable	4,789.4	-	-	-	4,789.4	4,789.4
- Interest accrued but not due on borrowings	41.5	-	-	-	41.5	41.5
- Payables to employees	684.7	-	-	-	684.7	684.7
- Payables on purchase of property, plant and equipment	670.7		-	-	670.7	670.7
- Unclaimed dividend	140.5	-	-	-	140.5	140.5
- Other liabilities	66.7	-	-	-	66.7	66.7
Fixed-interest bearing
- Security deposits	88.6	-	-	-	88.6	88.6
- Non-convertible debentures	-	-	-	-	-	-
- Borrowings from banks and other financial institution	8,875.3	2,326.7	3,704.5	5,705.7	20,612.2	20,608.1
- Lease liabilities	65.5	100.8	80.6	315.5	562.4	330.4
Total	15,422.9	2,427.5	3,785.1	6,021.2	27,656.7	27,420.6

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

Financing arrangements

The Company had access to following borrowing facilities at the end of the reporting period:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Cash credit/export packing credit/working capital loans from banks
- Utilised 4,936.3 7,830.2
- Non utilised 13,063.7 10,169.8
Secured bill acceptance facility
- Utilised 74.2 187.5
- Non utilised 1,925.8 1,812.5
20,000.0 20,000.0
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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 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.

There has been no significant changes to the Company’s exposure to market risk or the methods in which they are managed or measured.

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, 2025
Foreign exchange forward contracts (at forward rate) (highly probable forecast sales)
– USD	12,550.7	-	-	-
Total	12,550.7	-	-	-
March 31, 2025
Foreign exchange forward contracts (at forward rate) hedging against purchase
– EUR	150.1	-	-	-
Total	150.1	-	-	-
Derivative financial instruments
March 31, 2024
Foreign exchange forward contracts (at forward rate) (highly probable forecast sales)
– USD	15,021.6	-	-	-
Total	15,021.6	-	-	-

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.

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.

Foreign currency rate sensitivity

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.

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Amount in Million
Particulars Currency March 31, 2025 March 31, 2024
Trade receivables USD 28.5 33.0
GBP 0.0 0.4
EUR 0.3 0.0
HKD 0.0 -
CHF 0.0 -
JPY 42.7 0.0
Trade payables and payables on purchase of property, plant and USD 0.8 8.2
equipment and intangible assets NZD 0.0 0.0
EUR 0.4 0.5
CHF 0.0 0.0
GBP 0.2 -
JPY 0.4 0.0
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230 Trident Limited

231

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

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Amount in Million
Particulars Currency March 31, 2025 March 31, 2024
Loans and interest accrued on loans USD - 0.4
Investment USD - 6.0
Other current financial Asset AED - 2.2
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - 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.

*Represents HKD- 2,182 and CHF 27,937

**Represents GBP 2,23,675 and CHF 26,228 ( Previous year GBP 23,215 and CHF 9,278).

Of the above foreign currency exposures, the following exposures are not hedged by a derivative.

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Amount in Million
Particulars Currency March 31, 2025 March 31, 2024
Trade receivables and advances GBP 0.0 0.4
EUR 0.3 0.0
JPY 42.7 0.0
CHF 0.0 0.0
HKD 0.0 0.0
Trade payables and payables on purchase of property, plant and USD 0.8 8.2
equipment and intangible assets EUR 0.0 0.5
CHF 0.0 0.0
JPY 0.4 0.0
GBP 0.2 0.0
Loans and interest accrued on loans USD - 0.4
Investment USD - 6.0
Other current financial Asset AED - 2.2
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*Represents HKD- 2,182 and CHF 27,937

**Represents GBP 2,23,675 and CHF 26,228 ( Previous year GBP 23,215 and CHF 9,278).

For the year ended March 31, 2025, 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 0.46%. The Company’s exposure to foreign currency changes for all other currencies is not material.

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 as at March 31, 2025 is Rs.15,713.7 Million (previous year Rs. 20,608. 2 Million) which are interest bearing and interest rates are variable.

Interest rate sensitivity

For the year ended March 31, 2025, 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 0.26% (previous year 0.25%).

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. 2.6 Million (previous year Rs. 487.9 Million). A decrease or increase in NAV of 5% could have an impact of approximately of Rs. 0.12 Million (previous year Rs. 24.2 Million) on the profit or loss.

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. 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	As at March 31, 2025	As at March 31, 2024
	Assets Liabilities	Assets Liabilities
Fair value of foreign currency forward exchange and range forward option contract designated as hedginginstruments	33.5 88.1	40.6 16.4

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 31 March 2025 were assessed to be highly effective and unrealised loss of Rs. 78.8 Million (previous year unrealised loss of Rs: 49.2 Million) with a deferred tax charge of Rs. 19.8 Million (previous year deferred tax credit Rs. 12.4 Million) relating to the hedging instruments, is included in OCI.

The following table includes the maturity profile of the hedged foreign exchange forward contracts:

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Maturity
Particulars Less than 1 to 3 3 to 6 6 to 9 9 to 12
Total
1 month months months months months
As at March 31, 2025
Foreign exchange forward contracts
(highly probable forecast sales)
Notional amount (in USD) 19.8 39.9 52.7 33.8 - 146.2
Average forward rate (USD/INR) 85.34 85.56 85.86 86.39 - -
Notional amount (in EUR) 0.1 - 1.6 - - 1.7
Average option contract rate (EUR/INR) 94.0 - 89.3 - - -
As at March 31, 2024
Foreign exchange forward contracts
(highly probable forecast sales)
Notional amount (in USD) 18.3 36.3 52.3 44.3 27.5 178.7
Average forward rate (USD/INR) 83.6 83.9 84.1 84.3 84.3 -
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232 Trident Limited

233

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

The impact of the hedging instruments on the balance sheet is as follows:

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Line item in the
Notional Amount Carrying Amount
Particulars statement of financial
(USD) (Rs.)
position
As at March 31, 2025
Foreign exchange forward and option contracts (in USD) of 25.6 33.5 Other current
exports financial assets
Foreign exchange forward and option contracts (in EUR) of 1.6
Purchases
Foreign exchange forward contracts (in USD) of exports 120.6 88.1 Other current
financial liabilities
Foreign exchange forward contracts (in USD) of exports 0.1 -
As at March 31, 2024
Foreign exchange forward and option contracts (in USD) of 106.0 40.6 Other current
exports financial assets
Foreign exchange forward contracts (in USD) of exports 72.7 16.4 Other current
financial liabilities
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The impact of hedged items on the Statement of Financial Position is, as follows:

Particulars	As at March 31, 2025	As at March 31, 2024
	Change in fair value used for measuring ineffectiveness Cash flow hedge reserve	Change in fair value used for measuring ineffectiveness Cash flow hedge reserve
Highlyprobable forecast sales	(78.8) (78.8)	(49.2) (49.2)

The effect of the cash flow hedge in the Statement of Profit and Loss and Other comprehensive income is, as follows:

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Gain/(loss)
Total hedging reclassified
Line item
gain/(loss) from other
Ineffectiveness in the Line item in the
recognised comprehensive
Particulars recognised in Statement Statement of
in other income to Profit or
Profit or Loss of Profit and Profit and Loss
comprehensive Loss on cancellation
Loss
income of foreign exchange
forward contracts
March 31, 2025
Highly probable forecast sales (76.5) - - 2.3 Revenue from
contract with
customers
March 31, 2024
Highly probable forecast sales (40.3) - - 8.9 Revenue from
contract with
customers
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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

Impact of hedging on equity

Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:

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Gain/(loss) in
Particulars cash flow hedge
reserve
As at March 31, 2025 (78.8)
Tax (charge)/credit 19.8
Effective portion of changes in fair value arising from Foreign exchange forward contracts (76.5)
Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts 2.3
As at March 31, 2024 (49.2)
Tax (charge)/credit 12.4
Effective portion of changes in fair value arising from Foreign exchange forward contracts (40.3)
Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts 8.9
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Valuation Technique

The Company enters into derivative financial instruments with various counterparties, principally banks and financial institutions 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:

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S. Amount
Details of derivatives Currency Purpose
No. (in Million)
Forward and option contracts
As at March 31, 2025
1 Sale USD 146.2 Hedging against future contracts / trade
receivables
2 Purchase EUR 1.7 Hedging against project imports
As at March 31, 2024
1 Sale USD 178.7 Hedging against future contracts / trade
receivables
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NOTE 45 - The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

NOTE 46 - DISTRIBUTION MADE AND PROPOSED

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As at As at
Dividends on equity shares declared and paid:
March 31, 2025 March 31, 2024
Interim dividend for the year ended on March 31, 2025: Rs. 0.36 per share 1,834.5 -
Interim dividend for the year ended on March 31, 2024: Rs. 0.36 per share - 1,834.5
Total 1,834.5 1,834.5
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*Interim dividend declared and distributed is before adjusting dividend of Rs 22.9 Million related to equity shares held by Trident Limited Employee Welfare Trust.

**Interim dividend declared and distributed is before adjusting dividend of Rs 23.0 Million related to equity shares held by Trident Limited Employee Welfare Trust.

234 Trident Limited

235

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 47 - 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:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
(a) Amount required to be spent on CSR as per Section 135 of the Companies Act, 2013 141.7 135.2
('the Act')
(b) Amount approved by the board to be spent during the year 141.7 135.2
(c) Amount spent
(i) Construction/acquisition of any asset - -
(ii) On purpose other than (i) above 48.1 22.2
(d) Detail of related party transactions out of (c) above:
- Trident Foundation [#] - 1.1
- Contribution to Trident Humanity Foundation [##] 34.3 12.3
(e) Shortfall at the end of the year [#] (b - c) 93.6 113.0
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Represents contribution for the purpose of promoting education, skill development and rural development.

Formerly known as Trident Institute of Social Sciences (TISS).

Represents contribution for the purpose of promoting healthcare.

**Reason for shortfall: Amount remaning unspent pertains to “Ongoing /Multiyear Projects” approved by CSR committee which will be spent in coming years. Subsquent to year end, the amount has been transferred to Unspent CSR account on April 29[th] , 2025, pursuant to Section 135 of Companies Act 2013 read with the rules made thereunder.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 48 - LIST OF SUBSIDIARIES WITH OWNERSHIP % AND PLACE OF BUSINESS:

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Proportion of Proportion of Method used to
Principal place of
Name of the investees ownership as at ownership as at account for the
business
March 31, 2025 March 31, 2024 investment
Subsidiaries
Trident Group Enterprise Pte. Ltd. Singapore 100% 0% At cost
Trident Europe Limited United Kingdom 100% 100% At cost
Trident Home Textiles Limited India 100% 100% At cost
Trident Innovations Limited ** India 0% 100% At cost
Trident Home Décor Limited ** India 0% 100% At cost
Trident Global B.V. Netherlands 0% 100% At cost
THTL Trading LLC Dubai 100% 0% At cost
Trident Global Inc. USA 100% 73.50% At cost
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**During the Previous year, name of the subsidiaries of the Company, Trident Innovations Limited and Trident Home Décor Limited had been removed by the Register of Companies based on application under Section 248 (2) of the Companies Act, 2013 . The removal of name of these subsidiaries by the Register of Companies does not have any major implication or material impact on the operations of the Company.

NOTE 49 - DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT 2013

a) Particulars of Investments made:

A There are no other than ongoing projects under Section 135(6) of the Act during the current year & previous year.

B Details of CSR expenditure under Section 135(5) of the Act in respect of ongoing projects

Balance as on	March 31, 2024	Amount required to be spent during the year	Amount spent during the year	Amount spent during the year	Balance as on March 31, 2025	Balance as on March 31, 2025
With Company	In Separate CSR Unspent A/c		From Company's bank A/c	From Separate CSR Unspent A/c	From Company's bank A/c	In Separate CSR Unspent A/c**
-	113.0	-	-	12.6	-	100.4
-	-	141.7	48.1	-	-	93.6

Balance as on	March 31, 2023	Amount required to be spent during the year	Amount spent From Company's bank A/c	during the year	Balance as on	March 31, 2024
With Company	In Separate CSR Unspent A/c			From Separate CSR Unspent A/c	With Company	In Separate CSR Unspent A/c
-	-	135.2	22.2	-	-	113.0

Nature of CSR Promoting Education, Promoting Healthcare, Rural development, Skill development, Sports, Social Welfare, activities Empowering Women, Environmental Sustainability, Animal Welfare.

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Investments
As at Investments Investments As at Investments As at
sold/written
Particulars March 31, made during sold during March 31, made during March 31,
off during
2023 the year the year 2024 the year 2025
the year
Investments in equity
instruments of subsidiaries
(carried at cost)
Trident Global Corp Limited 5.0 - (5.0) - - - -
Trident Europe Limited 20.0 - - 20.0 - (20.0) -
Trident Innovations Limited 0.1 - (0.1) - - - -
Trident Home Décor Limited 0.5 - (0.5) - - - -
Trident Home Textiles Limited 0.5 5.0 - 5.5 5.0 - 10.5
Trident Global Inc. 1.1 - - 1.1 - (1.1) -
Trident Global Enterprise Pte. - - - - 186.3 - 186.3
Ltd
Unquoted investments in equity
instruments (carried at fair
value through profit or loss)
Nimbua Greenfield (Punjab) 1.2 - - 1.2 - - 1.2
Association
Total 28.4 5.0 (5.6) 27.8 191.3 (21.1) 198.0
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236 Trident Limited

237

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 49 - DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT 2013 (Contd..)

b) Particulars of loans given:

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Loans Loans Loans
As at Loans given As at Investments As at
repaid given repaid
Particulars March 31, during the March 31, made during March 31,
during the during the during the
2023 year 2024 the year 2025
year year year
Trident Global Inc. - 15.3 - 15.3 - - (15.3) -
(Refer note 52)
Trident - 1.5 (1.5) - - - - -
HomeTextiles
Limited
Total - 16.8 (1.5) 15.3 - - (15.3) -
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NOTE 50 - The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except that audit trail feature is not enabled at the database level insofar as it relates to SAP accounting software. Further no instance of audit trail feature being tampered with was noted in respect of accounting software.Additionally, the audit trail in respect of the FY 2023-24 has not been preserved by the company as per the statutory requirements for record retention.

NOTE 51 - 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. Certain sections of the Code came into effect on 3 May 2024. However, the final rules/interpretation have not yet been issued. The Company is still in the process to assess impact of such notification.

NOTE 52 - During the FY 2003-04 and 2004-05, the Company had granted loans to one of its overseas subsidiary company namely Trident Global Inc (“TGI”) for business purposes. Keeping in view the financial condition of TGI and as a matter of prudence, the Company, during the FY 2005-06, had written-off these loans amounting to USD 1,83,000 (Rs. 8.1 Million) During the previous financial year, with the improvement in performance of TGI, the Company has re-instated the earlier written-off loan amount along with accrued interest aggregating to USD 2,38,018 (Rs. 16.5 Million). The Company has further accrued the interest on above loans till the year end and based on agreement the Company has realised the loan amount along with interest by June 30, 2024.

NOTE 53 - In the month of October 2023, the Income Tax Department (‘the department’) conducted a search under Section 132 of the Income Tax Act, 1961 at certain locations of Company including its manufacturing and Indian subsidiaries and residence of few of its employees/key managerial personnel. During the search proceedings, the Company provided necessary information and responses to the department. Also, the department has taken certain documents, few laptops and data backups for further investigation. The business and operations of the Company continued without any disruptions. The department since then continued with its post search proceedings for various assessment years and the company has now received assessment orders for two assessment years (AY 2021-22 and AY 2022-23) whereby certain additions have been made. The company has filed appeals against the said orders before learned Commissioner of Income Tax (Appeals) and the management is hopeful of getting favourable orders from appellate authorities. Management is of the view that no material adjustments are required to these Standalone Ind AS Financial Statements.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 54 - RATIOS

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Ratio Numerator Denominator 31-Mar-25 31-Mar-24 % change Reason for variance
Current ratio Current assets Current liabilities 1.98 1.58 25% Reduction in trade payables and
decrease in current borrowings
resulted in improved current raio.
Debt- Equity Total debt Total equity (excluding 0.40 0.57 (30%) Decrease in debts has resulted in
Ratio (excluding lease PPE fair valuation decrease in debt equity ratio.
liabilities) reserve and effective
portion of cash flow
hedge)
Debt service (Profit before tax Long term debt 4.45 5.85 (24%)
coverage ratio and exceptional (excluding lease
items+ Interest liabilities) repaid
expense + during the year +
depreciation and Interest expense
amortisation
expense)
Return on equity Net profit after Average shareholder’s 9.73% 11.06% (12%)
ratio tax equity (excluding PPE
fair valuation reserve
and effective portion of
cash flow hedge)
Inventory Cost of goods Average inventory 4.51 4.54 0%
turnover ratio sold
Trade receivable Revenue Average accounts 18.42 18.57 (1%)
turnover ratio (excluding receivable
government
subsidy and
export incentives)
Trade payable Net purchases Average trade 8.35 7.33 14%
turnover Ratio of raw materials payables
and purchase of
stock in trade
Net capital Revenue from Working capital = 5.64 6.80 (17%)
turnover Ratio operations current assets –
current liabilities
Net profit ratio Net profit before Net sales = total sales 6.74% 7.14% (6%)
exceptional item - sales return
and tax
Return on capital Earnings before Tangible Net Worth + 0.10 0.10 0%
employed interest and taxes Total Debt + Deferred
Tax Liability
Return on Profit/(Loss) on Non current 4.53% 127.06% (96%) During the previous year, the
investment investments investments Company has recognised gain on
sale of subsidiary company which
has resulted in exceptional return
on investment.
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Prepayments of long term bebts have not been considered for computation of Debt Service Coverage Ratio.

238 Trident Limited

Integrated Annual Report 2024-25 239

Financial Statements

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Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 55 - TRADE PAYABLES AGEING

March 31, 2025

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Outstanding for following periods from due date of payment
Particulars Unbilled Less than More than
Not due 1-2 years 2-3 years Total
dues 1 year 3 years
i) MSME 226.3 - 34.2 0.3 0.1 1.3 262.2
ii) Others 869.6 1,650.8 669.1 14.9 8.3 8.4 3,221.1
iii) Disputed-MSME - - - - - 0.7 0.7
iv) Disputed-Others - - - 2.3 - 1.8 4.1
Total 1,095.9 1,650.8 703.3 17.5 8.4 12.2 3,488.1
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March 31, 2024

Particulars	Outstanding for following periods from due date ofpayment
	Not due Unbilled dues Less than 1year 1-2 years 2-3 years More than 3years Total
i) MSME	742.1 - 370.6 42.4 3.0 1.2 1,159.3
ii) Others	1,433.8 1,511.3 524.4 140.1 11.2 4.6 3,625.4
iii) Disputed-MSME	- - - - 4.0 - 4.0
iv) Disputed-Others	- - - - - 0.7 0.7
Total	2,175.9 1,511.3 895.0 182.5 18.2 6.5 4,789.4

NOTE 56 - TRADE RECEIVABLES AGEING

March 31, 2025

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Outstanding for following periods from due date of payment
Particulars Less than 6 months- More than
Not due 1-2 years 2-3 years Total
6 months 1 year 3 years
i) Undisputed Trade receivables -considered 2,739.1 254.7 1.1 0.1 - - 2,995.0
good
ii) Undisputed Trade receivables -which have - - 7.3 31.1 - - 38.4
significant increase in credit risk
Total 2,739.1 254.7 8.4 31.2 - - 3,033.4
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March 31, 2024

March 31, 2024
Particulars		Outstanding for following periods from due date of payment Less than 6 months 6 months-1 year 1-2 years 2-3 years More than 3 years 744.5 4.0 - - - - 51.5 3.3 0.5 1.2 744.5 55.5 3.3 0.5 1.2
	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	3,388.7	744.5	4.0	-	-	-	4,137.2
ii) Undisputed Trade receivables -which have significant increase in credit risk	-	-	51.5	3.3	0.5	1.2	56.5
Total	3,388.7	744.5	55.5	3.3	0.5	1.2	4,193.7

NOTE 57 - The management has evaluated the likely impact of prevailing uncertainties relating to imposition or enhancement of reciprocal tariffs and believes that there are no material impacts on the financial statements of the Company for the year ended March 31, 2025. However, the management will continue to monitor the situation from the perspective of potential impact on the operations of the Company.

NOTE 58 - During the previous year, one of the erstwhile subsidiary of the Company, Trident Global Corp Limited (TGCL), had converted its 28,18,500 Compulsorily Convertible Debentures (‘CCD’) having face value of INR 60/- per CCD into equity shares of INR 1/- at a premium of INR 59/- per equity share based on approval by the Board of Directors in the meeting held on June 6, 2023 which had resulted in change of shareholding of the Company in TGCL from 100% to 63.95%. Further, the Company had sold its entire stake of 63.95% in TGCL on September 14, 2023. The Company had recognised gain of Rs 360.5 Million. The Company has presented above profit or loss on the sale of said investment, as an exceptional item in the Standalone Ind AS Financial Statements.

Notes to the Standalone Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 59 - SUBSEQUENT EVENTS

There are no other material adjusting or non-adjusting subsequent events, except as already disclosed in these standalone financial statements.

NOTE 60 - The Company had constituted Trident Limited Employees Welfare Trust (‘Trust’) to acquire, hold and allocate/ transfer equity shares of the Company to eligible employees of the employee share purchase scheme from time to time on the terms and conditions specified under the Scheme. During the year ended March 31, 2024, the Company had obtained approval of shareholders of the Company for implementation of (i) Trident Limited General Employee Benefits Scheme - 2023 and (ii) utilisation of proceeds from sale of unappropriated 62,328,640 Equity Shares from Trident Limited Employee Stock Purchase Scheme - 2020, utilisation of excess funds lying with the Trust and funds which Trust may receive from various sources in future for Trident Limited General Employee Benefits Scheme - 2023. The Company has also obtained an expert opinion on compliance in this regard. During current year, the trust sold 4,79,73,426 shares in the open market and recorded a profit of INR 841.6 Million (net of tax Rs. 131.7 Million) which was recorded in other equity.

NOTE 61 - 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 under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.
(ii) The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
(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.
(viii) The Company has not been declared wilful defaulter by any bank or financial insitution or government or any government authority.

As per our report of even date attached

For and on behalf of the Board of Directors

For S.R. Batliboi & Co. LLP Chartered Accountants

(ICAI Firm's Registration No. 301003E/E300005)

Rajiv Dewan

Deepak Nanda

Director Managing Director DIN: 00007988 DIN: 00403335

Avneesh Barua Samir Prabodhchandra Joshipura Chief Financial Officer Chief Executive Officer

Pravin Tulsyan Partner (Membership No. 108044)

Sushil Sharma Place: New Delhi Company Secretary Date: May 21, 2025 Membership No. F6535

Place: New Delhi Date: May 21, 2025

240 Trident Limited

241

Integrated Annual Report 2024-25

Financial Statements

==> picture [122 x 31] intentionally omitted <==

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

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

(INR Million, except otherwise stated)
1 Sr. No. 1 2
2 Name of the subsidiary Trident Home Trident Group
Textiles Limited Enterprises Pte. Ltd.
3 Date since when subsidiary was acquired December September
1, 2022 13, 2024
4 Reporting period for the subsidiary concerned, if different from the holding Not Different Not Different
company’s reporting period
5 Reporting currency and exchange rate as on the last date of the relevant Not Applicable 1 USD =85.465
financial year in the case of foreign subsidiaries
6 Share capital 10.5 258.9
7 Reserves & surplus 18.9 -4.7
8 Total assets 37.9 255.2
9 Total liabilities (excluding Share Capital and Reserves & surplus) 8.5 1.0
10 Investments 0 0
11 Turnover (Total Income) 9.4 0
12 Profit / (Loss) before taxation 25.0 -2.2
13 Provision for taxation 3.9 0
14 Profit / (Loss) after taxation 21.1 -2.2
15 Proposed Dividend 0 0
16 % of shareholding 100% 100%
a. Names of Subsidiaries which are yet to commence operations NA Yet to commence
operations
b. Names of Subsidiaries which have been liquidated or sold during the year NA NA
(INR Million, except otherwise stated)
1 Sr. No. 3 4
2 Name of the subsidiary Trident Global Inc Trident Europe
Limited
3 Date since when subsidiary was acquired December 1, 2022 November 26, 2015
4 Reporting period for the subsidiary concerned, if different from the holding Not Different Not Different
company’s reporting period
5 Reporting currency and exchange rate as on the last date of the relevant 1 USD=85.465 1 GBP= 110.69
financial year in the case of foreign subsidiaries
6 Share capital 2.3 20.0
7 Reserves & surplus 135.5 21.8
8 Total assets 512.7 46.9
9 Total liabilities (excluding Share Capital and Reserves & surplus) 374.9 5.1
10 Investments 0 0
11 Turnover (Total Income) 843.5 74.4
12 Profit / (Loss) before taxation 54.9 7.6
13 Provision for taxation 5.3 1.5
14 Profit / (Loss) after taxation 49.6 6.1
15 Proposed Dividend 0 0
16 % of shareholding @ @
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 Trident Global Inc [@] Trident Europe
Limited [@]
----- End of picture text -----

@ refer note 48 of consolidated financial statements

(INR Million, except otherwise stated)	(INR Million, except otherwise stated)
1 Sr. No.	5
2 Name of the subsidiary	THTL TradingLLC
3 Date since when subsidiarywas acquired	January14,2025
4 Reporting period for the subsidiaryconcerned,if different from the holdingcompany’s reporting period	Not Different
5 Reporting currency and exchange rate as on the last date of the relevant financial year in the case of foreign subsidiaries	1 AED = 23.260
6 Share capital	45.7
7 Reserves & surplus	-5.9
8 Total assets	41.4
9 Total liabilities (excludingShare Capital and Reserves & surplus)	1.6
10 Investments	0
11 Turnover (Total Income)	0
12 Profit / (Loss) before taxation	-5.3
13 Provision for taxation	0
14 Profit / (Loss) after taxation	-5.3
15 Proposed Dividend	0
16 % of shareholding	100%
a. Names of Subsidiaries which are yet to commence operations b. Names of Subsidiaries which have been liquidated or sold during the year	Yet to commence operations 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

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

1 Latest audited Balance Sheet Date
2 Date on which the Associate / Joint Venture was associated or acquired
3 Shares of Associate / Joint Ventures held by the Company on the year end
No.
Amount of Investment in Associate / Joint Venture
Extend of Holding %
Nil
4 Description of how there is significant influence
5 Reason why the Associate / Joint Venture is not consolidated
6 Net worth 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 Nil
----- End of picture text -----

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

Rajiv Dewan

Deepak Nanda

Director DIN: 00007988

Managing Director DIN: 00403335

Samir Prabodhchandra Joshipura

Avneesh Barua

Chief Financial Officer

Chief Executive Officer

Sushil Sharma

Company Secretary Membership No. F6535

Place: New Delhi Date: May 21, 2025

242 Trident Limited

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Financial Statements

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Independent Auditor’s Report

To the Members of Trident Limited

Report on the Audit of the Consolidated Ind AS Financial Statements

Opinion

We have audited the accompanying consolidated Ind AS financial statements of Trident Limited (“the Parent Company including Trident Limited Employee Welfare Trust”), its subsidiaries (the Parent Company and its subsidiaries together referred to as “the Group”) comprising of the consolidated Balance sheet as at March 31, 2025, the consolidated Statement of Profit and Loss, including other comprehensive loss, 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 material accounting policies and other explanatory information (hereinafter referred to as “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 other auditors on separate financial statements and on the other financial information of the 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, as amended (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at March 31, 2025, their consolidated Ind AS profit including other comprehensive loss, their consolidated cash flows and the consolidated statement of changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated Ind AS financial statements in accordance with the Standards on Auditing (SAs), as 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 in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered

Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated Ind AS financial statements.

Emphasis of Matter – Income Tax Search

We draw attention to Note 53 of the consolidated Ind AS financial statements relating to a search under Section 132 of the Income Tax Act, 1961 conducted by the Income Tax Department at certain locations of the Parent Company including its manufacturing locations and its Indian subsidiaries and residence of few of its employees/key managerial personnel.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated Ind AS financial statements for the financial year ended March 31, 2025. 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. For matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matter described below to be the key audit matter to be communicated in our report. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated Ind AS financial statements section of our report, including in relation to this matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated Ind AS financial statements. The results of audit procedures performed by us and by other auditor of components not audited by us, as reported by them in their audit reports furnished to us by the management, including

those procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying consolidated Ind AS financial statements.

Key audit matters

How our audit addressed the key audit matter

Revenue from sale of products (as described in Note 2.1D of the consolidated financial statements)

The Group’s revenue is derived primarily from sale of goods. The Group is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels & Bedsheets) and Paper & Chemicals. Revenue from sale of goods is recognised at a point in time when • performance obligation is satisfied and is based on the transfer of control to the customer as per terms of the contract.

In view of the significance of the matter, our procedures included the following:

We assessed the appropriateness of the Group’s accounting policies for revenue recognition by comparing with applicable accounting standards.

We evaluated the design, implementation and operating effectiveness of key internal controls over recognition of revenue.

On a sample basis, we tested the revenue transactions recorded during the year by verifying the underlying documents to assess whether revenue is recognised appropriately when control is transferred.
We tested, on a sample basis specific revenue transaction recorded near the financial year-end date to assess whether revenue (including export incentives) is recognised in the correct financial period in which control is transferred.
We scrutinised manual journal entries related to revenue recognised during the year based upon specified risk-based criteria, to identify unusual or irregular items.
We verified the adequacy of disclosures as per applicable accounting standards.
We performed analytical review procedures to assess any unusual trend.

Other Information

Responsibilities of Management for the Consolidated Ind AS financial Statements

The Parent Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Parent Company’s Annual report, but does not include the consolidated Ind AS financial statements and our auditor’s report thereon.

The Parent Company’s Board of Directors is responsible for the preparation and presentation of these consolidated Ind AS financial statements in terms of the requirements of the Act 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 in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective entities and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness

Our opinion on the consolidated 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 consolidated 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 consolidated Ind AS financial statements, or our knowledge obtained in the 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. 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.

244 Trident Limited

Integrated Annual Report 2024-25 245

Financial Statements

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Independent Auditor’s Report (Contd.)

of the accounting records, relevant to the preparation and presentation 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, which have been used for the purpose of preparation of the consolidated Ind AS financial statements by the Directors of the Parent Company, as aforesaid.

In preparing the consolidated Ind AS financial statements, the respective management of the companies included in the Group are responsible for assessing the ability of their 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 management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of their respective entities.

Auditor’s Responsibilities for the Audit of the Consolidated Ind AS financial Statements

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 judgement 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 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 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 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 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 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 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 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.

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 financial year ended March 31, 2025, 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.

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 4 subsidiaries, whose financial statements include total assets of Rs. 380.0 million as at March 31, 2025, total revenues of Rs. 83.9 million million and net cash inflows of Rs. 119.7 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.

Other Matter

(a) We did not audit the financial statements and other financial information, in respect of Trident Limited Employee Welfare Trust included in the accompanying consolidated Ind AS financial statements of the Group, whose financial statements include total assets of Rs 1,462.2 million as at March 31, 2025, total revenues of Rs 1,008.1 million and net cash inflows of Rs 1,144.1 million for the year ended on that date (also refer note 60 of consolidated Ind AS financial statements). The financial statement and other financial information of Trident Limited Employee Welfare Trust have been audited by 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

Our opinion above on the consolidated Ind AS financial statements 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.

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 of india 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:

S. No.	Name	CIN	Parent company/ subsidiary/ joint venture	Clause number of the CARO report which is qualified or is adverse
1.	Trident Limited	L99999PB1990PLC010307	Parent Company	vii(a)

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors except for the matters stated in the paragraph 2(j) (vi) below on reporting under Rule 11(g);
Section 143(3) of the Act is not applicable to Trident Limited Employee Welfare Trust and companies incorporated outside India. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiary, as noted in the ‘other matter’ paragraph we report, to the extent applicable, that:
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the 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;

246 Trident Limited

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Independent Auditor’s Report (Contd.)

(d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) The matter described in Emphasis of Matter – Income Tax search paragraph above, in our opinion, may not have an adverse effect on the functioning of the Group;
(f) On the basis of the written representations received from the directors of the Parent Company as on March 31, 2025, taken on record by the Board of Directors of the Parent Company and the reports of the statutory auditors who are appointed under Section 139 of the Act, of its subsidiary company, incorporated in India none of the directors of the Group’s company, incorporated in India, is disqualified as on March 31, 2025, from being appointed as a director in terms of Section 164 (2) of the Act;
(g) The modification relating to the maintenance of accounts and other matters connected therewith are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b) and paragraph 2(j)(vi) below on reporting under Rule 11(g);
(h) 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 company 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;
(i) In our opinion and to the best of our information and according to the explanations given to us, the managerial remuneration paid/provided by the Parent Company to their directors in accordance with the provisions of Section 197 read with Schedule V to the Act. Further, based on the auditor’s report of 1 subsidiary companies incorporated in India, no managerial remuneration is paid/provided by these subsidiary company to their directors during the year ended March 31, 2025, and hence, reporting for the provisions of Section 197 read with Schedule V to the Act is not applicable for this subsidiary company;
(j) 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 as also the other financial information of the subsidiaries as noted in the “Other Matter” paragraph above:

i. The consolidated Ind AS financial statements disclose the impact of pending litigations on its consolidated Ind AS financial position of the Group in its consolidated Ind AS financial statements – Refer Note 31 to the consolidated Ind AS financial statements;
ii. The Group did not have any material foreseeable losses in long-term contracts including derivative contracts during the year ended March 31, 2025. Refer Note 45 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, its subsidiaries incorporated in India during the year ended March 31, 2025;
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 the other auditors of such subsidiaries that, to the best of its knowledge and belief, as disclosed in the note 61(v) to the consolidated Ind AS financial statements, 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 persons or entities, 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 respective Parent Company or any of such subsidiaries (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
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 the other auditors of such subsidiaries respectively that, to the best of its knowledge and belief, as disclosed in the note 61(vi) to the consolidated Ind AS financial statements, no funds have

been received by the respective Parent Company or any of such subsidiaries from any persons or entities, including foreign entities (“Funding Parties”), with

  - the understanding, whether recorded in writing or otherwise, that the Parent Company or any of such subsidiaries 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 the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditor of the subsidiary which are company 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 auditor to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The interim dividend declared and paid during the year by the Parent Company until the date of the audit reports of such Parent Company is in accordance with Section 123 of the Act.

The subsidiary company incorporated in India have not declared or paid any dividend during the year.

vi. Based on our examination which included test checks, the Group has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that, in case of Parent Company, audit trail feature is not enabled for direct changes to database when using certain access rights as described in note 50 to the consolidated Ind AS financial statements. Further, during the course of our audit, we did not come across any instance of audit trail feature being tampered with in respect of the accounting software. Additionally, the audit trail of relevant prior year has been preserved by the Parent Company and one of the subsidiary Company as per the statutory requirements for record retention, to the extent it was enabled and recorded in those respective year as stated in Note 50 to the financial statements.

For S.R. Batliboi & Co LLP

Chartered Accountants

ICAI Firm Registration Number: 301003E/E300005

per Pravin Tulsyan

Partner

Membership Number: 108044 UDIN: 25108044BMIBFW3158 Place of Signature: New Delhi Date: May 21, 2025

248 Trident Limited

Integrated Annual Report 2024-25 249

Financial Statements

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Annexure “1” to the Independent Auditor’s Report

(Referred to in paragraph (h) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

Report on the Internal Financial Controls 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, 2025, 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.

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 based on the internal control over financial reporting criteria established by the Parent 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 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.

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.

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 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.

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.

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.

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.

Opinion

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 company, which are companies incorporated in India, have, maintained in all material respects, adequate internal 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, 2025, 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.

Other Matters

Our 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, in so far as it relates to this 1 subsidiary company, which is incorporated in India, is based on the corresponding reports of the auditors of such subsidiary company incorporated in India.

For S.R. Batliboi & Co LLP

Chartered Accountants ICAI Firm Registration Number: 301003E/E300005

per Pravin Tulsyan

Partner Membership Number: 108044 UDIN: 25108044BMIBFW3158 Place of Signature: New Delhi Date: May 21, 2025

Trident Limited

250

251

Integrated Annual Report 2024-25

Financial Statements

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Consolidated Balance Sheet

as at March 31, 2025

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(Rs. Million)
As at As at
Particulars Note No.
March 31, 2025 March 31, 2024
I ASSETS
Non-current assets
a) Property, plant and equipment 3 43,366.0 44,644.6
b) Capital work-in-progress 3,37 491.0 847.5
c) Intangible assets 3 398.8 553.8
d) Right-of-use assets 40 781.1 877.4
e) Intangible assets under development 3 35.2 29.3
f) Financial assets
i) Investments 4,44 3.5 489.1
ii) Other financial assets 5,44 741.4 586.5
g) Non-current tax assets (net) 6 180.3 230.9
h) Other non-current assets 7 510.9 364.3
Total non-current assets 46,508.2 48,623.4
Current assets
a) Inventories 8 12,450.7 13,933.6
b) Financial assets
i) Trade receivables 9,44 2,976.6 4,119.1
ii) Cash and cash equivalents 10,44 838.0 264.0
iii) Other bank balances (other than ii above) 11,44 5,974.5 5,048.0
iv) Other financial assets 12,44 1,378.6 1,740.0
c) Other current assets 13 1,480.6 1,904.7
Total current assets 25,099.0 27,009.4
Total assets 71,607.2 75,632.8
II EQUITY AND LIABILITIES
Equity
a) Equity share capital 14 5,096.0 5,096.0
b) Other equity 15 41,113.9 38,058.1
c) Non-Controlling Interest - 22.6
Total equity 46,209.9 43,176.7
Non-current liabilities
a) Financial liabilities
i) Borrowings 16,44 9,629.2 11,734.2
ii) Lease liabilities 40 520.6 579.8
b) Deferred tax liabilities (net) 43 (b) 2,752.1 3,096.3
Total non-current liabilities 12,901.9 15,410.3
Current liabilities
a) Financial liabilities
i) Borrowings 17,44 6,128.6 8,873.9
ii) Lease liabilities 40 73.9 70.8
iii) Trade payables 18,44
a) Total outstanding dues of micro enterprises and small enterprises; 262.9 1,163.5
and
b) Total outstanding dues of creditors other than micro enterprises and 3,113.8 3,602.1
small enterprises
iv) Other financial liabilities 19,44 1,355.3 1,710.9
b) Provisions 20 421.9 577.9
c) Other current liabilities 21 933.0 1,028.5
d) Current tax liabilities (net) 22 205.9 18.2
Total current liabilities 12,495.3 17,045.8
Total liabilities 25,397.3 32,456.1
Total equity and liabilities 71,607.2 75,632.8
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See accompanying notes forming part of the consolidated financial statements

1 to 61

As per our report of even date attached

For and on behalf of the Board of Directors

For S.R. Batliboi & Co. LLP

Chartered Accountants

(ICAI Firm's Registration No. 301003E/E300005)

Rajiv Dewan

Deepak Nanda Managing Director DIN: 00403335

Director

DIN: 00007988

Samir Prabodhchandra Joshipura Chief Executive Officer

Pravin Tulsyan

Avneesh Barua

Chief Financial Officer

Partner (Membership No. 108044)

Sushil Sharma

Place: New Delhi Company Secretary Date: May 21, 2025 Membership No. F6535

Place: New Delhi Date: May 21, 2025

Consolidated Statement of Profit and Loss

for the year ended March 31, 2025

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(Rs. Million)
Note For the year ended For the year ended
Particulars
No. March 31, 2025 March 31, 2024
1 Revenue from operations 23 69,870.8 68,088.3
2 Other income 24 601.5 577.6
3 Total Income (1+2) 70,472.3 68,665.9
4 Expenses:
Cost of raw materials consumed 25 35,270.4 35,026.1
Purchase of stock-in-trade 26 60.7 490.6
Changes in inventories of finished goods, process waste, work-in-progress 27 712.1 (957.7)
and stock-in-trade
Employee benefits expenses 28 9,220.9 8,768.5
Finance costs 29 1,301.8 1,563.7
Depreciation and amortisation expense 3 3,662.0 3,649.8
Forex (gain)/loss (including MTM) (153.1) (121.0)
Other expenses 30 15,652.0 15,478.9
Total expenses 65,726.8 63,898.9
5 Profit before exceptional items and tax (3-4) 4,745.5 4,767.0
6 Exceptional items 59 - (1.5)
7 Profit before tax (5-6) 4,745.5 4,768.5
8 Tax expenses
- Current tax 43 (a) 1,321.3 1,189.4
- Deferred tax (charge)/credit 43 (a) (276.1) 78.7
- Current tax adjustments related to earlier years 43 (a) 46.8 (10.0)
- Deferred tax adjustments related to earlier years 43 (a) (53.8) 1,038.2 10.5 1,268.6
9 Profit for the year (7-8) 3,707.3 3,499.9
10 Other comprehensive income/ (loss)
Items that will not be reclassified to profit or loss:
- Remeasurement (loss)/gain of the defined benefit plan 9.9 (300.4)
- Income tax related to items that will not be reclassified to (2.5) 75.6
profit or loss
7.4 (224.8)
Items that will be reclassified to profit or loss:
- Exchange differences in translating the financial statements of a 3.2 3.5
foreign operation
- Net movement in effective portion of cash flow hedge reserve (78.8) (49.2)
- Income tax related to items that may be reclassified to profit or loss 19.0 11.5
(56.6) (34.2)
Other comprehensive (losses), net of taxes (49.2) (259.0)
11 Total comprehensive income (9+10) 3658.1 3240.9
Profit for the year attributable to:
Equity holders of the parent 3,698.8 3,495.2
Non-controlling interest 8.5 4.7
Total 3,707.3 3,499.9
Other comprehensive (loss) for the year
Equity holders of the parent (50.2) (259.8)
Non-controlling interest 1.0 0.8
Total (49.2) (259.0)
Total comprehensive income for the year
Equity holders of the parent 3,648.6 3,235.4
Non-controlling interest 9.5 5.5
Total 3,658.1 3,240.9
12 Earnings per share (EPS) face value (of Re.1/- each) 36
- Basic 0.73 0.69
- Diluted 0.73 0.69
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See accompanying notes forming part of the consolidated financial statements 1 to 61

As per our report of even date attached For S.R. Batliboi & Co. LLP Chartered Accountants (ICAI Firm's Registration No. 301003E/E300005)

For and on behalf of the Board of Directors

Rajiv Dewan

Deepak Nanda Managing Director DIN: 00403335

Director DIN: 00007988

Avneesh Barua Samir Prabodhchandra Joshipura Chief Financial Officer Chief Executive Officer

Pravin Tulsyan Partner (Membership No. 108044) Place: New Delhi Date: May 21, 2025

Sushil Sharma

Place: New Delhi Company Secretary Date: May 21, 2025 Membership No. F6535

Trident Limited

252

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Integrated Annual Report 2024-25

Financial Statements

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==> picture [929 x 719] intentionally omitted <==

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(Rs. Million) Total 41,941.5 3,499.9 2.6 (36.8)- (224.8)- 3,240.9 - -- (204.8) 8.8- -- 1.8- (1,811.5)- 43,176.7 (Rs. Million) Total 43,176.7 3,707.3 5.1 (59.0)- - 7.4- 3,660.8 -- (23.7) 3.8-
Non- Controlling interests 15.2 4.7 0.8 5.5 206.7 (204.8) 22.6 Non- Controlling interests 22.6 8.5 1.0 9.5 (32.2)
Total 41,926.3 3,495.2 1.8 (36.8) (224.8) 3,235.4 (206.7) - 8.8 - 1.8 (1,811.5) 43,154.1 Total 43,154.1 3,698.8 4.0 (59.0) - 7.4 3,651.2 - 8.5 3.8
Effective portion of cash flow hedge 55.1 - (36.8) - (36.8) - - - - - - - 18.3 Effective portion of cash flow hedge 18.3 - - (59.0) - (59.0) - - -
Exchange Differences on translating the financial statements of a foreign operations 2.4 - 1.8 - - 1.8 - - - - - - - 4.2 Exchange Differences on translating the financial statements of a foreign operations 4.2 - 4.0 - - - 4.0 - - -
Equity Income (0.7) - - - - - - - - - - (0.7) Equity Income (0.7) - - - - - - - -
Other comprehensive income Other comprehensive income
instrument through Other Comprehensive instrument through Other Comprehensive
Compulsorily convertible debentures 169.1 - - - - (169.1) - - - - - - Compulsorily convertible debentures - - - - - - - - -
Share- based payment reserve 6.1 - - - - - - - 8.8 (2.3) - - 12.7 Share- based payment reserve 12.7 - - - - - - - - 3.8
Retained earnings 23,512.5 3,495.2 - (224.8) 3,270.4 (37.6) - - - - - (1,811.5) 24,933.8 Retained earnings 24,933.8 3,698.8 - - - 7.4 3,706.2 - 8.5 -
- - - - - - - - - - - - - - - - - - - -
Other equity Other equity
Capital redemption reserve 600.0 600.0 Capital redemption reserve 600.0
Treasury shares (480.1) - - - - - - - - - 1.0 - (479.1) Treasury shares (479.1) - - - - - - - - -
PPE fair valuation reserve * 6,907.7 - - - - - (0.3) - - - - - 6,907.4 PPE fair valuation reserve 6,907.4 - - - - - - - - -
Reserves and surplus - - - - - - - - - - - Reserves and surplus - - - - - - - - -
Trident employee welfare trust reserve 308.5 308.5 Trident employee welfare trust reserve 308.5
General reserve 1,477.3 - - - - 0.3 - 2.3 0.8 - 1,480.7 General reserve 1,480.7 - - - - - - - -
Securities premium reserve 3,333.7 - - - - - - - - - - - 3,333.7 Securities premium reserve 3,333.7 - - - - - - - - -
Capital reserve 938.6 - - - - - - - - - - - 938.6 Statement of Changes in Equity Capital reserve 938.6 - - - - - - - - -
Equity share capital 5,096.0 - - - - - - - - - - - 5,096.0 Equity share capital 5,096.0 - - - - - - - - -
Particulars As at April 01, 2023 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 Conversion of CCD into equity shares and changes in ownership interests in subsidiaries that do not result in loss of control (refer note 14 and 56) Transfer from fair valuation reserve on account of sale of land Transfer of reserves on account of sale of subsidiary (refer note 56) Compensation options granted during the year (refer note 14 and 42) Less: Share options forfeited/lapsed during the year (refer note 14 and 42) Share options exercised during the year (refer note 14) Dividend paid on equity shares As at March 31, 2024 Consolidated for the year ended March 31, 2025 Particulars As at April 01, 2024 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 Transfer from fair valuation reserve on account of sale of land Remeasurement of the benefit plan, net of tax effect Total comprehensive income Transfer from fair valuation reserve on account of sale of land Transfer of reserves on account of sale of subsidiary (refer note 56) Compensation stock options expense for the year (refer note 14 and 42)
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Trident Limited

254

255

Integrated Annual Report 2024-25

Financial Statements

==> picture [122 x 31] intentionally omitted <==

		Total	Total	-	1.2	1,202.7	(1,811.6)	46,209.9
		Non- Controlling interests		-	-	-	-	-
		Total		-	1.2	1,202.7	(1,811.6)	46,209.9
	prehensive income		Effective portion of cash flow hedge	-	-	-	-	(40.7)
			Exchange Differences on translating the financial statements of a foreign operations	-	-	-	-	8.2
	Other com		Equity instrument through Other Comprehensive Income	-	-	-	-	(0.7)
Other equity			Compulsorily convertible debentures	-	-	-	-	-
	rplus		Share- based payment reserve	(4.6)	-	-	-	11.9
			Retained earnings	-	-	-	(1,811.6)	26,836.9
			Capital redemption reserve	-	-	-	-	600.0
			Treasury shares	-	-	360.3	-	(118.8)
	serves and su		PPE fair valuation reserve*	-	-	-	-	6,907.4
	Re		Trident employee welfare trust reserve	-	-	842.4	-	1,150.9
			General reserve	4.6	1.2	-	-	1,486.5
			Securities premium reserve	-	-	-	-	3,333.7
			Capital reserve	-	-	-	-	938.6
		Equity share capital		-	-	-	-	5,096.0
		Particulars		Less: Share options forfeited/lapsed during the year (refer note 14 and 42)	Share options exercised during the year (refer note 15)	Sale of Treasury Shares	Dividend paid on equity shares	As at March 31, 2025

Consolidated Cash Flow Statement

for the year ended March 31, 2025

==> picture [496 x 624] intentionally omitted <==

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

(Rs. Million)
For the year ended For the year ended
Particulars
March 31, 2025 March 31, 2024
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 4,745.5 4,768.5
Adjustments for:
Depreciation and amortisation expense 3,662.0 3,649.8
Interest expenses on financial liabilities measured at amortised cost 1,279.8 1,538.2
Interest income (410.7) (425.5)
Liabilities no longer required written back (net) (33.6) (10.4)
Bad debts recovered (7.4) (2.2)
Profit on sale of non-current investments (15.9) -
Fair value (gain)/loss on non-current investments - 12.4
(Profit) on sale of investment in subsidiary company disclosed as - (1.5)
exceptional item
Share-based payment expense 3.8 8.8
Expected credit loss allowance on trade receivables and advances to 18.2 61.8
vendors
Exchange differences in translating the financial statements of a - 3.5
foreign operation
Unrealised foreign exchange loss/(gain) 45.2 (44.9)
Gain on disposal of property, plant and equipment (net) (11.2) 4,530.2 (28.9) 4,761.1
Operating profit before working capital changes 9,275.7 9,529.6
Changes in working capital:
Adjustments for (increase)/decrease in operating assets:
Inventories 1,483.0 (3,466.2)
Trade receivables 1,125.8 (1,270.9)
Other current financial assets 117.6 1.3
Other non-current financial assets (155.3) (55.8)
Other current assets 424.1 (384.8)
Other non-current assets (29.4) 94.5
Adjustments for increase/(decrease) in operating liabilities:
Trade payables (1,394.8) (644.3)
Other current financial liabilities (30.6) (18.3)
Other current liabilities (95.5) 170.7
Current provisions (146.1) 1,298.8 172.8 (5,401.0)
Cash generated from operations 10,574.5 4,128.6
Direct taxes paid (net) (1,127.7) (1,255.6)
Net cash flow from operating activities (A) 9,446.8 2,873.0
B. CASH FLOW FROM INVESTING ACTIVITIES
Payment for property, plant and equipment, capital work-in-progress, (2,296.4) (6,473.4)
intangible assets and intangible asset under development
Proceeds from sale of property, plant and equipment 31.7 86.7
Purchase of non-current investments - (496.6)
Proceeds from sale of non-current investments 501.5 365.5
Interest received 546.5 233.0
Fixed deposits and other bank balances not considered as cash and
cash equivalents
- Placed (4,120.6) (4,231.9)
- Matured 3,286.0 3,333.5
Net cash (used) in investing activities (B) (2,051.3) (7,183.2)
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256 Trident Limited

257

Integrated Annual Report 2024-25

Financial Statements

==> picture [122 x 31] intentionally omitted <==

Consolidated Cash Flow Statement

for the year ended March 31, 2025

==> picture [496 x 437] intentionally omitted <==

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

(Rs. Million)
For the year ended For the year ended
Particulars
March 31, 2025 March 31, 2024
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from sale of treasury shares by trust 1,202.7 -
Proceeds from exercise of stock options by trust 1.2 2.2
Acquisition of non-controlling interest (17.5) -
Repayment of non-convertible debentures - (250.0)
Proceeds from non-current borrowings 273.3 5,156.0
Repayment of non-current borrowings (2,160.6) (539.0)
Net increase/(decrease) in working capital borrowings payable on (3,007.1) 2,498.4
demand/having maturities of less than three months
Interest paid (1,242.1) (1,563.0)
Amount refunded against right of use assets - 17.6
Payment of principal portion of lease liabilities (24.7) (68.3)
Payment of interest portion of lease liabilities (35.2) (42.0)
Dividend paid on equity shares (1,811.6) (1,811.5)
Net cash flow used in financing activities (C) (6,821.6) 3,400.4
Net (decrease) in cash and cash equivalents (A+B+C) 574.0 (909.8)
Cash and cash equivalents transferred on sale of subsidiary - (93.5)
Cash and cash equivalents at the beginning of the year 264.0 1,267.3
Cash and cash equivalents at the end of the year 838.0 264.0
Comprises
Cash and bank balances
Cash and bank balances 838.0 264.0
Cash and cash equivalents at the end of the year
Comprises: -
Cash on hand 24.7 24.5
Remittances in transit 2.2 2.2
Balances with banks:
- In current accounts 260.5 164.7
- In cash credit accounts 33.6 30.3
- In bank deposits accounts (original maturity of less than 3 517.0 42.3
months)
838.0 264.0
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Refer Note 17 for Change in liabilities arising from financing activities and for non-cash financing and investing activities.

The above cash flow statement has been prepared under the “Indirect Method” as set out in Indian Accounting Standard - 7.

See accompanying notes forming part of the consolidated financial statements

1 to 61

As per our report of even date attached For S.R. Batliboi & Co. LLP Chartered Accountants (ICAI Firm's Registration No. 301003E/E300005)

For and on behalf of the Board of Directors

Rajiv Dewan

Deepak Nanda Managing Director DIN: 00403335

Director DIN: 00007988

Samir Prabodhchandra Joshipura Chief Executive Officer

Pravin Tulsyan

Pravin Tulsyan Avneesh Barua Partner Chief Financial Officer (Membership No. 108044)

Sushil Sharma

Company Secretary Membership No. F6535

Place: New Delhi Date: May 21, 2025

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

NOTE 1 - CORPORATE INFORMATION

The consolidated Ind AS financial statements comprise

financial statements of Trident Limited (the Parent Company) and its subsidiaries (the Parent Company and its subsidiaries together referred to as “the Group”) for the year ended March 31, 2025. 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 (NSE) and Bombay Stock Exchange (BSE). The Group is engaged in manufacturing, trading and selling of Textiles (Yarn, Terry Towels & Bedsheets) and Paper & Chemicals.

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 of the Group 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.

The Group has prepared the financial statements on the basis that it will continue to operate as a going concern.

New and amended standards

The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 April 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

The registered office of the Parent Company is situated at Sanghera, India. The principal activities of the Group are described in Note 39. 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 21, 2025.

(i) Ind AS 117 Insurance Contracts

The Ministry of Corporate Affairs (MCA) notified the Ind AS 117, Insurance Contracts, vide notification dated August 12, 2024, under the Companies (Indian Accounting Standards) Amendment Rules, 2024 , which is effective from annual reporting periods beginning on or after April 01, 2024.

NOTE 2.1 - MATERIAL ACCOUNTING POLICIES

A. Statement of compliance

The consolidated Ind AS financial statements of the Group 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. The consolidated Ind AS financial statements of the Group also includes financial information and other explanatory information of Trident Limited Employee Welfare Trust.

Basis of preparation and presentation

A specific adaptation for contracts with direct participation features (the variable fee approach)

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:

A simplified approach (the premium allocation approach) mainly for short-duration contracts.
The application of Ind AS 117 did not have material impact on the Group’s consolidated financial statements as the Group has not entered any contracts in the nature of insurance contracts covered under Ind AS 117.
Derivative financial instruments
Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments in Note P- Financial Instruments)

(ii) Amendments to Ind AS 116 Leases – Lease Liability in a Sale and Leaseback

Defined benefit plans - plan assets are measured at fair value.

The MCA notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2024, which

Accounting policies have been consistently applied except where a newly issued accounting standard is

258 Trident Limited

259

Integrated Annual Report 2024-25

Financial Statements

==> picture [122 x 31] intentionally omitted <==

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

Consolidation of a subsidiary begins when the Group

amend Ind AS 116, Leases, with respect to Lease Liability in a Sale and Leaseback. The amendment specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.

obtains control over the subsidiary and ceases when the Group 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 Group gains control until the date when the Group ceases to control the subsidiary.

The amendment is effective for annual reporting periods beginning on or after April 01, 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of Ind AS 116.

Profit or loss and each component of other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

The amendments did not have a material impact on the Group’s financial statements.

B Principles of Consolidation

Necessary adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

The consolidated financial statements comprise the financial statements of the Parent Company and its subsidiaries as at March 31, 2025. Control is achieved when the Group:

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.

has power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and

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.

has the ability to use its power to affect its returns.

The Group 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.

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 Parent Company i.e. March 31, 2025.

When the Group 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 Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including:

C

Revenue recognition

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 size of the Group’s holding of voting rights relative to;
the size and dispersion of holdings of the other vote holders;

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.

potential voting rights held by the Group, other vote holders or other parties;

rights arising from other contractual arrangements; and
any additional facts and circumstances that indicate that the Group 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.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

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.

Borrowing costs

E

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.

Variable consideration includes trade discounts, volume rebates and incentives, etc. The Group estimates the variable consideration with respect to above based on an analysis of accumulated historical experience. The Group 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.

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 revenue in respect of duty drawback and similar other export benefits (Refer Note D- Government grants/ subsidies) is recognised on post export basis at the rate at which the entitlements accrue and is included in the ‘Other operating revenue’.

All other borrowing costs are recognised in the Statement of Profit and Loss in the period in which they are incurred.

Dividend income

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 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.

F

Income taxes

Income tax expense comprises current income tax and deferred tax.
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

Insurance claims are recognised when there exists no significant uncertainty with regards to the amounts to be realised 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 consolidated Ind AS financial statements and the corresponding tax bases used in the computation of taxable profit at the reporting date. 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 and which does not give rise to equal taxable and deductible temporary differences.

Contract balances - Trade receivables

D Government grants/subsidies

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

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:

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 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.

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 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.

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.

G Retirement and Employee benefits

The Group 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

Provident fund is the defined contribution scheme. The contribution to this scheme is charged to the 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 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 recognised 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 recognised as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

are recognised in the Statement of Profit and Loss in the period in which they occur. The Group 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.

H 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 Group regards the fair value as deemed cost at the transition date.

Defined Benefit plan

Gratuity liability in respect of employees of the Group is covered through trusts’ gratuity schemes managed by Life Insurance Corporation of India, SBI Life Insurance Group Limited, Kotak Mahindra and Bajaj Allianz. The cost of providing benefits is determined

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

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.

Capital Work-in-progress is stated 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. Cost comprises of its purchase price including nonrefundable 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 (D)). Such items 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.

Depreciation on tangible 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.

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.

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

cost includes the cost of replacing part of the plant pp,	.
	As per management estimate	As per schedule II
Generalplant and equipment on triple shift basis	- 9.5years	- 7.5years
End user devices,such as,desktops,laptops,etc (included under Computers)	- 5years	- 3years
Servers and networks (included under Computers)	- 5years	- 6years
Office equipment	- 10years	- 5years
Vehicles	- 6years	- 6years
Tube wells and water reservoirs	- 10years	- 5years
Boundarywalls	- 20years	- 30years
Roads Other than RCC	- 10years	- 5years

life. The estimated useful life and amortisation method are reviewed at the end of each reporting period.

Leasehold improvements are depreciated over the remaining lease period or over the useful life, whichever is shorter.

Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.

Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:

Intangible assets

J

The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. Intangible assets with finite lives are amortised on a straight line basis over the estimated useful economic
Its intention to complete and its ability and intention to use or sell the asset
How the asset will generate future economic benefits

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

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 availability of resources to complete the asset
The ability to measure reliably the expenditure during development.
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.

Process waste is valued at net realisable value.
Stock-in-trade: moving weighted average cost - Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition including other costs incurred in bringing the inventories to their present location and condition.

Stores and spares: moving weighted average costCost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.

	As per management estimate
SAP ECC 6 licences	- 10years
SAP Hana licences	- 5years
Other softwares and Websites	- 5years

Includes by products which are valued at net realisable value.

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.

Impairment of Non-Financial Assets

L

The Group 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 Group 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.

K 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:

The Group bases its impairment calculation on detailed budgets and forecast calculations which are prepared separately for each of the Group’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.
Work-in-progress: cost of raw materials plus conversion cost depending upon the stage of completion. Cost is determined on a moving weighted

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

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 recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised 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 recognised. 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 recognised for the asset in prior years. Such reversal is recognised 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 & equipment) 10 years

Capital work-in-progress and intangibles asset under

development is tested for impairment annually

Vehicle 4 years

Segment reporting

M

If ownership of the leased asset transfers to the Group 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 Group 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 consolidated 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.

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 Group 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 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 Group 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.

N

Leases

The Group 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.

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises 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 40).

i) Right-of-use assets

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

iii) Short-term leases and leases of low-value assets

balance sheet date and adjusted to reflect the current best estimates.

The Group 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 Group 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 shortterm leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.

Onerous contracts

If the Group 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 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 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

Group as a lessor

Leases in which the Group 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.

Contingent Assets

Contingent assets are neither recognised nor disclosed in the consolidated Ind AS financial statements.

Financial instruments

P

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.

O Provisions, contingent liabilities and contingent assets

Provisions

(a) Financial assets

A provision is recognised when the Group 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

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

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

‘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 assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

payments of principal and interest (SPPI) on the principal amount outstanding.

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 Group commits to purchase or sell the asset. Trade receivables that do not contain a significant financing component are measured transaction price.

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 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.

Subsequent measurement

Subsequent measurement of financial assets depends on the Group’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 FVTOCI (debt instrument)

Financial assets at fair value through other comprehensive income (FVTOCI) with recycling of cumulative gains and losses (debt instruments)
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
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments); 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 recognised in the other comprehensive income (OCI). However, the Group recognises 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.

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

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

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 Group 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 Group makes such election on an instrument -by-instrument basis.

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:

If the Group decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in OCI. There is no recycling of the amounts from OCI to the Statement of Profit and Loss, even on sale of investment. However, the Group may transfer the cumulative gain or loss within equity.

The rights to receive cash flows from the asset have expired, or
The Group has transferred its rights to receive cash flows from the asset or has 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 has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

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 manages together and has a recent actual pattern of short-term profit-taking; or

Impairment of financial assets

The Group applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, debt instruments at FVTOCI and other contractual rights to receive cash or other financial asset.

it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.

Gains and losses on these financial assets are never recycled to the 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.

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 in accordance with the contract and all the cash flows that the Group 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 creditimpaired financial assets). The Group 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.

The Group measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

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 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.

not designated as hedging instruments in hedge relationships as defined by Ind AS 109 ‘Financial instruments’.

Gains or losses on liabilities held for trading are recognised in the Statement of Profit and Loss.

Financial liabilities at amortised cost

For trade receivables, 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.

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Group 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 account historical credit loss experience and adjusted for forward-looking information.

Derecognition

(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 Group’s financial liabilities include trade and other payables, loans and borrowings including derivative financial instruments.

Offsetting of financial instruments

Subsequent measurement

Q

Earnings per share

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Treasury shares are reduced while computing basic and diluted earnings per share.

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

Although the Group 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 recognised on balance sheet and measured initially at fair value. Subsequent to

R Current versus non-current classification

The Group presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is treated as current when it is:
Expected to be realised or intended to be sold or consumed in normal operating cycle

initial recognition, derivatives are re-measured at fair value, with changes in fair value being recognised 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.

Held primarily for the purpose of trading
Expected to be realised within twelve months after the reporting period, or
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

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 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 Group.

All other assets are classified as non-current.

A liability is current when:

It is expected to be settled in normal operating cycle
It is held primarily for the purpose of trading
It is due to be settled within twelve months after the reporting period, or

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.

There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

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 has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.

S Derivative financial instruments and hedge accounting

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 recognised 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 recognised 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

Derivative financial instruments and hedge accounting

The Group 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.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

significant to the fair value measurement as a whole) at the end of each reporting period.

in cash flow hedging reserve is reclassified immediately in the Statement of Profit and Loss.

The Group’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.

T Fair Value Measurement

The Group 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:

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.

In the principal market for the asset or liability, or
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 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.
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 Group.

The management, in conjunction with the Group’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.

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.

For the purpose of fair value disclosures, the Group 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.

The Group 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.

This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

All assets and liabilities for which fair value is measured or disclosed in the consolidated 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:

Cash and Cash Equivalents

U

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.
Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2-Valuation techniques for which the lowest level

Dividend to equity holders of the Parent Company

V

input that is significant to the fair value measurement is directly or indirectly observable

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 the Statement of Profit and Loss and out of the profits of the financial year in which such interim dividend is sought

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 consolidated Ind AS financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

of sale price over cost of acquisition of treasury shares, net of tax, to Other Equity.

to be declared. A corresponding amount is recognised directly in equity.

Share-based Payments

W Foreign exchange gains and losses

Y

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).

The Group’s consolidated financial statements are presented in INR, which is also the parent company’s functional currency. Exchange differences are dealt with as follows:

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.

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 42.

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 equitysettled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’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.

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.

X 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.

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 Parent Company’s own equity instruments. Treasury shares are reduced while computing basic and diluted earnings per share.

The Parent Company transfers the excess of exercise price over the cost of acquisition of treasury shares, net of tax, by EBT to General Reserve. In the event of sale in open market, the Parent company transfers the excess

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

fair value of the share-based 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.

are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

Defined benefit plans

The cost of the defined benefit plan and other postemployment 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.

Z Climate – related matters

The Group considers climate-related matters in estimates and assumptions, where appropriate. This

assessment includes a wide range of possible impacts on the Group due to both physical and transition risks. Even though the Group believes its business model and products will still be viable after the transition to a lowcarbon economy, climate-related matters increase the uncertainty in estimates and assumptions underpinning several items in the financial statements. Even though climate-related risks might not currently have a significant impact on measurement, the Group is closely monitoring relevant changes and developments, such as new climate-related legislation.

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. 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 Group’s accounting policies, the management of the Group is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from

Impairment of non-financial assets

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 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 determined period and do not include restructuring activities that the Group 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 cashinflows, the growth rate used for extrapolation purposes and the impact of general economic environment (including competitors).

The following are the areas of estimation uncertainty and critical judgements that the management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated Ind AS financial statements: -

Useful lives of depreciable tangible assets and intangible assets

Leases - Estimating the incremental borrowing rate

Management reviews the useful lives of depreciable assets at each reporting date. As at March 31, 2025 management assessed that the useful lives represent the expected utility of the assets to the Group. Further, there is no significant change in the useful lives as compared to previous year.

The Group 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 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

The intangible assets are amortised over the estimated useful life. The estimated useful life and amortisation method

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

in a similar economic environment. The IBR therefore reflects what the Group ‘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 Group estimates 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 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 in the 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.

Determining the lease term of contracts with renewal and termination options – Group as lessee

The Group 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 has several lease contracts that include extension and termination options. The Group 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 Group 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.

Valuation of raw materials inventories

At each reporting date, the management applies judgement in determining the appropriate valuation of raw materials inventories (primarily for cotton), 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 3 - PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

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(Rs. Million)
Gross Block Depreciation/Amortisation Net Block
Particulars As at Sales/ As at As at For the Sales/ As at As at As at
March Additions March March March March March
Discard year Discard
31, 2024 31, 2025 31, 2024 31, 2025 31, 2025 31, 2024
A) Property, plant and
equipment
Freehold land 14,562.9 40.3 - 14,603.2 - - - - 14,603.2 14,562.9
Buildings 14,629.1 88.1 - 14,717.2 2,908.1 470.6 - 3,378.7 11,338.5 11,721.0
Plant and 44,176.3 1,812.7 56.8 45,932.2 26,626.7 2,748.0 40.5 29,334.2 16,598.0 17,549.6
equipment
Furniture and 604.5 71.6 0.1 676.0 315.8 47.0 0.0 362.8 313.2 288.7
fixtures
Office equipment 446.1 65.0 0.1 511.0 182.6 41.7 0.1 224.2 286.8 263.5
Computers 558.4 23.8 9.2 573.0 372.4 65.5 8.4 429.5 143.5 186.0
Vehicles 208.3 33.1 15.8 225.6 135.4 19.7 12.3 142.8 82.8 72.9
Total 75,185.6 2,134.6 82.0 77,238.2 30,541.0 3,392.5 61.3 33,872.2 43,366.0 44,644.6
B) Intangible assets
Softwares 1,093.1 10.2 0.1 1,103.2 559.5 158.1 0.0 717.6 385.6 533.6
Websites 35.2 - - 35.2 15.0 7.0 - 22.0 13.2 20.1
Total 1,128.3 10.2 0.1 1,138.4 574.5 165.1 0.0 739.6 398.8 553.8
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Notes:

Property, plant and equipment have been pledged to secure borrowings of the Company (refer note 16 and 17)
The amount of borrowing costs capitalised during the year is Rs. Nil (Previous year Rs. 143.2 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. 7,904.9 million.
Capital work-in-progress includes goods in transit of Rs. Nil (Previous year Rs. 85.3 million).

5. Capital Work-in-progress (CWIP) and Intangible assets under development ageing

March 31, 2025

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Amount in CWIP and Intangible assets under development
Particulars Less than More than
1-2 years 2-3 years Total
1 year 3 years
Capital work-in-progress 480.0 0.2 0.4 10.4 491.0
Intangible assets under development 19.9 5.4 - 9.9 35.2
March 31, 2024
Amount in CWIP and Intangible assets under development
Particulars Less than More than
1-2 years 2-3 years Total
1 year 3 years
Capital work-in-progress 691.9 90.3 11.8 53.5 847.5
Intangible assets under development 19.4 - - 9.9 29.3
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274 Trident Limited

Integrated Annual Report 2024-25 275

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (Contd..)

6. Depreciation and amortisation expense

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Depreciation of property, plant and equipment 3,392.5 3,646.2
Amortisation of intangible assets 165.1 99.4
Depreciation of Right-of-use assets (refer note 40) 104.4 104.2
Depreciation and amortisation charged to the Statement of Profit and Loss 3,662.0 3,849.8
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 8 - INVENTORIES*

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As at As at
Particulars
March 31, 2025 March 31, 2024
- Raw materials (including Rs. 190.6 million (Previous year Rs. 340.9 million) in transit) 7,269.7 7,979.5
- Work-in-progress 1,950.0 1,930.7
- Finished goods (Including Rs. 1,297.5 million (Previous year Rs. 1,102.1 million) in transit) 2,398.8 3,022.7
- Waste (valued at Net Realisable Value) 216.9 317.8
- Stock-in-trade 1.4 9.1
- Stores and spares 613.9 673.8
Total 12,450.7 13,933.6
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*At cost and net realisable value, whichever is lower.

NOTE 4 -OTHER NON-CURRENT INVESTMENTS

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As at As at
Particulars
March 31, 2025 March 31, 2024
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 1.2 1.2
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 2.3 2.6
Venture Fund (Private Equity fund)
Nil (Previous year 600 units) of face value of USD 10,000 each of Lighthouse Canton - 485.3
(IFSC) Fund -1
Total 4 3.5 489.1
Aggregate book value of unquoted investments 4.9 501.6
Aggregate market value of unquoted investments 3.5 489.1
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NOTE 5 - OTHER NON-CURRENT FINANCIAL ASSETS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured and considered good)
Security deposits 741.4 586.1
Interest accrued on deposits - 0.4
Total 741.4 586.5
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NOTE 6 - NON-CURRENT TAX ASSETS (NET)

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As at As at
Particulars
March 31, 2025 March 31, 2024
Advance income tax (net of provision for tax) 180.3 230.9
Total 180.3 230.9
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NOTE 7 - OTHER NON-CURRENT ASSETS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured and considered good)
Capital advances 148.5 27.1
Prepaid expenses 362.4 337.2
Total 510.9 364.3
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All inventories of Parent Company have been hypothecated to secure short-term borrowings. (refer note 16 and 17).

NOTE 9 - TRADE RECEIVABLES

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As at As at
Particulars
March 31, 2025 March 31, 2024
Trade receivables:
- From related parties (refer note 38) 193.5 549.1
- From others 2,783.1 3,570.0
Total 2,976.6 4,119.1
Breakup of trade receivables
- Unsecured, considered good 2,976.6 4,119.1
- Trade receivables which have significant increase in credit risk 45.6 62.6
3,022.2 4,181.7
Impairment allowance (allowance for bad and doubtful debts)
- Trade receivables which have significant increase in credit risk (45.6) (62.6)
(45.6) (62.6)
Net trade receivables 2,976.6 4,119.1
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For trade receivables ageing refer note 55

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 38.

All book debts of Parent Company have been hypothecated to secure short-term borrowings. (refer note 16 and 17)

NOTE 10 - CASH AND CASH EQUIVALENTS

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As at As at
Particulars
March 31, 2025 March 31, 2024
Cash on hand 24.7 24.5
Remittances in transit 2.2 2.2
Balances with banks:
- In current accounts 260.5 164.7
- In cash credit accounts 33.6 30.3
- In bank deposits accounts (original maturity of less than 3 months) # 517.0 42.3
Total * 838.0 264.0
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For the purpose of statement of cash flows, the above has been considered as cash and cash equivalents.

includes lien on deposits amounting Rs. 174.6 million (Previous year Nil) created with ICICI bank.

At 31 March 2025, the Group had available Rs. 14,989.5 million (31 March 2024: Rs. 11,982.3 million) of undrawn committed borrowing facilities.

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 to earn interest at the respective short-term deposit rates.

Trident Limited

276

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 11 - OTHER BANK BALANCES

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As at As at
Particulars
March 31, 2025 March 31, 2024
In bank deposits accounts # 4,644.0 4,572.4
(original maturity between 3 to 12 months)
In earmarked accounts
(i) Unpaid dividend accounts 131.1 140.5
(ii) Held as margin money in deposits accounts - 279.4
(iii) In current accounts - 5.7
(iv) In bank deposits accounts 1,199.4 50.0
(original maturity between 3 to 12 months)
Total 5,974.5 5,048.0
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include Nil (Previous year Rs. 275.0 million) held as security against non convertible debentures (refer note 16). During the current year, security has been released by lender on account of repayment of non convertible debentures during the previous year.

** Balances in current accounts and in bank deposits accounts of Trident Employee & Welfare Trust kept for Trident Limited General Employee Benefits Scheme-2023.

It includes interest accrued on deposits Rs. 101.3 million.

NOTE 12 - OTHER CURRENT FINANCIAL ASSETS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured, considered good, unless otherwise stated)
Security deposits 35.5 37.6
Interest accrued on deposits and loans 9.5 246.2
Export incentives and other receivables from government authorities 1,110.2 1,199.6
Derivative Instruments at fair value through OCI
Foreign exchange forward contracts
- Cash flow hedges 33.5 40.6
Derivative instruments at fair value through profit or loss
- Foreign exchange forward contracts 4.3 -
Others
- from related parties (refer note 38) 4.5 4.4
- from others
- Considered good 181.1 211.6
- from others - credit impaired 13.4 2.5
194.5 214.1
Less: Impairment allowance for "from others"- credit impaired (13.4) 181.1 (2.5) 211.6
Total 1,378.6 1,740.0
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 13 - OTHER CURRENT ASSETS

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As at As at
Particulars
March 31, 2025 March 31, 2024
(Unsecured, considered good, unless otherwise stated)
Advances to vendors
- Considered good 620.1 945.9
- Advances to vendors - credit impaired 0.4 12.2
620.5 958.1
Less: Impairment allowance for advances to vendors - credit impaired (0.4) 620.1 (12.2) 945.9
Prepaid expenses 244.6 333.2
Balances with government authorities/Export incentives receivables 615.9 625.6
Total 1,480.6 1,904.7
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NOTE 14 - SHARE CAPITAL

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As at March 31, 2025 As at March 31, 2024
Particulars
No. of shares Amount No. of shares Amount
Authorised
Equity shares of Re. 1 each (with voting rights) 150,930,000,000 150,930.0 150,930,000,000 150,930.0
Preference shares of Rs. 10 each 3,105,000,000 31,050.0 3,105,000,000 31,050.0
Total 181,980.0 181,980.0
Issued, subscribed and paid up [refer (a) to (d)]
Equity shares of Re. 1 each (with voting rights) fully paid 5,095,955,670 5,096.0 5,095,955,670 5,096.0
up
Total 5,096.0 5,096.0
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(a) Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the year:

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(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.

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 14 - SHARE CAPITAL (Contd..)

(c) The details of equity shareholders holding more than 5 % of the aggregate equity shares:

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(d) Disclosure of shareholding of promoters:

Disclosure of shareholding of promoters as at March 31, 2025 is as follows:

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Disclosure of shareholding of promoters as at March 31, 2024 is as follows:

Particulars			Equity share capital	Equity share capital
	As at March 31, 2024		As at March 31, 2023
	No. of shares	% held	No. of shares	% held % Change during the year
MadhurajFoundation	1,38,30,22,010	27.1%	1,38,30,22,010	27.1% 0.00%
Trident GroupLimited	2,33,11,69,835	45.7%	2,33,11,69,835	45.7% 0.00%
Lotus Global Foundation	41,66,000	0.1%	41,66,000	0.1% 0.00%
Mr. Rajinder Gupta	1,11,55,960	0.2%	1,11,55,960	0.2% 0.00%

(e) Bonus shares, shares buyback and issue of shares for consideration other than cash (during five years immediately preceding 31st March 2025)

During the five years immediately preceding 31[st] March 2025, no bonus shares have been issued.

Further, no shares have been issued for consideration other than cash.

(f) Subsequent to the year end, the Parent Company has declared interim dividend of Rs. 0.5/- per equity share of Rs. 1 each for FY 2025-26.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 15 - OTHER EQUITY

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As at As at
March 31, 2025 March 31, 2024
a) Capital reserve
Opening balance 938.6 938.6
Add: Addition during the year - 938.6 - 938.6
Capital reserve of Rs. 847.3 million (March 31, 2024 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, 2024 Rs. 20.6 million) represents reserve
recognised as Investment subsidy received from the government.
Capital reserve of Rs. 66.0 million (March 31, 2024 Rs. 66.0 million) represents reserve
recognised on account of forfeiture of equity warrants.
b) Securities premium
Opening balance 3,333.7 3,333.7
Add: Premium on shares issued 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 1,480.7 1,477.3
Add: transfer from fair valuation reserve on account of sale of land - 0.3
Add: Addition on share options exercised 1.2 0.8
Add: Addition on share options forfeited/lapsed 4.6 1,486.5 2.3 1,480.7
Represents difference (net of tax) between exercise price of the share options to the eligible
employees and cost of treasury shares.
Represents compensation cost reversal on account of forfeiture of shares pertaining to left
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 308.5 308.5
Add: Addition during the year 842.4 1,150.9 - 308.5
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 6,907.4 6,907.7
Less: transfer to general reserve on account of sale of land - 6,907.4 (0.3) 6,907.4
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.
f) Treasury shares
Opening balance (479.1) (480.1)
Add: Change during the year 360.3 (118.8) 1.0 (479.1)
This reserve represents cost of own equity shares held by Trident Limited Employee & Welfare
Trust.
g) Other comprehensive income
Opening balance 21.8 56.8
Exchange differences on translating the financial statements of a foreign operation 4.0 1.8
Movement in effective portion of cash flow hedge reserve (59.0) (33.2) (36.8) 21.8
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280 Trident Limited

281

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 15 - OTHER EQUITY (Contd..)

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As at As at
March 31, 2025 March 31, 2024
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.
h) Capital redemption reserve
Opening balance 600.0 600.0
Add: Transferred from retained earnings - 600.0 - 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 Parent Company.
i) Share-based payment reserve
Opening balance 12.7 6.1
Add: Compensation stock options expense for the year 3.8 8.8
Less: Share options forfeited during the year (refer note 42) (4.6) 11.9 (2.3) 12.7
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 42.
k) Retained earnings
Opening balance 24,933.8 23,512.5
Add: Profit for the year 3,698.8 3,495.2
Add: Changes in ownership interests in subsidiaries that do not result in loss of control 8.5 (37.6)
Add: Other comprehensive income net of income tax 7.4 (224.8)
Less: Interim dividend (Rs. 0.36 per share) (Previous year Rs. 0.36 per share) 1,811.6 26,836.9 1,811.5 24,933.8
Total 41,113.9 38,058.1
Interim dividend declared and distributed is after adjusting dividend of Rs. 22.9 million related to equity
shares held by Trident Limited Employee & Welfare Trust (Previous year Interim dividend declared and
distributed is after adjusting dividend of Rs. 23.0 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.
Subsequent
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 16 - NON-CURRENT BORROWINGS

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As at As at
Particulars
March 31, 2025 March 31, 2024
Term loans - secured
From banks 9,629.2 11,734.2
Total 9,629.2 11,734.2
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a) 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, 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 41-I(A) and 41-II (A)). The amount disclosed as above is net of Current maturities of long-term debts - secured of Rs. 1074.0 million (Previous year Rs. 856.2 million).

For the current maturities of long-term borrowings, refer note 17 current borrowings and note 41-I(A) and 41-II (A) for repayment schedule.

NOTE 17 - CURRENT BORROWINGS

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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 trade receivables, raw materials, semi finished and finished goods and consumable stores.

The interest rates for cash credit/export packing credit/working capital loans from banks range from 5.05% to 8.90% per annum (Previous year 4.90% to 8.65% per annum).

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 revised quarterly returns/statements filed by the Parent Company for each quarter with such banks are in agreement with the books of accounts of the Parent Company.

It includes interest accrued on working capital loans Rs. 24.4 million.
** It includes interest accrued on long-term borrowings Rs. 19.6 million.

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(Rs. Million)
Foreign
March 31,
Particulars 01-Apr-24 Cash flows exchange New leases Other
2025
management
Current borrowings 8,017.7 (3,007.1) - - - 5,010.6
Current lease liabilities (note 40) 70.8 (70.8) - - 73.9 73.9
Non-current borrowings 12,590.4 (1,887.2) - - - 10,703.2
Non-current lease liabilities (note 579.8 - 6.8 7.9 (73.9) 520.6
40)
Total liabilities from financing 21,258.7 (4,965.1) 6.8 7.9 - 16,308.3
activities
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282 Trident Limited

283

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 17 - CURRENT BORROWINGS (Contd..)


						(Rs. Million)
Particulars	01-Apr-23	Cash flows	Foreign exchange management	New leases	Other	March 31, 2024
Current borrowings	5,519.2	2,498.5	-	-	-	8,017.7
Current lease liabilities (note 40)	77.6	(68.3)	-	-	61.5	70.8
Non-current borrowings	8,223.4	4,367.0	-	-	-	12,590.4
Non-current lease liabilities (note 40)	603.2	-	4.8	33.3	(61.5)	579.8
Total liabilities from financing activities	14,423.4	6,797.2	4.8	33.3	-	21,258.7

NOTE 18 - TRADE PAYABLES - CURRENT

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As at As at
Particulars
March 31, 2025 March 31, 2024
i) Outstanding dues to micro enterprises and Small enterprises (refer note 35) 262.9 1,163.5
ii) Outstanding dues to other than micro enterprises and small enterprises
- to related parties (refer note 38) 91.6 71.4
- to others 3,022.2 3,530.7
3,113.8 3,602.1
Total 3,376.7 4,765.6
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For trade payables ageing refer note 54.

NOTE 19 - OTHER CURRENT FINANCIAL LIABILITIES

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As at As at
Particulars
March 31, 2025 March 31, 2024
Interest accrued but not due on borrowings - 41.5
Payable to employees
- to related parties (refer note 38) 5.7 8.4
- to others 616.7 678.1
Payables on purchase of Property, plant and equipment and intangible assets 325.0 670.7
Security deposits 126.4 88.6
Financial liabilities at fair value through OCI
- Foreign exchange forward contracts - Cash flow hedges 88.1 16.4
Unclaimed dividend 131.1 140.5
Other liabilities 62.3 66.7
Total 1,355.3 1,710.9
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Include total outstanding dues of micro enterprises and small enterprises of Rs. 13.2 million (Previous year Rs. 97.5 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.

*** Include payable to related parties of Rs. 23.8 million (Previous year Rs. 50.4 million) (refer note 38).

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 20 - PROVISIONS (CURRENT)

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As at As at
Particulars
March 31, 2025 March 31, 2024
Provision for employee benefits
Leave benefits (refer note 34) 288.2 291.6
Gratuity (refer note 34) 133.7 286.3
Total 421.9 577.9
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NOTE 21 - OTHER CURRENT LIABILITIES

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As at As at
Particulars
March 31, 2025 March 31, 2024
Statutory remittances 322.7 386.2
Advances from customers 610.3 642.3
Total 933.0 1,028.5
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NOTE 22 - CURRENT TAX LIABILITIES (NET)

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As at As at
Particulars
March 31, 2025 March 31, 2024
Provision for current income tax (net of advance tax) 205.9 18.2
Total 205.9 18.2
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NOTE 23 - REVENUE FROM OPERATIONS

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Sale of products:
Finished goods
- Yarn 17,524.0 15,411.0
- Towel 23,784.5 23,229.7
- Bedsheets 12,075.7 11,741.8
- Paper and chemicals 9,914.2 11,218.5
Others
- Waste 2,520.8 2,184.4
- Others 22.5 22.4
65,841.7 63,807.8
Traded
- Towel 2.6 297.7
- Bedsheets - 129.8
- Paper 54.5 132.7
57.1 560.2
Sale of services - 0.5
- 0.5
Other operating revenue:
Export incentives on finished and traded goods 3,558.6 3,445.3
Investment promotion assistance 413.4 274.5
3,972.0 3,719.8
Total 69,870.8 68,088.3
Timing of revenue recognition
Goods transferred at a point in time 65,898.8 64,368.0
Services transferred over time - -
Total revenue from contracts with customers 65,898.8 64,368.0
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284 Trident Limited

285

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 23 - REVENUE FROM OPERATIONS (Contd..)

a) Revenue from contracts with customers disaggregated based on nature of products

Set out below is the revenue from contracts with customers and reconciliation to Statement of Profit and Loss

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Total revenue from contracts with customers 65,898.8 64,368.5
Add: Items not included in disaggregated revenue:
- Export incentives on finished and traded goods 3,558.6 3,445.3
- Investment promotion assistance 413.4 274.5
Revenue from operations as per the Statement of Profit and Loss 69,870.8 68,088.3
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b) Contract balances:

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Trade receivables 2,976.6 4,119.1
Advances from customers 610.3 642.3
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NOTE 24 - OTHER INCOME

a) Interest income

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
- On bank deposits 366.5 391.7
- On loans and other financial assets (at amortised cost) 44.2 33.8
410.7 425.5
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 25 - COST OF RAW MATERIALS CONSUMED

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Raw materials consumed
Inventory at beginning of year 7,979.4 5,631.5
Add: Purchase of raw materials * 34,560.8 37,374.1
42,540.2 43,005.6
Less: Inventory at end of year 7,269.8 7,979.5
Cost of raw material and component consumed (Refer (a) below) 35,270.4 35,026.1
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net of sales of raw materials of Rs. 75.4 million (Previous year Rs. 3.7 million).

a) Raw materials consumed comprises:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Cotton and fibers 24,885.4 24,534.6
Yarn 4,723.4 4,328.5
Dyes and chemicals 3,610.7 3,649.8
Agro based products 2,050.9 2,513.2
Total 35,270.4 35,026.1
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NOTE 26 - PURCHASE OF STOCK-IN-TRADE

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Towel 19.0 237.8
Bedsheets - 117.1
Paper 41.7 135.7
Total 60.7 490.6
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NOTE 27 - DECREASE IN INVENTORIES OF

b) Others

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Fair value gain on financial instruments measured at fair value through profit and
loss:
Profit on sale of non-current investments 15.9 -
Liabilities/sundry credit balances no longer required written back (net) 33.6 10.4
Bad debts/loans recovered 7.4 2.2
Gain on disposal of property, plant and equipment (net) 11.2 28.9
Insurance claims 26.5 30.5
Miscellaneous income 96.2 80.1
190.8 152.1
Total 601.5 577.6
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includes income pertaining to penalty recovery & rent income.

FINISHED GOODS, WASTE, STOCK-IN-TRADE AND WORK-IN-PROGRESS

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Opening Stock
Finished goods 3,022.7 2,472.8
Waste 317.8 206.3
Stock-in-trade 9.1 50.6
Work-in-progress 1,930.7 5,280.3 1,941.8 4,671.5
Less: Closing Stock
Finished goods 2,398.8 3,022.7
Waste 216.6 317.8
Stock-in-trade 1.4 9.1
Work-in-progress 1,950.0 4,566.8 1,930.7 5,280.3
Changes in inventories of finished goods, waste, work-in-progress and stock-in-trade 712.1 (608.8)
Inventory of finished goods acquired on account of acquisition of subsidiaries (refer note 56) - (350.6)
Adjustment for fluctuation in exchange rate - 1.7
Changes in inventories of finished goods, waste, stock-in-trade and work-in-progress 712.1 (957.7)
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286 Trident Limited

Integrated Annual Report 2024-25 287

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 28 - EMPLOYEE BENEFITS EXPENSES

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Salaries and wages 8,246.9 8,049.1
Employee share based payment expense (refer note 42) 3.8 8.8
Contribution to provident and other funds 539.5 448.7
Staff welfare expenses 430.7 261.9
Total 9,220.9 8,768.5
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net of Rs. 12.8 million (Previous year Rs. 14.5 million) subsidy received from Government.
** net of recovery of Rs. Nil (Previous year Rs. Nil) from related parties (refer note 38).

Refer note 37 for pre-operative expenses.

NOTE 29 - FINANCE COSTS

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
(a) Interest expense:
- On term loans, non convertible debentures, working capital loans etc. * 1,240.5 1,583.5
- On lease liabilities (refer note 40) 35.2 42.0
- On security deposits 3.9 3.8
Less: Amount included in the cost of qualifying assets - (91.1)
Interest expenses on financial liabilities measured at amortised cost 1,279.6 1,538.2
(b) Other borrowing costs 22.2 25.5
Total 1,301.8 1,563.7
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*net of interest subsidy of Rs. 529.0 million (Previous year Rs. 135.0 million) from Technology Upgradation Fund Scheme from State Government of Madhya Pradesh

*Interest on income tax of Rs. Nil (Previous year, after adjusting reversal of interest on income tax of Rs. 1.0 million)

Refer note 37 for pre-operative expenses.

NOTE 30 - OTHER EXPENSES

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Stores and spares consumed 1,088.3 1,008.0
Packing materials consumed 2,474.0 2,340.6
Power and fuel (net of utilised by others) * 5,532.2 5,793.4
Water charges 73.1 148.6
Job charges 155.9 160.5
Rent (refer note 40) 48.0 28.7
Repairs and maintenance
- Plant and equipment 162.9 169.8
- Buildings 93.7 149.1
- Others 148.1 213.9
Materials handling charges 238.7 222.2
Insurance charges 232.3 310.4
Rates and taxes 143.8 47.7
Commission on sales 502.9 505.3
Freight, clearing and octroi charges 1,335.6 1,417.4
Claims 131.1 59.0
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 30 - OTHER EXPENSES (Contd..)

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Advertisement and business promotion 349.4 628.9
Auditors' remuneration (refer note 33) 22.7 22.2
Travelling and conveyance 306.2 312.5
Postage and telephone 52.8 52.7
Legal and professional 1,263.8 1,177.1
Expected credit loss allowance on trade receivables and advances to vendors 18.2 61.8
Fair value loss on non-current investments - 12.4
Charity and donation 296.7 43.4
Contribution to political parties 435.0 70.0
Expenditure on corporate social responsibility (refer note 47) 141.7 136.6
Loss on Fire (net) 39.1 -
Loss on sale of current Investments 1.6 -
Miscellaneous expenses 364.2 386.7
Total 15,652.0 15,478.9
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*Net of Rs. 113.27 million (Previous year Rs. 107.2 million) subsidy received from Government.
** Donated to Bharatiya Janata Party (Previous year donated through electoral bonds to President of India).

Refer note 37 for pre-operative expenses.

NOTE 31 - CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

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A. Contingent liabilities under service tax of Rs. 66.7 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.
ii) Demand and penalty of Rs. Nil (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, Order has been passed in favour of the Parent Company and case has been closed.
B. Contingent liabilities under Income Tax Act, 1961 of Rs. 388.0 million (Previous year Rs. 97.3 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. 381.9 million pertaining to assessment year 2015-2016, 2016-2017, 2017-18, 2018-19, 2019-2020, 2020-21, 2021-22 & 2022-23 (Previous year Rs. 91.2 million pertaining to assessment year, 2015-16, 201617, 2017-18, 2019-20, 2020-21, 2022-23 and 2023-24).
These matters are subject to legal proceedings in the ordinary course of business. The Parent Company has assessed that it is only possible, but not probable, that outflow of economic resources. will be required.
C. There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated 28[th] February, 2019. As a matter of caution, the Parent Company has applied the judgement on the prospective basis from the date of the SC order. The Parent Company will update its provision for the period prior to the Supreme Court judgement, on receiving the further clarity on the subject.

Trident Limited

288

289

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 32 - COMMITMENTS

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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 33 - AUDITORS’ REMUNERATION

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As at As at
Particulars
March 31, 2025 March 31, 2024
As auditors:
- Audit fee 13.2 12.4
- Tax audit fee 1.5 1.5
- Limited reviews 4.5 5.0
In other capacities:
Certifications/others 2.1 1.5
Reimbursement of expenses 1.4 1.8
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 34 - EMPLOYEE BENEFITS (Contd..)

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

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S. For the year ended
No. [Particulars] March 31, 2025 March 31, 2024
1 Current service cost 133.7 84.5
2 Net interest (income) 9.9 (6.0)
3 Total expense recognised in the Statement of Profit and Loss 143.6 78.5
Re-measurements recognised in other comprehensive income (OCI)
4 Effect of changes in financial assumptions 16.0 5.9
5 Effect of experience adjustments (33.0) 296.9
6 Return on plan assets (greater)/less than discount rate 7.1 (2.5)
7 Total loss/(gain) of re-measurements included in OCI (9.9) 300.4
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Includes Rs. Nil (Previous year Rs. 2.6 million) which has been capitalised and not debited to Statement of Profit and Loss.

*includes Rs. Nil (Previous year Rs. 0.1 million) which has been reimbursed under Deen Dayal Upadhay Gramin Kaushal Yojna and Scheme for Capacity Building in Textile Sector (Samarth Scheme).

(II) Net asset recognised in Balance Sheet

NOTE 34 - EMPLOYEE BENEFITS

a) Defined contribution plans

The Group makes contribution towards employees’ provident fund scheme. Under the scheme, the Parent Company is required to contribute a specified percentage of salary, as specified in the rules of the scheme. The Parent Company has recognised Rs. 393.9 million during the year (Previous year Rs. 343.6 million) as expense towards contribution to this plan. An amount of Rs. Nil (Previous year Rs. 6.8 million ) has been included under property, plant and equipment/capital workin-progress. Further amount of Rs. Nil (Previous year Rs. 0.2 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	For the year ended
	March 31, 2025	March 31, 2024
Contribution toprovident fund (includingcontribution to Pension fund)	393.9	355.0

b) Defined benefit plans

Gratuity scheme

The Parent 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.

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S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Present value of defined benefit obligation (718.1) (710.0)
2 Fair value of plan assets 584.4 423.7
3 Recoverable from Trident trust - -
4 Net defined benefit (liability)/assets (133.7) (286.3)
(III) Change in present value of defined benefit obligation
S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Present value of defined benefit obligation at the beginning of the year 710.0 544.2
2 Current service cost 133.7 84.5
3 Interest cost 43.7 36.7
Remeasurement gains/(losses):
4 Effect of changes in financial assumptions 16.0 5.9
5 Effect of experience adjustments (33.0) 296.9
6 Benefits paid (152.3) (247.8)
7 Present value of defined benefit obligation transferred on account of sale of - (10.4)
subsidiary
8 Present value of defined benefit obligation at the end of the year 718.1 710.0
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(III) Change in present value of defined benefit obligation

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 Parent Company is contributing to trust towards the payment of premium of such gratuity schemes.

290 Trident Limited

291

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 34 - EMPLOYEE BENEFITS (Contd..)

(IV) Change in fair value of plan assets

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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:

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S. As at As at
No. [Particulars] March 31, 2025 March 31, 2024
1 Discount rate (%) 6.40% 6.90%
2 Pre-retirement mortality Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) Ult. (2006-08) Ult.
3 Salary increase rate * 6.00% 6.00%
4 Attrition rate 18.00% 18.00%
5 Retirement age 58 Years 58 Years
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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)

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(VII) Actuarial risks

Through its defined benefit plans, the Parent 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.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 34 - EMPLOYEE BENEFITS (Contd..)

(VIII) Sensitivity analysis- Impact on defined benefit obligation

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March 31, 2025 March 31, 2024
S.
No. [Particulars] Increase/ Increase/
(Decrease) (Decrease)
1 Discount rate + 50 basis points (15.9) (14.7)
2 Discount rate - 50 basis points 16.7 15.3
3 Salary increase rate + 0.5% 16.7 15.4
4 Salary increase rate – 0.5% (16.1) (14.9)
5 Attrition rate + 5% (22.7) (12.3)
6 Attrition rate - 5% 24.3 12.0
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There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

The following benefit payments (undiscounted) are expected in future years:

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As at
Year ending
March 31, 2025
March 31, 2026 142.2
March 31, 2027 108.5
March 31, 2028 109.7
March 31, 2029 175.0
March 31, 2030 186.4
March 31, 2031 to March 31, 2035 891.4
As at
Year ending
March 31, 2024
March 31, 2025 162.4
March 31, 2026 116.3
March 31, 2027 120.4
March 31, 2028 118.9
March 31, 2029 195.6
March 31, 2030 to March 31, 2034 879.8
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The average duration of the defined benefit obligation at the end of the reporting period is 4.1 years (Previous year 5 years).

The expected employer contribution for the next year is 133.67 Million (Previous year 286.3 Million).

Demographic risk

292 Trident Limited

293

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 34 - EMPLOYEE BENEFITS (Contd..)

(IX) Leave Obligations

The employee benefit expenses also include leave encashment amounting to INR 74.3 million (Previous year 207.6 million)

Since the Parent Company does not have an unconditional right to defer settlement for any of the leave obligations, it disclosed the amount as current liabilities. However, the Parent Company does not expect that all leave obligations will be settled in the next 12 months.

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As at As at
Particulars
March 31, 2025 March 31, 2024
Leave obligations not expected to be settled within the next 12 months 288.2 291.6
Total 288.2 291.6
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NOTE 35 - DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

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As at As at
Particulars
March 31, 2025 March 31, 2024
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 276.1 1,261.0
- 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
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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. 262.9 million (Previous year Rs. 1,163.5.million) included in trade payables
Include total outstanding dues of micro enterprises and small enterprises of Rs. 13.2 million (Previous year Rs. 97.5 million) payables against purchase of property, plant and equipment and intangible assets.
In the previous financial year, the amounts pertaining to medium enterprises were included in the disclosures related to micro and small enterprises.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 36 - EARNING PER SHARE

The earnings per share (EPS) disclosed in the Statement of Profit and Loss have been calculated as under:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Profit for the year attributable to equity holders of the parent as per the (A) 3,698.8 3,495.2
statement of Profit and Loss (Rs. million)
Weighted average number of equity shares (number) (B) 5,09,59,55,670 5,09,59,55,670
Weighted average number of treasury shares held by Trust (number) (C) 5,96,95,762 6,39,04,061
Potential dilutive equity shares (number) (D) 2,02,263 5,89,107
Weighted average number of equity shares in computing basic earning per (E)=(B-C) 5,03,62,59,908 5,03,20,51,609
share (number)
Weighted average number of equity shares in computing diluted earning per (F)=(B-C+D) 5,03,64,62,171 5,03,26,40,716
share (number)
Basic earning per share (Rs. per share) (face value of Re. 1 each) (A/E) 0.73 0.69
Diluted earning per share (Rs. per share) (face value of Re. 1 each) (A/F) 0.73 0.69
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Note 37 - PROJECT AND PRE-OPERATIVE EXPENSES PENDING ALLOCATION (INCLUDED IN CAPITAL WORK-IN-PROGRESS)

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As at As at
Particulars
March 31, 2025 March 31, 2025
Opening balance: 39.4 295.6
Add: Expenses incurred during the year:
Employee benefits expenses
- Salaries and wages 0.7 170.1
- Contribution to provident and other funds 0.0 9.4
- Staff welfare expenses 0.1 9.8
Finance costs
- On term loans - 91.1
Stores and spares consumed - 1.1
Electricity and Water charges 0.1
Power and fuel (net of utilised by others) - 61.3
Repair and maintenance
- Plant and equipment - 0.1
- Buildings - 3.4
Insurance charges 0.4 3.9
Rates and taxes 5.4 8.9
Travelling and conveyance 2.7 18.1
Legal and professional 35.8 24.5
Miscellaneous expenses 0.2 7.2
Less: Sale of products
-Energy (captive consumption) - (78.8)
-Bedsheets - 45.4 - 330.1
Total 84.8 625.7
Less: Allocated to property, plant and equipment and intangible assets 68.6 586.4
Closing balance included in capital work-in-progress 16.2 39.3
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comprises of Rs. NIL ( Previous year Rs. 91.1 million) on specific borrowings taken.

294 Trident Limited

Integrated Annual Report 2024-25 295

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 38 - 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:

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 38 - RELATED PARTY DISCLOSURE (Contd..)

III. Relatives of (I) , (II) and (d) above

Ms. Shreya Markanday - Relative of director (Mr. Pradeep Kumar Markanday) (w.e.f. August 9, 2022 till April 21, 2023) - 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 Company have control - Trident Foundation

a) Enterprises under the common control

Trident Humanity Foundation ( Formerly known as 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. Ceases w.e.f January 21, 2025

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) - Dr. Anthony De Sa - Chairman and Director (Appointed Chairman w.e.f. December 06, 2023) - Mr. Swapan Nath - Director (till April 21, 2023) - Mr. Kavish Dhanda - Director (till April 21, 2023) - Mr. Naveet Jindal - Director (till April 21, 2023) - Mr. Kamal Gaba - Director (till April 21, 2023) - Mr. Pardeep Kumar Markanday - Director (till April 21, 2023) - Mr. Kapil Ghorse - Director (till April 21, 2023) - Mr. Raj Kamal - Director (w.e.f. August 9, 2022) - Prof. Rajeev Ahuja - Director (w.e.f. August 9, 2022) Key Managerial Personnel - Mr. Avneesh Barua - CFO (w.e.f. November 6, 2024) - Mr. Manish Bhatia - CFO (w.e.f. December 06, 2023 till October 26, 2024) - Mr. Hari Krishan - Company Secretary (till August 14, 2023) - Mr. Matta Aravind Kumar - Company Secretary (w.e.f. August 15, 2023 till July 31, 2024) - Mr. Sushil Kumar - Company Secretary (w.e.f. August 8, 2024) - Mr. Samir Prabodhchandra Joshipura - Chief Executive Officer (w.e.f. February 20, 2024)
II. Key Managerial Personnel
Technum Opus Private Limited till April 21, 2023
Lotus Global Foundation
g) Enterprise over person specified in (d) above exercise significant influence
Trident Global corp Limited w.e.f September 15, 2023

h) 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:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Short-term benefits 346.1 318.7
346.1 318.7
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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.

296 Trident Limited

Integrated Annual Report 2024-25 297

Financial Statements

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March 31, 2024 2,493.5 2,493.5 - - 68.1 68.1 0.5 1.5 0.1 2.1 - - 0.2 0.2 March 31, 2024 - - 281.4 281.4 - - 2.1 1.9 0.0 4.0 - - 226.1 226.1
Total March 31, 2025 3,469.0 3,469.0 1.4 1.4 60.0 60.0 - 1.5 0.3 1.8 17.0 17.0 0.1 0.1 Total March 31, 2025 2.7 2.7 1.5 1.5 18.1 18.1 0.8 - 0.0 0.8 3.0 3.0 219.3 219.3
March 31, 2024 - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - 226.1 226.1
plans March 31, 2025 - - - - - - - - - - - - - - plans March 31, 2025 - - - - - - - - - - - - 219.3 219.3
Post employment benefit Post employment benefit
March 31, 2024 2,493.5 2,493.5 - - - - 0.5 1.5 0.1 2.1 - - 0.2 0.2 March 31, 2024 - - - - - - 2.1 - - 2.1 - - - -
3,469.0 3,469.0 1.4 1.4 - - - 1.5 0.3 1.8 17.0 17.0 0.1 0.1 2.7 2.7 - - 18.1 18.1 0.8 - - 0.8 - - - -
significant influence significant influence
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/Director have specified in (d) above exercise Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/Director have specified in (d) above exercise
control, Enterprises over person March 31, 2025 control, Enterprises over person March 31, 2025
March 31, 2024 - - - - - - - - - - - - - - March 31, 2024 - - - - - - - - - - - - - -
2025 - - - - - - - - - - - - - - 2025 - - - - - - - - - - - - - -
Enterprises on which Company exercises significant influence March 31, Enterprises on which Company exercises significant influence March 31,
March 31, 2024 - - - - - - - - - - - - - - March 31, 2024 - - 281.4 281.4 - - - 1.9 - 1.9 - - - -
2025 - - - - - - - - - - - - - - 2025 - - 1.5 1.5 - - - - - - - - - -
Enterprises that are under common control March 31, Enterprises that are under common control March 31,
March 31, 2024 - - - - 68.1 68.1 - - - - - - - - March 31, 2024 - - - - - - - - - - - - - -
the Company 2025 - - - - 60.0 60.0 - - - - - - - - the Company 2025 - - - - - - - - 0.0 0.0 3.0 3.0 - -
the Company/has the Company/has
March 31, March 31,
Enterprise that controls significant influence over Enterprise that controls significant influence over
Trident Global Corp Limited Trident Global Corp Limited Trident Group Limited Mr. Rajinder Gupta Mr. Abhishek Gupta Trident Global Corp Limited Trident Global Corp Limited Trident Global Corp Limited Trident Global Corp Limited Mintleaf People Connect Limited Trident Global Corp Limited Trident Global Corp Limited Trident Humanity Foundation Madhuraj Foundation Madhuraj Foundation Trident Trust
Particulars Sale of goods (including taxes) - Total Sale return (including taxes) - Total Royalty paid (including taxes) - Total Rent received - - - Total Purchases (including taxes) - Total Management service charges received (including taxes) - Total Notes to the Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated) NOTE 38 - RELATED PARTY DISCLOSURE (Contd..) Particulars Management service/comm charges paid (including taxes) - Total Material handling and other charges (including taxes) - Total Expense incurred on our behalf by - Total Expense incurred on behalf of - - - Total Rent Paid - Total Contribution towards gratuity and risk management fund (net) - Total
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298 Trident Limited

299

Integrated Annual Report 2024-25

Financial Statements

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Total	March 31, 2024		23.6	11.7	35.3		-	-		5.0	0.3	5.0	5.0	5.0	5.0	25.3		205.0	0.6	205.6		0.1	2.0	1.1	1.8	1.2
	March 31, 2025		25.4	12.9	38.3		48.7	48.7		5.0	-	5.0	5.0	5.0	5.0	25.0		197.3		197.3		-	1.5	0.9	1.4	1.2
Post employment benefit plans	March 31, 2024		-	-	-		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
	March 31, 2025		-	-	-		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/Director have control, Enterprises over person specified in (d) above exercise significant influence	March 31, 2024		-	11.7	11.7		-	-		5.0	0.3	5.0	5.0	5.0	5.0	25.3		205.0	0.6	205.6		0.1	2.0	1.1	1.8	1.2
	March 31, 2025		-	12.9	12.9		48.7	48.7		5.0	-	5.0	5.0	5.0	5.0	25.0		197.3	-	197.3		-	1.5	0.9	1.4	1.2
Enterprises on which Company exercises significant influence	March 31, 2024		-	-	-		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
	March 31, 2025		-	-	-		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
Enterprises that are under common control	March 31, 2024		-	-	-		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
	March 31, 2025		-	-	-		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
Enterprise that controls the Company/has significant influence over the Company	March 31, 2024		23.6	-	23.6		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
	March 31, 2025		25.4	-	25.4		-	-		-	-	-	-	-	-	-		-	-	-		-	-	-	-	-
Particulars		Payment against lease liabilities (including taxes and interest)	- Madhuraj Foundation	- Lotus Global Foundation	Total	Commission on sales	- Trident Global Corp Limited	Total	Commission paid (on accrual basis) *	- Ms. Usha Sangwan	- Mr. Dinesh Kumar Mittal	- Mr. Raj Kamal	- Prof. Rajeev Ahuja	- Mr. Rajiv Dewan	- Dr. Anthony De Sa	Total	Consultancy fees*	- Mr. Rajinder Gupta (w.e.f. August 9, 2022)	- Mr. Kapil Ghorse	Total	Sitting fees paid	- Mr. Dinesh Kumar Mittal	- Mr. Rajiv Dewan	- Ms. Usha Sangwan	- Dr. Anthony De Sa	- Prof. Rajeev Ahuja

Total	March 31, 2024	0.1	1.3	7.6		19.2	19.2	10.6	8.1	1.1	1.1	1.1	1.1	1.1	1.3	-	5.3	0.2	8.8	4.7	4.9	87.8
	March 31, 2025	-	1.0	6.0		21.7	21.7	10.8	8.4	-	-	-	-	-	-	4.4	2.8	-	19.0	51.7	4.3	144.8
Post employment benefit plans	March 31, 2024	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	March 31, 2025	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/Director have control, Enterprises over person specified in (d) above exercise significant influence	March 31, 2024	0.1	1.3	7.6		19.2	19.2	10.6	8.1	1.1	1.1	1.1	1.1	1.1	1.3	-	5.3	0.2	8.8	4.7	4.9	87.8
	March 31, 2025	-	1.0	6.0		21.7	21.7	10.8	8.4	-	-	-	-	-	-	4.4	2.8	-	19.0	51.7	4.3	144.8
Enterprises on which Company exercises significant influence	March 31, 2024	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	March 31, 2025	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Enterprises that are under common control	March 31, 2024	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	March 31, 2025	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Enterprise that controls the Company/has significant influence over the Company	March 31, 2024	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	March 31, 2025	-	-	-		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Particulars		- Mr. Kapil Ghorse	- Mr. Raj Kamal	Total	Remuneration paid	- Mr. Deepak Nanda	- Mr. Abhishek Gupta	- Ms. Madhu Gupta	- Ms. Gayatri Gupta	- Mr. Naveet Jindal	- Mr. Swapan Nath	- Mr. Kamal Gaba	- Mr. Kavish Dhanda	- Mr. Pardeep Kumar Markanday	- Mr. Hari Krishan	- Mr. Sushil Kumar	- Mr. Matta Arvind Kumar	- Ms. Shreya Markanday	- Mr.Manish Bhatia	- Mr. Samir Prabodhchandra Joshipura	- Mr. Avneesh Barua	Total

Trident Limited

300

301

Integrated Annual Report 2024-25

Financial Statements

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March 31, 2024 497.9 839.2 1.5 4.0 - 1,342.6 12.3 1.1 13.4 161.1 8.0 169.1 2.6 0.2 2.8 March 31, 2024 549.1 549.1 130.0 99.8 229.8 6.4 - 11.8 0.9 0.4 19.5 43.1 7.3 50.4
Total - - - - - - - - Total - -
March 31, 2025 497.9 839.2 1.5 4.0 1,342.6 39.5 39.5 March 31, 2025 193.5 193.5 120.1 97.7 217.8 4.9 4.3 0.1 9.3 23.2 0.6 23.8
- - - - - - - - - - - - - - -
- - - - - - - - - - - -
2024 2024 43.1 43.1
March 31,
March 31,
plans - - - - - - - - - - - - - - -
2025 plans - - - - - - - - - - - -
2025 23.2 23.2
March 31,
Post employment benefit
March 31,
Post employment benefit
- - 1.5 4.0 - 5.5 - 1.1 1.1 8.0 2.6 0.2 2.8
- - - - - - - -
161.1 169.1 March 31, 2024 549.1 549.1 99.8 99.8 7.3 7.3
March 31, 2024
- - 1.5 4.0 - 5.5 - - - - - - - - -
significant influence 2025 193.5 193.5 - 97.7 97.7 - 4.9 - - - 4.9 - 0.6 0.6
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/Director have specified in (d) above exercise March 31,
control, Enterprises over person March 31, 2025 - - - - - - - - - - - - - - - Trustee of the enterprise that exercises control over the Company, Directors, Key exercise significant influence
management personnel and their relatives/Enterprises where KMP/ Director have control, Enterprises over person specified in (d) above
2024
- - - - - - - - - - - - - -
March 31, - - - - - - - - - - - - - - - March 31, 2024
2025 - - - - - - - - - - - - - -
Enterprises on which Company exercises significant influence March 31, 2025
Enterprises on which Company exercises significant influence March 31,
- - - - - - - - - - - - -
- - - - - - - - - - -
2024 12.3 12.3 0.9 0.0 0.9
2024
March 31,
March 31,
- - - - - - - - - - - - -
- - - - - - - - - - - -
2025 39.5 39.5 0.1 0.1
2025
Enterprises that are under common control March 31, Enterprises that are under common control March 31,
- - - - - - - - - - - -
March 31, 2024 497.9 839.2 1,337.1 2024 - - 130.0 - 130.0 6.4 - 11.8 - - 18.2 - - -
March 31,
- - - - - - - - - - -
0.0 - - - - - - - - - -
the Company 2025 497.9 839.2 4.3 4.3
the Company/has 1,337.1 the Company 2025 120.1 120.1
March 31, the Company/has
Enterprise that controls significant influence over March 31,
Enterprise that controls significant influence over
Madhuraj Foundation Trident Group Limited Lotus Global Foundation Mr. Rajinder Gupta Mr. Rajiv Dewan Trident Humanity Foundation Trident Foundation Mr. Rajinder Gupta Mr. Abhishek Gupta Mr. Rajinder Gupta Mr. Abhishek Gupta Trident Global Corp Limited Madhuraj Foundation Lotus Global Foundation Madhuraj foundation Trident Global Corp Limited Trident Group Limited Trident Humanity Foundation Mintleaf People Connect Limited Trident Trust Trident Global Corp Limited
Particulars Dividend paid (on payment basis) - - - - - Total Corporate social responsibility expenses - - Total Conversion of compulsory convertiable debenture into equity by subsidiaty company - - Total Interest on of compulsory convertiable debenture into equity by subsidiaty company - - Total * Included in Legal & Proffesional expense in note 30. ** formerly known as Trident Institute of Social Sciences. Notes to the Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated) NOTE 38 - RELATED PARTY DISCLOSURE (Contd..) F. Details of Balances outstanding as at year end Particulars Trade receivables - Total Lease liabilities (at amortised cost) - - Total Trade payables - - - - - Total Other payables - - Total
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Trident Limited

302

303

Integrated Annual Report 2024-25

Financial Statements

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Total	March 31, 2024		1.0	0.1	0.5	1.6	1.1	4.3		1.0	1.6	0.6	0.7	-	0.4	0.4	3.7	-	8.4		0.1	0.1
	March 31, 2025		0.4	-	0.4	0.7	3.0	4.5		0.9	0.9	0.6	0.5	0.3	-	-	2.0	0.5	5.7		-	0.0
Post employment benefit plans	March 31, 2024		-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-		-	-
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/ Director have control, Enterprises over person specified in (d) above exercise significant influence	March 31, 2024		1.0	-	-	-	-	1.0		1.0	1.6	0.6	0.7	-	0.4	0.4	3.7	-	8.4		0.1	0.1
	March 31, 2025		0.4	-	0.4	-	-	0.8		0.9	0.9	0.6	0.5	0.3	-	-	2.0	0.5	5.8		-	0.0
Enterprises on which Company exercises significant influence	March 31, 2024		-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	-	-	-		-	-	-	-	-	-	-	-	-	-		-	-
Enterprises that are under common control	March 31, 2024		-	-	0.0	-	0.0	0.1		-	-	-	-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	-	3.0	3.0		-	-	-	-	-	-	-	-	-	-		-	-
Enterprise that controls the Company/has significant influence over the Company	March 31, 2024		-	0.1	-	1.6	-	1.7		-	-	-	-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	0.7	-	0.7		-	-	-	-	-	-	-	-	-	-		-	-
Particulars		Other receivables	- Trident Global Corp Limited	- Madhuraj Foundation	- Mintleaf People Connect Limited	- Trident Group Limited	- Trident Humanity Foundation**	Total	Payable to employees	- Mr. Deepak Nanda	- Mr. Abhishek Gupta	- Ms. Madhu Gupta	- Ms. Gayatri Gupta	- Mr. Sushil Sharma	- Mr. Matta Arvind Kumar	- Mr. Manish Bhatia	- Mr. Samir Prabodhchandra Joshipura	- Mr. Avneesh Barua	Total	Advances to employees (imprest)	- Mr. Samir Prabodhchandra Joshipura	Total

Total	March 31, 2024		4.5	0.3	4.5	4.5	4.5	4.5	22.8		29.1	29.1
	March 31, 2025		4.5	-	4.5	4.5	4.5	4.5	22.5		59.8	59.8
Post employment benefit plans	March 31, 2024		-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	-	-	-	-		-	-
Trustee of the enterprise that exercises control over the Company, Directors, Key management personnel and their relatives/Enterprises where KMP/ Director have control, Enterprises over person specified in (d) above exercise significant influence	March 31, 2024		4.5	-	4.5	4.5	4.5	4.5	22.8		29.1	29.1
	March 31, 2025		4.5	-	4.5	4.5	4.5	4.5	22.5		59.8	59.8
Enterprises on which Company exercises significant influence	March 31, 2024		-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	-	-	-	-		-	-
Enterprises that are under common control	March 31, 2024		-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	-	-	-	-		-	-
Enterprise that controls the Company/has significant influence over the Company	March 31, 2024		-	-	-	-	-	-	-		-	-
	March 31, 2025		-	-	-	-	-	-	-		-	-
Particulars		Commission payable	- Ms. Usha Sangwan	- Mr. Dinesh Kumar Mittal	- Prof. Rajeev Ahuja	- Mr. Rajiv Dewan	- Dr. Anthony De Sa	- Mr. Raj Kamal	Total	Consultancy fees payable	- Mr. Rajinder Gupta	Total

Trident Limited

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305

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 39 - SEGMENT INFORMATION

I Segment accounting policies:

a) Product and Services from which reportable segment derive their revenues (Primary Business Segments)
Based on the nature and class of product and services , their customers and assessment of differential risks and returns and financial reporting results reviewed by Chief Operating Decision Maker (CODM) , the Group 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.

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March 31, 2024 68,088.3 - 425.5 152.1 68,665.9 7,523.1 (1,192.4) (1,563.7) 1.5 (1,268.6) 3,499.9 65,745.8 9,887.0 75,632.8 7,325.6 4,480.9 12,590.4 41.5 8,017.7 32,456.1 5,773.5 3,649.8
Total - -
March 31, 2025 69,870.8 410.7 190.8 70,472.3 7,969.5 (1,922.2) (1,301.8) (1,038.2) 3,707.3 60,588.0 11,019.2 71,607.2 5,216.3 4,423.2 10,703.2 44.0 5,010.6 25,397.3 1,912.3 3,662.0
March 31, 2024 - (14,914.9) - - (14,914.9) - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - -
Elimination March 31, 2025 (16,010.1) (16,010.1)
March 31, 2024 - - 425.5 32.1 457.6 - (1,192.4) (1,563.7) 1.5 (1,268.6) - - 9,887.0 9,887.0 - 4,480.9 12,590.4 41.5 8,017.7 25,130.5 135.0 208.8
Unallocable March 31, 2025 - - 410.7 79.3 490.0 - (1,922.2) (1,301.8) - (1,038.2) - - 11,019.2 11,019.2 - 4,423.2 10,703.2 44.0 5,010.6 20,181.0 383.4 230.7
March 31, 2024 11,429.4 29.8 - 15.1 11,474.3 2,842.6 - - - - - 6,394.6 - 6,394.6 1,072.3 - - - - 1,072.3 341.0 194.8
Paper and chemicals March 31, 2025 10,070.0 9.5 - 25.6 10,105.1 2,608.6 - - - - - 6,304.2 - 6,304.2 858.0 - - - - 858.0 186.5 210.8
March 31, 2024 12,969.9 6.1 - 17.3 12,993.3 2,238.6 - - - - - 7,748.5 - 7,748.5 1,002.5 - - - - 1,002.5 500.5 820.7
Bedsheets March 31, 2025 13,378.1 0.2 - 15.3 13,393.6 1,981.6 - - - - - 6,926.1 - 6,926.1 703.3 - - - - 703.3 177.7 871.5
March 31, 2024 25,738.6 208.7 - 28.8 25,976.1 1,523.9 - - - - - 18,440.3 - 18,440.3 2,544.1 - - - - 2,544.1 1,198.8 873.5
Towel - - - - - - - - - - -
March 31, 2025 26,209.4 91.3 34.6 26,335.3 1,591.2 17,664.6 17,664.6 1,844.1 1,844.1 606.3 549.5
March 31, 2024 17,950.4 14,670.4 - 58.8 32,679.6 918.0 - - - - - 33,162.4 - 33,162.4 2,706.7 - - - - 2,706.7 3,598.2 1,552.0
Yarn March 31, 2025 20,213.3 15,909.1 - 36.0 36,158.4 1,788.1 - - - - - 29,693.1 - 29,693.1 1,810.9 - - - - 1,810.9 558.4 1,799.5
External sales Inter segment Sales Interest income Other income
Detail of Primary Business Segments and its reconciliation with Financial Statements: Segment revenue - - - - Total revenue Segment results Unallocated corporate expenses (net of unallocated Income) Finance costs Exceptional income (Refer Note 56) 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 amortisation expense
Notes to the Consolidated Ind AS Financial Statements as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated) NOTE 39- SEGMENT INFORMATION (Contd..) II Particulars 1 2 3 4 a b 5
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306 Trident Limited

307

Integrated Annual Report 2024-25

Financial Statements

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March 31, 2024 5.1 49.2 12.4 61.8 (10.4)
Total
March 31, 2025 4.3 78.8 0.3 38.8 15.6
March 31, 2024 - - - - -
- - - - -
Elimination March 31, 2025
March 31, 2024 - - 12.4 - (23.4)
- - 0.3 0.4
Unallocable March 31, 2025 (13.5)
March 31, 2024 (0.3) - - - 2.4
2025 0.0 - - - 5.8
Paper and chemicals March 31,
March 31, 2024 2.2 - - (2.0) 4.6
Bedsheets March 31, 2025 4.3 22.5 - (0.0) 2.4
March 31, 2024 - 47.0 - 61.8 (0.2)
Towel - -
March 31, 2025 62.3 37.7 26.3
March 31, 2024 3.2 2.2 - 2.0 6.2
Yarn March 31, 2025 - (6.0) - 0.7 (5.4)
Foreign exchange loss/ (gain) on derivative financial instruments carried at Fair value through profit and loss Foreign exchange loss on derivative financial instruments carried at Fair value through other comprehensive income Net loss on financial assets measured at Fair value through profit and loss Expected credit loss allowance on trade receivables and advances to vendors Liabilities/ sundry credit balances no longer required (written back)/irrecoverable balances writen off (net)
Material non cash items other than depreciation and amortisation expense: - - - - -
Particulars
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 39 - SEGMENT INFORMATION (Contd..)

III Details of secondary segment – geographical:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Revenue from external customer in:
India 32,808.5 26,115.2
USA 13,053.1 26,747.1
Rest of the world 24,009.2 15,226.0
Total Sales 69,870.8 68,088.3
Non-current assets located in:
India 46,185.5 47,790.4
USA 313.2 341.4
Rest of the world 6.0 2.5
Total non-current assets 46,504.7 48,134.3
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Excludes investments amounting to Rs. 3.5 million (Previous year Rs. 489.1 million).

NOTE 40 - LEASES

The Group 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 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 Office premises and guest houses Factory premises (including plant and equipment) 563.3 79.3 - 51.5 4.6 - (32.2) - (81.4) (13.8) 454.3 117.0 9.3 - (7.4) - 6.2 - (77.6) (17.8)	Right-of-use assets Office premises and guest houses Factory premises (including plant and equipment) 563.3 79.3 - 51.5 4.6 - (32.2) - (81.4) (13.8) 454.3 117.0 9.3 - (7.4) - 6.2 - (77.6) (17.8)
	Land	Office premises and guest houses	Factory premises (including plant and equipment)	Total
As at April 01, 2023	315.1	563.3	79.3	957.7
Additions*	-	-	51.5	51.5
Foreign currency translation reserve	-	4.6	-	4.6
Right-of-use assets transferred on account of sale of subsidiary	-	(32.2)	-	(32.2)
Depreciation expense	(9.0)	(81.4)	(13.8)	(104.2)
As at March 31, 2024	306.1	454.3	117.0	877.4
Additions	-	9.3	-	9.3
Lease modifications/adjustments	-	(7.4)	-	(7.4)
Foreign currency translation reserve	-	6.2	-	6.2
Depreciation expense	(9.0)	(77.6)	(17.8)	(104.4)
As at March 31, 2025	297.1	384.8	99.2	781.1

after adjusting Rs 17.7 million amount refunded against right of use assets.

Trident Limited

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Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 40 - LEASES (Contd..)

Set out below are the carrying amounts of lease liabilities and the movements during the year:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Opening balance 650.6 680.8
Additions 7.8 69.1
Lease liabilities transferred on account of sale of subsidiary - (35.8)
Lease modifications/adjustments (6.5) -
Foreign currency translation reserve 6.8 4.8
Accretion of interest 35.2 42.0
Payments (99.4) (110.3)
Closing balance 594.5 650.6
Current lease liabilities 73.9 70.8
Non-current lease liabilities 520.6 579.8
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*includes payable to related parties of Rs. 217.8 million (Previous year Rs. 229.8 million) (refer note 38).

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:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Depreciation expense of right of use assets 104.4 104.2
Interest expense on lease liabilities 35.2 42.0
Expense relating to short-term leases (included in other expenses) 48.0 28.7
Total amount recognised in the Statement of Profit and Loss 187.6 174.9
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For maturity analysis of lease liability, refer note 44 Financial risk management framework and policies under maturities of financial liabilities.

The Group had total cash outflows for leases of Rs.147.4 million (previous year: Rs. 139 million). There are no future cash outflows

relating to leases that have not yet commenced.

There are no leases having variable lease payments. The Group 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 Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.

NOTE 41- I. DETAILS OF LONG-TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT MARCH 31, 2025

AS AT MARCH 31, 2025
Particulars	Long term borrowings (refer note 16)	Current maturities of long-term borrowings (refer note 17)	Total long-term borrowings
Term loans from banks (for details Refer (A) below)	9,631.8	1,075.4	10,707.2
Less: Unamortised borrowingcosts	(2.6)	(1.4)	(4.0)
Carrying value of term loans from banks	9,629.2	1,074.0	10,703.2

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 41 - I. DETAILS OF LONG-TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT MARCH 31, 2025 (Contd..)

A. Term loans from banks:”

Amount of loan
Sr. outstanding Repayment details of loan outstanding as at March 31, 2025
No. as at March 31, 2025
1 325.1 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. 14.7 million would be paid as last installment as per revised repayment schedule.
2 194.3 3 quarterly installments of Rs. 6.7 millions each, 1 quaterly installment of Rs. 14.0 million, 4 quarterly installments of Rs. 15.0 millions each, 4 quarterly installments of Rs. 16.8 millions each, 1 quarterly installment of Rs. 20.7 million and balance of Rs. 12.6 million would be paid as last installment as per revised repayment schedule.
3 599.9 1 quarterly installment of Rs. 15.5 million, 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.
4 308.7 3 quarterly installments of Rs. 10.2 millions each, 1 quaterly installment of Rs. 20.3 million, 4 quarterly installments of Rs. 22.5 millions each, 4 quarterly installments of Rs. 25.3 millions each, 2 quarterly installments of Rs. 30.9 millions each and balance of Rs. 4.8 million would be paid as last installment as per revised repayment schedule.
5 596.7 1 quaterly installment of Rs. 12.0 million, 4 quarterly installements of Rs. 14.0 millions each, 3 quarterly installements of Rs. 16.0 millions each, 1 quaterly installment of Rs. 32.0 million, 4 quarterly installements of Rs. 35.5 millions each, 4 quarterly installements of Rs. 40.0 millions each, 2 quarterly installements of Rs. 49.0 millions each, balance of Rs. 48.9 million would be paid as last installment as per revised repayment schedule.
6 3,362.1 4 quarterly installment of Rs.70.9 million each, 4 quarterly installment of Rs. 80.9 million each, 4 quarterly installment of Rs. 101.1 million each, 4 quarterly installment of Rs. 162.0 million each, 4 quarterly installment of Rs. 166.9 million, 3 quarterly installment of Rs. 177.2 million each, 1 quarterly installment of Rs. 146.8 million, 1 quarterly installment of Rs. 244.1 million and balance of Rs. 117.3 millions would be paid as last installment as per revised repayment schedule.
7 1,710.5 4 quarterly installment of Rs. 43.4 million each, 4 quarterly installment of Rs. 49.6 million each, 4 quarterly installment of Rs. 61.5 million each, 2 quarterly installment of Rs. 99.3 million each, 1 quarterly installment of Rs. 78.6 million, 1 quarterly installment of Rs. 58.9 million, 4 quarterly installment of Rs. 60.8 million each, 4 quarterly installment of Rs. 64.4 million each, 1 quarterly installment of Rs. 139.2 million and balance of Rs. 116.3 millions would be paid as last installment as per revised repayment schedule.
8 1,165.3 31 quarterly installements of Rs. 37.6 millions each. 9 2,444.6 4 quarterly installment of Rs. 51.8 million each, 4 quarterly installment of Rs. 68.9 million each, 4 quarterly installment of Rs. 86.3 million each, 4 quarterly installment of Rs. 93.0 million each, 4 quarterly installment of Rs. 103.6 million each, 4 quarterly installment of Rs. 113.8 million each, 1 quarterly installment of Rs. 120.1 million, 1 quarterly installment of Rs. 91.7 million, 1 quarterly installment of Rs. 85.6 million, and balance of Rs. 81.9 millions would be paid as last installment as per revised repayment schedule.
10,707.2

During the previous year, the Parent Company has fully prepaid the Non-Convertible Debentures on March 29, 2024 along with interest applicable.

Trident Limited

310

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Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 41 - II. DETAILS OF LONG-TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT MARCH 31, 2024

TURITIES) AS AT MARCH 31, 2024
	Long term borrowings (refer note 16)	Current maturities of long-term borrowings (refer note 17)	Total long-term borrowings
Term loans from banks (for details Refer (A) below)	11,736.9	857.6	12,594.5
Less: Unamortised borrowingcosts	(2.7)	(1.4)	(4.1)
Carrying value of term loans from banks and non convertible debentures	11,734.2	856.2	12,590.4

A. Term loans from banks:

	Amount
Sr. No.	of loan outstanding as at March	Repayment details of loan outstanding as at March 31, 2024
	31, 2024

1 361.6 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.
2 222.7 1 quarterly installment of Rs. 5.4 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.
3 659.5 1 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.
4 344.3 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.
5 644.7 5 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 3,588.5 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from June 2024 onwards in 4 quarterly installment of Rs. 53.8 million each, 4 quarterly installment of Rs. 62.8 million each, 4 quarterly installment of Rs. 71.8 million each, 4 quarterly installment of Rs. 89.7 million each, 4 quarterly installment of Rs. 143.5 million each, 8 quarterly installment of Rs. 152.5 million each and 2 quarterly installment of Rs 341.0 million each as per repayment schedule.
7 1,853.8 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from June 2024 onwards in 4 quarterly installment of Rs. 27.8 million each, 4 quarterly installment of Rs. 32.5 million each, 4 quarterly installment of Rs. 37.1 million each, 4 quarterly installment of Rs. 46.4 million each, 4 quarterly installment of Rs. 74.2 million each, 4 quarterly installment of Rs. 76.5 million each, 4 quarterly installment of Rs. 81.1 million each and 2 quarterly installment of Rs 175.7 million each as per repayment schedule.
8 1,276.4 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from June 2024 onwards in 8 quarterly installment of Rs. 25.5 million each, 8 quarterly installment of Rs. 38.3 million each, 8 quarterly installment of Rs. 44.7 million each, 4 quarterly installment of Rs. 47.9 million each and 2 quarterly installment of Rs 108.4 million each as per repayment schedule.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 41 - II. DETAILS OF LONG-TERM BORROWINGS (INCLUDING CURRENT MATURITIES) AS AT MARCH 31, 2024 (Contd..)

Amount of loan Sr. outstanding Repayment details of loan outstanding as at March 31, 2024 No. as at March 31, 2024

9 990.8 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from December 2024 onwards in 3 quarterly installment of Rs. 13.2 million each, 12 quarterly installment of Rs. 9.9 million each, 8 quarterly installment of Rs. 27.2 million each, 4 quarterly installment of Rs. 49.5 million each, 4 quarterly installment of Rs. 52.0 million each and 2 quarterly installment of Rs 104.4 million each as per repayment schedule.
10 2,652.2 Partial loans have been disbursed against the total loan sanctioned from multiple banks and repayment of these loans would be made from December 2024 onwards in 2 quarterly installment of Rs. 99.5 million each, 4 quarterly installment of Rs. 49.8 million each, 4 quarterly installment of Rs. 66.4 million each, 4 quarterly installment of Rs. 83.0 million each, 4 quarterly installment of Rs. 89.6 million each, 4 quarterly installment of Rs. 99.7 million each, 4 quarterly installment of Rs. 109.5 million each and 4 quarterly installment of Rs 115.3 million each as per repayment schedule.

12,594.5

During the previous year, the Parent Company has fully prepaid the Non-Convertible Debentures on March 29, 2024 along with interest applicable.

NOTE 42 - EMPLOYEES’ STOCK OPTION PLANS

The Board of Directors and the Shareholders of the Parent Company had 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 Trident Limited 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 Parent 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 Parent 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 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:

Particulars	Details
ESOPgrant date	November 12, 2022
Exercise period under the ESOS	Exercisable within 4 years from date of respective vesting
Exerciseprice	Rs. 16.50
VESTING PERIOD UNDER ESOS
End of first year	10%
End of second year	20%
End of third year	30%
End of fourth year	40%

312 Trident Limited

313

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 42 - EMPLOYEES’ STOCK OPTION PLANS (Contd..)

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Particulars Details
Fair value of grant date
End of first year 24.4
End of second year 25.0
End of third year 25.7
End of fourth year 26.2
March 31, 2025 March 31, 2024
Particulars
Number Number
Outstanding at April 1 10,74,150 15,98,500
Exercised during the year 1,58,700 1,32,800
Options lapsed due to resignation/non acceptance during the year 3,66,450 3,91,550
Outstanding at March 31 5,49,000 10,74,150
Exercisable at March 31 5,49,000 10,74,150
Share-based payment expense (Rs. in million) 3.8 8.8
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Note: No new shares has been granted during the current year and previous year.

Based on various judicial prouncements and opinion obtained by the Parent Company from experts, the Parent Company has taken allowance of share based payment expense while computing income tax provision for the current year.

NOTE 43 (A) - CURRENT TAX AND DEFERRED TAX

(i) Income tax expense recognised in the Statement of Profit and Loss

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
(A) Current tax:
- in respect of current year 1,321.3 1,189.4
- in respect of earlier years 46.8 (10.0)
Total (A) 1,368.1 1,179.4
(B) Deferred tax:
- in respect of current year (276.1) 78.7
- in respect of earlier years (53.8) 10.5
Total (B) (329.9) 89.2
Total income tax expense (A+B) 1,038.2 1,268.6
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 43 (A) - CURRENT TAX AND DEFERRED TAX (Contd..)

(ii) Income tax recognised in other comprehensive income

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Current tax relating to items recognised in other comprehensive income during the
year on:
- Remeasurement loss/(gain) of defined benefit obligations (2.5) 75.6
Total current tax credit/(charge) recognised in other comprehensive income (2.5) 75.6
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 19.0 11.5
vreserve
Total deferred tax credit recognised in other comprehensive income 19.0 11.5
Total tax credit/(charge) recognised in other comprehensive income 16.5 87.1
Classification of income tax recognised in other comprehensive income
- Income taxes related to items that will not be reclassified to profit or loss (2.5) 75.6
- Income taxes related to items that will be reclassified to profit or loss 19.0 11.5
Total 16.5 87.1
(iii) Reconciliation of income tax expense and the accounting profit multiplied by Company’s domestic
tax rate:
For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
Profit before tax as per the Statement of Profit and Loss 4,745.5 4,768.5
Loss of subsidiaries - 3.7
4,745.5 4,772.2
Income tax expense calculated at 25.168% 1,182.0 1,216.3
Income tax calculated at 21% - -
Income tax calculated at 23.73% 19.3 (14.4)
Add: Income tax impact on disallowances of items of permanent nature 225.0 17.0
Add: Income tax for earlier years recognised in the Statement of Profit and Loss (7.0) 0.5
Add: Impact of income tax on items on which income tax is payable at lower rates being 10.5 (9.5)
capital gains
Add: Income tax impact on elimination of gain on sale of subsidiary on which tax levied - 90.4
in the standalone financial statements
Add: Impact of income tax on dividend income received by Trident Employee Welfare - 8.7
Trust
Less: Lower tax due to brought forward losses in subsidiaries - 5.1
Add: Impact of income tax on dividend income received by Trident Employee Welfare (391.6) -
Trust
Less: Income tax impact on change of indexed cost of acquisition on fair valuation gain - (45.5)
of land
Income tax as per (i) above 1,038.2 1,268.6
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(iii) Reconciliation of income tax expense and the accounting profit multiplied by Company’s domestic tax rate:

314 Trident Limited

Integrated Annual Report 2024-25 315

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 43 (B) - MOVEMENT IN DEFERRED TAX BALANCES

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Deferred tax
Recognised Recognised
As at transferred on As at
in Statement in other
Particulars March 31, account of sale March 31,
of Profit and comprehensive
2024 of subsidiary 2025
Loss income
(Refer note 56)
Tax effect of items constituting deferred tax
liabilities
Property, plant and equipment and intangible 3,215.5 (236.1) - - 2,979.4
assets
Financial assets at fair value through Statement - - - - -
of Profit and Loss
Statement of Profit and Loss
Right-of-use assets 35.3 (14.1) - - 21.2
Income considered in the books of accounts
but not in income tax:
Provision for employee benefits - gratuity - (2.5) 2.5 - -
Income not accrued in the books of subsidiaries - - - - -
Others - cash flow hedge and foreign exchange 7.3 - (19.0) - (11.7)
translation reserve
3,258.1 (252.7) (16.5) - 2,988.9
Tax effect of items constituting deferred tax
assets
Provision for employee benefits - bonus and 75.0 (2.5) - - 72.5
leave benefits
Financial assets at fair value through Statement 3.1 (3.1) - - -
of Profit and Loss
Unrealised profit on share of subsidiary of the 3.4 0.8 - - 4.2
Group
Lease liability 50.5 (4.3) - - 46.2
Expected credit loss allowance 17.9 53.2 - - 71.1
Others 11.9 30.9 - - 42.8
161.8 75.0 - - 236.8
Net deferred tax liabilities 3,096.3 (327.8) (16.5) - 2,752.1
Deferred tax
Recognised Recognised
As at transferred on As at
in Statement in other
Particulars March 31, account of sale March 31,
of Profit and comprehensive
2023 of subsidiary 2024
Loss income
(Refer note 56)
Tax effect of items constituting deferred tax
liabilities
Property, plant and equipment and intangible 3,006.8 208.5 - 0.2 3,215.5
assets
Financial assets at fair value through Statement 0.4 (0.4) - - -
of Profit and Loss
Statement of Profit and Loss
Right-of-use assets 58.5 (13.9) - (9.3) 35.3
Income considered in the books of accounts
but not in income tax:
Provision for employee benefits - gratuity 27.1 (27.7) - 0.6 -
Income not accrued in the books of subsidiaries 18.0 (18.0) - - -
Others - cash flow hedge and foreign exchange 18.8 - (11.5) - 7.3
translation reserve
3,129.6 148.5 (11.5) (8.5) 3,258.1
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 43 (B) - MOVEMENT IN DEFERRED TAX BALANCES (Contd..)

Particulars	As at March 31, 2023	Recognised in Statement of Profit and Loss	Recognised in other comprehensive income	Deferred tax transferred on account of sale of subsidiary (Refer note 56)	As at March 31, 2024
Tax effect of items constituting deferred tax assets
Provision for employee benefits - bonus and leave benefits	31.5	44.4	-	(0.9)	75.0
Financial assets at fair value through Statement of Profit and Loss	-	3.1	-	-	3.1
Unrealised profit on share of subsidiary of the Group	4.1	(0.7)	-	-	3.4
Lease liability	68.8	(8.5)	-	(9.8)	50.5
Expected credit loss allowance	2.2	15.6	-	0.1	17.9
Others	7.5	5.4	-	(1.0)	11.9
	114.1	59.3	-	(11.6)	161.8
Net deferred tax liabilities	3,015.6	89.2	(11.5)	3.1	3,096.3

NOTE 44 - 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 maximise 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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Particulars 31-Mar-25 31-Mar-24
Borrowings other than convertible preference shares (Note 16) 9,629.1 11,734.2
Less: cash and cash equivalents (Note 10) (838.0) (264.0)
Net debt 8,791.1 11,470.2
Convertible preference shares (Note 15) - -
Equity 46,209.9 43,176.7
Total capital 46,209.9 43,091.0
Capital and net debt 55,001.0 54,561.2
Gearing ratio 16.0% 21.1%
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No changes were made in the objectives, policies or processes for managing capital during the years ended March 31,2025 and March 31,2024.

Trident Limited

316

317

Integrated Annual Report 2024-25

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

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:

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Carrying Value Fair Value
Particulars As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Financial assets
Measured at fair value through profit or loss
Investments (refer note 4) 3.5 489.1 3.5 489.1
Derivative financial instruments (refer note 12) 4.3 - 4.3 -
Measured at amortised cost
Security deposits (refer note 5) 741.4 586.1 741.4 586.1
Interest accrued on deposits (refer note 5) - 0.4 - 0.4
Measured at fair value through other comprehensive
income
Derivative financial instruments (refer note 12) 33.5 40.6 33.5 40.6
Financial liabilities
Measured at amortised cost
Borrowings (Including current maturities) (refer note 16 10,703.1 12,590.4 10,703.1 12,590.4
and 17)
Measured at fair value through other comprehensive
income
Derivative financial instrument (refer note 19) 88.1 16.4 88.1 16.4
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Investment in note 4 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.

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.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

A. Fair value hierarchy as at March 31,2025

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As at March
Particulars Level 1 Level 2 Level 3 Valuation technique(s) and key input(s)
31, 2025
Financial assets
– Investments in private 2.3 - 2.3 - NAV published in annual report of
equity fund (refer note 4) private equity fund.
– Investments in 1.2 - - 1.2
unquoted equity
instruments * (refer
note 4)
– Derivatives instruments 33.5 - 33.5 - Fair value of forward contracts is
at fair value through determined using forward exchange
other comprehensive rates prevailing with authorised
income dealers dealing in foreign exchange
Financial liabilities
– Derivatives instruments 88.1 - 88.1 - Fair value of forward contracts is
at fair value through determined using forward exchange
other comprehensive rates prevailing with authorised
income dealers dealing in foreign exchange
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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 March 31,2024

Particulars	As at March 31, 2024	Level 1	Level 2	Level 3	Valuation technique(s) and key input(s)
Financial assets
– Investments in private equity fund (refer note 4)	487.9	-	487.9	-	NAV published in annual report of private equity fund.
– Investments in unquoted equity instruments * (refer note 4)	1.2	-	-	1.2
– Derivatives instruments at fair value through other comprehensive income	40.6	-	40.6	-	Fair value of forward contracts is determined using forward exchange rates prevailing with authorised dealers dealingin foreign exchange
Financial liabilities
– Derivatives instruments at fair value through other comprehensive income	16.4	-	16.4	-	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.

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.

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.

Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

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.

318 Trident Limited

Integrated Annual Report 2024-25 319

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

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. 2,976.6 million and Rs. 4,119.1 million as of March 31, 2025 and March 31, 2024, 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.

The following table gives details in respect of percentage of revenues generated from top one customer and top five customers (excluding incentives):

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As at As at
Particulars
March 31, 2025 March 31, 2024
Revenue from top customer (%) 17.9% 18.3%
Revenue from top five customers (%) 36.9% 38.4%
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Revenue from top customer amounting to Rs.12,536.0 million (Previous year Rs. 11,759.7 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

For Trade receivables ageing refer note 55

The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2025 was Rs. 45.6 million (Previous year Rs. 62.6 million).

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As at As at
Particulars
March 31, 2025 March 31, 2024
Balance at the beginning 62.6 13.0
Expected credit loss recognised - 49.6
Reversed during the year - -
Written back during the year 17.0 -
Balance at the end 45.6 62.6
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In case of its other current assets i.e. advances to vendors, the Parent company had computed the expected loss allowance based on its credit risk The allowance for lifetime expected credit loss on other current asset is is Rs. 0.4 Millions(Previous year Rs. 12.2 Million). The following is the movement in the expected credit loss allowance.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

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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 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.

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Total
Carrying
Less than 3 years to 5 years undiscounted
Particulars 1-3 years amount of
1 year 5 years and above contractual
liabilities
cash flows
March 31, 2025
Non-interest bearing
- Trade payable 3,376.7 - - - 3,376.7 3,376.7
- Interest accrued but not due on 44.0 - - - 44.0 44.0
borrowings
- Payables to employees 622.4 - - - 622.4 622.4
- Payables on purchase of property, 325.0 - - - 325.0 325.0
plant and equipment
- Unclaimed dividend 131.1 - - - 131.1 131.1
- Other liabilities 62.3 - - - 62.3 62.3
Fixed-interest bearing -
- Security deposits 126.4 - - - 126.4 126.4
- Non convertible debentures - - - - - -
Variable interest rate instruments
- Borrowings from banks and other 1,074.0 3,132.9 3,705.2 2,791.0 10,703.1 15,713.8
financial institution
- Lease liabilities 105.5 172.1 170.0 374.8 822.5 594.5
Total 16,213.4 47,555.7 3,779.0 40,375.5 15,943.6 20,763.9
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320 Trident Limited

Integrated Annual Report 2024-25 321

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - 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, 2024
Non-interest bearing
- Tradepayable	4,765.6	-	-	-	4,765.6	4,765.6
- Interest accrued but not due on borrowings	41.5	-	-	-	41.5	41.5
- Payables to employees	686.5	-	-	-	686.5	686.5
- Payables on purchase of property, plant and equipment	670.7	-	-	-	670.7	670.7
- Unclaimed dividend	140.5	-	-	-	140.5	140.5
- Other liabilities	66.7	-	-	-	66.7	66.7
Fixed-interest bearing
- Security deposits	88.6	-	-	-	88.6	88.6
- Non-convertible debentures	-	-	-	-	-	-
- Borrowings from banks and other financial institution	8,875.3	2,326.7	3,704.5	5,705.7	20,612.2	20,608.1
- Lease liabilities	104.0	178.9	166.6	498.1	947.6	650.6
Total	28,019.9	68,319.2	65,813.6	49,022.3	28,019.9	27,718.8

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

Financing arrangements

The Group had access to following borrowing facilities at the end of the reporting period:

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As at As at
Particulars
March 31, 2025 March 31, 2024
Cash credit/export packing credit/working capital loans from banks
- Utilised 4,936.3 7,830.2
- Non-utilised 13,063.7 10,169.8
Secured bill acceptance facility
- Utilised 74.2 187.5
- Non-utilised 1,925.8 1,812.5
20,000.0 20,000.0
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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.

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, 2025
Foreign exchange forward contracts (at forward rate) (highly probable forecast sales)
– USD	12,550.7	-	-	-
Total	12,550.7	-	-	-
March 31, 2025
Foreign exchange forward contracts (at forward rate) hedging against purchase
– EUR	150.1	-	-	-
Total	150.1	-	-	-
Derivative financial instruments
March 31, 2024
Foreign exchange forward contracts (at forward rate) (highly probable forecast sales)
– USD	15,021.6	-	-	-
Total	15,021.6	-	-	-

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 when transactions are denominated in a different currency from the Group’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.

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.

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Amount in Million
Particulars Currency March 31, 2025 March 31, 2024
Trade receivables USD 27.8 32.1
GBP - 0.4
EUR 0.3 0.0
HKD 0.0 -
CHF 0.0 -
JPY 42.7 0.0
Trade payables and payables on purchase of property, plant and USD 0.2 6.8
equipment and intangible assets EUR 0.4 0.5
CHF 0.0 0.0
GBP 0.2 -
JPY 0.4 0.0
Investment USD - 6.0
Other current financial Asset AED - 2.2
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*Represents HKD- 2182 and CHF 27937

**Represents GBP 223675 and CHF 26228 ( Previous year GBP 23215 and CHF 9278).

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44- FINANCIAL INSTRUMENTS (Contd..)

Of the above foreign currency exposures, the following exposures are not hedged by a derivative.

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Amount in Million
Particulars Currency March 31, 2025 March 31, 2024
Trade receivables and advances GBP - 0.4
EUR 0.3 0.0
JPY 42.7 0.0
CHF 0.0 0.0
HKD 0.0 0.0
Trade payables and payables on purchase of property, plant and USD 0.2 6.8
equipment and intangible assets EUR 0.4 0.5
CHF 0.0 0.0
JPY 0.4 0.0
GBP 0.2 0.0
Investment USD - 6.0
Other current financial Asset AED - 2.2
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*Represents HKD- 2182 and CHF 27937

**Represents GBP 223675 and CHF 26228 ( Previous year GBP 23215 and CHF 9278).

For the year ended March 31, 2025, every 1% depreciation/appreciation in the exchange rate against USD, might have affected the Group’s incremental margins (profit as a percentage to revenue) approximately by 0.46%. The Group’s exposure to foreign currency changes for all other currencies is not material.

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 as at March 31, 2025 is Rs.15713.6 million (previous year Rs. 20608. 2 million) which are interest bearing and interest rates are variable.

Interest rate sensitivity

For the year ended March 31, 2025, every 1% age increase/decrease in weighted average bank interest rate might have affected the Group’s incremental margins (profit as a percentage to revenue) approximately by 0.26% (previous year 0.25%).

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.

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

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. 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, 2025	March 31, 2024
	Assets Liabilities	Assets Liabilities
Fair value of foreign currency forward exchange and range forward option contract designated as hedginginstruments	33.5 88.1	40.6 16.4

The cash flow hedges of the forecasted sale transactions during the year ended March 31,2025 were assessed to be highly effective and unrealised loss of Rs. 78.8 million (previous year of Rs. 49.2 million) with a deferred tax charge of Rs. 17.6 million (previous year Rs. 12.4 million) relating to the hedging instruments, is included in OCI.

The following table includes the maturity profile of the hedged foreign exchange forward contracts:

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Maturity
Particulars Less than 1 to 3 3 to 6 6 to 9 9 to 12
Total
1 month months months months months
As at March 31, 2025
Foreign exchange forward contracts
(highly probable forecast sales)
Notional amount (in USD) 19.8 39.9 52.7 33.8 - 146.2
Average forward rate (USD/INR) 85.34 85.56 85.86 86.39 -
Notional amount (in EUR) 0.1 - 1.6 - - 1.7
Average option contract rate (EUR/INR) 94.0 - 89.3 - - -
As at March 31, 2024
Foreign exchange forward contracts
(highly probable forecast sales)
Notional amount (in USD) 18.3 36.3 52.3 44.3 27.5 178.7
Average forward rate (USD/INR) 83.6 83.9 84.1 84.3 84.3 -
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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 Group.

324 Trident Limited

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

The impact of the hedging instruments on the balance sheet is as follows:

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Line item in the
Notional Amount Carrying Amount
Particulars statement of financial
(USD) (Rs.)
position
As at March 31, 2025
Foreign exchange forward and option contracts (in USD) of 25.64
exports Other current
33.5
Foreign exchange forward and option contracts (in EUR) of 1.59 financial assets
Purchases
Foreign exchange forward contracts (in USD) of exports 120.59 Other current
88.1
Foreign exchange forward contracts (in USD) of exports 0.08 financial liabilities
As at March 31, 2024
Foreign exchange forward and option contracts (in USD) of 106.0 40.6 Other current
exports financial assets
Foreign exchange forward contracts (in USD) of exports 72.7 16.4 Other current
financial liabilities
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The impact of hedged items on the Statement of Financial Position is, as follows:

Particulars	As at March 31, 2025	As at March 31, 2024
	Change in fair value used for measuring ineffectiveness Cash flow hedge reserve	Change in fair value used for measuring ineffectiveness Cash flow hedge reserve
Highlyprobable forecast sales	(78.8) (78.8)	(49.2) (49.2)

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, 2025
Highly probable forecast sales	(76.5)	-	-	2.3	Revenue from contract with customers
March 31, 2024
Highly probable forecast sales	(40.3)	-	-	8.9	Revenue from contract with customers

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 44 - FINANCIAL INSTRUMENTS (Contd..)

Impact of hedging on equity

Set out below is the reconciliation of each component of equity and the analysis of other comprehensive income:

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Gain/(loss) in
Particulars cash flow hedge
reserve
As at March 31, 2025 (78.8)
Tax (charge)/credit 19.8
Effective portion of changes in fair value arising from Foreign exchange forward contracts (76.5)
Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts 2.3
Gain/(loss) in
Particulars cash flow hedge
reserve
As at March 31, 2024 (49.2)
Tax (charge)/credit 12.4
Effective portion of changes in fair value arising from Foreign exchange forward contracts (40.3)
Amount reclassified to profit or loss on cancellation of foreign exchange forward contracts 8.9
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Valuation Technique

The Parent company enters into derivative financial instruments with various counterparties, principally banks and financial institutions 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:

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S. Amount
Details of derivatives Currency Purpose
No. (in Million)
Forward and option contracts
As at March 31, 2025
1 Sale USD 146.2 Hedging against future contracts/trade
receivables
2 Purchase EUR 1.7 Hedging against project imports
S. Amount
Details of derivatives Currency Purpose
No. (in Million)
As at March 31, 2024
1 Sale USD 178.7 Hedging against future contracts/trade
receivables
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NOTE 45 - The Group did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

NOTE 46 - DISTRIBUTION MADE AND PROPOSED

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*Interim dividend declared and distributed is before adjusting dividend of Rs 22.9 million related to equity shares held by Trident Limited Employee Welfare Trust.

**Interim dividend declared and distributed is before adjusting dividend of Rs 23.0 million related to equity shares held by Trident Limited Employee Welfare Trust.

326 Trident Limited

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 47 - EXPENDITURE ON CORPORATE SOCIAL RESPONSIBILITY (CSR)

As per Section 135 of the Companies Act, 2013 and rules therein, the Parent 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:

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For the year For the year
Particulars ended ended
March 31, 2025 March 31, 2024
(a) Amount required to be spent on CSR as per Section 135 of the Companies Act, 2013 ('the 141.7 136.6
Act')
(b) Amount approved by the board to be spent during the year 141.7 136.6
(c) Amount spent
(i) Construction/acquisition of any asset - -
(ii) On purpose other than (i) above 48.1 23.6
(d) Detail of related party transactions out of (c) above:
- Trident Foundation [#] - 1.1
- Contribution to Trident Institute of Social Sciences (TISS) [ ##] 34.3 12.3
(e) Shortfall at the end of the year [#] (b - c) 93.6 113.0
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represents contribution for the purpose of promoting education, skill development and rural development.

represents contribution for the purpose of promoting healthcare.

**Reason for shortfall: Amount remaning unspent pertains to “Ongoing /Multiyear Projects” approved by CSR committee which will be spent in coming years. Subsquent to year end, the amount has been transferred to Unspent CSR account on April 29, 2025, pursuant to Section 135 of Companies Act 2013 read with the rules made thereunder.

A There are no other than ongoing projects under Section 135(6) of the Act during the current year & previous year.

B Details of CSR expenditure under Section 135(5) of the Act in respect of ongoing projects

Balance as on	March 31, 2024	Amount required to be spent during the year	Amount spent during the year	Amount spent during the year	Balance as on March 31, 2025	Balance as on March 31, 2025
With Company	In Separate CSR Unspent A/c		From Company's bank A/c	From Separate CSR Unspent A/c	From Company's bank A/c	In Separate CSR Unspent A/c**
-	113.0	-	-	12.6	-	100.4
-	-	141.7	48.1	-	-	93.6

Balance as on	March 31, 2023	Amount required to be spent during the year	Amount spent From Company's bank A/c	during the year	Balance as on	March 31, 2024
With Company	In Separate CSR Unspent A/c			From Separate CSR Unspent A/c	With Company	In Separate CSR Unspent A/c
-	-	136.6	23.6	-	-	113.0

Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 48 - LIST OF SUBSIDIARIES AND ASSOCIATE WITH OWNERSHIP % AND PLACE OF BUSINESS:

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Proportion of Proportion of Method used to
Principal place of
Name of the investees ownership as at ownership as at account for the
business
March 31, 2025 March 31, 2024 investment
Subsidiaries
Trident Group Enterprises PTE Ltd Singapore 100% 0% At cost
Trident Europe Limited ** United Kingdom 100% 100% At cost
Trident Home Textiles Limited India 100% 100% At cost
Trident Innovations Limited *** India 0% 100% At cost
Trident Home Décor Limited *** India 0% 100% At cost
Trident Global B.V.# Netherlands 0% 100% At cost
THTL Trading LLC Dubai 100% 0% At cost
Trident Global Inc. USA 100% 73.50% At cost
----- End of picture text -----**

*During the current year, the Parent Company has sold entire shareholding held by the Parent Company in Trident Global Inc. (USA), and Trident Europe Limited (UK), the overseas subsidiaries, to Trident Group Enterprises Pte. Ltd., Singapore (TGEPL). Trident Home Textiles Limited also sold 24.5% of equity shares of Trident Global Inc. (USA) to TGEPL. These transactions are done at fair value on arm’s length basis. Pursuant to this, Trident Global Inc., USA and Trident Europe Limited, UK became wholly owned subsidiaries of TGEPL and step-down subsidiaries of Trident Limited.

**During the Previous year, name of the subsidiaries of the Parent Company, Trident Innovations Limited and Trident Home Décor Limited had been removed by the Register of Companies based on application under Section 248 (2) of the Companies Act, 2013. The removal of name of these subsidiaries by the Register of Companies does not have any major implication or material impact on the operations of the Parent Company.

NOTE 49 - DISCLOSURE REQUIRED UNDER SECTION 186(4) OF THE COMPANIES ACT 2013

Particulars of Investments made:

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As at As at Investments As at
Investments Investments Investment Investments Investment
March March sold/written March
Particulars made during sold during in associate made during in associate
31, 31, off during 31,
the year the year recognised the year recognised
2023 2024 the year 2025
Unquoted
investments
in equity
instruments
(carried at fair
value through
profit or loss)
Nimbua 1.2 - - - 1.2 - - - 1.2
Greenfield
(Punjab)
Association
Total 1.2 - - - 1.2 - - - 1.2
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NOTE 50 - The Group has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, except that audit trail feature is not enabled at the database level in so far as it relates to SAP accounting software of the Parent Company. Further no instance of audit trail feature being tampered with was noted in respect of accounting software. Additionally, the audit trail in respect of the financial years 2023-24 has not been preserved by the Parent Company and one of its subsidiaries as per the statutory requirements for record retention.

NOTE 51 - 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. Certain sections of the Code came into effect on May 3, 2024. However, the final rules/interpretation have not yet been issued. The Group is still in the process to assess impact of such notification.

328 Trident Limited

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Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025 (All amounts in Rs. Million, unless otherwise stated)

NOTE 52 - The management of the Group has evaluated the likely impact of prevailing uncertainties relating to imposition or enhancement of reciprocal tariffs and believes that there are no material impacts on the financial statements of the Group for the year ended March 31, 2025. However, the management of the Group will continue to monitor the situation from the perspective of potential impact on the operations of the Group.

NOTE 53 - In the month of October 2023, the Income Tax Department (‘the department’) conducted a search under Section 132 of the Income Tax Act, 1961 at certain locations of Parent Company including its manufacturing and Indian subsidiaries and residence of few of its employees/key managerial personnel. During the search proceedings, the Parent Company provided necessary information and responses to the department. Also, the department has taken certain documents, few laptops and data backups for further investigation. The business and operations of the Parent Company and its Indian subsidiaries continued without any disruptions. The department since then continued with its post search proceedings for various assessment years and the Parent company has now received assessment orders for two assessment years (AY 2021-22 and AY 2022-23) whereby certain additions have been made. The Parent company has filed appeals against the said orders before learned Commissioner of Income Tax (Appeals) and the management is hopeful of getting favourable orders from appellate authorities. Management is of the view that no material adjustments are required to these Consolidated Ind AS Financial Statements.

NOTE 54 -TRADE PAYABLES AGEING

March 31, 2025

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Outstanding for following periods from due date of payment
Particulars Unbilled Less than More than
Not due 1-2 years 2-3 years Total
dues 1 year 3 years
i) MSME 226.3 - 34.2 0.3 0.1 1.3 262.2
ii) Others 934.1 1,657.4 486.6 14.9 8.3 8.4 3,109.7
iii) Disputed-MSME - - - - - 0.7 0.7
iv) Disputed-Others - - - 2.3 - 1.8 4.1
Total 1,160.4 1,657.4 520.8 17.5 8.4 12.2 3,376.7
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March 31, 2024

March 31, 2024
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	742.1 - 370.8 42.4 3.0 1.2 1,159.5
ii) Others	1,520.7 1,391.0 532.7 141.2 11.2 4.6 3,601.4
iii) Disputed-MSME	- - - - 4.0 - 4.0
iv) Disputed-Others	- - - - - 0.7 0.7
Total	2,262.8 1,391.0 903.5 183.6 18.2 6.5 4,765.6

NOTE 55 - TRADE RECEIVABLES AGEING

March 31, 2025

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Outstanding for following periods from due date of payment
Particulars Less than 6 months- More than
Not due 1-2 years 2-3 years Total
6 months 1 year 3 years
i) Undisputed Trade receivables -considered 2,764.2 204.4 7.8 0.2 - - 2,976.6
good
ii) Undisputed Trade receivables -which have - - 8.1 31.1 4.3 2.1 45.6
significant increase in credit risk
Total 2,764.2 204.4 15.9 31.3 4.3 2.1 3,022.2
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 55 - TRADE RECEIVABLES AGEING (Contd..)

March 31, 2024

Particulars		Outstanding for following periods from due date of payment Less than 6 months 6 months-1 year 1-2 years 2-3 years More than 3 years 745.0 4.4 0.2 - - - 51.5 7.3 2.5 1.3 745.0 55.8 7.5 2.5 1.3	Outstanding for following periods from due date of payment Less than 6 months 6 months-1 year 1-2 years 2-3 years More than 3 years 745.0 4.4 0.2 - - - 51.5 7.3 2.5 1.3 745.0 55.8 7.5 2.5 1.3	Outstanding for following periods from due date of payment Less than 6 months 6 months-1 year 1-2 years 2-3 years More than 3 years 745.0 4.4 0.2 - - - 51.5 7.3 2.5 1.3 745.0 55.8 7.5 2.5 1.3	Outstanding for following periods from due date of payment Less than 6 months 6 months-1 year 1-2 years 2-3 years More than 3 years 745.0 4.4 0.2 - - - 51.5 7.3 2.5 1.3 745.0 55.8 7.5 2.5 1.3	Outstanding for following periods from due date of payment Less than 6 months 6 months-1 year 1-2 years 2-3 years More than 3 years 745.0 4.4 0.2 - - - 51.5 7.3 2.5 1.3 745.0 55.8 7.5 2.5 1.3
	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	3,369.5	745.0	4.4	0.2	-	-	4,119.1
ii) Undisputed Trade receivables -which have significant increase in credit risk	-	-	51.5	7.3	2.5	1.3	62.6
Total	3,369.5	745.0	55.8	7.5	2.5	1.3	4,181.7

NOTE 56 - During the previous year, one of the erstwhile subsidiary of the Parent Company, Trident Global Corp Limited (TGCL), had converted its 28,18,500 Compulsorily Convertible Debentures (‘CCD’) having face value of INR 60/- per CCD into equity shares of INR 1/- at a premium of INR 59/- per equity share based on approval by the Board of Directors in the meeting held on June 6, 2023 which had resulted in change of shareholding of the Parent Company in TGCL from 100% to 63.95%. Further, the Parent Company had sold its entire stake of 63.95% in TGCL on September 14, 2023. The Group had recognised gain of Rs 1.5 million. The Group has presented above profit or loss on the sale of said investment, as an exceptional item in the Consolidated Ind AS Financial Statements.

NOTE 57 - 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 in profit or loss	Share in profit or 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, 2025	99.8%	46,102.8	98.9%	3,668.3	104.9%	(51.6)	98.9%	3,616.7
As at March 31, 2024	99.8%	43,091.0	111.3%	3,895.8	101.0%	(261.6)	112.1%	3,634.2
SUBSIDIARIES
Indian
Trident Global Corp Limited
As at March 31, 2025 (refer note 58)	-	-	-	-	-	-	-	-
As at March 31, 2024 (refer note 58)	-	-	-0.1%	(4.7)	-	-	-0.1%	(4.7)
Trident Home Textile Limited
As at March 31, 2025	0.1%	29.4	0.6%	21.1	0.0%	-	0.5%	21.1
As at March 31, 2024	0.0%	3.4	-0.1%	(1.9)	0.0%	-	-0.1%	(1.9)
Trident Home Décor Limited (refer note 48)
As at March 31, 2025	-	-	-	-	-	-	-	-
As at March 31, 2024	0.0%	(0.5)	0.0%	(0.5)	-	-	-0.00	(0.5)
Foreign
Trident Global Enterprises PTE. Ltd
As at March 31, 2025 (refer note 58)	0.5%	254.2	-0.1%	-2.2	0.0%	-	-0.1%	(2.2)
As at March 31, 2024 (refer note 58)	-	-	-	-	-	-	-	-
Trident Europe Limited
As at March 31, 2025	0.1%	41.9	0.2%	6.2	0.0%	-	0.2%	6.2
As at March 31, 2024	0.1%	34.6	0.9%	30.7	0.0%	-	0.9%	30.7
Trident Global Inc.
As at March 31, 2025	0.3%	137.8	1.3%	49.7	0.0%	-	1.4%	49.7
As at March 31, 2024	0.2%	85.4	0.8%	26.8	0.0%	-	0.8%	26.8

330 Trident Limited

Integrated Annual Report 2024-25 331

Financial Statements

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 57 - ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF ENTITIES CONSOLIDATED AS SUBSIDIARIES OR ASSOCIATE (Contd..)

(Contd..)
Name of the Entity in the Group	Net Assets i.e. total assets minus total liabilities		Share in profit or loss		Share in other 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
Trident Global B.V. (refer note 49)
As at March 31, 2025	0.0%	-	0.0%	-	-	-	-	-
As at March 31, 2024	0.0%	(0.8)	0.0%	(1.3)	-	-	0.0%	(1.3)
THTL Trading LLC
As at March 31, 2025	0.1%	39.8	-0.1%	(5.3)	-	-	-0.1%	(5.3)
As at March 31, 2024	0.0%	-	-	-	-	-	-	-
Eliminations/adjustments
As at March 31, 2025	-0.9%	(396.3)	-0.8%	(30.5)	-4.9%	2.4	-0.8%	(28.1)
As at March 31, 2024	-0.1%	(36.4)	-12.7%	(445.0)	-1.0%	2.5	-13.7%	(442.5)
Total as at March 31, 2025	100.0%	46,209.9	100.0%	3,707.4	100.0%	(49.2)	100.0%	3,658.1
Total as at March 31, 2024	100.0%	43,176.7	100.0%	3,499.9	100.0%	(259.0)	100.0%	3,240.9

NOTE 58 - NON-CONTROLLING INTEREST (NCI)

A During year 2022-23, the Group had 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 had become a subsidiary of the Group w.e.f. December 1, 2022. During the Current year, company has sold its entire stake of Trident Europe Limited (100%) and Trident Global Inc. (73.5%) held by company (directly and indirectly) on January 23, 2025 to Trident Group Enterprise Pte. Ltd (TGEPL). Pursuant to acquisition, the above mentioned companies becomes the subsidiary of TGEPL.

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As at As at
Particulars
March 31, 2025 March 31, 2024
NCI (in percentage) 26.5% 26.5%
Non-current assets - 334.1
Current assets - 296.8
Non-current liabilities - 287.9
Current liabilities - 257.5
Net Assets - 85.5
Net assets attributable to NCI - 22.6
Revenue - 435.2
Profit for the year/period 32.0 26.8
Other comprehensive income 4.0 -
Total comprehensive income 36.0 26.8
Profit for the year allocated to NCI 8.5 7.1
Other comprehensive income allocated to NCI 1.0 -
Total comprehensive income allocated to NCI (A) 9.5 7.1
Cash flows from operating activities - 26.3
Cash used in investing activities - (0.3)
Cash used in financing activities - (37.6)
Net increase in cash and cash equivalents - (11.6)
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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

NOTE 58 - NON-CONTROLLING INTEREST (NCI) (Contd..)

B *During the year 2022-23, one of the erstwhile subsidiary of the Group, Trident Global Corp Limited had converted its 28,18,500 Compulsorily Convertible Debentures (‘CCD’) having face value of Rs. 60/- per CCD into equity shares of Re. 1/- at a premium of Rs. 59/- per equity share based on approval by the Board of Directors in the meeting held on June 6, 2023 which had resulted in change of shareholding of the Group in TGCL from 100% to 63.95%.
Further during the Previous year, the Group had sold its entire stake of 63.95% in TGCL on September 14, 2023.

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As at As at
Particulars
March 31, 2025 March 31, 2024
NCI (in percentage) 0.0% 36.0%
Non-current assets - -
Current assets - -
Non-current liabilities - -
Current liabilities - -
Net Assets - -
Net assets attributable to NCI - -
Profit for the period - (6.9)
Other comprehensive income - -
Total comprehensive income - (6.9)
Profit for the period allocated to NCI - (2.4)
Other comprehensive income allocated to NCI - -
Total comprehensive income allocated to NCI (B) - (2.4)
Total (A+B) - 4.7
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NOTE 59 - SUBSEQUENT EVENTS

There are no other material adjusting or non-adjusting subsequent events, except as already disclosed in these consolidated financial statements.

NOTE 60 - The Parent Company had constituted Trident Limited Employees Welfare Trust (‘Trust’) to acquire, hold and allocate/transfer equity shares of the Parent Company to eligible employees of the employee share purchase scheme from time to time on the terms and conditions specified under the Scheme. During the year ended March 31, 2024, the Parent Company had obtained approval of shareholders of the Parent Company for implementation of (i) Trident Limited General Employee Benefits Scheme - 2023 and (ii) utilisation of proceeds from sale of unappropriated 62,328,640 Equity Shares from Trident Limited Employee Stock Purchase Scheme - 2020, utilisation of excess funds lying with the Trust and funds which Trust may receive from various sources in future for Trident Limited General Employee Benefits Scheme - 2023. The Parent Company has also obtained an expert opinion on compliance in this regard. During current year, the trust sold 4,79,73,426 shares in the open market and recorded a profit of INR 841.6 million (net of tax Rs. 131.7 million) which was recorded in other equity.

NOTE 61 - 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 under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.
(ii) The Group does not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.
(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.

Trident Limited

332

Integrated Annual Report 2024-25 333

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Notes to the Consolidated Ind AS Financial Statements

as at and for the year ended March 31, 2025

(All amounts in Rs. Million, unless otherwise stated)

(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
(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).
(viii) The Group has not been declared wilful defaulter by any bank or financial insitution or government or any government authority.

As per our report of even date attached For S.R. Batliboi & Co. LLP Chartered Accountants (ICAI Firm's Registration No. 301003E/E300005)

Pravin Tulsyan Partner (Membership No. 108044) Place: New Delhi Date: May 21, 2025

For and on behalf of the Board of Directors Rajiv Dewan Deepak Nanda Director Managing Director DIN: 00007988 DIN: 00403335

Avneesh Barua Samir Prabodhchandra Joshipura Chief Financial Officer Chief Executive Officer Sushil Sharma Place: New Delhi Company Secretary Date: May 21, 2025 Membership No. F6535

334 Trident Limited

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TRIDENT LIMITED

Registered Office: Trident Group, Sanghera, Barnala, Punjab - 148101, India CIN: L99999PB1990PLC010307 | Toll Free No.: 1800-180-2999 | Fax: +91 161 5039900 | Website: www.tridentindia.com | E-mail: [email protected]

Notice of Annual General Meeting

Notice is hereby given that the 35[th] Annual General Meeting of the Members of Trident Limited (‘the Company’) will be held on Saturday, August 23, 2025 at 11:00 AM IST through Video Conferencing (VC’)/ Other Audio Visual Means (‘OAVM’) to transact the following businesses:

ORDINARY BUSINESS

1. To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31, 2025, along with Reports of the Auditors and Directors thereon

2. To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, along with the Report of the Auditors thereon

3. To appoint a director in place of Mr. Deepak Nanda (DIN: 00403335), who retires by rotation, and being eligible offers himself for re-appointment

SPECIAL BUSINESS

4. To approve the appointment of Mr. Pramod Agrawal (DIN: 00279727) as an Independent Director of the Company

To consider and, if thought fit, to pass the following resolution as a Special Resolution :

“RESOLVED THAT pursuant to the provisions of Sections 149, 152, 160 read with Schedule IV and all other applicable provisions of the Companies Act, 2013 (“the Act”) and rules made thereunder (including any statutory modification(s) or reenactment thereof for the time being in force), Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) and other laws, rules and regulations as may be applicable from time to time and pursuant to the recommendation of Nomination and Remuneration Committee and the Board of Directors (“the Board”), the consent of the members be and is hereby accorded for the appointment of Mr. Pramod Agrawal (DIN: 00279727), who has been appointed as an additional director w.e.f. August 09, 2025 pursuant to the provision of Section 161(1) of the Act, as a Non-Executive Independent Director of the Company, to hold office for a term of 2 (two) years commencing from August 09, 2025 to August 08, 2027 (both days inclusive), whose office shall not be liable to retire by rotation.”

“RESOLVED FURTHER THAT pursuant to the provisions of Section 197, 198 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder, Regulation 17(6) and other applicable regulations of SEBI LODR Regulations (including any statutory modifications or re-enactment thereof and rules made thereunder, for the time being in force), pursuant to the recommendation of Nomination and Remuneration Committee and approval of the Board, the consent of the members be and is hereby accorded for the payment of remuneration to Mr. Pramod Agrawal (DIN: 00279727) by way of profit related commission, in addition to the amount of sitting fees for attending the meetings of Board and/or Committee thereof & other reimbursements, within the overall maximum limit of 1% (one percent) of the Net Profits of the Company per annum as approved by the shareholders.”

“RESOLVED FURTHER THAT the Board of Directors of the Company be and are 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.”

5. To approve the appointment of Mr. Kapil Dev Nikhanj (DIN: 00910383) as an Independent Director of the Company

To consider and, if thought fit, to pass the following resolution as a Special Resolution :

“RESOLVED THAT pursuant to the provisions of Sections 149, 152, 160 read with Schedule IV and all other applicable provisions of the Companies Act, 2013 (“the Act”) and rules made thereunder (including any statutory modification(s) or reenactment thereof for the time being in force), Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) and other laws, rules and regulations as may be applicable from time to time and pursuant to the recommendation of Nomination and Remuneration Committee and the Board of Directors (“the Board”), the consent of the members be and is hereby accorded for the appointment of Mr. Kapil Dev Nikhanj (DIN: 00910383), who has been appointed as an additional director w.e.f. August 09, 2025 pursuant to the provision of Section 161(1) of the Act, as a Non-Executive Independent Director of the Company, to hold office for a term of 2 (two) years commencing from August 09, 2025 to August 08, 2027 (both days inclusive), whose office shall not be liable to retire by rotation.”

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“RESOLVED FURTHER THAT pursuant to the provisions of Section 197, 198 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder, Regulation 17(6) and other applicable regulations of SEBI (LODR) Regulations (including any statutory modifications or re-enactment thereof and rules made thereunder, for the time being in force), pursuant to the recommendation of Nomination and Remuneration Committee and approval of the Board, the consent of the members be and is hereby accorded for the payment of remuneration to Mr. Kapil Dev Nikhanj (DIN: 00910383) by way of profit related commission, in addition to the amount of sitting fees for attending the meetings of Board and/or Committee thereof & other reimbursements, within the overall maximum limit of 1% (one percent) of the Net Profits of the Company per annum as approved by the shareholders.”

6. To ratify the remuneration of Cost Auditors of the Company

To consider and, if thought fit, to pass 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 framed 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 hereby ratify the remuneration of INR 5,08,200 (Rupees Five Lakhs Eight Thousand Two Hundred only)plus applicable taxes, along with reimbursement of out of pocket expenses at actual, payable to M/s. Ramanath Iyer & Co., Cost Accountants, the Cost Auditors of Company towards conducting the audit of the Cost Records for the financial year ending on March 31, 2026.”

“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.”

7. To appoint M/s Mehta and Mehta, Practicing Company Secretaries as Secretarial Auditors of the Company

To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution :

“RESOLVED THAT pursuant to the provisions of Section 204 and other applicable provisions, if any, of the Companies Act, 2013 and the rules made thereunder, Regulation 24A and other applicable regulations, if any, of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as applicable, including any amendments,

modifications, variations, or re-enactments thereof, based on the recommendation of the Audit Committee and approval of the Board of Directors, approval of the members be and is hereby accorded to appoint M/s. Mehta & Mehta, a peer reviewed firm of Company Secretaries in Practice (Firm Registration Number P1996MH007500) as Secretarial Auditors of the Company for a term of five consecutive years, commencing from financial year 2025-26 till financial year 2029-30 and to avail any other services, certificates, or reports as may be permissible under applicable laws, on such remuneration and reimbursement of expenses to be decided from time to time, by the Board of Directors of the Company or any other person as authorized by the Board of Directors and mutually agreed with the Secretarial Auditors.”

“RESOLVED FURTHER THAT the Board of Directors be and are hereby authorized to do all such acts, deeds, matters and things as it may, in their absolute discretion, deem necessary or desirable in order to give effect to the above resolution for and on behalf of the Company.”

8. To approve raising of funds by way of NonConvertible Debentures (“NCDs”)

To consider and, if thought fit, to pass 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 Non-Convertible Securities) Regulations, 2021, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), 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 as may be decided by the Board, aggregating up to INR 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 decide

Trident Limited

Notice

from time to time, determine and consider proper and most beneficial to the Company including but not limited to 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 others 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, Limited Liability Partnerships, FIIs, Portfolio Management Schemes and Foreign Portfolio Investors, as the case may be, 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 further delegate to 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.”

By Order of the Board For Trident Limited

Sd/-

Sushil Sharma Place: Sanghera Company Secretary Date: July 31, 2025 Membership No.: F6535

Registered Office: Trident Group, Sanghera, Barnala, Punjab - 148101, India CIN: L99999PB1990PLC010307, Toll Free No.: 1800-180-2999, Fax: +91 161 5039900, Website: www.tridentindia.com, E-mail: [email protected]

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NOTES:

i. An Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 (‘the Act’) in respect of item number 4 to 8 and the information required pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR Regulations’), read with secretarial standards 2 issued by The Institute of Company Secretaries of India (‘ICSI’), regarding the Directors seeking appointment/re-appointment in the Annual General Meeting are annexed hereto and both forms part of the Notice.
ii. The 35[th] Annual General Meeting (AGM) is convened through Video Conferencing (‘VC’) / Other Audio Visual Means (‘OAVM’) pursuant to General Circular No(s). 14/2020 dated 8 April 2020, 17/2020 dated 13 April 2020, 20/2020 dated 5 May 2020, and subsequent circulars issued in this regard, the latest being General Circular No. 09/2024 dated 19 September 2024, issued by the Ministry of Corporate Affairs (‘MCA’) and Circular No. SEBI/HO/CFD/CFDPoD-2/P/CIR/2024/133 dated 3 October 2024 read with SEBI Master Circular SEBI/ HO/CFD/PoD2/CIR/P/0155 dated 11[th] November 2024 issued by Securities and Exchange Board of India (‘SEBI’) (hereinafter collectively referred to as ‘Circulars’), which permit the companies to hold AGM through VC/ OAVM, which does not require physical presence of members at a common venue and sending physical copies of Annual Report. The deemed venue for the 35[th] AGM shall be the Registered Office of the Company i.e. Trident Group, Sanghera, Barnala, Punjab - 148101, India
iii. The Company has availed the services of KFin Technologies Limited, (KFintech) Registrar and Transfer Agent (RTA) of the Company, as the authorized agency for conducting of the AGM through VC/OAVM and providing e-voting facility(“Insta Poll”).
iv. Attending e-AGM: Member will be provided with a facility to attend the e-AGM through video conferencing platform provided by KFin Technologies Limited. Members may access the same at https://emeetings.kfintech.com/ by clicking “e-AGM - Video Conference & Streaming” and access the shareholders’/ members’ login by using the remote e-voting credentials which shall be provided as per Annexure-2 below. Kindly refer to the same for detailed instructions for participating in e-AGM through Video Conferencing.
v. In compliance with the aforesaid Circulars, the Notice of 35[th] AGM along with the Annual Report for the financial year 2024-25 is being sent only through electronic mode to those Members whose E-mail addresses are registered with the Company / Depositories / RTA as on July 25, 2025. The AGM notice and Annual Report of the Company are made available on the Company’s website at www.tridentindia.com and also on the website of the Stock Exchanges where the shares of the Company have been listed viz., BSE Limited - www.bseindia.com

and National Stock Exchange of India Limited - www. nseindia.com. Further, the Notice of AGM shall also be available on the website of the e-voting agency- KFin Technologies Limited at https://evoting.kfintech.com/. A letter will be sent by the Company providing the weblink, including the exact path where complete details of the Annual Report to those shareholder(s) who have not registered their e-mail address with the Company / Depositories / RTA.

However, the Company shall send a hard copy of the Integrated Annual Report 2024-25 to those Members who will request for the same. Members who require a hard copy of the Annual Report may send their requests to the E-mail ID: [email protected].

vi. 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
vii. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Act.
viii. In the case of joint holders, only such joint holders who is higher in the order of names will be entitled to vote during the meeting.
ix. 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 at bkg.majestic@gmail. comthrough 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 EVEN 9003’
x. The Register of Directors and KMP and their shareholding and register of contracts or arrangements in which Directors are interested maintained under Sections 170 and 189 of the Companies Act, 2013 respectively will be available electronically for inspection by the members at the AGM. All documents referred to in the accompanying Notice will be available for electronic inspection for Members on all working days (except Holiday) between 11.00 A.M. and 1.00 P.M. (IST) up to date of 35[th] AGM. Members seeking to inspect such documents can send an E-mail to [email protected].
xi. 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.

4 Trident Limited

Notice

Details of unpaid dividends are as under:

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Financial Year Dividend Date of Declaration Due date for transfer to IEPF
2017-18 Final September 14, 2018 October 21, 2025
2018-19 1 [st] Interim August 7, 2018 September 13, 2025
2 [nd] Interim October 15, 2018 November 21, 2025
3 [rd] Interim January 15, 2019 February 21, 2026
Final September 30, 2019 November 6, 2026
2019-20 1 [st] Interim August 3, 2019 September 9, 2026
2 [nd] Interim November 2, 2019 December 8, 2026
3 [rd] Interim February 20, 2020 March 28, 2027
2020-21 Final August 27, 2021 October 04, 2028
2021-22 Interim October 21, 2021 November 27, 2028
2022-23 Interim August 9, 2022 September 15, 2029
2023-24 Interim May 24, 2023 June 30, 2030
2024-25 Interim May 18, 2024 June 24, 2031
2025-26 Interim May 21, 2025 June 27, 2032
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In view of this, Members are requested to claim their dividend 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 https:// www.iepf.gov.in/IEPF/refund.html

xii. Update PAN, KYC, Bank details and Nomination: Members are requested to update the PAN, Nomination, contact details, Bank A/c details and Specimen signature for their corresponding folio numbers of holders of physical securities in Form ISR- 1 and other forms prescribed by SEBI.
xiii. Members may note that SEBI 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/shareinformation. It may be noted that any service request can be processed only after the folio is KYC compliant. SEBI has also 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 to avail various benefits of dematerialization, Members are advised to dematerialize the shares held by them in physical form. Members can contact the Company for assistance in this regard.
xiv. Effective 1 April 2024, SEBI has mandated that the shareholders, who hold shares in physical mode and whose folios are not updated with any of the KYC details [viz., (i) PAN (ii) Choice of Nomination (iii) Contact Details (iv) Mobile Number (v) Bank Account Details and (vi) Signature, shall be eligible to get dividend only in electronic mode after the above details are updated in their folios. For the purpose of updation of KYC details against your folio, you are requested to send the details to our RTA, M/s. KFin Technologies Limited (Unit: Trident Limited), Selenium Tower-B”, Plot No 31 & 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500 032, Telangana.
a. Through hard copies which should be self-attested and dated. OR
b. Through electronic mode, provided that they are sent through E-mail id of the holder registered with RTA and all documents should be electronically/ digitally signed by the Shareholder and in case of joint holders, by first joint holder. OR
c. Through web- portal of our RTA KFin Technologies Limited - https://ris.kfintech.com

Investors can download the following forms & SEBI Circulars, which are also uploaded on the website of the Company and on the website of Kfin Technologies Limited-https://ris.kfintech.com/clientservices/isc/ isrforms.aspx

i) Form ISR-1 duly filled in along with self-attested supporting documents for updation of KYC details.
ii) Form ISR-2 duly filled in for banker attestation of signature along with original cancelled cheque with your name(s) printed thereon or self-attested copy of bank passbook/statement.

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iii) Form SH-13 for updation of Nomination for the aforesaid folio OR ISR-3 for Opt-out of the Nomination which is also available on https://www. tridentindia.com/share-information

Shares held in electronic form: Members holding shares in electronic form may please note that their bank details as furnished by the respective DPs to the Company will be considered for remittance of dividend as per the applicable regulations of the DPs and the Company will not be able to accede to any direct request from such Members for change/addition/deletion in such bank details. Accordingly, Members holding shares in electronic form are requested to ensure that their Electronic Bank Mandate is updated with their respective DPs

xv. The members / investors may send their complaints/ queries, if any to the Company’s RTA at einward.ris@ kfintech.comor to the Company at investor@tridentindia. com.
xvi. SEBI vide Circular Nos. SEBI/HO/OIAE/OIAE_IAD-1/P/ CIR/2023/131 dated July 31, 2023, and SEBI/HO/OIAE/ OIAE_IAD-1/P/CIR/2023/135 dated August 4, 2023, read with, Master Circular No. SEBI/HO/ OIAE/OIAE_ IAD1/P/ CIR/2023/145 dated July 31, 2023 (updated as on August 11, 2023), has established a common Online Dispute Resolution Portal (‘ODR Portal’) for resolution of disputes arising in the Indian Securities Market.
Pursuant to above-mentioned circulars, post exhausting the option to resolve their grievances with the RTA / Company directly and through existing SCORES platform, the investors can initiate dispute resolution through the ODR Portal at https://smartodr.in/login
xvii. The Board of Directors has appointed Mr. Bhupesh Gupta, Practicing Company Secretary (Membership No 4590, CP 5708), Proprietor of M/s. B.K. Gupta and Associates, Practicing Company Secretaries, as
Scrutinizer for conducting the e-voting process, in a fair and transparent manner.
xviii. The scrutinizer shall immediately after the conclusion of voting at the general meeting, count the votes cast at the meeting and votes cast through remote e-voting in the presence of at least two witnesses who are not in the employment of the Company and within a period not exceeding two working days from the conclusion of the meeting, submit a consolidated Scrutinizer’s Report of the total votes cast in favour or against, if any, to the Chairman or person authorized by the Chairman in writing for counter signature.
xix. The results shall be declared either by the Chairman or the person authorized by the Chairman in writing and the resolutions will be deemed to have been passed on the AGM date subject to receipt of the requisite number of votes in favour thereof.
xx. Promptly after declaration of results, the same shall be placed along with the Scrutinizer’s Report on the Company’s website at www.tridentindia.com and on the KFintech’s website at https://evoting.kfintech.com and communicated to BSE Limited and National Stock Exchange of India Limited, where the shares of the Company are listed for placing the same in their website.
xxi. The instructions to the Members on e-voting and attending the e-AGM through video conference are provided in the “Annexure-2” to the Notice.
xxii. Pursuant to SEBI Circular No. SEBI/HO/MIRSD/ MIRSDPoD/P/CIR/2025/97 dated July 02, 2025, the Company has offered an one-time special window only for re-lodgement of transfer deeds, which were lodged prior to the deadline of April 01, 2019 and rejected/ returned/not attended to due to deficiency in the documents/process/or otherwise, for a period of six months from July 07, 2025 till January 06, 2026.

6 Trident Limited

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Notice
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STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

Item No. 4

The Board of Directors of the Company, on the recommendation of the Nomination and Remuneration Committee (NRC), approved the appointment of Mr. Pramod Agrawal (DIN: 00279727) as an Additional Director in the category of NonExecutive Independent Director w.e.f. August 09, 2025 under Sections 161 and 149 of the Companies Act, 2013 (“the Act”) read with Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulation”) for a term of two years commencing from August 09, 2025 to August 08, 2027 (both days inclusive), not liable to retire by rotation, subject to the approval of the shareholders.

The Company has received the consent in writing from him to act as Director of the Company and a declaration that he is not disqualified to act as Director under Section 164(2) of the Act and meet the criteria of independence as provided in Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI LODR Regulations, along with a confirmation that he is registered in the Independent Director’s databank. The Company has also received a declaration from him that he is not debarred from holding the office of director pursuant to any SEBI order or any other such authority.

Mr. Pramod Agrawal is a highly accomplished leader and former Indian Administrative Service (IAS) officer with over three decades of distinguished service in public administration, infrastructure development, and corporate leadership. A graduate in Civil Engineering from IIT Bombay (1986) and a post-graduate in Design Engineering from IIT Delhi (1988), he has also undergone advanced professional training at prestigious institutions including Duke University (USA), IIM Ahmedabad and Bangalore, and RMIT Melbourne. His core competencies span project management, strategic alliances, tactical planning, and high-stake negotiations.

Mr. Agrawal served as the Chairman and Managing Director of Coal India Limited (CIL) from February 2020 to June 2023. Prior to his corporate leadership, Mr. Agrawal held key administrative roles including Principal Secretary in the Government of Madhya Pradesh, CMD of MP Paschim Kshetra Vidyut Vitaran Company, CEO of MP Rural Road Development Authority, and District Collector of Morena and Mahasamund. At the central level, he served as Director in the Ministry of Youth Affairs and Sports, coordinating the 2010 Commonwealth Games, and as Joint Secretary in the Department of Disinvestment, where he played a pivotal role in IPOs of major PSUs and introduced the Offer for Sale mechanism.

Currently, Mr. Agrawal serves as an Independent Director at Tata Steel Limited, Tata Power Company Limited and Century Plyboards (India) Limited, and was recently Chairman of the Bombay Stock Exchange. He is also a distinguished visiting faculty at IIM Ranchi. His contributions have been recognized with prestigious honors including the Distinguished Alumni Award from IIT Bombay, HUDCO’s Award for Infrastructure Development, and the Red Cross Special Award for medical infrastructure enhancement.

Mr. Agrawal’s career reflects a rare blend of visionary leadership, technical expertise, and unwavering commitment to public service and corporate excellence. The Board noted that Mr. Pramod Agrawal meets the attributes/skills/ capabilities required for the role as an Independent Director, as identified by the NRC of the Company i.e. (i) Financial (ii) Operations (iii) Business Leader (iv) Governance.

In the opinion of the Board, Mr. Pramod Agrawal fulfills all the terms and conditions required for appointment of independent director as specified in the Act/Regulations and he is independent of the management and the said appointment of Mr. Pramod Agrawal as Non-Executive Independent Director of the Company is in due compliance of the Companies Act, 2013 and SEBI LODR Regulations, amended as on date. The Company has received a notice in writing pursuant to Section 160 of the Act from a Member proposing his candidature for the appointment as an Independent Director of the Company.

He may be paid remuneration by way of profit related commission, to be decided / approved by the Board, from time to time, for every financial year within the overall maximum limit of remuneration of 1% of Net profits, as approved by the Shareholders for Non-Executive Directors, in addition to the payment of sitting fees for attending meetings of Board/ Committees of Board & other reimbursements. The Net Profits shall be computed under Section 198 of the Companies Act, 2013 for each financial year.

The abovesaid remuneration shall be subject to the provisions of Section 197, 198, Schedule V and other applicable provisions, if any, of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014 and Regulation 17(6) of SEBI LODR Regulations and other applicable provisions of the said regulations, if any.

The brief profile, specific area of expertise along with other details of Mr. Pramod Agrawal is provided in the “Annexure” to the Notice, pursuant to the provisions of (i) SEBI LODR Regulations and (ii) Secretarial Standard on General Meetings (‘SS-2’), issued by the Institute of Company Secretaries of India. The terms and conditions of appointment of Mr. Kapil Dev Nikhanj as Director of the Company would be available for electronic inspection between 11.00 a.m. and 1.00 p.m. (IST) on all working day of the Company up to the date of the E-Voting. Members seeking to inspect such documents can send an email to [email protected].

Pursuant to SEBI LODR Regulations, the approval of shareholders for the appointment of a director shall be taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier. Accordingly, it is proposed to seek approval of shareholders of the Company by way of a Special Resolution for the appointment of Mr. Pramod Agrawal as a Non-Executive Independent Director of the Company for a first term of two years commencing from August 09, 2025 to August 08, 2027 (both days inclusive), not liable to retire by rotation, on such terms and conditions as determined/to be determined by the Board.

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The Board recommends the Resolution set out at Item No. 4 of the Notice for the approval of the members as a Special Resolution.

None of the Directors and/or Key Managerial Personnel of the Company and/or their relatives, except appointee himself, are concerned or interested financially or otherwise in the Resolution set out at Item No. 4 of the Notice.

Item No. 5

The Board of Directors of the Company, on the recommendation of the Nomination and Remuneration Committee (NRC), approved the appointment of Mr. Kapil Dev Nikhanj (DIN: 00910383) as an Additional Director in the category of NonExecutive Independent Director w.e.f. August 09, 2025 under Sections 161 and 149 of the Companies Act, 2013 (“the Act”) read with Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulation”) for a term of two years commencing from August 09, 2025 to August 08, 2027 (both days inclusive), not liable to retire by rotation, subject to the approval of the shareholders.

Mr. Kapil Dev Nikhanj is a celebrated former Indian cricketer and a prominent all-rounder, renowned for his exceptional leadership and performance on the field. He etched his name in history by captaining India to its first-ever Cricket World Cup victory in 1983, overcoming formidable opponents.

Recognized with prestigious honors including the Padma Shri, Padma Bhushan, and induction into the ICC Cricket Hall of Fame, Kapil Dev’s career exemplifies dedication, resilience, and impactful leadership. He has successfully transitioned into roles beyond the field- as an entrepreneur, mentor, commentator, and philanthropist, demonstrating sharp business acumen, strategic thinking, and an unwavering commitment to excellence. He has rich experience in leading diverse teams under pressure, deep understanding of brand building, stakeholder engagement, and having ability to drive high-performance cultures.

Mr. Kapil Dev Nikhanj is a Graduate from Panjab University, Chandigarh. Mr. Kapil also hold directorship in the 8 (Eight) Companies i.e. KDSG Healthcare Private Limited, Golden Peakock Overseas Limited, Raj Amiyaa Infrastructure Private Limited, KDCS Infrastructure Private Limited, Shriguru Dev Publishers Private Limited, KDSG Hospitals Private Limited, Dev Musco Lighting Private Limited, Dev Features Private Limited.

The Board noted that Mr. Kapil Dev Nikhanj, meets the attributes/skills/capabilities required for the role as an Independent Director, as identified by the NRC of the Company. i.e. (i) Financial (ii) Business acumen (iii) Leadership (iv) Governance.

In the opinion of the Board, Mr. Kapil Dev Nikhanj fulfills all the terms and conditions required for appointment of independent director as specified in the Act/Regulations and he is independent of the management and the said appointment of Mr. Kapil Dev Nikhanj as Independent Director of the Company is in due compliance of the Companies Act, 2013 and SEBI LODR Regulations, amended as on date. The Company has received a notice in writing pursuant to Section 160 of the Act from a Member proposing his candidature for the appointment as an Independent Director of the Company.

The brief profile, specific area of expertise along with other details of Mr. Kapil Dev Nikhanj is provided in the “Annexure” to the Notice, pursuant to the provisions of (i) SEBI LODR Regulations and (ii) Secretarial Standard on General Meetings (‘SS-2’), issued by the Institute of Company Secretaries of India. The terms and conditions of appointment of Mr. Kapil Dev Nikhanj as Director of the Company would be available for electronic inspection between 11.00 a.m. and 1.00 p.m. (IST) on all working day of the Company upto the date of the E-Voting. Members seeking to inspect such documents can send an email to [email protected].

Pursuant to SEBI LODR Regulations, the approval of shareholders for the appointment of a director shall be taken at the next general meeting or within a time period of three months from the date of appointment, whichever is earlier. Accordingly, it is proposed to seek approval of shareholders of the Company by way of a Special Resolution for the appointment of Mr. Kapil Dev Nikhanj (DIN: 00910383) as a Non-Executive Independent Director of the Company for a first term of two years commencing from August 09, 2025 to August 08, 2027 (both days inclusive), not liable to retire by rotation, on such terms and conditions as determined/to be determined by the Board.

8 Trident Limited

Notice

The Board recommends the Resolution set out at Item No. 5 of the Notice for the approval of the members as a Special Resolution.

Item No. 6

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, 2026 at remuneration as specified in the Resolution.

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 Members of the Company.

Your Board recommends the passing of Ordinary Resolution set out at Item No. 6 of the Notice for approval by the Members in the interest of the Company.

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. 6 of the Notice.

Item No. 7

In terms of Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”) and other applicable provisions, the Company can appoint a peer-reviewed firm as secretarial auditors for not more than two terms of five (5) consecutive years each. Accordingly, the Board of Directors, at its meeting held on May 21, 2025, considering the experience, expertise in legal and secretarial consultancy, diverse services in corporate laws & other related areas, has approved & recommended to the shareholders the appointment of M/s. Mehta & Mehta, a Peer Reviewed Firm of Company Secretaries in Practice (Firm Registration Number: P1996MH007500), as secretarial auditors of the Company for a term of five consecutive years, commencing from financial year 2025-26 till financial year 2029-30.

M/s. Mehta & Mehta, is a leading firm of Practicing Company Secretaries with over 25 years of experience in delivering comprehensive professional services across Corporate Laws, SEBI Regulations and compliance management. M/s. Mehta & Mehta were appointed as secretarial auditors of the Company to conduct secretarial audit for the financial year 2024-25 and the same is not considered as a term of appointment of secretarial auditor as per Regulation 24A of the SEBI (LODR) Regulations. M/s. Mehta & Mehta have given

their consent to act as secretarial auditors of the company and confirmed that their aforesaid appointment (if approved) would be within the limits specified by Institute of Company Secretaries of India.

The proposed remuneration to be paid to M/s. Mehta & Mehta for conducting the secretarial audit of the Company for the financial year ending March 31, 2026 (FY 2025-26) is Rs. 3 lacs (Rupees Three lacs). The remuneration for the subsequent financial years during the term of their appointment shall be decided by the Board of Directors of the Company or any other person as authorized by the Board and mutually agreed with the M/s. Mehta & Mehta, Secretarial Auditors. Besides the secretarial audit services, the Company may also avail other permissible non-secretarial audit services as required from time to time, for which they will be remunerated separately on mutually agreed terms.

The Board recommends the Ordinary Resolution set out at Item No. 7 of the Notice for approval of the Members of the Company.

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. 7 of the Notice.

Item No. 8

SEBI vide its circular SEBI/HO/DDHS/DDHS-RACPOD1/P/ CIR/2023/172 October 19, 2023 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 as may be applicable, 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 members by means of a Special Resolution once in 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. 8 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 (‘NCD”) for a face value as may be decided by the Board for an aggregate amount not exceeding INR 500,00,00,000/- (Indian Rupees Five Hundred Crore Only). This Resolution would be valid for a period of 1 (one) year from the date of the passing of this Resolution by the members.

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The price at which the securities will be issued to 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.

Your Board recommends the passing of a Special Resolution set out at Item No. 8 of the Notice for approval of the Members in the interest of the Company.

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

Sd/- Sushil Sharma Place: Sanghera Company Secretary Date: July 31, 2025 Membership No.: F6535

10 Trident Limited

Notice

Annexure-1

Information of Directors seeking appointment/ re-appointment at the 35[th] 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:

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Particulars Mr. Deepak Nanda Mr. Pramod Agrawal Mr. Kapil Dev Nikhanj
Designation Managing Director Non-Executive Independent Non-Executive Independent
Director Director
DIN 00403335 00279727 00910383
Age 65 years 62 years 66 years
Nationality Indian Indian Indian
Brief Profile, Mr. Deepak Nanda possesses For details, please refer to the For details, please refer to the
Qualification, more than three decades Explanatory Statement of the Explanatory Statement of the
experience/nature of of experience in Business respective Resolution in this respective Resolution in this
expertise in specific Development, Client Relationship, Notice. Notice.
functional areas 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 in 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.
He also holds position of Director
in MD E-Infra Consultants Private
Limited.
Date of first appointment November 12, 2011 NA NA
on the Board
Date of current August 23, 2025 August 09, 2025 August 09, 2025
appointment
Shareholding in the Nil Nil Nil
company including
shareholding as
Beneficial owner
Relation with other None None None
Directors/KMP
Terms and Conditions The said re-appointment is For details, please refer to the For details, please refer to the
of appointment and pursuant to retirement by rotation. Explanatory Statement of the Explanatory Statement of the
remuneration proposed There is no change in the terms respective Resolution in this respective Resolution in this
and conditions of Mr. Deepak Notice Notice.
Nanda as Managing Director.
Name of listed entities Nil • Infrastructure Leasing and Nil
from which the person Financial Services Limited
has resigned in the past • BSE Limited
three years • Coal India Ltd.
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Particulars	Mr. Deepak Nanda	Mr. Pramod Agrawal	Mr. Kapil Dev Nikhanj
Remuneration paid / last drawn (in FY 2024-25) including sitting fees, if any	Please refer the ‘Corporate Governance Report’ in the Annual Report 2024-25.	NA	NA
Number of Meetings of Board attended during FY 2024-25		NA	NA
Directorship held in other companies		• Tata Power Company Limited • Tata Steel Limited • Century Plyboards (India) Ltd.	• KDSG Healthcare Private Limited • Golden Peakock Overseas Limited • Raj Amiyaa Infrastructure Private Limited • KDCS Infrastructure Private Limited • Shriguru Dev Publishers Private Limited • KDSG Hospitals Private Limited • Dev Musco Lighting Private Limited • Dev Features Private Limited
Membership/ Chairmanship of Committees in other Companies including Trident	Chairman in Stakeholders’ & Relationship Committee • Trident Limited	Member in Audit Committee • Tata Power Company Limited • Tata Steel Limited Chairman in Stakeholders’ & Relationship Committee • Tata Steel Limited	Nil

12 Trident Limited

Notice

Annexure-2

1. INSTRUCTIONS & PROCEDURE FOR ATTENDING THE AGM THROUGH VC/OAVM:

i. In compliance with the provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014 as amended from time to time and the provisions of Regulation 44 of the SEBI (LODR) Regulations and in terms of SEBI circular no. SEBI/ HO/CFD/CMD/ CIR/P/2020/242 dated 9 December 2020 in relation to e-voting facility provided by listed entities, the Members are provided with the facility to cast their vote electronically, through the remote e-voting services provided by KFintech on all resolutions set forth in the Notice of 35[th] AGM.
ii. However, in pursuant to SEBI’s abovesaid circular, e-voting process has been enabled to all the individual demat account holders, by way of single login credential, through their demat accounts/ websites of Depositories / DPs in order to increase the efficiency of the voting process.
iii. Individual demat account holders would be able to cast their vote without having to register again with the e-voting service provider (ESP) thereby not only facilitating seamless authentication but also ease and convenience of participating in e-voting process. Shareholders are advised to update their mobile number and e-mail ID with their DPs to access e-voting facility.
iv. The remote e-voting period will commence on Wednesday, August 20, 2025 at 10.00 AM (IST) and ends on Friday, August 22, 2025 at 5.00 PM (IST). During this period shareholders of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date i.e., Saturday, August 16, 2025, may cast their vote electronically in the manner and process set out hereunder. The remote e-voting module shall be disabled for voting thereafter. Once the vote on a resolution is cast by the Member, the Member shall not be allowed to change it subsequently.
v. The voting rights of Members shall be in proportion to their shares in the paid-up equity share capital of the Company as on the cut-off date.
vi. Any person holding shares in physical form and non-individual shareholders, who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date, may obtain the login ID and password by sending a request at evoting@ Kfintech.com. However, if he / she is already registered with KFintech for remote e-voting then he /she can use his / her existing User ID and password for casting the vote.
vii. In case of Individual Shareholders holding securities in demat mode and who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date may follow steps mentioned below under “Login method for remote e-voting and joining virtual meeting for Individual shareholders holding securities in demat mode.”
viii. A person who is not a member as on the cut-off date, should treat this Notice for information purpose only.
ix. The detailed process and manner for remote e-voting and for attending the e-Annual General Meeting (e-AGM) are set out below:

Step 1: Remote e-voting through Depositories (for Individual Shareholders in Demat Mode) Individual shareholders holding shares in dematerialised (demat) mode can access the e-voting facility directly through their respective Depository (i.e., NSDL or CDSL), using their existing login credentials.

Step 2: Remote e-voting through KFin Technologies Limited (KFintech) Shareholders falling under the following categories shall access the e-voting system provided by KFintech:

Shareholders holding shares in physical mode, and
Non-individual shareholders (such as companies, trusts, HUFs, etc.) holding shares in demat mode.

Step 3: Participation in the e-AGM and Voting during the Meeting Shareholders may join the virtual meeting (e-AGM) through the KFintech platform and may cast their votes electronically during the meeting, provided they have not already voted through remote e-voting.

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Details on Step 1 are mentioned below:

I. Access to Depositories e-voting system in case of individual Members holding shares in demat mode.

Type of Member Login Method Individual Members 1. For OTP based login you can click on https://eservices.nsdl.com/SecureWeb/evoting/ holding securities in evotinglogin.jsp. You will have to enter your 8-digit DP ID,8-digit Client Id, PAN No., Verification demat mode with NSDL code and generate OTP. Enter the OTP received on registered e-mail id/mobile number and click on login. After successful authentication, you will be redirected to NSDL Depository site wherein you can see e-voting page. Click on the 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.
2. Existing Internet-based Demat Account Statement (“IDeAS”) facility Users: i. Visit the e-services website of NSDL https://eservices.nsdl.com either on a personal computer or on a mobile.
ii. On the e-services home page click on the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section. Thereafter enter the existing user id and password.
iii. After successful authentication, Members will be able to see e-voting services under ‘Value Added Services’. Please click on “Access to e-voting” under e-voting services, after which the e-voting page will be displayed.
iv. Click on company name i.e. ‘XXXXXXXXXX’ or ESP i.e. KFin. v) Members will be redirected to KFin’s website for casting their vote during the remote e-voting period.

3. Those not registered under IDeAS:

i. Visit https://eservices.nsdl.com for registering.
ii. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/ SecureWeb/IdeasDirectReg.jsp
iii. Visit the e-voting website of NSDL https://www.evoting.nsdl.com.
iv. 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.
v. Members will have to enter their User ID (i.e. the sixteen digit demat account number held with NSDL), password / OTP and a verification code as shown on the screen.
vi. After successful authentication, Members will be redirected to NSDL Depository site wherein they can see e-voting page.
vii. Click on company name i.e. XXXXXXXXXX or ESP name i.e. KFin after which the Member will be redirected to ESP website for casting their vote during the remote e-voting period.
viii. Members will have to enter their User ID (i.e. the sixteen digit demat account number held with NSDL), password / OTP and a verification code as shown on the screen. Members can also download the NSDL Mobile App “NSDL Speede” facility by scanning the QR code mentioned below for seamless voting experience.

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Individual Members 1. Existing user who have opted for Electronic Access To Securities Information (“Easi/ holding securities in Easiest”) facility: demat mode with CDSL

i) Visit https://web.cdslindia.com/myeasitoken/Home/Login or www.cdslindia.com.
ii) Click on New System Myeasi.
iii) Login to Myeasi option under quick login.
iv) Login with the registered user ID and password.
v) Members will be able to view the e-voting Menu.
vi) The Menu will have links of KFin e-voting portal and will be redirected to the e-voting page of KFin to cast their vote without any further authentication.

14 Trident Limited

Notice

Type of Member Login Method 2. User not registered for Easi/Easiest i) Visit https://web.cdslindia.com/myeasitoken/Registration/EasiRegistration or https:// web.cdslindia.com/myeasitoken/Registration/EasiestRegistration for registering.
ii) Proceed to complete registration using the DP ID, Client ID (BO ID), etc. iii) After successful registration, please follow the steps given in point no. 1 above to cast your vote.
3. Alternatively, by directly accessing the e-Voting website of CDSL i) Visit www.cdslindia.com. ii) Provide demat account number and PAN. iii) System will authenticate user by sending OTP on registered mobile and e-mail as recorded in the demat Account.
iv) After successful authentication, please enter the e-voting module of CDSL. Click on the e-voting link available against the name of the Company, viz. ‘XXXXXXXX’or select KFin.
v) Members will be re-directed to the e-voting page of KFin to cast their vote without any further authentication.
Individual Members i) Members can also login using the login credentials of their demat account through their DPs login through their registered with the Depositories for e-voting facility. demat accounts / ii) Once logged-in, Members will be able to view e-voting option. website of DPs iii) Upon clicking on e-voting option, Members will be redirected to the NSDL / CDSL website after successful authentication, wherein they will be able to view the e-voting feature.
iv) Click on options available against ‘XXXXXXX’ or ‘KFin’. v) Members will be redirected to e-voting website of KFinfor casting their vote during the remote e-voting period without any further authentication.

Important note: Members who are unable to retrieve User ID / Password are advised to use Forgot user ID and Forgot Password option available at respective websites.

Helpdesk for Individual Members holding securities in demat mode for any technical issues related to login through Depository i.e., NSDL and CDSL.

Login type	Helpdesk details
Securities held with NSDL	Please contact NSDL helpdesk by sending a request [email protected] call at toll free
	no.: 1800 102 0990 and 1800 22 4430
Securities held with CDSL	Please contact CDSL helpdesk by sending a request [email protected]
	contact at 022-62343625, 022-62343626, 022-62343259

Details on Step 2 are mentioned below:

II. Access to KFin e-voting system in case of members holding shares in physical and non-individual members in demat mode.
A). Members whose e-mail IDs are registered with the Company / DPs will receive an e-mail from KFin which will include details of e-voting Event Number (9003), USER ID and password. They will have to follow the following process:
i) Launch internet browser by typing the URL: https:// emeetings.kfintech.com.
ii) Enter the login credentials (i.e., User ID and password). In case of physical folio, User ID will be EVEN Instructions for all the shareholders, including Individual, for attending the AGM of the Company through VC/ OAVM and e-voting during the meeting. followed by folio number. In case of Demat account, User ID will be your DP ID and Client ID. However, if you are already registered with KFintech for e-voting, you can

use your existing User ID and password for casting the vote.

iii) After entering these details appropriately, click on “LOGIN”.
iv) You will now reach 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.,). The system will prompt you to change your password and update your contact details like mobile number, e-mail ID etc. on first login. You may also enter a secret question and answer of your choice to retrieve your password in case you forget it. It is strongly recommended that you do not share your password with any other person and that you take utmost care to keep your password confidential.

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v) You need to login again with the new credentials.
vi) On successful login, the system will prompt you to select the “EVEN 9003” i.e., ‘Trident Limited’ and click on “Submit”
vii) On the voting page, enter the number of shares (which represents the number of votes) as on the Cut-off Date under “FOR/AGAINST” or alternatively, you may partially enter any number in “FOR” and partially “AGAINST” but the total number in “FOR/ AGAINST” taken together shall not exceed your total shareholding as mentioned herein above. You may also choose the option “ABSTAIN”. If the Member does not indicate either “FOR” or “AGAINST” it will be treated as “ABSTAIN” and the shares held will not be counted under either head.
viii) Members holding multiple folios/demat accounts shall choose the voting process separately for each folio/ demat accounts.
ix) Voting has to be done for each item of the notice separately. In case you do not desire to cast your vote, it will be treated as abstained.
x) You may then cast your vote by selecting an appropriate option and click on “Submit”.
xi) A confirmation box will be displayed. Click “OK” to confirm else “CANCEL” to modify. Once you have voted on the resolution(s), you will not be allowed to modify your vote. During the voting period, Members can login any number of times till they have voted on the resolution(s).
xii) Corporate/Institutional Members (i.e. other than Individuals, HUF, NRI etc.) are also required to send scanned certified true copy (PDF Format) of the Board Resolution/ Authority Letter etc., authorizing its representative to attend the AGM through VC / OAVM on its behalf and to cast its vote through remote e-voting. Together with attested specimen signature(s) of the duly authorised representative(s), to the Scrutinizer at e-mail id: [email protected] with a copy marked to [email protected]. The scanned image of the above-mentioned documents should be in the naming format “Corporate Name_Even No.9003”
B) Members whose e-mail IDs are not registered with the Company/Depository Participants(s), and consequently the Annual Report, Notice of AGM and e-voting instructions cannot be serviced.

Details on Step 3 are mentioned below:

II. Instructions for all the shareholders, including Individual, other than Individual and Physical, for attending the AGM of the Company through VC/ OAVM and e-voting during the meeting.
i. 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 e-mail 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.
ii. Facility for joining AGM though VC/OAVM shall open atleast 30 minutes before the commencement of the Meeting.
iii. Members are encouraged to join the Meeting through Laptops/ Desktops with Google Chrome (preferred browser), Safari, Internet Explorer, Microsoft Edge, Mozilla Firefox.
iv. 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 WiFi or LAN Connection to mitigate any kind of aforesaid glitches.
v. As the AGM is being conducted through VC/ OAVM, for the smooth conduct of proceedings of the AGM, members are encouraged to express their views / send their queries in advance mentioning their name, demat account number / folio number, e-mail id, mobile number at [email protected]. Questions /queries received by the Company till August 22, 2025 at 5.00 PM shall only be considered and responded during the AGM.
vi. The members who have not cast their vote through remote e-voting shall be eligible to cast their vote through e-voting system available during the AGM. e-voting during the AGM is integrated with the VC/OAVM platform. The members may click on the voting icon displayed on the screen to cast their votes.

16 Trident Limited

Notice

vii. A member can opt for only single mode of voting i.e., through Remote e-voting or voting at the AGM. If a Member cast votes by both modes, then voting done through Remote e-voting shall prevail and vote at the AGM shall be treated as invalid.
viii. Facility of joining the AGM through VC/OAVM shall be available for at least 2000 members on first come first served basis.
ix. Institutional members are encouraged to attend and vote at the AGM through VC/OAVM.

2. OTHER INSTRUCTIONS:

a) Speaker Registration: The members who wish to speak during the meeting may register themselves as speakers for the AGM to express their views. They can visit https://emeetings.kfintech.com and login through the user id and password provided in the mail received from Kfintech. On successful login, select ‘Speaker Registration’ which will opened from Wednesday, August 20, 2025 at 10.00 AM till Friday, August 22, 2025 at 5.00 PM. Members shall be provided a ‘queue number’ before the meeting. The Company reserves the right to restrict the speakers at the AGM to only those members who have registered themselves, depending on the availability of time for the AGM.
b) Post your Question: The members who wish to post their questions prior to the meeting can do the same by visiting https://emeetings.kfintech.com. Please login through the user id and password provided in the mail received from Kfintech. On successful login, select ‘Post Your Question’ option which will opened from Wednesday, August 20, 2025 at 10.00 AM till Friday, August 22, 2025 at 5.00 PM.
c) In case of any query and/or grievance, in respect of voting by electronic means, members may refer to the Help & Frequently Asked Questions (FAQs) and e-voting user manual available at the download section of https://evoting.kfintech.com (KFintech Website) or contact Mr. Shyam Kumar, Sr. Manager, Kfintech at [email protected] or call KFintech’s toll free No. 1-800-309-4001 for any further clarifications.
d) In case a person has become a member of the Company after dispatch of AGM Notice but on or before the cutoff date for e-voting, he/she may obtain the User ID and Password in the manner as mentioned below:
i) 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

  1. Example for NSDL:

  2. MYEPWD IN12345612345678

  3. Example for CDSL:

  4. MYEPWD 1402345612345678

  5. Example for Physical:

  6. MYEPWD XXXX1234567890

ii) 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.
iii) members who may require any technical assistance or support before or during the AGM are requested to contact KFintech at toll free number 1-800-309-4001 or write to them at [email protected]
e) Procedure for Registration of e-mail and Mobile: (securities in physical mode) Physical shareholders are hereby notified that based on SEBI Circular number: SEBI/HO/MIRSD/ MIRSD-PoD1/P/ CIR/2023/37, dated March 16, 2023. All holders of physical securities in listed companies shall register the postal address with PIN for their corresponding folio numbers. It shall be mandatory for the security holders to provide mobile numbers. Moreover, to avail online services,the security holders can register e-mail ID. Holder can register/update the contact details through submitting the requisite ISR - 1 form along with the supporting documents.

ISR - 1 Form can be obtained by following the link: https://ris.kfintech.com/clientservices/isc/ isrforms.aspx

ISR Form(s) and the supporting documents can be provided by any one of the following modes:

i) Through In Person Verification (‘IPV’): the authorized person of the RTA shall verify the original documents furnished by the investor and retain copy(ies) with IPV stamping with date and initials; or
ii) Through hard copies which are self-attested, which can be shared on the address below; or
KFIN Technologies Limited, (Unit: Trident Limited) Selenium Building, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad, Rangareddy, Telangana India - 500 032.

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iii) Through electronic mode with e-sign by following the link: https://ris.kfintech.com/ clientservices/isc/isrforms.aspx

Detailed FAQ can be found on the link: https:// ris.kfintech.com/faq.html For more information on updating the e-mail and Mobile details for securities held in electronic mode, please reach out to the respective DP(s), where the Demat Account is being held.

f) Application(s) by our RTA – KFINTECH

Members are requested to note that as an ongoing endeavor to enhance shareholders’ experience and leverage new technology, Kfintech has developed the following applications for shareholders:

(1) Investor Support Centre: Members are hereby notified that our RTA, KFin Technologies Limited, based on the SEBI Circular (SEBI/ HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/72) dated June 08, 2023, have created an online application which can be accessed at https:// ris.kfintech.com/clientservices/isc/isrforms. aspx > Investor Services > Investor Support. Members are required to register / signup, using the Name, PAN, Mobile and e-mailID. Post registration, user can login via OTP and execute activities like, raising service request, query, complaints, check for status, KYC details, dividend, interest, redemptions, e-Meeting and e-voting Details. Quick link to access the signup page: https://kprism. kfintech.com/signup

(2) Senior Citizens investor cell:

As part of our RTA’s initiative to enhance investor experience for Senior Citizens, a dedicated cell has been newly formed to assist

exclusively the Senior Citizens in redressing their grievances, complaints, and queries. The Senior Citizens wishing to avail this service can send the communication with the below details to the e-mail id, senior.citizen@ kfintech.com. Senior Citizens (above 60 years of age) have to provide the following details:

ID proof showing Date of Birth
Folio Number
Company Name
Nature of Grievance

The cell closely monitors the complaints coming from Senior Citizens through this channel and assists them at every stage of processing till closure of the grievance.

(3) Online PV: In today’s ever-changing dynamic digital landscape, security, foolproof systems and efficiency in identity verification are paramount. We understand the need to protect the interests of shareholders and also comply with KYC standards. Ensuring security and KYC compliance is paramount of importance in today’s remote world. Digital identity verification, using biometrics and digital ID document checks, helps combat fraud, even when individuals aren’t physically present. To counteract common spoofing attempts, we engage in capturing liveness detection and facial comparison technology. Our RTA has introduced an Online Personal Verification (OPV) process, based on liveness detection and document verification

(4) WhatsApp:

Shareholders can use WhatsApp Number: (91) 910 009 4099 to avail bouquet of services.

18 Trident Limited

AI assistant

Trident Ltd — Annual Report 2025

59305_rns_2025-08-01_a2a7240b-a648-4704-98de-193ed27daa7e.pdf

National Stock Exchange of India Limited

BSE Limited

Sub: Notice of 35[th] Annual General Meeting & 1[st] Integrated Annual Report for the F.Y. ended 2024-25

Weaving Today and Tomorrow Excelence

About the Report

Highlights of FY 2024-25

Reporting Period

Frameworks, Guidelines, and Standards

Responsibility Statement

Feedback

Forward-looking Statements

Contents

Corporate Overview

Governance

Statutory Reports

Scope and Boundary

Financial Statements

Creating Impact

Capital-wise Performance

Assurance

Weaving Excelence Today and Tomorrow

Shaping Sustainable Manufacturing

Impact Highlights

51.98 MWp

52.74%

49.29%

97%

56

Delivering Sustained Returns

Impact Highlights

INR 6,237 Million

13.7%

53%

Consistent Dividend Payout

Contributing to Nation-building

Impact Highlights

2,000+

300+

3,000+

600+

4

4.2

Special hiring for defence veterans, women, and sports achievers

Best HR practices and workforce diversity

MESSAGE FROM THE CHAIRMAN EMERITUS

Dear Stakeholders,

I extend my warmest wishes for your health and well-being and my heartfelt gratitude to our employees for your dedication.

Dear Stakeholders,

Deepak Nanda

Dear Stakeholders,

Repositioning in a Changing Global Landscape

MESSAGE FROM THE GROUP CFO

Leading with Purpose: ESG and Innovation

60%

51.98 MWp

People-First Culture: Talent, Inclusion and Recognition

Strengthening our Social Compact

Looking Ahead

Dear Stakeholders,

Rahul Roongta

TRIDENT AT A GLANCE

Excel ence in Every Thread

Trident Limited, headquartered in Ludhiana, Punjab, is one of India’s largest vertically integrated manufacturers of yarn, bed & bath linens, wheat straw paper, and chemicals.

#1

Leading

Our vision

…and core values

…influences our strategies

Customer Diversification

Quality Focus

Premiumisation

Brand Building

…guiding what we do

…and how we do it

…to create value for our stakeholders

OUR GEOGRAPHICAL PRESENCE

Presence

Trident Ltd Annual Report 2025