Trident Ltd — Interim / Quarterly Report 2020

Feb 8, 2020

TRIDENT/CS/2020 February 8, 2020

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The Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Complex, Bandra (E) Mumbai – 400 051	The Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001
Scrip Code:- TRIDENT	Scrip Code:- 521064

Dear Sir/ Madam

Sub: Intimation of Schedule of Investor Conference

In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find below the proposed schedule of “Investor Conference Meeting” in which the Company will participate:

Day/Date	Details	Organizer	Place
Monday, February 10, 2020	AMSEC SUMMIT- Institutional Investor Conference	Asian Markets Securities Pvt. Ltd	Mumbai

Further, the copy of the latest presentation that would be used during the above Conference has already been uploaded on the official website of the Company i.e. www.tridentindia.com and a copy is also enclosed herewith.

Please note that Dates/Participants are subject to changes. Changes may happen due to exigencies on the part of Analyst/Institutional Investor/Company.

Submitted for your information and records.

Thanking you, Yours sincerely, For Trident Limited

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(Ramandeep Kaur) Company Secretary

ICSI Membership No.: F9160

Encl: as above

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Trident Limited Q3 FY20 Earnings Presentation

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Safe Harbour

This presentation has been prepared by Trident Limited (the � Company ��for general information purposes only, without regard to any specific objectives, suitability, financial situations and needs of any particular person and does not constitute any recommendation or form part of any offer or invitation, directly or indirectly, in any manner, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Company to be construed as legal, accounting or tax advice.

This presentation has been prepared by the Company based upon information available in the public domain. This presentation has not been approved and will not or may not be reviewed or approved by any statutory or regulatory authority in India or by any Stock Exchange in India. This presentation may include statements which may constitute forward-looking statements. The actual results could differ materially from those projected in any such forward-looking statements because of various factors. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise.

This presentation contains certain forward-looking statements relating to the business, financial performance, strategy and results of the Company and/ or the industry in which it operates. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, sometimes identified by the words including, without limitation "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, including those cited from third party sources, contained in this presentation are based on numerous assumptions and are uncertain and subject to risks. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward looking statements are based. Given these uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements.

The information contained in these materials has not been independently verified. None of the Company, its directors, promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise in connection with this presentation, and makes no representation or warranty, express or implied, for the contents of this presentation including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. Past performance is not a guide for future performance. The information contained in this presentation is current, and if not stated otherwise, made as of the date of this presentation. The Company undertakes no obligation to update or revise any information in this presentation as a result of new information, future events or otherwise. Any person/ party intending to provide finance/ invest in the shares/ businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision.

This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law in India.

This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. Neither this document nor any part or copy of it may be distributed, directly or indirectly, in the United States. The distribution of this document in certain jurisdictions may be restricted by law and persons in to whose possession this presentation comes should inform themselves about and observe any such restrictions. By reviewing this presentation, you agree to be bound by the foregoing limitations. You further represent and agree that you are located outside the United States and you are permitted under the laws of your jurisdiction to receive this presentation.

This presentation is not an offer to sell or a solicitation of any offer to buy the securities of the Company in the United States or in any other jurisdiction where such offer or sale would be unlawful. Securities may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, in to or within the United States absent registration under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Co�pa�y’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended.

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Q3 FY20 Earnings Presentation - Trident Ltd.

Overview

Textiles Paper Largest Player in terms of Terry Towel Capacity & One of the largest Highest Operating Margin among players in Home Textile Space in India Key Listed Players in India

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Revenue Split between segments
9M FY20 56% 25% 19%
FY19 51% 30% 19%
FY18 48% 33% 19%
FY17 49% 33% 18%
Bath & Bed Linen Yarn Paper
One of the Leading Business Groups with interest in Textiles and Paper
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Q3 FY20 Earnings Presentation - Trident Ltd.

Snapshot

	Key Market Statistics	Key Market Statistics	Key Market Statistics		29-Jan-2020	29-Jan-2020
	BSE Ticker NSE Ticker				521064 Trident
	Bloomberg Code				TRID:IN
	Reuters				TRIE.NS
	Market Price (Rs)				6.98
	Market Cap (INR Crore / USD Mn)				3557/ 499
	Number of Outstanding Shares (Crore)				509.60*
	Face Value				Rs. 1 per share
	52-week High / Low		(Rs.)		8.45/5.22
	Shareholding Pattern – 31st Dec, 2019
	Category		Dec, 2019		Sep, 2019
	Promoters		71.06%		71.06%
	Institutions		2.25%		2.42%
	Public		26.69%		26.52%

Global Presence Corporate Office : Ludhiana, Punjab Manufacturing Facilities at: Sanghera & Dhaula, Punjab Budni, Madhya Pradesh Marketing Offices (India): Mumbai, Gurgaon Kolkata, Bengaluru Marketing Offices (Intl.): New York, United States Cheshire, United Kingdom

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*Each equity share having face value of Rs 10 each has been split into 10 equity shares with face value of Rs 1 each. Accordingly previous year figures have been recomputed

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Q3 FY20 Earnings Presentation - Trident Ltd.

Evolution

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▪ Inception ▪ Entered Home Textile ▪ Augmented Towel ▪ Set-up Towel Unit ▪ Set-up Towel Unit-IV & First
▪ Set-up 1st Spinning with 1 [st] Towel with Unit –II set up – III; Bed Linen Unit
Unit Facility Manufacturing Unit ▪ Spinning with Unit- ▪ Added Spinning ▪ Added Spinning Units - VII,
▪ Set up Spinning Unit - II III set up Units– IV, V & VI VIII, IX & X
▪ Launched Textile Brands
1990 - 95 1996 - 00 2001 - 05 2006 - 10 2011 - 16
2001 - 05 2006 - 10 2011 - 16
▪ Acquired Paper
Manufacturing ▪ Set-up Paper Unit II
Facility along with ▪ Set-up Captive Power ▪ Launched Paper
Captive Power Facility Brands
5265
4640
3816
1803
706
294
47
FY95 FY00 FY05 FY10 FY15 FY18 FY19
Transformed from a Pure Play Yarn Player to an Integrated Textiles and Paper Manufacturer
TEXTILES
PAPER
Revenue(INR Cr)
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Q3 FY20 Earnings Presentation - Trident Ltd.

Key Highlights - P&L

9M FY20

TOTAL INCOME (INR CR) PBT (INR CR) 3775 -2% 379 -5%

9M FY19: 3849

9M FY19 : 400

EBIDTA (INR CR)

PAT (INR CR)

762 +1%

302 +9%

9M FY19 : 755 9M FY19 : 278

EBIT (INR CR)

EPS (INR)

510 +6%

0.59 +7%

• Revenue for the period ended 31 Dec 2019 stood at INR 3775.4 crores owing to impact of reduced capacity utilization in yarn segment and low realization rate per kg in paper segment.

• Bed Linen segment capacity utilization for Q3 FY20 stood at 68%

• Finance Cost in Q3 FY20 stood at Rs 23.4 Crores, reduction of 13% as compared to Q2 FY20 and 16% Y-o-Y basis

• EBITDA stood at INR 762.0 crores in 9M FY20 compared to INR 755.0 crores in 9M FY19. EBITDA Margin stood at 20.2% in 9M FY20

• Reduced PAT of INR 302.2 crores owing to one time reversal of MEIS (in view of Ministry of Textiles, Government of India’s Gazette Notification number CG-DL-E-15012020-215423 dated January 14, 2020)

9M FY19 : 480 9M FY19 : 0.55

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Q3 FY20 Earnings Presentation - Trident Ltd.

Key Highlights - B/S

as on December 31, 2019

NET DEBT (INR CR) LT DEBT (INR CR) 1663 -680Cr 1044 -250Cr FY19: 2344 FY19 : 1294

• Repayment of Long Term Debt by INR 258 Crores in 9M FY20

▪ Net Debt reduced by INR 680 crores during the period as compared to FY19 level. However the same is slightly higher compared to Q2 FY20 on account of increased utilization of working capital limits owing to procurement of cotton during the ongoing season

NET DEBT/EQUITY NET DEBT/EBIDTA

0.5 1.6 FY19 : 0.8 FY19 : 2.3

REPAYMENT (INR CR) CASH PROFIT (INR CR) 258 554

9M FY19: 244

9M FY19 : 554

Net Debt (Rs in Crs)

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2714 2621
2344
1663
Mar'17 Mar'18 Mar'19 Dec'19
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Q3 FY20 Earnings Presentation - Trident Ltd.

P&L Statement (S)

Particulars	Q3 FY20	Q3 FY19	Shift	9M FY20	9M FY19	Shift
Total Income	1140.1	1306.4	-12.7%	3775.4	3848.8	-1.5%
EBITDA	202.4	282.2	-28.3%	762.0	755.0	0.9%
EBITDA %	17.6%	21.6%	-385bps	20.2%	19.6%	+57bps
Depreciation	82.2	89.2	-7.8%	251.8	275.3	-8.5%
EBIT	120.1	193.0	-37.8%	510.3	479.8	6.4%
Finance Cost	23.4	28.0	-16.3%	83.0	79.9	3.9%
Profit Before Tax	48.0	165.0	-24.1%	378.6	399.8	-5.3%
Profit After Tax	41.9	111.4	-70.9%	302.2	278.4	8.6%
EPS (INR)	0.08	0.22	-63.6%	0.59	0.55	7.3%
Cash Profit	124.1	200.6	-38.1%	554.0	553.6	0.1%

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Q3 FY20 Earnings Presentation - Trident Ltd.

Dividend Pa out y

Year	Total Div%	Div. Amt. (INR Per Share)	Type	%age
9M FY20	18%	0.18/-	2nd Interim	9%
			1st Interim	9%
FY19	30%	0.30/-	Final	6%
			3rd Interim	12%
			2nd Interim	6%
			1st Interim	6%
FY18	15%	0.15/-	Final	3%
			2nd Interim	6%
			1st Interim	6%
FY17	15%	0.15/-	Final	3%
			2nd Interim	6%
			1st Interim	6%

*Dividend Distribution Policy is available at www.tridentindia.com

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Dividend Payout Ratio
50%
37%
35%
27%
FY17 FY18 FY19 9M FY20
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Historical Dividends (%age of Face Value)

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30%
18%
15% 15%
FY17 FY18 FY19 9M FY20
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Q3 FY20 Earnings Presentation - Trident Ltd.

Management Comment

Commenting on the performance, Mr. Rajinder Gupta, Chairman at Trident Group said:

�Trident believes in offering innovative solutions and delivering highquality value-added products to our customers. In spite of the latest economic challenges, the company has demonstrated high resilience.

We remain focused on sweating manufacturing capacities and expect to increase the utilization level led across by expanding geographies and enhancing our market share.�

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Q3 FY20 Earnings Presentation - Trident Ltd.

Textile - Financials

Sales (INR Crores)

EBIT (INR Crores)

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3091 3050
9M FY19 9M FY20
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269
245
9M FY19 9M FY20
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~~Capacity Utilization~~

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Towel �I� 000’ to�s�
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Towel �I� 000’ to�s� Bed Linen (In mn. meters) Yarn �I� 000’ to�s�
100 50% 49% 52% 55% 75% 93% 95% 98% 95% 105%
90 45% 50% 50 63% 59% 65% 120 95%
80 45% 85%
100
70 40% 40 55% 75%
44%
60 35% 30 45% 80 65%
50 30% 55%
40 25% 29% 35% 60 45%
20
30 20% 25% 40 35%
20 15% 10 15% 20 25%
10 10% 15%
0 5% 0 5% 0 5%
FY17 FY18 FY19 9M FY20 FY17 FY18 FY19 9M FY20 FY17 FY18 FY19 9M FY20
Capacity Utilization
90 90 90 90 43.2 43.2 43.2 43.2 115 115 115 115
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Q3 FY20 Earnings Presentation - Trident Ltd.

Paper - Financials

Sales (INR Crores)

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723 709
9M FY19 9M FY20
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Capacity Utilization (Tonnage Basis)

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89% 89% 89% 88% 95%
180
85%
160
75%
140
65%
120
55%
100
45%
80
60 35%
40 25%
20 15%
0 5%
FY17 FY18 FY19 9M FY20
175 175 175 175
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EBIT (INR Crores)

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269
252
9M FY19 9M FY20
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- Copier v/s Non Copier

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45% Copier
9M FY20
55% Non-Copier
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Capacity Utilization

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Q3 FY20 Earnings Presentation - Trident Ltd.

Financial Performance

Revenue (INR Cr)

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3849 3775
9M FY19 9M FY20
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PAT (INR Cr)
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PAT PAT Margin
375 8.0% 9.0%
325 7.2% 8.0%
275 7.0%
225 6.0%
175 5.0%
125 4.0%
9M FY19 9M FY20
278 302
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EBIDTA (INR Cr)

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EBIDTA EBIDTA %
900 20.2% 21.0%
850 19.6%
800 20.0%
750 19.0%
700
650 18.0%
600
550 17.0%
500 16.0%
450
400 15.0%
9M FY19 9M FY20
755 762
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Interest Coverage Ratio

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9.45
9.18
9M FY19 9M FY20
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Q3 FY20 Earnings Presentation - Trident Ltd.

Financial Performance

Net Debt (INR Cr.)

Net Debt D/E Ratio

Net Worth (INR Cr)

Net Worth ROE

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3000 1.0 1.0 1.2
2500 0.8 1.0
2000 0.5 0.8
1500 0.6
1000 0.4
500 0.2
0 0.0
FY17 FY18 FY19 9M FY20
2714 2621 2344 1663
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18.6%
2500 16.6% 16.9% 20.0%
18.0%
2000 13.3% 16.0%
14.0%
1500 12.0%
10.0%
1000 8.0%
6.0%
500 4.0%
2.0%
0 0.0%
FY17 FY18 FY19 9M FY20
1816 2003 2241 2379
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Capital Employed

Capital Employed ROCE

Fixed Assets

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Fixed Assets Assets Turnover
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51004900 11.7% 10.6% 14.1% 15.6% 18.0%16.0% 4600450044004300 1.1 1.1 1.4 1.3 1.61.41.2
4700 14.0% 4200 1.0
45004300 12.0%10.0% 41004000 0.8
8.0% 3900 0.6
4100
6.0% 3800 0.4
3900 4.0% 3700
0.2
3700 2.0% 3600
3500 0.0% 3500 0.0
FY17 FY18 FY19 9M FY20 FY17 FY18 FY19 9M FY20
Excludes fair valuation of land as per IND – AS and exceptional items
4945 4800 4676 4222 4467 4078 3848 3954
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Q3 FY20 Earnings Presentation - Trident Ltd.

Key Ratios

Particulars (INR crore)	9M FY20	FY19	FY18
Return on Capital Employed*	15.6%	14.1%	10.6%
Return on Equity*	16.9%	16.6%	13.3%
Interest Coverage	9.2	8.7	7.7
Net Debt to Equity	0.5	0.8	1.0
Net Debt / EBITDA	1.6	2.3	2.9

*Excludes fair valuation of land as per IND – AS and exceptional items

▪ Credit CRISIL AA-/ CARE AA- (LT Bank Facilities) ▪ CRISIL A1+/ CP Rating: Rating: ▪ IND A1+ CRISIL A1+/ CARE A1+ (ST Bank Facilities)

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Q3 FY20 Earnings Presentation - Trident Ltd.

For more information about us, please visit www.tridentindia.com

Abhinav Gupta/ Ankit Mahajan Investor Relations, Trident Limited Tel: +91 161 5039 999 Fax: +91 161 5039 900 Email: abhinavgupta@tridentindia.com; ankitmahajan@tridentindia.com

Thank You

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Q3 FY20 Earnings Presentation - Trident Ltd.