Trident Ltd — Interim / Quarterly Report 2021

Oct 25, 2021

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TRIDENT/CS/2021 October 25, 2021

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 Scrip Code:- TRIDENT

The Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001 Scrip Code:- 521064

Dear Sir/ Madam

Sub: Meetings with Investor(s) / Analyst(s)

In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby wish to inform you that the Company is virtually attending Investor(s) / Analyst(s) Queries and giving presentation on Quarterly Earnings & Business Updates today i.e Monday, October 25, 2021.

Further, the copy of the presentation that would be used during the above Calls/ Conferences is attached herewith and the same has been uploaded on the official website of the Company i.e. www.tridentindia.com.

Submitted for your information and records.

Thanking you, Yours sincerely, For Trident Limited

RAMANDE Digitally signed by RAMANDEEP KAUR EP KAUR Date: 2021.10.25 18:08:14 +05'30' (Ramandeep Kaur) Company Secretary ICSI Membership No.: F9160

Encl: as above

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25/10/2021

TL/2021/015705

Earnings Presentation Q2FY22

Trident Limited

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Home Textile I Paper

Safe Harbour

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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 forwardlooking 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 USA 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 Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended.

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Index

Trident at Glance Key Highlights Quarterly Update & Operational Highlights Summary of Financial Statements Committed to the ESG & Women Empowerment Way forward Please click titles to reach to respective section

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TRIDENT AT GLANCE

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Trident’s – A distinctive Entity

home textile manufacturers  [Leading Integrated ]

USD 3bn+ 150+ Business group countries

 [World’s Largest] wheat straw based paper manufacturer

class Infrastructure  [World]

in North India for Branded #1 Copier segment

-  [Best] in class technology

46+ 17,000+ E-com website employees presence

67%

Revenue from 12+ exports in Q2 Patents FY22

 [Recipient of Cor][p][orate & Customer Partner Awards]

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Competitive Advantage

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Competitive cost of production

Textiles: A dominant industry

• Competitive labor, power and raw material cost

• Employs 45 million people across the value chain

• Access to advanced technology under textile upgradation fund

• Strong government support to industry

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India geography of choice for
Home Textiles
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Favorable Government Policies

Backward Integration with yarn

• Focus on ‘Make in India’

• Lower variance in profitability

• ▪ Hedge against raw material price fluctuations

• Export enhancement

• Scheme of setup of Mega Textile Parks

• Maintenance of high-quality standards

• ▪ Traceability of origin

• ▪ Consistent delivery of products

Cotton quality and availability

• Largest producer of cotton

• Surplus available for export

Qualified and skilled manpower

Global friendly environment

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• Large, young and talented workforce

• Stable democracy and comfort with global languages

• ▪ Evolving practices in line with MNCs

• Competitive though increasing cost of labor

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Our Global Presence

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Across 6 continents and 150 countries

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Trident Europe Ltd.
First Floor, Sovereign House,
Stockport Road,
Cheadle, Cheshire,
England – SK82EA
Trident
UK Office
Corporate Headquarters
Manufacturing Unit
Sales / Liaisoning Office
Trident
Warehousing & NYC Office
Distribution Set
US Office:
up 295, Fifth Avenue,
Suite 612, New
York,
NY 10016, USA
Trident
Head Office
Trident Presence
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Creating differentiation across brands & products

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Domestic home textile brands Domestic home textile brands International home textile brands International home textile brands
Bed Bed
Bath
Bath
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Marquee Customers Marquee Customers

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Trident’s home textile brands are across a range of luxury, premium, essentials, exclusive and gifting products

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Shareholding and Dividend Payout

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Key Market Statistics (21st Oct 2021) (INR)		Shareholding		Pattern (October 2021)
BSE Ticker	521064
NSE Ticker Bloomberg code	Trident TRID:IN	25%				Promoters
Reuters Market Price Market Cap (in million)	TRIE.NS 38.65 1,96,960	2%		73%		Non-Promoters- Non Public		Public
Outstanding shares (in million)	5096
Face value per share	1
				Dividend
52 week low/high	7.10/43.35

Stock price movement

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50.0
38.7
40.0
30.0
16.4
14.1
20.0 9.9
7.0 6.7
4.3
10.0
0.0
Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21
Stock Price
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65% 53%
50%
35%
27%
FY17 FY18 FY19 FY20 FY21
Dividend Dividend payout ratio
0.15 0.15 0.30 0.36 0.36
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KEY HIGHLIGHTS

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Result at Glance

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					REVENUE		EBITDA		PAT		EPS
					INR 16,727 Mn		INR 4129 Mn		INR 2288 Mn		0.46
			Q-o-Q		13%		8%		12%		0.05
			Y-o-Y		42%		82%		128%		0.26

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Management’s Commentary

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“We have continued the positive momentum from the previous quarter and delivered the best performance in the second quarter. The company is committed to embark inclusive growth for all its stakeholders and continuing to excel in future.”

Mr. Rajinder Gupta Chairman, Trident Group

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What’s new ?

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• E-Commerce Solar Energy (Website Launch) Foundation Plant Click above icons to have further information

• ➢ Installation of new capacity worth INR 338 Crores having of 61,440 spindles & 480 rotors including other balancing equipment in July 2021

• ➢ Launch of Trident MY CHOICE notebooks ➢ Announced future Capex plans worth INR 1377 Crores which will strengthen the company’s VISION 2025

• ➢ CRISIL Credit Rating for Long-term loans promoted to AA /(Stable Outlook) -

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Feathers in our cap

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QUARTERLY & OPERATIONAL HIGHLIGHTS

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Quarterly Highlights (P&L)

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Particulars	Q2 FY22	Q1 FY22	Q-o-Q Change	Q2 FY21	Y-o-Y Change
Total Income	16,727	14,799	13%	11,744	42%
EBITDA	4,129	3,825	8%	2,270	82%
Depreciation	867	874	-1%	831	4%
Finance Cost	199	250	-21%	123	62%
PBT	3,063	2,700	13%	1,316	133%
PAT	2,288	2,035	12%	1,002	128%
Cash Profit	3,155	2,909	8%	1,833	72%
EPS	0.46	0.41	0.05	0.20	0.26

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Quarterly Margins (P&L)

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25.8%
24.7%
19.3%
Revenue Exports
18000.00 75.0%
16000.00
Q2 FY21 Q1 FY22 Q2 FY22
73.0%
14000.00
18.2% 18.3%
12000.00 71.0%
11.2%
10000.00
69.4%
69.0%
8000.00
67.7%
67.4%
6000.00 67.0% Q2 FY21 Q1 FY22 Q2 FY22
4000.00
13.8% 13.7%
65.0%
2000.00
8.5%
0.00 63.0%
Q2 FY21 Q1 FY22 Q2 FY22
Q2 FY21 Q1 FY22 Q2 FY22
EBITDA MARGIN
EBIT MARGIN
Exports as of Revenue
11744.30 14798.60 16726.70
PAT MARGIN
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Quarterly Highlights (B/S)

Particulars	Q2 FY22	Q1 FY22	Q2 FY21
Net Worth	35,695	33,166	31,438
Short Term Loans	9,207	10,648	7,073
Long Term Loans	3,801	3,773	3,173
Gross Debt	13,008	14,421	10,246
Cash & Cash Equivalents	2,554	2,102	770
Net Debt	10,454	12,320	9,476
Total Assets	58,372	57,542	58,771

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0.35
0.30 0.29
Q2 FY21 Q1 FY22 Q2 FY22
1.04
0.95
0.63
Q2 FY21 Q1 FY22 Q2 FY22
(in times)
NET DEBT/ EQUITY
(in times)
NET DEBT/ EBITDA
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Segment Highlights (P&L)

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Q-o-Q Y-o-Y
Particulars Q2 FY22 Q1 FY22 Q2 FY21
Revenue
Change Change
Home Textile 15%
Revenue 14,067 12,821 10% 9,908 42%
EBIT 2,977 2,660 12% 1,149 159%
EBIT Margin 21.2% 20.7% 2% 11.6% 83%
Paper
85%
Revenue 2560 1,950 31% 1809 42%
EBIT 612 593 3% 489 25%
Home Textile Paper
EBIT Margin 23.9% 30.4% -21% 27% -12%
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SUMMARY OF FINANCIAL STATEMENTS

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Historical P&L Statement

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Particulars	FY19 FY20 FY21 Q2 FY21 Q2 FY22
Total Income	52,653 47,240 45,353 11,744 16,727
EBITDA	10,231 8653 8270 2270 4,129
Depreciation	3639 3333 3365 831 867
EBIT	6592 5320 4905 1438 3,262
Finance cost	1123 1108 720 123 199
Exceptional Items	0 0 -266 0 0
Profit before tax	5469 4212 4451 1315 3,063
Tax	1760 794 994 313 775
Profit after tax	3709 3418 3457 1002 2288
EPS (Actuals)	0.73 0.67 0.68 0.20 0.46
Cash Profit	7348 6751 6822 1833 3,155

• Recent performance and growth

• ▪ Total Revenue for the FY 21 stood at INR 45353 Mn, slightly less than FY 20 owing to primarily the low sales in Q1 FY20 in which the operations of the Company were hampered by lockdown

• ▪ 35% reduction in Finance Cost in FY21 reduced to INR 720 Mn, as compared to INR 1108 Mn in FY20

• ▪ EBITDA Margin stood at 18.23% in FY21

Margin improvement initiatives

• ✓ Move to higher retail price points products, focusing on higher thread count sheets and higher GSM Towels

• ✓ Develop new and innovative products leveraging consumer sentiments and behavior to earn premium

• ✓ Catering to luxury, fashion accents, & sports segments

• ✓ Increasing capacity utilization of plants through digitization of processes and adopting lean practices

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Historical Balance Sheet

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Particulars	As at March 31, 2019	As at March 31, 2020	As at March 31, 2021	▪Net Debt reduced from INR Recent performance
CAPITAL AND LIABILITIES				16,145 million in FY20 to	INR
Capital	5096	5096	5096	14,232 million in FY21
Reserves and surplus Borrowings Deferred tax liabilities	24216 24358 4083	24573 19518 3367	28070 15355 3208	▪Total Repayment of INR 10,343 million in FY21 including
Other liabilities and provisions	3279	4630	5813	prepayment of term loans amounting more than INR 6500
TOTAL	61032	57184	57542	million
ASSETS
Cash and cash equivalents	95	3183	984	▪Commercial production of yarn
Balances with bank	156	190	139	project with 61,440 spindles		and
Inventory	10010	9120	10083	480 rotors has begun recently.
Trade receivables	6620	2785	4545	▪Cash & cash equivalents are
Property, plant & equipment	36725	35734	36979	readily available in order	to
Other assets	7426	6172	4812	meet any short-term obligations.
TOTAL	61032	57184	57542

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Financial Performance

REVENUE

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EBITDA

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58% 67% 71%
550005450054000535005300052500520005150051000505005000049500490004850048000475004700046500460004550045000445004400043500430004250042000415004100040500400003950039000385003800037500370003650036000355003500034500340003350033000325003200031500310003050030000295002900028500280002750027000265002600025500250002450024000235002300022500220002150021000205002000019500190001850018000175001700016500160001550015000145001400013500130001250012000115001100010500100009500900085008000 54% 56% 80.0%70.0%60.0%50.0%40.0%30.0%20.0%10.0%0.0%
FY18 FY19 FY20 FY21 H1 FY22
Revenue (in INR million) Exports
46,403 52,653 47,240 45,353 31,525
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13500
13000 30.0%
12500 25%
12000
1150011000 25.0%
1050010000 20% 19% 18% 18%
9500 20.0%
9000
8500
8000
7500 15.0%
7000
6500
60005500 10.0%
5000
4500
4000 5.0%
3500
3000
2500
2000 0.0%
FY18 FY19 FY20 FY21 H1 FY22
EBITDA (in INR million) EBITDA Margin
9,140 10,292 8,653 8,270 7,954
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PBT

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PAT
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18%
5000 10% 10% 12.0%
4500
4000 8% 9% 10.0%
8.0%
3500
3000 6.0%
2500
4.0%
2000
2.0%
1500
1000 0.0%
FY18 FY19 FY20 FY21 H1 FY22
PBT (in INR million) PBT margin
5,469
3,918 4,212 4,452 5,764
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14%
5000 12.0%
4500
10.0%
4000 8%
7% 7% 8.0%
3500 6%
3000 6.0%
2500
4.0%
2000
2.0%
1500
1000 0.0%
FY18 FY19 FY20 FY21 H1 FY22
PAT (in INR million) PAT margin
3,709
2,659 3,418 3,457 4,323
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Ratios Summary

Type	Parameters	FY20	FY21	H1 FY22
Solvency Ratios	Net Debt/Equity	0.54	0.42	0.29
	Net Debt/EBITDA	1.87	1.72	0.63 *
	Interest Coverage Ratio	7.81	11.49	13.85
Operational Ratios	Current ratio	1.04	1.27	1.21
	Fixed asset turnover	0.5	0.7	0.8
	Inventorydays	82.1	93.0	91.3
	Debtor days	36.0	55.3	55.4
Return Ratios	ROE	11.5%	10.4%	24.2% *
	ROCE	10.4%	12.8%	20.4% *

*** are annualized in nature**

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Segmental Performance Annual

Capacity -Towels �in 000’tons�

Capacity-Bed Linen (In Mn meters)

Revenue Mix

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100 64% 70% 100 80% 85% 90%
98 45% 49% 53% 60% 90 63% 80%
45000 21% 25.0% 96 48% 80 60% 70%
50%
40000 70 44%
60%
35000 20.0% 94 40% 60
50%
30000 92 50
15.0%
25000 10% 30% 40%
90 40
20000 8% 8% 10.0% 20% 30 30%
15000 6% 88
20 20%
10000 5.0% 86 10%
5000 10 10%
0 0.0% 84 0% 0 0%
FY18 FY19 FY20 FY21 H1 FY22 FY18 FY19 FY20 FY21 H1 FY22 FY18 FY19 FY20 FY21 H1 FY22
Sales (in INR million) EBIT Margin Capacity Utilization Capacity Utilization
Revenue Mix Copier vs Non-Copier Revenue Mix Capacity Utilization (Tonnage Basis)
100 89% 89% 91% 92%
37% 34% 40.0% 90 90%
32% 27% 35.0% 80 86% 88%
26% 30.0%25.0% 48% Copier 7060 86%84%
50 82%
20.0% 79%
40 80%
15.0% 52% Non-Copier
30 78%
10.0%
20 76%
5.0%
10 74%
0 0.0%
0 72%
FY18 FY19 FY20 FY21 H1 FY22 FY18 FY19 FY20 FY21 H1 FY22
Sales (in INR million) EBIT Margin Capacity Utilization
43.2
37799 42229 37776 38161 26889 90.0 90.0 90.0 90.0 90.0 43.2 43.2 43.2 43.2
8579 9970 9225 7041 4510 175.0 175.0 175.0 175.0 175.0
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12000 37% 34%
32%
10000 27%
26%
8000
6000
4000
2000
0
FY18 FY19 FY20 FY21 H1 FY22
Sales (in INR million) EBIT Margin
(% of total revenue)
8579 9970 9225 7041 4510
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(FY21)

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COMMITTED TO THE ESG & WOMEN EMPOWERMENT

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Environmental, Social and Governance

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25%
5,000+
Less water
Trees saved/day
consumption [1]
600,000+ 17,000+
Green belt of Partnership with
trees farmers
✓ Less than half CO2 emission with use of
wheat straw paper vs wood pulp
✓ Conversion of waste to energy in Budhni
plant
✓ Installation of Solar Power Plant at Budhni
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• ✓ Nirmal Narmada Abhiyaan every quarter to keep river Narmada clean

• ✓ Launch of our NGO- Trident Foundation (www.tridentfoundation.com)

• ✓ Revamp existing facilities, provide infrastructure and basic facilities to schools and anganwadis

✓ Sewing machines and handicrafts-making training under Hastakala initiative for women

• ✓ Vending machines to obtain free sanitary napkins

• ✓ Free consultations and medication for more than 100,000 people in rural areas

CARE

India Rating

AA (Stable Outlook): Long term Borrowings A1+: Short Term Borrowings

AA (Stable Outlook): Non-Convertible Debentures

• ✓ 3 times National Recognition for Good Corporate Governance

• ✓ 1 National Award for Excellence in Corporate Governance

• ✓ 2 times stood among the Top 25 Indian Corporates adopting Good Corporate Governance

CRISIL

D&B

AA (Stable Outlook): Long 5A1: Business Rating Term Borrowings A1+: Short Term Borrowings

Initiatives towards women empowerment

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WAY FORWARD

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Future prospects

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Vision 2025 3 BHAGs (BIG, HAIRY, AUDACIOUS GOALS)

Unlock long term shareholder value

OBJECTIVES IMPERATIVES  Improve return ratios through capital allocation strategies 1  Grow to Rs Grow core business Expansion of existing businesses through organic and inorganic growth 250,000 Mn by Capitalize on recent growing retail trends - Online & Offline 2025 with 12% Brands  bottom line as a Creation of focused business groups to generate business group synergies and explore business alliances 2 Develop robust processes & organisation  Optimization of leveraging capacity to Making Trident a Boost efficiency, simplify & automate processes create value National Brand  Penetration into new markets 3 Build new businesses  Diversify, build and grow new businesses through organic and Digital Trident- Product development inorganic growth Manoeuvring through Industry  E-commerce 4.0 Journey 4 Digital & industry 4.0  IOT, Blockchain & Digitalization Brand building

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CAPEX Plans

Particulars	Yarn	Sheeting	Co-Gen
Existing Capacity	Spindles- 5.89 Lacs; Rotors- 7,464 and Air Jet – 160	1.2 Lacs Mtrs/day	49.4 MW
Existing Capacity Utilization (Approx.)	90%	83%	71%
Proposed Capacity Addition	Spindles- 98,496 & Rotors-3600	70,000 Mtrs/day	16.3 MW

• ➢ The total cost of addition of all these capacities will be INR 1377 Crores and will be completed by September 2023.

• ➢ This will result into increased competitive advantage for the company and will help to meet increased demand

➢ The mode of financing of all these projects will be through Debt & Equity ➢ The capex plans will help to leverage business expertise and capture business synergies

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E-commerce – The way forward

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Home Textile
D2C Site India
mytrident.com
Virtual Showroom
Online Expanding Dedicated
Presence Reach Team
Agile Warehousing
46+ 17+ 50+
E-commerce Countries in last 12 last 12 Strong E-commerce
websites months team
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For further details please contact- Abhinav Gupta/ Rahul Sharma Investor Relations, Trident Limited Tel: +91 161 5039 999 Thank You Fax: +91 161 5039 900 Email: corp.relations@tridentindia.com

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