Trident Ltd — Investor Presentation 2019

May 13, 2019

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Trident Limited Q4 FY19 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 p resentation has not been a pp roved and will not or ma y not be reviewed or a pp roved b y 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 comp y l w t i h t hi s restr ct on i i may const tute i a v o at on i l i o f t h e app li ca bl e secur t es i i l aws. N e t i h er t hi s d ocument nor any part or copy o f i t may b e di str ib ute d , di rect y l or i n di rect y, l i n t h e U n te i d S tates. Th e 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 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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Q4 FY19 Earnings Presentation - Trident Ltd.

Overview

Textiles

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

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FY19 51% 30% 19%
FY18 48% 33% 19%
FY17 49% 33% 18%
FY16 46% 32% 22%
Bath & Bed Linen Yarn Paper
One of the Leading Business Groups with interest in Textiles and Paper
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Q4 FY19 Earnings Presentation - Trident Ltd.

Snapshot

Key Market Statistics 10-May-2019 BSE Ticker 521064 Global Presence Corporate Office : Ludhiana Punjab NSE Ticker Trident Bloomberg Code TRID:IN Reuters TRIE.NS Market Price (Rs) 67.05 Market Cap (INR Crore / USD Mn) 3417/ 488 Number of Outstanding Shares (Crore) 50.96 Face Value Rs 10 per share , 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 . 52-week High / Low (Rs.) 75.70 / 51.15 Shareholding Pattern – 31st Mar, 2019 Category Mar 2019 Mar 2018 Promoters 70.77% 67.77% Institutions 2.96% 3.62% Public 26.27% 28.61%

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Q4 FY19 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 -
� Set up Spinning Unit - II III set up Units– IV, V & VI VII, VIII, IX & X
� Launc h e d Text il e Bran d s
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
294 706
47
FY95 FY00 FY05 FY10 FY15 FY18 FY19
Transformed from a Pure Play Yarn Player to an Integrated Textiles and Paper Manufacturer
XTILES
TE
PAPER
NR Cr)
Revenue(I
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Q4 FY19 Earnings Presentation - Trident Ltd.

Key Highlights - P&L

Q4FY19

TOTAL INCOME (INR CR) PBT (INR CR) 1416 +19% 147 +67% Q4FY18: 1188 Q4FY18: 88 EBIDTA (INR CR) PAT (INR CR) 270 +26% 93 +82% Q4FY18: 214 Q4FY18: 51 EBIT (INR CR) EPS (INR) 181 1.82 +56% +80% Q4FY18: 116 Q4FY18: 1.01

� Textile: Highest ever quarterly volumes in Bed Linen and Yarn Segment with Q-o-Q growth of 25.9% and 8.9% over the previous quarter;

• Bed Linen segment registering capacity utilization of 74% in Q4 FY19

� Branding, Distribution and expanding team closer to market in US has helped us in improving the volumes and will support us in sustaining the growth in the forthcoming quarters also.

• EBITDA of INR 270 crores marking improvement of 26% Y-o-Y in Q4FY19 compared to INR 214 crores in Q4FY18. EBITDA Margin stood at 19.1% in Q4FY19

� PAT of INR 93 crores with ~6 . 6% PAT Margin .

• EPS stood at INR 1.82 in Q4FY19

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Q4 FY19 Earnings Presentation - Trident Ltd.

Key Highlights - P&L

FY19

TOTAL INCOME (INR CR) PBT (INR CR) 5265 +13% 547 +40% FY18: 4640 FY18: 392 EBIDTA (INR CR) PAT (INR CR) 1029 +13% 371 +40% FY18: 914 FY18: 266 EBIT (INR CR) EPS (INR) 665 7.28 +30% +139% FY18: 510 FY18: 5.22

• Home Textile: Bed Linen volumes grew by 39.4% and Bath Linen volumes grew by 6.6% Y-o-Y in FY 19 as compared to last year;

• Highest Ever yearly revenue of INR 5265 crores with 51% contribution from Home Textile Segment

• Ever annual EBITDA of INR 1029 crores

• Highest marking improvement of 13% Y-o-Y in FY19 compared to INR 914 crores in FY18. EBITDA Margin stood at 19.6% in FY19.

• Ever Profit After Tax of INR 371 crores with

• Highest ~7.0% PAT Margin.

• EPS stood at INR 7.28 in FY19 as against EPS of INR 5 . 22 in FY18

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Q4 FY19 Earnings Presentation - Trident Ltd.

Key Highlights - B/S

as on Mar 31, 2019

NET DEBT (INR CR) LT DEBT (INR CR) 2344 -277Cr 1294 -395Cr

FY18: 2621 FY18 : 1689

• Finance costs for FY19 stood at INR 118.3 crore similar to last year despite increase in Short term borrowings

• Repayment of Long Term Debt of INR 432 Crore in FY19; Net Debt reduced by INR 277 Crore

• Cash Profit of INR 735 Crore during FY19

NET DEBT/EQUITY NET DEBT/EBIDTA 0.8 2.3 FY18 : 1.0 FY18 : 2.9

CASH PROFIT REPAYMENT (INR CR) (INR CR) 432 735 FY18: 545 FY18 : 670

Net Debt (INR Cr.)

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3421
2714
2621
2344
Mar'16 Mar'17 Mar'18 Mar'19
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Q4 FY19 Earnings Presentation - Trident Ltd.

P&L Statement (S)

Particulars	Q4 FY19	Q3 FY19	Shift	Q4 FY18	Shift	FY19	FY18
Total Income	1416.5	1306.4	8.4%	1187.9	19.2%	5265.3	4640.3
EBITDA	270.0	283.6	-4.8%	213.9	26.2%	1029.2	914.0
EBITDA %	19.1%	21.7%	-260 bps	18.0%	+110 bps	19.5%	19.7%
Depreciation	88.6	89.2	-0.7%	98.2	-9.8%	363.9	404.0
EBIT	181.4	194.4	-6.7%	115.7	56.8%	665.3	510.0
Finance Cost	34.3	29.4	16.6%	27.7	23.7%	118.3	118.2
Profit Before Tax	147.1	165.0	-10.9%	88.0	67.2%	546.9	391.8
Profit After Tax	92.6	111.4	-16.9%	51.4	80.5%	370.9	265.9
EPS (INR)	1.82	2.19	-16.9%	1.01	80.2%	7.28	5.22
Cash Profit	181.2	200.6	-9.7%	149.6	21.3%	734.8	669.9

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Q4 FY19 Earnings Presentation - Trident Ltd.

Dividend Pa out y

	Year	Total Div%	Div. Amt. (INR Per Share)	Type	%age		Dividend Payout Ratio	Dividend Payout Ratio	Dividend Payout Ratio	Dividend Payout Ratio	Dividend Payout Ratio	50%
				1st Interim	6%						35%
	FY19	30%	3.00/-	2nd Interim 3rd Interim	6% 12%		23%			27%
				Final	6%
				1st Interim	6%
							FY16			FY17	FY18	FY19
	FY18	15%	1 50/- .	2nd Interim	6%
				Final	3%
				1st Interim	6%		Historical		Dividends(%age of Face Value)
	FY17	15%	1.50/-	2nd Interim	6%							30%
				Final	3%
				1st Interim	3%					15%	15%
	FY16	9%	0.90/-	2nd Interim	3%		9%
				Final	3%
							FY16			FY17	FY18	FY19

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

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Q4 FY19 Earnings Presentation - Trident Ltd.

Management Comment

Commenting on the performance, Mr. Rajinder Gupta, Chairman at Trident Group said: “The has been us as we accelerated year gone by immensely fruitful for work on our growth strategy while continually upgrading the business operating system to guide our financial and operational excellence. We foresee 2019 as another opportunity to fulfill our commitments through an while return our exceptional performance generating healthy for stakeholders . ’ - We will continue to create value and maintain Trident s excellence centric mindset to achieve even stronger and better results in the coming years.”

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Q4 FY19 Earnings Presentation - Trident Ltd.

Textile - Financials

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Sales (INR Crores)
4223
3795 3721
2881
FY 16 FY 17 FY18 FY19
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EBIT (INR Crores)
415
348
300
273
FY 16 FY 17 FY18 FY19
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~~Capacity Utilization~~

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Towel (In 000’ tons)
50%
49%
45%
41%
FY16 FY17 FY18 FY19
90 90 90 90
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Bed Linen (In mn. meters) Yarn (In 000’ tons)
63% 70% 200 100%
98%
Project 29%
60% 98%
commissioned 44% 150 95%
50%
96%
at the end of
40% 93%
100 94%
FY16
30% 91%
92%
20%
50
6%
90%
10%
5.4 43.2 43.2 43.2
0% 0 88%
FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19
Capacity Utilization
103 115 115 115
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Q4 FY19 Earnings Presentation - Trident Ltd.

Paper - Financials

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Sales (INR Crores)
997
872 858
831
FY 16 FY 17 FY18 FY19
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Capacity Utilization (Tonnage Basis)
89% 89% 89%
88%
200
150
100
50
0
FY16 FY17 FY18 FY19
Capacity Utilization
175 175 175 175
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EBIT (INR Crores) 371
274
199
160
FY 16 FY 17 FY18 FY19
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-
Copier v/s Non Copier
Co ier
p
51% FY19 49%
Non-Copier
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Q4 FY19 Earnings Presentation - Trident Ltd.

Financial Performance

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EBIDTA EBIDTA %
Revenue (INR Cr) EBIDTA (INR Cr)
20.4% 20.8%
1200
19.7% 19.5% 20.5%
1000
19.5%
800 18.5%
17.5%
600
16.5%
400
15.5%
200
14.5%
0 13.5%
FY 16 FY 17 FY 18 FY 19
FY 16 FY 17 FY 18 FY 19
PAT (INR Cr) PAT PAT Margin Interest Coverage Ratio
400.00 7.1% 7.0% 8.0%
6.5%
7.0%
5.7%
350.00 6.0%
5.0%
300.00 4.0% 8.70
7.73
7.05
3.0% 5.41
250.00 2.0%
1.0%
200.00 0.0%
FY 16 FY 17 FY 18 FY 19 FY 16 FY 17 FY 18 FY 19
763 992 914 1029
3744 4773 4640 5265
337 266 371
242
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Q4 FY19 Earnings Presentation - Trident Ltd.

Net Worth ROE

Financial Performance

Net Debt (INR Cr.) Net Debt D/E Ratio Net Worth (INR Cr)

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4000 1.6
1.4
3500 1.4
3000 1.0 1.0 1.2
0.8
2500 1.0
2000 0.8
1500 0.6
1000 0.4
500 0.2
0 0.0
FY16 FY17 FY18 FY19
3421 2714 2621 2344
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Capital Employed Capital Employed ROCE
14.2%
11.7%
16.0%
10.6% 14.0%
8.1% 12.0%10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
FY16 FY17 FY18 FY19
5110 4945 4800
4676
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13.9% 18.6% 16 . 6%
20.0%
18.0%
13.3% 16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
FY16 FY17 FY18 FY19
Fixed Assets Fixed Assets Assets Turnover
1.1
1.4
1.6
1.1
1.4
1.2
1.0
0.8
0.8
0.6
0.4
0.2
0.0
FY16 FY17 FY18 FY19
Excludes fair valuation of land as per IND – AS
1742 1816 2003 2241
4754 4467 4078 3848
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Q4 FY19 Earnings Presentation - Trident Ltd.

Key Ratios

	Particulars (INR crore) FY19 FY18 FY17 Return on Capital Employed 14.2% 10.6% 11.7% Return on Equity 16.6% 13.3% 18.6% Interest Coverage 8.7 7.7 7.0 Net Debt to Equity 0.8 1.0 1.0 Net Debt / EBITDA 2.3 2.9 2.7 *Excludes fair valuation of land as per IND – AS �A1+ (India Ratings) Credit Rating: �CARE AA-(LT Bank Facilities) �CARE A1+**(ST Bank Facilities) CP Rating:

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Q4 FY19 Earnings Presentation - Trident Ltd.

Balance Sheet (S)

f d Source o Fun s	f d Source o Fun s	f d Source o Fun s	A li ti f pp ca on o	F d un s
Equity Equity Share Capital Other Equity Non-Current Liabilities Borrowings Deferred Tax Liabilities Other Non Current Liabilities Current Liabilities Financial Liabilities Provisions Other Current Liabilities	2931.3 509.6 2421.7 1361.9 953.6 408.3 -- 1810.1 1746.1 19.2 44.8		Non Current Assets Property, Plant & Equipment Capital Work-in-Progress Intangible Assets Intangible Assets under devp. Fi i l A nanc a ssets Other Non Current Assets Current Assets Inventories Financial Assets - Investments - Trade Receivables - Cash & Cash Equivalents - Other Bank Balances - Other Financial Assets Other Current Assets	4080.0 3672.5 131.8 43.5 - 133 2 . 99.0 2023.2 1000.9 66.9 662.0 9.5 15.6 158.1 110.1
TOTAL	6103.2	6129.1	TOTAL	6103.2

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Q4 FY19 Earnings Presentation - Trident Ltd.

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

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

Thank You

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Q4 FY19 Earnings Presentation - Trident Ltd.