Trident Ltd — Investor Presentation 2019

Feb 4, 2019

T E-212. Kitchlu Nagar Talk: +91161 5039999 ludlliana-141 001 fax: +91 161 5038800 TRIDENT /CS/2019

		February 4, 2019

The Manager	The Manager
Listing Department	! Listing Department
National Stock Exchange of India Limited	\ BSE Limited[
Exchange Plaza, Plot No. C/1, G Block	I PhirozeJeejeebhoy Towers
BandraKurla Complex, Sandra {E)	I Dalal Street\
Mumbai - 400 051	I1 Mumbai - 400 001
! Scrip Code:- TRIDENT	--------------------~~---------------------------------~~~Scrip Code:- 521064

Dear Sir/ Madam,

Sub: Intimation of Schedule of Road show

In terms of Regulation 30{6) and 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find below the proposed schedule of "Investor Conference meetings &Non Deal Road Show" in which the Company wiLL participate:

1	~	[ Road show organized by	Place
Day/Date	Details		\
~Tuesday February 5 2019 ! Non-Deal Road ~how/ 'ji]''l	Investor Meet1ngs1	ICICI Securities	lMumbai I--~--J

Further, the copy of the latest presentation that would be given during the above Conference has already been uploaded on the official website of the Company i.e. www. tridentindia.com and a copy is 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 Limite9::C§~~=C[Gf;;0.

~ (?, ~~~;~ k£? 1.!1//c•·,··,,,,;'l·"'\ {Hari Znj \f:_ ~,}J Deputy Company Seretal:y~~./ ICSI Membership No.: A31976

Trident LimitedCorporate Presentation - January 2019

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 topurchase 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-lookingstatements, 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 thirdparty 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 andtechnology, 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-lookingstatements 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 norepresentation 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 noobligation 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 tocomply 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 restriction constitutesecurities it indistribution 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 anexemption 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.

Overview

Textiles

Paper

Largest Player in terms of Terry Towel Capacity & One of the largest players in Home Textile Space in India

Highest Operating Margin amongKey Listed Players in India

Revenue Split between segments

Snapshot

Global Presence

Ludhiana, Punjab

Corporate Office :Manufacturing Facilities at: Sanghera & Dhaula, Punja Marketing Offices (India): Mumbai, Gurgaon

kiiSKMtttteyareascs	20915-J1an-
kSiBETcer	206514
kNSETicer	dTitren
lbdCBoomergoe	TRIDIN:
Rteersu	ISTRE.N
()kiMPRtarerces	72.75
/()kSMCINRCUDMtareaproren	/3022775
bfdh()NOiSCttmerosanngaresroreuu	50.96
lFVaceaue	h0R1s.persare
/()kh2-i5HLRweegows.	/91.301.155

bBudni, Madhya Pradesh

Kolkata, Bengaluru

Marketing Offices (Intl.): New York, United States Cheshire, United Kingdom

Shareholding Pattern – 31st Dec, 2018

Ctaegory	S2081ep	208D1ec
Ptromoers	%68.45	%70.77
iiItttnsuons	%3.43	%2.76
bliPuc	%28.12	%26.47

Evolution

Key Highlights - P&L

Q3FY19

Linen volumes grew by 41.7% by 10.1% Year on same period last

and expanding team closer to US has helped us in improving the will support us in sustaining the

OCOTTALINME()INRCR	(()IINNCPPBBTTRRR
3061%19+	615%57+
Q38098FY11:	Q380FY115:
()EBIDTAINRCR	()PATINRCR
284%22+	211%54+
Q3Y18232F:	Q3FY1873:
()IICEBTNRR	()SSIEEPPNR
914%94+	220%54+
Q3FY18130:	Q3FY181.43:

• Home Textile: Bedand Bath Linen volumes grewYear in Q3 FY 19 as compared toyear;
• Branding, Distributionmarket involumes andgrowthin the forthcoming quarters also.
• Highest Ever EBITDAQ3FY18. EBITDA Margin stood at 21.7% in Q3FY19 &19.7% in 9M FY19.
• Highest Ever PAT of INR 112.1 crores with ~9% PAT Margin.Margin.
• EPS stood at INR 2.20 in Q3 FY19 and INR 5.50 in 9MFY19

of INR 284 crores improved by 22% Y-o-Y in Q3FY19 compared to INR 232 crores in

Key Highlights - B/S

Finance costs for 9MFY19 stood at INR 84.1Y-o-Y

Debt of INR 260 Crore in

()NETDEBTINRCR	()LTDEBTINRCR	dbC7%YYrore,cameon-owy-
29172C44r-	2814260Cr-	diiLRTteconnongermubddb9MFY19NDINR424Ctteerecerore;uy
Y182621F:	Y181688F:	hffdiiCPINR556C9MFY19tasroororerngu
/QNETDEBTEUITY	/NETDEBTEBIDTA
07	19	()bNDINRCtteer.
FY1809:	FY1831:	3421
		2714
()CRREEPPAAYYMMEENNTTINRR	CASHPROFIT()INCRR	2621
244()99MFY1	655()99MFY1
8FY1545:	8668FY1:
		'1'1'1M6M7M8Darararec

Corporate Presentation - Trident Ltd. – January 20197

P&L Statement (S)

liPtarcuars	Q3FY19	Q2FY18	hfiSt	Q3FY18	hfiSt	9MFY19	9MFY18
lTItoancome	1,3064	1,4023	%68-	10984	%189	38488	34524
EBITDA	2836	271.2	%46	231.6	%225	7592	7001
%EBITDA	2%1.7	93%1	b204+ps	2%1.1	b60+ps	9%17	203%
iiDteprecaon	892	91.7	%27-	101.3	%120-	2753	3059
EBIT	9144	9175	83%	3031	93%4	8394	3934
iCFtnanceos	294	263	9%11.	225	6%15	841	905
ffiPBTtroeoreax	1605	1325	%77	1005	1%57	3998	3038
ffiAPTttroerax	1121	1091	2%7	307	36%5	2805	2129
()SIEPNR	220	214	28%	1.43	38%5	055	418
hfiCPtasro	2031.	2009	02%	1744	%155	8555	8517

9M FY19	9M FY18
3848.8	3452.4
759.2	700.1
19.7%	20.3%
275.3	305.9
483.9	394.3
84.1	90.5
399.8	303.8
280.5	212.9
5.50	4.18
555.8	518.7

Dividend Payout

Year	liTD%toav	iDAt.v.m()hSINRPerare	Tpey	%age	diiDenv	dPaoyu	iRttao
			sti1Itnerm	6%				%35
9MFY19	%24	/240-	dni2Itnerm	%6	29%	%23	%27
			dr3Iitnerm	12%
			st1Iitnerm	6%
8FY1	%15	/01.5-	dn2iItnerm	6%	1FY5
			liFna	%3		16FY	1FY7	18FY	9MF
	15%	/1.50-	st1Iitnerm	%6
FY17			dn2Iitnerm	6%	(lddfiiiiH%DFtsoraenscvageoa				lVaue
			liFna	%3
		/9%090-	sti1Itnerm	%3			1%5	1%5
FY16			dn2Iitnerm	33%%		%9
			liFna	%3	%6
FY15	6%		/060-	st1Iitnerm	3%
					dn2Iitnerm	3%

Corporate Presentation - Trident Ltd. – January 20199

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

Management Comment

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

"We are pleased with the financial and operational performance achievedduring the quarter. We remain focused on sweating manufacturingcapacities and expect to further increase the utilization level led by expanding across geographies and enhancing our market share.

We will continue to consolidate the business by leveraging the existingcustomers and adding new customers to its portfolio "

Home Textile represents nearly 1/3rd of the global textiles & apparel industry. It is expected to touch $ 131 billion dollars by 2020 at a growth of more than 3.5%.

Global Home Textile Industry

at a highest billionby 2020.

• • Bed Linen & Bed Spread is the largest applicationsegment of the home textiles representing 44.2% in2015. This segment is expected to growCAGR of 4.4% to reach $60
• • Bed and Bath linen together constitutes around65% of the total market of Home Textile andexpected to reach $87 billionexpectedby growthof more than 4.1 %.

by 2020 with growth

Corporate Presentation - Trident Ltd. – January 2019

Source : Fibre2Fashion

Significant Growth Opportunities available Globally – For Indian Home Textile Manufacturers

United States

Home Textile Industry – Global Demand

Europe

US Home textiles industry is amongst the largest home textiles industry in the world. It accounted for nearly 21.1 % of the global market share in the year 2015.

US home textiles market is estimated to be around $23 billionin 2015 and is expected to grow at CAGR of 3.0% to reach $27billion by 2020.

Europe is the 2nd largest home textiles market after Asia Pacific representing 26.8% of the market share worth $29billion in the year 2015.

Bed linen accounted for 32% of the market share. Europe Bedand Bath Linen segment is expected to grow at CAGR of 1.7%to reach $17 billion by 2020.

Asia pacific being home to approximately 60.0% of the global populations and dominant production of home textiles product region is also leader in the consumption of home textiles products. textiles

China is the largest manufacturer and consumer of the home textiles market. It accounted for nearly 27% of the global market share in 2015 worth $30 billion.

Asia Pacific

China

Source : Fibre2Fashion

The region accounted for roughly 44% of the market share in2015 worth $48 billion.

Demand for home textiles products in the Chinese market is primarily driven by increasing middle class spending on these products in the nation.

Home Textile – Demand in India

Indian Home Textile Industry

Home Textile – Indian Export to US

Market share for US imports of cotton sheets (Yearly)

Indian Home Textile Market

	200351-	2014	2015	2061	2017	*YTD2018
diIna	3%1	%47	8%4	9%4	0%5	0%5
hiCna	%28	%23	%23	%22	%20	%21
kiPtasan	%23	%17	%17	%16	%16	%17
ROW	%18	%13	%12	%13	%14	%12

• India represents 3rd largest market share in Asia Pacific home textiles market inthe region.
• Home textiles spending in the nation is estimated to be around $4 billion in 2015 and is expected to grow fastest in the world at a CAGR of 7.2% between 2015 and 2020to reach $5.6 billion by 2020.
• Favorable demographics, increasing disposable income, rapid urbanization and housing boom are assumed to drive the demand for the home textiles products in the Indian textiles market Unorganisedplace in the near future.

khffliUSMttttaresareormporsoerroesyw	(l)Yeary

Corporate Presentation - Trident Ltd. – January 2019

Source: Otexa, Fibre2Fashion, Company Estimates

	200513-	2014	2015	2016	2017	*YTD2018
diIna	31%	37%	38%	40%	39%	39%
hiCna	%23	%26	%25	%23	%24	%25
kiPtasan	21%	22%	22%	22%	21%	20%
ROW	%25	%15	%15	%15	%16	%16

Significant Growth Opportunities – For Organised Indian Textile Manufacturers

*Jan – Oct 2018

Textile - Financials

Capacity Utilization

Paper Business

72 GSM86% Brightness

75 GSM88% Brightness

100 GSM92% Brightness

75 GSM90% Brightness

70 GSM87% Brightness

80 GSM90% Brightness

Corporate Presentation - Trident Ltd. – January 2019

Eco Friendly

Wheat based Paper

Differentiated Product/ Brand to target distinct end consumers as per their requirements

Paper - Financials

Capacity Utilization (Tonnage Basis)88% 89% 89% 89% 175 175 175 175 FY16 FY17 FY18 9MFY19 Capacity Utilization

Advantage India

Competitive Cost of Production

Textiles: A Dominant IndustryEmploys 45 million people across the value chain;Strong Government support to industry

Cotton Quality & AvailabilityLargest producer of cotton and still growing; Surplus available

Competitive Labour, Power and Raw Material Cost;Access to advanced technology under Textile Upgradation Fund

INDIAGeography of Choice forHome Textiles

Favourable Government PoliciesFocus on 'Make In India' and Export Enhancement

for export

Corporate Presentation - Trident Ltd. – January 2019

Qualified & Skilled ManpowerLarge, young and talented workforce at a competitive though increasing cost

Global Friendly Environment Global EnvironmentStable democracy; comfort with global languages; Evolving practices in line with MNCs

Why Trident

Intelligence

fIttnrasrucure	lliCtenee	kiiDe-rsng	iDesgn	kiMtareng
i&LCttargesapacyldlCWorasshlTecnoogy	lilihiCRtteneaonsp	ikRsMtanagemen	dSPttrongrouciDesgn	kMtarelliItnegence
dbiIttnegraeusnessdlhlitmoewargefitmanacrnguuliiittcapacesresungdiitnoperanganffiiitcosecences.hflfdiiiiEtttacacysehlitttwaesditequpmenanf-httttsae-oe-arhltecnoogy	diLtonsanngglhhiiittreaonspswlddfdiiiargeanversebtcsomeraseuldddiiItocaennaanacrossmanyiilttnernaonaktmares	fffiiiSttucenporonofiorexexposureshddiitttegeomgaedanyaversecurrencytmovemenhMttoreanowddlhiitecaesreaonspshdittwvenorsolblfiiitensreaaaouvylitttquaycoon.ddiWespreapresencellacrossseeraacrosssevverahdfiiigeograpes,verskddiyrssanreucesllddoveraepenency	iiFocusonncreasnghflfiittteunconayobddbhtoreanaudhhttproucsrougiitnnovavefitmanacrnuugprocesses	ddiiDtesnsosanguhhitsowroomsneiddUStttneaesanhddiiUKttenengohtosowcaseourddtprocsanengaullhitcoseywtcusomerttprocremeneamuflkitorreamemardtupaes

Design studios and showrooms in the United States and the United Kingdom to showcase our products and engage closely with customer procurement teams for real time market updates

Integrated Home Textile Manufacturer

Corporate Presentation - Trident Ltd. – January 2019

Fully Integrated Processes provide control over the Production Value Chain

Strategy

Corporate Presentation - Trident Ltd. – January 2019

Our Mission is to Emerge as a Trusted Partner to the Top Global Retailers & Fashion Houses

Focus on Innovation and Value Added Products

Corporate Presentation - Trident Ltd. – January 2019

Continuous Research on Fashion & High Value Products to Improve Contribution

Way Forward

We will keep focusing on increasing capacity utilization with better Product Mix, thereby benefit from operating leverage

Keep increasing Yarn's captive utilization, which will reduce price volatility risk and improve margins

Focus on improving Cashflow generation and follow prudent Capital Allocation

Keep focusing on de-risking in multiple dimensions

Keep Reducing Debt out of Regular Cash Flows

Corporate Presentation - Trident Ltd. – January 2019

Focus on profitable growth to create long term sustainable value for all stake holders

CSR Initiatives

Awards & Accolades

Certified for the coveted Sustainable Textile Production (STeP), permitting to use the OEKO-TEX® "MADE IN GREEN" label for Home Textile products

ddhiihANRitttccreeworernegon'Eldl'i'EllGStEtgpanoeayxporxceenceld'fYTTA'SdiiTtarn,erryowearorwnarrangd&i'BLSHNMMEenenoseonu--d'Gldh'T2SdfntPtoropyeroucsrom'Slh'tiT1Ss'C'tEAtttverropyeoongpssoy		llIWAYWeldDeveopelSipperufIKAEor	JCPenneyliPtanumfiiiCttercaonfSttausor2017		lliExceenceniOtperaonsliiQtnauydfAwarorfFY17romIKEA	ffiidhCtttereorecoevblliiSTttusanaeexe(),diPSTPtroconepermuhOKOEttousee"M"lbADEINGREENaeldiHTttomeeeprocxu
22	fdTEXPROCILEPAtxporerormancewars				6	fdfddCII –CiIiIttoneeraononannusry
1	'Slh'iAiii2016Etttuppercevemennxcemendf'slbASCUSAwarromamu			2	ldiiNECAttaonanergyonservaonwars
1	'Bld'fQiA2016SEARSHOLDINGttesuaywarrom			1	dIPMAECiAtnergyonservaonwar-
4	l-lfhdiWMSYttaarupperoeearawars			1	hdiSONFIEAtrareearsyw–
4	lldJCSiIiQiAPBtttenneyesupper,nnovaon,uaywars-			1	dhd(),ASSOCHAMLiACEO2016eaerspwar
2	ldbldIKAQiSiiiAEtttuayanusanaywars			4	bfdPjSAtunaaeywars
1	fhbdbllCOiCiiSiPHDWtttttamer-sanngonronoocaeareuu			1	'slld&DBECGCEEAtxporerxceencewars:–
1	fhbiPHDCAStttameroromenempoermensaammanwwv-			4	d&CGCSRAtorporaeovernancewars
1	fbfiBPESBEteserormerneranreaonergyvgyuugy			1	ldSNiAEEMEMttaonanergyanagemenwar
1	fffdiiiEGIt.cency,ovonafdfdld()dfCiIiiICIIATTtttoneeraononanexenusrywarorllExceence			4	dfh'L'ijPMIIPYCtttnaroecoeearargeaego

• Energy Conservation Award

• ASSOCHAM Leadership Award (CEO), 2016

  • National Energy Management Award 2016

• PMI India Project of the Year 'Large' Category

Financial Performance

Financial Performance

Key Ratios

()ilPINRtarcarscroreu	FY18	FY17	FY16
*lldiRCEtternonapampoeuy	%103	%122	%81
*iREtternonquuy	%122	%170	%139
ICttneresoeraevg	77	07	57
biNDEtttteeoquy	09	01	14
/bNDEBITDAttee	29	27	41
		*Exludefluafland air viontcsaao	IND –s per
CAREAA(dCiLTBtanre-Ritang:CAA1RE(STB+an	CiPRtang:	A1+(diiIRtnaang

*Excludes fair valuation of land as per IND –AS ; Figures are annualized

Corporate Presentation - Trident Ltd. – January 2019

A1+

(India Ratings)

Balance Sheet (S)

()liPINRtarcuarscrore	AsonM31,2018ar	AsonM31,2017ar	l()iPINRtarcuarscrore	AsonM31,2018ar	AsonM31,2017ar
fdSForceonsuu			lfiidAFtppcaononsu
iEtquy	2908.7	2756.8	CNAttonurrensses	4468.4	4676.9
			l&iPPEtttropery,anqupmen	09.415	308.04
hliSCiEttquyareapa	09.65	9847.	lk-CiWiPtapaorn-rogress	6.171	09.81
hOEitterquy	2399.1	228.95	bliIAttnangesses	49.8	36.7
bliiiiNCLtton-urrenaes	1692.7	1990.5	blddIiAttnangessesunerevp.	0.5	3.14
Bi	1410.8	1744.2	liiFAtnancasses	112.4	137.0
orrowngs		hONCAttteronurrensses	110.0	71.9
fdbliiiiDTLteerreaxaes	213.2	165.5	CAtturrensses	1828.7	10157.
hbliiiiONCLttteronrrenaesu	68.7	80.7	iItnvenores	906.5	774.7
bliiiiCLtturrenaes	1695.7	136.47	liiFAtnancasses
			Ittnesmensv-	10.9	4.9
lblFiiLiiiitnancaaes	1645.9	1376.1	dbliTRraeecevaes-	477.8	375.1
			hh&&hhlCCCCEitaassaassquvaens-	447.447.	227.887.
Piirovsons	13.9	20.7	hklOBBteranaances-	118.5	104.8
			hlOFiiAtternancasses-	166.9	146.1
hblOCLiiiittterurrenaes	36.0	39.9	hOCAttterurrensses	100.7	73.6
TOTAL	6297.1	6184.0	OALTT	6297.1	6184.0

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

**Pawan Jain Investor Relations, Trident Ltd.**Tel: +91 161 5039 999Fax: +91 161 5039 900Email: pawanjain@tridentindia.com,