Trident Ltd — Investor Presentation 2019

Nov 2, 2019

TRIDENT/CS/2019 November 2, 2019

==> picture [462 x 27] intentionally omitted <==

==> picture [462 x 28] intentionally omitted <==

	November 2, 2019
The Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G Block BandraKurla Complex, Bandra (E) Mumbai – 400 051	The Manager Listing Department BSE Limited PhirozeJeejeebhoy Towers Dalal Street Mumbai – 400 001
Scrip Code:- TRIDENT	Scrip Code:- 521064

Dear Sir/ Madam,

Sub: Investors’ Presentation

In terms of Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith copy of Investors’ Presentation with respect to the performance of the Company for the quarter and half year ended September 30, 2019, for analysts and institutional investors.

We request you to kindly place the same on the website of stock exchange(s), for the information of shareholders.

The same is also available on the website of the Company i.e. www.tridentindia.com.

Thanking you Yours faithfully For Trident Limited

==> picture [68 x 68] intentionally omitted <==

==> picture [81 x 41] intentionally omitted <==

(Ramandeep Kaur) Company Secretary ICSI Membership No.: F9160

Encl: As above

==> picture [460 x 18] intentionally omitted <==

==> picture [460 x 17] intentionally omitted <==

==> picture [234 x 307] intentionally omitted <==

==> picture [182 x 308] intentionally omitted <==

==> picture [412 x 148] intentionally omitted <==

Trident Limited Q2 FY20 Earnings Presentation

==> picture [128 x 54] intentionally omitted <==

==> picture [105 x 51] intentionally omitted <==

==> picture [95 x 51] intentionally omitted <==

==> picture [118 x 67] intentionally omitted <==

==> picture [70 x 61] intentionally omitted <==

==> picture [106 x 40] intentionally omitted <==

==> picture [96 x 35] intentionally omitted <==

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.

==> picture [84 x 16] intentionally omitted <==

2

Q2 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

==> picture [159 x 101] intentionally omitted <==

==> picture [142 x 101] intentionally omitted <==

==> picture [147 x 101] intentionally omitted <==

==> picture [212 x 101] intentionally omitted <==

==> picture [659 x 162] intentionally omitted <==

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

Revenue Split between segments
H1 FY20 58% 24% 18%
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
----- End of picture text -----

==> picture [84 x 16] intentionally omitted <==

3

Q2 FY20 Earnings Presentation - Trident Ltd.

Snapshot

Key Market Statistics	01-Nov-2019
BSE Ticker NSE Ticker	521064 Trident
Bloomberg Code	TRID:IN
Reuters	TRIE.NS
Market Price (Rs)	62.15
Market Cap (INR Crore / USD Mn)	3167/ 446
Number of Outstanding Shares (Crore)	50.96
Face Value	Rs. 10 per share
52-week High / Low (Rs.)	75.60 / 52.15

Category	Sep, 2019	June, 2019
Promoters	71.06%	71.06%
Institutions	2.41%	3.23%
Public	26.53%	25.71%

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

==> picture [318 x 188] intentionally omitted <==

==> picture [84 x 16] intentionally omitted <==

4

Q2 FY20 Earnings Presentation - Trident Ltd.

Evolution

==> picture [663 x 360] intentionally omitted <==

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

 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
 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
47 294
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)
----- End of picture text -----

==> picture [84 x 16] intentionally omitted <==

5

Q2 FY20 Earnings Presentation - Trident Ltd.

Key Highlights - P&L

H1 FY20

TOTAL INCOME (INR CR) PBT (INR CR)

2641 +4%

+4% 331 +41% H1 FY19: 2542 H1 FY19 : 235

EBIDTA (INR CR) PAT (INR CR)

560 +18%

+18% 260 +56% H1 FY19 : 473 H1 FY19 : 167

EBIT (INR CR) EPS (INR)

390 +35%

5.11 +156%

• Revenue for the period ended 30 Sep 2019 stood at INR 2641 crores registering a growth of 4% Y-o-Y as compared to INR 2542 Crores in H1 FY19.

• Bed Linen segment capacity utilization for Q2 FY20 stood at 62%

• Finance Cost in Q2 FY20 reduced by 17% Q-o-Q

• EBITDA stood at INR 560 crores in H1 FY20 compared to INR 474 crores in H1 FY19. EBITDA Margin stood at 21% in H1 FY20

• PAT of INR 260 crores with ~9.9% PAT Margin in H1 FY20.

• EPS stood at INR 5.11 in H1 FY20, marking an improvement of 156% Y-o-Y.

H1 FY19 : 287 H1 FY19 : 3.28

==> picture [84 x 16] intentionally omitted <==

6

Q2 FY20 Earnings Presentation - Trident Ltd.

Key Highlights - B/S

as on September 30, 2019

NET DEBT (INR CR) LT DEBT (INR CR) 1506 -838Cr 1123 -171Cr FY19: 2344 FY19 : 1294

NET DEBT/EQUITY NET DEBT/EBIDTA

0.5 1.5 FY19 : 0.8 FY19 : 2.3

REPAYMENT (INR CR) CASH PROFIT (INR CR) 178 430

H1 FY19: 187

H1 FY19 : 353

• Repayment of Long Term Debt by INR 178 Crore in H1 FY20

• Net Debt reduced by INR 838 Crore owing to reduction in utilization of short term borrowings which stood at INR 631 crores as on 30 Sep 19 visà-vis INR 988 crores on 30 Sep 18

• Cash Profit of INR 430 Crore during H1 FY20

Net Debt (Rs in Crs)

==> picture [271 x 126] intentionally omitted <==

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

2714 2621
2344
1506
Mar'17 Mar'18 Mar'19 Sep'19
----- End of picture text -----

==> picture [84 x 16] intentionally omitted <==

7

Q2 FY20 Earnings Presentation - Trident Ltd.

P&L Statement (S)

Particulars	Q2 FY20	Q2 FY19	Shift	H1 FY20	H1 FY19	Shift
Total Income	1,327.8	1402.3	-5.3%	2640.9	2542.4	3.9%
EBITDA	259.0	269.8	-4.0%	559.6	472.8	18.4%
EBITDA %	19.5%	19.2%	+27bps	21.2%	18.6%	+259bps
Depreciation	84.9	91.7	-7.4%	169.5	186.1	-8.9%
EBIT	174.1	178.1	-2.2%	390.1	286.7	36.0%
Finance Cost	27.1	24.9	8.8%	59.6	51.9	14.8%
Profit Before Tax	147.0	153.2	-4.0%	330.5	234.8	40.8%
Profit After Tax	137.1	108.4	26.5%	260.3	166.9	55.9%
EPS (INR)	2.69	2.13	26.3%	5.11	3.28	55.8%
Cash Profit	221.9	200.1	10.9%	429.9	353.0	21.8%

==> picture [84 x 16] intentionally omitted <==

8

Q2 FY20 Earnings Presentation - Trident Ltd.

Dividend Pa out y

Year	Total Div%	Div. Amt. (INR Per Share)	Type	%age
H1 FY20	18%	1.80/-	2nd Interim	9%
			1st Interim	9%
FY19	30%	3.00/-	Final	6%
			3rd Interim	12%
			2nd Interim	6%
			1st Interim	6%
FY18	15%	1.50/-	Final	3%
			2nd Interim	6%
			1st Interim	6%
FY17	15%	1.50/-	Final	3%
			2nd Interim	6%
			1st Interim	6%

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

Dividend Payout Ratio

==> picture [278 x 127] intentionally omitted <==

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

50%
42%
35%
27%
FY17 FY18 FY19 H1 FY20
----- End of picture text -----

Historical Dividends (%age of Face Value)

==> picture [278 x 119] intentionally omitted <==

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

30%
18%
15% 15%
FY17 FY18 FY19 H1 FY20
----- End of picture text -----

==> picture [84 x 16] intentionally omitted <==

9

Q2 FY20 Earnings Presentation - Trident Ltd.

Management Comment

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

�I�spite of latest economic challenges, your Company has demonstrated high resilience by having increased capacity utilizations in the Bath & Bed Linen segment, generating industry leading margins in the paper business, improving cash flows and following prudent capital allocation policy by reducing debt.

Going forward our focus remains on increasing utilization of the capacities, generating free cash flow and improving our return ratios. There be some headwinds to business and economic might pertaining yarn uncertainties, but overall we foresee buoyant times for our stakeholders as we strive to create value for them.�

==> picture [84 x 16] intentionally omitted <==

10

Q2 FY20 Earnings Presentation - Trident Ltd.

Textile - Financials

Sales (INR Crores)

EBIT (INR Crores)

==> picture [213 x 97] intentionally omitted <==

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

2150
2059
H1 FY19 H1 FY20
----- End of picture text -----

==> picture [213 x 99] intentionally omitted <==

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

255
138
H1 FY19 H1 FY20
----- End of picture text -----

~~Capacity Utilization~~

==> picture [85 x 12] intentionally omitted <==

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

Towel �I� 000’ to�s�
----- End of picture text -----

==> picture [414 x 138] intentionally omitted <==

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

�I� 000’ to�s� Bed Linen (In mn. meters)
50% 45% 49% 56% 60% 50 63%
50% 45 44% 54%
40
40% 35
30% 3025 29%
20
20%
15
10% 10
5
0%
0
FY17 FY18 FY19 H1 FY20 FY17 FY18 FY19 H1 FY20
90 90 90 90 43.2 43.2 43.2 43.2
----- End of picture text -----

==> picture [186 x 140] intentionally omitted <==

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

Yarn �I� 000’ to�s�
95% 98% 97%
93%
FY17 FY18 FY19 H1 FY20
115 115 115 115
----- End of picture text -----

Capacity Utilization

==> picture [84 x 16] intentionally omitted <==

11

Q2 FY20 Earnings Presentation - Trident Ltd.

Paper - Financials

Sales (INR Crores)

==> picture [213 x 88] intentionally omitted <==

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

476
464
H1 FY19 H1 FY20
----- End of picture text -----

Capacity Utilization (Tonnage Basis)

==> picture [186 x 121] intentionally omitted <==

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

89% 89% 89%
88%
FY17 FY18 FY19 H1 FY20
175 175 175 175
----- End of picture text -----

EBIT (INR Crores)

==> picture [213 x 83] intentionally omitted <==

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

182
170
H1 FY19 H1 FY20
----- End of picture text -----

- Copier v/s Non Copier

==> picture [212 x 31] intentionally omitted <==

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

45% Copier
H1 FY20
55% Non-Copier
----- End of picture text -----

Capacity Utilization

==> picture [84 x 16] intentionally omitted <==

12

Q2 FY20 Earnings Presentation - Trident Ltd.

Financial Performance

Revenue (INR Cr)

EBIDTA (INR Cr)

==> picture [212 x 127] intentionally omitted <==

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

EBIDTA EBIDTA %
21.2%
18.6%
H1 FY19 H1 FY20
560
473
----- End of picture text -----

==> picture [621 x 267] intentionally omitted <==

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

2542 2641 560
540
520 18.6%
500
480
460
440
420
400
H1 FY19 H1 FY20 H1 FY19 H1 FY20
PAT (INR Cr) Interest Coverage Ratio
PAT PAT Margin
9.2% 9.39
9.11
9.0%
6.6% 8.0%
7.0%
6.0%
5.0%
4.0%
H1 FY19 H1 FY20 H1 FY19 H1 FY20
560
473
260
167
----- End of picture text -----

==> picture [84 x 16] intentionally omitted <==

13

Q2 FY20 Earnings Presentation - Trident Ltd.

Financial Performance

Net Debt D/E Ratio

Net Debt (INR Cr.)

==> picture [297 x 118] intentionally omitted <==

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

1.0 1.0
0.8
0.5
FY17 FY18 FY19 H1 FY20
2714 2621 2344 1506
----- End of picture text -----

Capital Employed ROCE

==> picture [296 x 146] intentionally omitted <==

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

Capital Employed Capital Employed
18.8%
11.7%
10.6%
14.1%
FY17 FY18 FY19 H1 FY20
4945 4800 4676 4148
----- End of picture text -----

Net Worth ROE

Net Worth (INR Cr)

==> picture [296 x 114] intentionally omitted <==

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

21.8%
16.6%
18.6%
13.3%
FY17 FY18 FY19 H1 FY20
1816 2003 2241 2394
----- End of picture text -----

==> picture [141 x 20] intentionally omitted <==

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

Fixed Assets Assets Turnover
----- End of picture text -----

Fixed Assets

==> picture [321 x 132] intentionally omitted <==

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

1.1 1.4 1.4 1.6
1.1 1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
FY17 FY18 FY19 H1 FY20
Excludes fair valuation of land as per IND – AS
4467 4078 3848 3903
----- End of picture text -----*

==> picture [84 x 16] intentionally omitted <==

14

Q2 FY20 Earnings Presentation - Trident Ltd.

Key Ratios

Particulars (INR crore)	H1 FY20	FY19		FY18
Return on Capital Employed*	18.8%	14.1%		10.6%
Return on Equity*	21.8%	16.6%		13.3%
Interest Coverage	9.4	8.7		7.7
Net Debt to Equity	0.5	0.8		1.0
Net Debt / EBITDA	1.3	2.3		2.9
			*Excludes fair valuation of land as per IND – AS
Credit Rating: CRISIL AA-/ CARE AA-(LT Bank Facilities) CRISIL A1+/ CARE A1+(ST Bank Facilities)		CP	Rating:	CRISIL A1+/ IND A1+

==> picture [84 x 16] intentionally omitted <==

15

Q2 FY20 Earnings Presentation - Trident Ltd.

Balance Sheet (S)

Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019 Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019	Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019 Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019	Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019 Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019	Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019 Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019	Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019 Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019	Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019 Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019	Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019 Particulars (INR crore) As on Sep 30, 2019 As on Mar 31, 2019
	Source of Funds		2931.3 509.6 2421.7 1361.9 953.6 408.3 -- 1810.1 1755.3 19.2 35.5	Application of	Funds
	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	3084.6 509.6 2575.0 1191.2 775.4 372.9 42.9 1389.7 1309.6 22.4 57.7		Non Current Assets Property, Plant & Equipment Capital Work-in-Progress Intangible Assets Intangible Assets under devp. Financial Assets Other Non Current Assets Current Assets Inventories Financial Assets - Investments - Trade Receivables - Cash & Cash Equivalents - Other Bank Balances - Other Financial Assets Other Current Assets	4046.1 3601.1 175.7 125.4 0.9 134.0 9.1 1619.5 597.8 223.5 469.6 8.9 15.6 114.4 189.5	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	5665.6	6103.2	TOTAL	5665.6	6103.2

==> picture [84 x 16] intentionally omitted <==

16

Q2 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

==> picture [84 x 16] intentionally omitted <==

17

Q2 FY20 Earnings Presentation - Trident Ltd.