Trident Ltd — Investor Presentation 2020

Jun 24, 2020

TRIDENT/CS/2020 June 24, 2020

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

Dear Sir/ Madam

Sub: Intimation of Schedule of Virtual Investor Conference

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

Day/Date	Details	Organizer	Mode of Participation
Thursday, June 25, 2020	2nd Virtual MidCap Conference, 2020	Equirus Securities	Digital/ Microsoft Teams

Further, the copy of the latest presentation that would be used during the above Conference is also enclosed herewith.

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

Submitted for your information and records.

Thanking you, Yours sincerely, For Trident Limited

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(Ramandeep Kaur) Company Secretary

ICSI Membership No.: F9160

Encl: as above

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Trident Limited Investor Presentation June 2020

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Safe Harbour

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

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

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

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

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

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

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

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2

Investor Presentation - Trident Ltd.

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Who We Are

Who We Are

USD 1 BILLION Business Group

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One of The LEADING INTEGRATED HOME TEXTILE MANUFACTURERS in The World

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One of The LEADING YARN PRODUCERS in India

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Committed to the SOCIETY, ENVIRONMENT, SUSTAINABILITY AND WOMEN EMPOWERMENT

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BEST TECHNOLOGY in Towels, Bed Linen, And Bath Robes Segment

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One of The FASTEST GROWING COMPANIES in India

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Recipient of Several CORPORATE & CUSTOMER PARTNER AWARDS

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Investor Presentation - Trident Ltd.

Our Products

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Investor Presentation - Trident Ltd.

Global Presence

US Office:

295, Fifth Avenue, Suite 612, New York, NY 10016, USA

UK Office:

Trident Europe Ltd. First Floor, Sovereign House Stockport Road, Cheadle, Cheshire, England – SK82EA

Global footprint in over 100 countries, 6 continents

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6

Investor Presentation - Trident Ltd.

Evolution

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▪ Inception ▪ Entered Home Textile ▪ Augmented Towel ▪ Set-up Towel Unit ▪ Set-up Towel Unit-IV & First
▪ Set-up 1st Spinning with 1 [st] Towel with Unit –II set up – III; Bed Linen Unit
Unit Facility Manufacturing Unit ▪ Spinning with Unit- ▪ Added Spinning ▪ Added Spinning Units - VII,
▪ Set up Spinning Unit - II III set up Units– IV, V & VI VIII, IX & X
▪ Launched Textile Brands
1990 - 95 1996 - 00 2001 - 05 2006 - 10 2011 - 16
2001 - 05 2006 - 10 2011 - 16
▪ Acquired Paper
Manufacturing ▪ Set-up Paper Unit II
Facility along with ▪ Set-up Captive Power ▪ Launched Paper
Captive Power Facility Brands
5265 4724
3816
1803
706
294
47
FY 95 FY 00 FY 05 FY 10 FY 15 FY 19 FY 20
Transformed from a Pure Play Yarn Player to an Integrated Textiles and Paper Manufacturer
Textiles
Paper
Revenue(INR Cr)
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Investor Presentation - Trident Ltd.

Overview

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

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Revenue Split between segments
FY20 54% 26% 20%
FY19 51% 30% 19%
FY18 48% 33% 19%
FY17 49% 33% 18%
Bath & Bed Linen Yarn Paper
One of the Leading Business Groups with interest in Textiles and Paper
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Investor Presentation - Trident Ltd.

Snapshot

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

	Key Market Statistics	Key Market Statistics	Key Market Statistics		22-Jun-2020	22-Jun-2020
	BSE Ticker				521064
	NSE Ticker				Trident
	Bloomberg Code				TRID:IN
	Reuters				TRIE.NS
	Market Price (Rs)				6.95
	Market Cap (INR Crore / USD Mn)				3542/ 472
	Number of Outstanding Shares (Crore)				509.60*
	Face Value				Rs. 1 per share
	52-week High / Low		(Rs.)		8.40/3.05
	Shareholding Pattern – 31st Mar, 2020
	Category		Mar, 2020		Dec, 2019
	Promoters		71.06%		71.06%
	Public		28.94%		28.94%

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

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Investor Presentation - Trident Ltd.

Best in Class Brands

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Essential Range to Luxury Range category with established brands in more than 400 Multi Brand Outlets

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Corporate Presentation - Trident Ltd.

Certified with International Standards

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Corporate Presentation - Trident Ltd.

Online Presence

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Strong Customer Relationships provide Opportunities to Increase Business Share and Cross-sell Products

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12

Investor Presentation - Trident Ltd.

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Financial Highlights

Key Highlights - P&L

FY20

TOTAL INCOME (INR CR) PBT (INR CR) 4724 -10% 421 -23%

FY19: 5265 FY19 : 547

• Cash Flow from operations have significantly increased to INR 1209.4 Crores in FY20 on account of reduction in inventories and receivables amounting to INR 479.8 Crores owing to following initiatives:

• ✓ Channel finance facility for domestic customers

• ✓ Non-recourse discounting for export customers

EBIDTA (INR CR) PAT (INR CR) 865 -15% 342

-15% 342 -8% FY19 : 1023 FY19 : 371

EBIT (INR CR) EPS (INR) 532 -19% 0.67 -8%

• Reduction in tax outgo due to adoption of new tax rates under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019

• As on end of March 2020, the company had cash surplus of Rs 622 Crores which includes cash and cash equivalents of Rs 318 Crores and unutilized working capital limits of Rs 304 Crores.

FY19 : 659 FY19 : 0.73

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Investor Presentation - Trident Ltd.

Key Highlights - B/S

as on Mar 31, 2020

NET DEBT (INR CR) LT DEBT (INR CR) 1614 -729Cr 1051 -243Cr FY19: 2344 FY19 : 1294

NET DEBT/EQUITY NET DEBT/EBIDTA

0.5 1.9 FY19 : 0.8 FY19 : 2.3

REPAYMENT (INR CR) CASH PROFIT (INR CR)

273

675

FY19: 432 FY19 : 735

• Company has opted for moratorium of interest/ instalments for the quarter ended Mar 2020

• With stabilization of operations, the company is looking at reduction of its net debt through prepayment of high cost loans

• Net Debt reduced significantly in FY20 to reach level of INR 1614.4 Crores as compared to previous year on account of decrease in working capital utilization and increase in cash and cash equivalents

Net Debt (INR CR)

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2714 2621
2344
1614
Mar'17 Mar'18 Mar'19 Mar'20
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Investor Presentation - Trident Ltd.

P&L Statement (S)

Particulars	Q4 FY20	Q3 FY20	Shift	FY20	FY19	Shift
Total Income	997.3	1091.4	-8.6%	4723.9	5265.3	-10.3%
EBITDA	152.0	153.7	-1.1%	865.3	1023.1	-15.4%
EBITDA %	15.2%	14.1%	-116bps	18.3%	19.4%	-111bps
Depreciation	81.5	82.2	-0.8%	333.3	363.9	-8.4%
EBIT	70.4	71.5	-1.4%	532.0	659.2	-19.3%
Finance Cost	27.8	23.4	18.5%	110.8	112.3	-1.3%
Profit Before Tax	42.7	48.0	-11.2%	421.2	546.9	-23.0%
Profit After Tax	39.6	41.9	-5.6%	341.8	370.9	-7.8%
EPS (INR)	0.08	0.08	--	0.67	0.73	-8.2%
Cash Profit	121.1	124.1	-2.4%	675.1	734.8	-8.1%

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Investor Presentation - Trident Ltd.

Dividend Pa out y

Year	Total Div%	Div. Amt. (INR Per Share)	Type	%age
FY20	36%	0.36/-	3rd Interim	18%
			2nd Interim	9%
			1st Interim	9%
FY19	30%	0.30/-	Final	6%
			3rd Interim	12%
			2nd Interim	6%
			1st Interim	6%
FY18	15%	0.15/-	Final	3%
			2nd Interim	6%
			1st Interim	6%
FY17	15%	0.15/-	Final	3%
			2nd Interim	6%
			1st Interim	6%

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

Dividend Payout Ratio

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65%
50%
35%
27%
FY17 FY18 FY19 FY20
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Historical Dividends (%age of Face Value)

								36%
						30%
		15%		15%
		FY17		FY18		FY19		FY20

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Investor Presentation - Trident Ltd.

Textile - Financials

Sales (INR Crores)

EBIT (INR Crores)

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4223
3778
FY19 FY20
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342
302
FY19 FY20
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~~Capacity Utilization~~

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Towel �I� 000’ to�s�
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Towel �I� 000’ to�s� Bed Linen (In mn. meters) Yarn �I� 000’ to�s�
100 50% 49% 48% 55% 75% 93% 95% 98% 92% 105%
90 45% 50% 50 63% 60% 120 95%
65%
80 45% 85%
100
70 40% 40 55% 75%
44%
60 35% 30 45% 80 65%
50 30% 55%
40 25% 29% 35% 60 45%
20
30 20% 25% 40 35%
20 15% 10 15% 20 25%
10 10% 15%
0 5% 0 5% 0 5%
FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20
Capacity Utilization
90 90 90 90 43.2 43.2 43.2 43.2 115 115 115 115
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Investor Presentation - Trident Ltd.

Paper - Financials

Sales (INR Crores)

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997
923
FY19 FY20
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Capacity Utilization (Tonnage Basis)

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89% 89% 89% 86% 95%
180
85%
160
75%
140
65%
120
55%
100
45%
80
60 35%
40 25%
20 15%
0 5%
FY17 FY18 FY19 FY20
175 175 175 175
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EBIT (INR Crores)

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370
310
FY19 FY20
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- Copier v/s Non Copier

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45% Copier
FY20
55% Non-Copier
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Capacity Utilization

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Corporate Presentation - Trident Ltd.

Financial Performance

Revenue (INR Cr)

EBIDTA (INR Cr)

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EBIDTA EBIDTA %
19.4%
1100 18.3%
19.0%
1000
5265 4724 900 17.0%15.0%
800 13.0%
700 11.0%
600 9.0%
500 7.0%
400 5.0%
FY19 FY20 FY19 FY20
PAT (INR Cr) Interest Coverage Ratio
PAT PAT Margin
375 7.0% 7.2% 8.0% 9.11
7.0%
325 7.81
6.0%
275
225 5.0%
175 4.0%
125 3.0%
FY19 FY20 FY19 FY20
1023 865
371 342
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Investor Presentation - Trident Ltd.

Financial Performance

Net Debt D/E Ratio

Net Debt (INR Cr.)

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3000 1.0 1.0 1.2
2500 0.8 1.0
2000 0.5 0.8
1500 0.6
1000 0.4
500 0.2
0 0.0
FY17 FY18 FY19 FY20
2714 2621 2344 1614
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Capital Employed ROCE

Capital Employed

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11.7%
5100 10.6% 14.1% 12.5% 16.0%
4900 14.0%
4700 12.0%
4500 10.0%
4300 8.0%
4100 6.0%
3900 4.0%
3700 2.0%
3500 0.0%
FY17 FY18 FY19 FY20
4945 4800 4676 4234
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Net Worth ROE

Net Worth (INR Cr)

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18.6%
2500 20.0%
16.6% 15.0%
18.0%
2000 13.3% 16.0%
14.0%
1500 12.0%
10.0%
1000 8.0%
6.0%
500 4.0%
2.0%
0 0.0%
FY17 FY18 FY19 FY20
1816 2003 2241 2276
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Fixed Assets Assets Turnover

Fixed Assets

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4600 1.1 1.4 1.6
4400 1.1 1.2 1.4
1.2
4200
1.0
4000 0.8
0.6
3800
0.4
3600
0.2
3400 0.0
FY17 FY18 FY19 FY20
Excludes fair valuation of land as per IND – AS and exceptional items
4467 4078 3848 3826
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Investor Presentation - Trident Ltd.

Key Ratios

Particulars (INR crore)	FY20	FY19	FY18
Return on Capital Employed*	12.5%	14.1%	10.6%
Return on Equity*	15.0%	16.6%	13.3%
Interest Coverage	7.8	9.1	7.7
Net Debt to Equity	0.5	0.8	1.0
Net Debt / EBITDA	1.9	2.3	2.9

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

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

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Investor Presentation - Trident Ltd.

Balance Sheet (S)

Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019 Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019	Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019 Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019	Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019 Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019	Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019 Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019	Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019 Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019	Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019 Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019	Particulars (INR crore) As on Mar 31, 2020 As on Mar 31, 2019 Particulars (INR crore) As on Mar 31, 2020 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	2966.9 509.6 2457.3 1058.2 689.1 336.7 32.4 1693.3 1626.9 21.3 45.0		Non Current Assets Property, Plant & Equipment Capital Work-in-Progress Intangible Assets Right of Use Assets 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	3975.0 3573.4 140.8 42.5 69.3 124.4 24.5 1743.4 912.0 - 278.5 318.3 19.0 107.0 108.5	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	5718.4	6103.2	TOTAL	5718.4	6103.2

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Investor Presentation - Trident Ltd.

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Combating Covid-19

Manufacturing Operations

• ✓ Manufacturing operations were kept on hold since last week of March 2020 and were restarted only after due approval from statutory authorities in phased manner from 3[rd] week of April 2020

• ✓ All round maintenance was carried out for the plants during the period of shutdown ✓ Currently all the plants are operational

• ✓ Limited impact on availability of workforce as both the manufacturing locations have residential complexes within premises

• ✓ Company maintained regular touch with its vendors & customers during lockdown with assistance in shape of extended credit period, order deferment, logistics support etc.

• ✓ Anti-Covid product launches and upgradation of existing product portfolio

• ✓ Gradual ramp up of capacity utilization in month of April & May 2020

Segment	UoM	Production	Production
		Apr 20	May 20
Bath Linen	MT	731	2125
Bed Linen	Mn. Mtrs	0.42	1.51
Yarn	MT	1115	4386
Paper	MT	2645	9851

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Investor Presentation - Trident Ltd.

Employee Related Initiatives

Physically Apart, Digitally Closer

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• SAP enabled systems for • Microsoft Office 365 • Launched Cisco Webex for smooth functioning of WFH • Secure email access 2000+ employees • • Management of financials, through browser More than 20,000 manlogistics, human resources • Secure VPN access to 600+ hours of virtual meetings and other business areas users conducted through SAP

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Innovation- Bath Accessories

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Innovation- Medicare Accessories

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~~r~~ Innovation-Trident Pape

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Investor Presentation - Trident Ltd.

Way Forward

• Life under Covid-19 is different with social and work from home very distancing

• becoming the norm

• Gradual of economies around the world has created demand. opening up pent-up

• Company is looking at capturing the same through innovative offerings and increased customer interactions

• Home furnishing demand under wellness category is getting enhanced customer focus. Introduction of Anti-microbial treatment as standard across Bath Linen category has received very good response from export customers

• Company has already started working on Unified Supply Chain concept to streamline the sourcing to sales strategy

• Creation of E-commerce sales as separate vertical to cater the increased demand of products through online mode

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Thank You
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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

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Investor Presentation - Trident Ltd.