TRIDENTNSE13 May 2019

Trident Limited has informed the Exchange regarding Investor Presentation

Trident Limited

Trident Limited Trident Limited

Q4 FY19 Earnings Presentation Q4 FY19 Earnings Presentation

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 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.

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

Q4 FY19 Earnings Presentation - Trident Ltd.

2

Overview

Textiles

Paper

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

Highest Operating Margin among Key Listed Players in India Key Listed Players in India

Revenue Split between segments

FY19

FY18

FY17

FY16

51%

48%

49%

46%

30%

33%

33%

Bath & Bed Linen

32%

Yarn

Paper

19%

19%

18%

22%

One of the Leading Business Groups with interest in Textiles and Paper

Q4 FY19 Earnings Presentation - Trident Ltd.

3

Global Presence

Corporate Office : Corporate Office :

Ludhiana, Punjab Ludhiana, Punjab

Manufacturing Facilities at:

Marketing Offices (India):

Marketing Offices (Intl.):

Sanghera & Dhaula, Punjab Budni, Madhya Pradesh

Mumbai, Gurgaon Kolkata, Bengaluru

New York, United States Cheshire, United Kingdom

Snapshot

Key Market Statistics BSE Ticker NSE Ticker NSE Ticker Bloomberg Code Reuters Market Price (Rs) Market Cap (INR Crore / USD Mn) Number of Outstanding Shares (Crore) Face Value Face Value 52-week High / Low (Rs.)

10-May-2019 521064 Trident Trident TRID:IN TRIE.NS 67.05 3417/ 488 50.96 Rs. 10 per share Rs. 10 per share 75.70 / 51.15

Shareholding Pattern – 31st Mar, 2019

Category

Promoters

Institutions

Public

Mar 2019

Mar 2018

70.77%

2.96%

26.27%

67.77%

3.62%

28.61%

Q4 FY19 Earnings Presentation - Trident Ltd.

4

Evolution

S S E E L L I I T T X X E E T T

R E P A P

) ) r r C C R R N N

I I ( ( e e u u n n e e v v e e R R

(cid:1) Inception (cid:1) Set-up 1st Spinning

Unit Facility

(cid:1) Entered Home Textile

with 1st Towel Manufacturing Unit (cid:1) Set up Spinning Unit - II

(cid:1) Augmented Towel with Unit –II set up (cid:1) Spinning with Unit-

III set up

(cid:1) Set-up Towel Unit

(cid:1) Set-up Towel Unit-IV & First

– III;

(cid:1) Added Spinning Units– IV, V & VI

Bed Linen Unit

(cid:1) Added Spinning Units -

VII, VIII, IX & X

(cid:1) Launched Textile Brands (cid:1) Launched Textile Brands

1990 - 95

1996 - 00

2001 - 05

2006 - 10

2011 - 16

2001 - 05 2001 - 05

2006 - 10 2006 - 10

2011 - 16 2011 - 16

(cid:1) Acquired Paper Manufacturing Facility along with Captive Power

(cid:1) Set-up Paper Unit II (cid:1) Set-up Captive Power

Facility

(cid:1) Launched Paper

Brands

3816

4640

5265

47

FY95

294

FY00

706

FY05

1803

FY10

FY15

FY18

FY19

Transformed from a Pure Play Yarn Player to an Integrated Textiles and Paper Manufacturer

Q4 FY19 Earnings Presentation - Trident Ltd.

5

Key Highlights - P&L

Q4FY19

TOTAL INCOME (INR CR) TOTAL INCOME (INR CR)

PBT (INR CR) PBT (INR CR)

14161416

+19%+19%

Q4FY18: 1188

147147 +67%+67%

Q4FY18: 88

EBIDTA (INR CR) EBIDTA (INR CR)

PAT (INR CR) PAT (INR CR)

270270 +26%+26%

Q4FY18: 214

9393 +82%+82%

Q4FY18: 51

EBIT (INR CR) EBIT (INR CR)

EPS (INR) EPS (INR)

181181 +56%+56%

1.821.82 +80%+80%

Q4FY18: 116

Q4FY18: 1.01

(cid:1) 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;

(cid:1) Bed Linen segment registering capacity utilization

of 74% in Q4 FY19

(cid:1) Branding, Distribution and expanding team closer to market in US has helped us in improving the volumes and will support us in sustaining the volumes and will support us in sustaining the growth in the forthcoming quarters also.

(cid:1) 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

(cid:1) PAT of INR 93 crores with ~6.6% PAT Margin. (cid:1) PAT of INR 93 crores with ~6.6% PAT Margin.

(cid:1) EPS stood at INR 1.82 in Q4FY19

Q4 FY19 Earnings Presentation - Trident Ltd.

6

Key Highlights - P&L

FY19

TOTAL INCOME (INR CR) TOTAL INCOME (INR CR)

PBT (INR CR) PBT (INR CR)

52655265

+13%+13%

FY18: 4640

547547 +40%+40%

FY18: 392

EBIDTA (INR CR) EBIDTA (INR CR)

10291029 +13%+13%

FY18: 914

PAT (INR CR) PAT (INR CR)

371371 +40%+40%

(cid:1) 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;

(cid:1) Highest Ever yearly revenue of INR 5265 crores with

51% contribution from Home Textile Segment

(cid:1) Highest Ever annual EBITDA of INR 1029 crores marking improvement of 13% Y-o-Y in FY19 compared to INR 914 crores in FY18. EBITDA Margin compared to INR 914 crores in FY18. EBITDA Margin stood at 19.6% in FY19.

(cid:1) Highest Ever Profit After Tax of INR 371 crores with

FY18: 266

~7.0% PAT Margin.

EBIT (INR CR) EBIT (INR CR)

EPS (INR) EPS (INR)

665665 +30%+30%

7.287.28 +139% +139%

FY18: 510

FY18: 5.22

(cid:1) EPS stood at INR 7.28 in FY19 as against EPS of INR

5.22 in FY18 5.22 in FY18

Q4 FY19 Earnings Presentation - Trident Ltd.

7

Key Highlights - B/S

as on Mar 31, 2019

NET DEBT (INR CR) NET DEBT (INR CR)

LT DEBT (INR CR) LT DEBT (INR CR)

23442344

-277Cr -277Cr

12941294

-395Cr -395Cr

FY18: 2621

FY18 : 1689

NET DEBT/EQUITY NET DEBT/EQUITY

NET DEBT/EBIDTA NET DEBT/EBIDTA

0.80.8

FY18 : 1.0

2.32.3

FY18 : 2.9

REPAYMENT (INR CR) REPAYMENT (INR CR)

CASH PROFIT (INR CR) CASH PROFIT (INR CR)

432432

FY18: 545

735735

FY18 : 670

(cid:1) Finance costs for FY19 stood at INR 118.3 crore similar to last year despite increase in Short term similar to last year despite increase in Short term borrowings

(cid:1) Repayment of Long Term Debt of INR 432 Crore in

FY19; Net Debt reduced by INR 277 Crore

(cid:1) Cash Profit of INR 735 Crore during FY19

Net Debt (INR Cr.)

3421

2714

2621

2344

Mar'16

Mar'17

Mar'18

Mar'19

Q4 FY19 Earnings Presentation - Trident Ltd.

8

P&L Statement (S)

Particulars

Q4 FY19

Q3 FY19

Total Income Total Income

1416.5 1416.5

1306.4 1306.4

Shift

8.4% 8.4%

Q4 FY18

Shift

FY19

FY18

1187.9 1187.9

19.2% 19.2%

5265.3 5265.3

4640.3 4640.3

EBITDA

EBITDA %

Depreciation

EBIT EBIT

Finance Cost

Profit Before Tax

Profit After Tax

EPS (INR)

Cash Profit

270.0

283.6

-4.8%

213.9

26.2%

1029.2

914.0

19.1%

21.7%

-260 bps

18.0%

+110 bps

19.5%

19.7%

88.6

181.4 181.4

34.3

147.1

92.6

1.82

181.2

89.2

194.4 194.4

29.4

165.0

111.4

2.19

200.6

-0.7%

-6.7% -6.7%

16.6%

-10.9%

-16.9%

-16.9%

98.2

115.7 115.7

27.7

88.0

51.4

1.01

-9.7%

149.6

-9.8%

56.8% 56.8%

23.7%

67.2%

80.5%

80.2%

21.3%

363.9

665.3 665.3

118.3

546.9

370.9

7.28

734.8

Q4 FY19 Earnings Presentation - Trident Ltd.

404.0

510.0 510.0

118.2

391.8

265.9

5.22

669.9

9

Dividend Payout

Year

Total Div%

Div. Amt. (INR Per Share)

FY19

30%

3.00/-

Type

%age

Dividend Payout Ratio

50%

1st Interim 1 Interim

2nd Interim

6% 6%

6%

3rd Interim

12%

23%

27%

35% 35%

Final

1st Interim

FY18 FY18

15% 15%

1.50/- 1.50/-

2nd Interim 2nd Interim

FY17

15%

1.50/-

FY16

9%

0.90/-

Final

1st Interim

2nd Interim

Final

1st Interim 1 Interim

2nd Interim

Final

6%

6%

6% 6%

3%

6%

6%

3%

3% 3%

3%

3%

FY16

FY17

FY18

FY19

Historical Dividends (%age of Face Value) 30%

15% 15%

15% 15%

9%

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

FY16

FY17

FY18

FY19

Q4 FY19 Earnings Presentation - Trident Ltd.

10

Management Comment

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

“The year gone by has been immensely fruitful for us as we accelerated

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 foresee 2019 as another opportunity to fulfill our commitments through

an exceptional performance while generating healthy return for our

stakeholders .

We will continue to create value and maintain Trident’s excellence-centric We will continue to create value and maintain Trident’s excellence-centric

mindset to achieve even stronger and better results in the coming years.”

Q4 FY19 Earnings Presentation - Trident Ltd.

11

Textile - Financials

Sales (INR Crores)

3795

3721

2881 2881

4223

EBIT (INR Crores) 415

300 300

348

273 273

FY 16

FY 17

FY18

FY19

FY 16

FY 17

FY18

FY19

Towel (In 000’ tons)

50%

49%

45%

41%

0 9

0 9

0 9

0 9

200

150

100

50

0

Capacity Utilization

Bed Linen (In mn. meters)

29%

Project commissioned at the end of FY16 FY16

63%

44%

6%

5.4

43.2

43.2

43.2

60%

50%

40%

30%

20%

50

40

30

20 20

10

0

70% 60% 50% 40% 30% 30% 20% 10% 0%

200

150

100

50

0

Yarn (In 000’ tons)

98%

95%

93%

5 1 1

5 1 1

5 1 1

91% 91%

3 0 1

100%

98%

96%

94%

92%

90%

88%

FY16

FY17

FY18

FY19

FY16

FY17

FY18

FY19

FY16

FY17

FY18

FY19

Q4 FY19 Earnings Presentation - Trident Ltd.

Capacity Utilization

12

Paper - Financials

Sales (INR Crores)

831

872

858

997

EBIT (INR Crores)

371

274

160

199 199

FY 16

FY 17

FY18

FY19

FY 16

FY 17

FY18

FY19

Capacity Utilization (Tonnage Basis)

Copier v/s Non-Copier

200

150

100

50

0

88%

89%

89%

89%

5 7 1

5 7 1

5 7 1

5 7 1

FY16

FY17

FY18

FY19

Capacity Utilization

90%

85%

80%

75%

70%

51% 51%

FY19 FY19

49% 49%

Copier Copier

Non-Copier

Q4 FY19 Earnings Presentation - Trident Ltd.

13

Financial Performance

Revenue (INR Cr)

4 4 7 3

3 7 7 4

0 4 6 4

5 6 2 5

1200

1000

800

600

400

200

0

EBIDTA (INR Cr)

20.4%

20.8%

EBIDTA

EBIDTA %

19.7% 19.7%

19.5% 19.5%

3 6 7

2 9 9

4 1 9

9 2 0 1

20.5%

19.5%

18.5%

17.5%

16.5%

15.5%

14.5%

13.5%

FY 16 FY 16

FY 17 FY 17

FY 18 FY 18

FY 19 FY 19

FY 16

FY 17

FY 18

FY 19

PAT (INR Cr) 6.5%

7.1%

PAT

PAT Margin

7.0%

5.7%

2 4 2

7 3 3

6 6 2

1 7 3

Interest Coverage Ratio

7.05 7.05

7.73 7.73

8.70

5.41 5.41

8.0%

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

400.00

350.00

300.00

250.00

200.00

FY 16

FY 17

FY 18

FY 19

FY 16

FY 17

FY 18

FY 19

Q4 FY19 Earnings Presentation - Trident Ltd.

14

Financial Performance

Net Debt (INR Cr.)

Net Debt

D/E Ratio

Net Worth (INR Cr)

Net Worth

ROE

1.4

1 2 4 3

1.0

4 1 7 2

1.0

1 2 6 2

0.8

4 4 3 2

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

FY16

FY17

FY18

FY19

Capital Employed

Capital Employed

ROCE

11.7%

5 4 9 4

10.6%

0 0 8 4

8.1% 8.1%

0 1 1 5

14.2%

6 7 6 4

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

4000

3500

3000

2500

2000

1500

1000

500

0

5200

5100

5000

4900

4800

4700

4600

4500

4400

4300

13.9% 13.9%

18.6% 18.6%

2 4 7 1

6 1 8 1

13.3%

3 0 0 2

16.6% 16.6%

1 4 2 2

20.0%

18.0%

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

7 6 4 4

1.1

8 7 0 4

0.8

4 5 7 4

1.4

8 4 8 3

1.6

1.4

1.2

1.0

0.8 0.8

0.6

0.4

0.2

0.0

2500

2000

1500

1000

500

0

5000

4500

4000

3500

3000

2500 2500

2000

1500

1000

500

0

FY16

FY17

FY18

FY19

FY16

FY17

FY18

FY19

Q4 FY19 Earnings Presentation - Trident Ltd.

*Excludes fair valuation of land as per IND – AS

15

Key Ratios

Particulars (INR crore)

Return on Capital Employed*

Return on Equity*

Interest Coverage Interest Coverage

Net Debt to Equity

Net Debt / EBITDA

FY19

14.2%

16.6%

8.7 8.7

0.8

2.3

FY18

10.6%

13.3%

7.7 7.7

1.0

2.9

FY17

11.7%

18.6%

7.0 7.0

1.0

2.7

Credit Rating:

(cid:1) CARE AA- (LT Bank Facilities) (cid:1) CARE A1+ (ST Bank Facilities)

*Excludes fair valuation of land as per IND – AS *Excludes fair valuation of land as per IND – AS

CP Rating:

(cid:1) A1+ (India Ratings)

Q4 FY19 Earnings Presentation - Trident Ltd.

16

Balance Sheet (S)

Particulars (INR crore)

As on Mar 31, 2019

As on Mar 31, 2018

Particulars (INR crore)

As on Mar 31, 2019

As on Mar 31, 2018

Source of Funds Source of Funds

Application of Funds Application of Funds

Equity

Equity Share Capital

Other Equity

2931.3

2693.5

Non Current Assets

509.6

2421.7

509.6

2183.9

Property, Plant & Equipment

Capital Work-in-Progress

Intangible Assets

Non-Current Liabilities

1361.9

1751.5

Intangible Assets under devp.

Borrowings

Deferred Tax Liabilities

Other Non Current Liabilities

953.6

408.3

--

1410.8

340.7

--

Current Liabilities

1810.1

1684.1

Financial Liabilities Financial Liabilities

1746.1 1746.1

1638.9 1638.9

Provisions

Other Current Liabilities

19.2

44.8

13.8

31.3

Financial Assets Financial Assets

Other Non Current Assets

Current Assets

Inventories

Financial Assets - Investments - Trade Receivables - Cash & Cash Equivalents - Cash & Cash Equivalents - Other Bank Balances - Other Financial Assets

Other Current Assets

4080.0

3672.5

131.8

43.5

-

133.2 133.2

99.0

2023.2

1000.9

66.9 662.0 9.5 9.5 15.6 158.1

110.1

4300.6

3851.7

176.1

49.8

0.5

112.4 112.4

110.0

1828.5

906.5

10.9 477.8 47.4 47.4 118.5 166.7

100.7

TOTAL

6103.2

6129.1

TOTAL

6103.2

6129.1

Q4 FY19 Earnings Presentation - Trident Ltd.

17

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

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

Thank You

Q4 FY19 Earnings Presentation - Trident Ltd.

18

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