Trident Limited has informed the Exchange regarding Investor Presentation
Trident Limited Trident Limited
Q4 FY19 Earnings Presentation Q4 FY19 Earnings Presentation
Safe Harbour
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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.
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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.
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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.
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