Trident : Audited Financial Results for the Quarter and Year ended on March 31, 2022

Trident Limited

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

											(INR In Million)
				Standalone					Consolidated
			Quarter Ended		Year Ended		Quarter Ended		Year Ended
Sr.	Particulars	March	December	March	March	March	March	December	March	March	March
No		31, 2022	31, 2021	31, 2021	31, 2022	31, 2021	31, 2022	31, 2021	31, 2021	31, 2022	31, 2021
		3 Months	3 Months	3 Months	12 Months	12 Months	3 Months	3 Months	3 Months	12 Months	12 Months
		Audited (Refer	Unaudited	Audited (Refer	Audited	Audited	Audited (Refer	Unaudited	Audited (Refer	Audited	Audited
		Note 14 below)		Note 14 below)			Note 14 below)		Note 14 below)
	Revenue from operations
1	Revenue from operations (Refer Note 5 & 6)	18,471.4	19,576.6	13,499.9	69,191.8	45,192.9	18,698.5	19,800.1	13,449.5	69,976.6	45,306.2
2	Other income	59.3	34.6	26.3	223.4	160.2	59.4	36.4	22.0	225.7	160.8
3
Total Income (1+2)	18,530.7	19,611.2	13,526.2	69,415.2	45,353.1	18,757.9	19,836.5	13,471.5	70,202.3	45,467.0
4	Expenses
	a) Cost of raw materials consumed	10,075.3	9,420.7	5,884.1	33,689.4	20,020.4	10,075.3	9,412.5	5,884.1	33,681.2	20,018.0
	b) Purchase of stock-in-trade	-	15.3	78.4	118.3	280.3	78.6	214.1	107.6	618.7	325.8
	c) Changes in inventories of finished goods, process waste,	(51.4)	191.6	232.4	(769.6)	(47.9)	(40.3)	140.8	143.7	(862.6)	(149.6)
	work-in-progress and stock in trade
	d) Employee benefits expenses	1,487.8	1,759.0	1,682.3	6,648.4	5,775.4	1,500.7	1,770.6	1,693.2	6,695.4	5,815.9
	e) Finance costs	184.7	223.8	233.9	857.2	720.0	189.5	223.5	234.6	862.3	721.1
	f) Depreciation and amortisation expense	809.6	775.2	879.9	3,326.1	3,364.6	810.0	775.8	881.2	3,328.0	3,368.5
	g) Forex (gain)/loss (Including MTM)	(112.5)	2.8	(84.6)	(225.3)	(53.6)	(112.5)	2.8	(84.6)	(224.9)	(53.4)
	h) Other expenses	3,796.5	4,158.4	3,351.7	14,853.9	11,108.6	3,820.0	4,198.7	3,333.4	14,945.7	11,123.7
	Total expenses	16,190.0	16,546.8	12,258.1	58,498.4	41,167.7	16,321.3	16,738.8	12,193.2	59,043.8	41,170.0
5	Profit before exceptional item and tax (3-4)	2,340.7	3,064.4	1,268.1	10,916.8	4,185.4	2,436.6	3,097.7	1,278.3	11,158.5	4,297.0
6	Exceptional (income)/expense (Refer Note 6 & 7)	-	252.0	304.3	-	(266.1)	-	261.7	304.3	-	318.5
7	Profit before share of profit of associates and tax (5-6)	2,340.7	2,812.4	963.8	10,916.8	4,451.5	2,436.6	2,836.0	974.0	11,158.5	3,978.5
8	Share of Profit of associates	-	-	-	-	-	6.0	-	-	6.0	5.9
9
Net Profit before taxes (7+8)	2,340.7	2,812.4	963.8	10,916.8	4,451.5	2,442.6	2,836.0	974.0	11,164.5	3,984.4
10	Tax expenses
	-Current tax	621.5	743.2	296.2	2,926.6	1,304.1	646.0	747.9	300.6	2,986.9	1,253.2
	-Deferred tax (credit)	(17.1)	(21.8)	(48.6)	(160.1)	(269.9)	(16.4)	(22.8)	(51.0)	(160.3)	(272.7)
	-Current tax adjustments related to earlier years	(2.4)	-	(1.4)	(2.4)	(1.4)	(2.7)	-	(1.4)	(2.7)	(1.4)
	-Deferred tax adjustments related to earlier years	3.2	-	(38.7)	3.2	(38.7)	3.2	-	(38.7)	3.2	(38.7)
11	Net profit after tax (9-10)	1,735.5	2,091.0	756.3	8,149.5	3,457.4	1,812.5	2,110.9	764.5	8,337.4	3,043.9

12 Other Comprehensive Income/(expense)

• Items that will not be reclassified to profit or loss

	- Remeasurement gain of the defined benefit plan	72.8	-	3.9	72.8	3.9	72.8	-	3.9	72.8	3.9
	- Gain on fair valuation of equity investments through	-	-	-	-	348.0	-	-	-	-	348.0
	other comprehensive income
	- Income tax related to items that will not be reclassified	(18.3)	-	(1.0)	(18.3)	(40.8)	(18.3)	-	(1.0)	(18.3)	(40.8)
	to profit or loss
	- Items that will be reclassified to profit or loss								-	-
	- Net movement in effective portion of cash flow hedge	(149.8)	81.8	(3.1)	(119.9)	640.3	(149.8)	81.8	(3.1)	(119.9)	640.3
	reserve
	- Exchange differences in translating the financial	-	-	-	-	-	(0.1)	(0.1)	0.1	(0.2)	0.7
	statements of a foreign operation
	- Income tax related to items that may be reclassified to	37.7	(20.6)	0.8	30.2	(161.1)	37.7	(20.6)	0.8	30.2	(161.1)
	profit or loss
	Other Comprehensive Income/(expenses), net of taxes	(57.6)	61.2	0.6	(35.2)	790.3	(57.7)	61.1	0.7	(35.4)	791.0
13	Total Comprehensive income (11+12)	1,677.9	2,152.2	756.9	8,114.3	4,247.7	1,754.8	2,172.0	765.2	8,302.0	3,834.9
14 Paid-up equity share capital (Face value of INR 1/- each)	5,096.0	5,096.0	5,096.0	5,096.0	5,096.0	5,096.0	5,096.0	5,096.0	5,096.0	5,096.0
15 Other equity as per balance sheet				32,876.2	28,069.5				33,350.8	28,187.2
16	Earnings per share (EPS) face value (of INR 1/- each) (not
annualised) (Refer note 9)
	- Basic (INR)	0.35	0.42	0.15	1.63	0.68	0.37	0.42	0.15	1.67	0.61
	- Diluted (INR)	0.35	0.42	0.15	1.63	0.68	0.37	0.42	0.15	1.67	0.61

See accompanying note to the Financial results

Trident Limited

* Reduced by effective number of own shares at par value held through an associate company for consolidated financial results for quarter and half year ended September 30, 2020.

SEGMENT WISE REVENUE, RESULTS, SEGMENT ASSETS AND SEGMENT LIABILITIES

										(INR In Million)
			Standalone					Consolidated
		Quarter Ended		Year Ended		Quarter Ended		Year ended
Sr. Particulars	March	December	March	March	March	March	December	March	March	March
No.	31, 2022	31, 2021	31, 2021	31, 2022	31, 2021	31, 2022	31, 2021	31, 2021	31, 2022	31, 2021
	3 Months	3 Months	3 Months	12 Months	12 Months	3 Months	3 Months	3 Months	12 Months	12 Months
	Audited (Refer	Unaudited	Audited (Refer	Audited	Audited	Audited (Refer	Unaudited	Audited (Refer	Audited	Audited
	Note 14 below)	Note 14 below)	Note 14 below)	Note 14 below)

• Segment Revenue

	a) Textiles (Refer Note 5 & 6)	15,698.5	17,059.3	11,318.6	59,394.6	38,160.9	15,925.6	17,282.8	11,268.2	60,179.4	38,274.2
	b) Paper & chemicals	2,774.4	2,519.5	2,184.3	9,803.7	7,040.7	2,774.4	2,519.5	2,184.3	9,803.7	7,040.7
	Total	18,472.9	19,578.8	13,502.9	69,198.3	45,201.6	18,700.0	19,802.3	13,452.6	69,983.1	45,314.9
	Less: Inter segment revenue	1.5	2.2	3.0	6.5	8.7	1.5	2.2	3.0	6.5	8.7
	Revenue from operations	18,471.4	19,576.6	13,499.9	69,191.8	45,192.9	18,698.5	19,800.1	13,449.5	69,976.6	45,306.2
2	Segment results
	Profit before tax, finance costs, other unallocable
	expenditure net off unallocable income and share of
	profit of associates from each segment
	a) Textiles		2,436.6	2,870.7	1,199.1	10,943.7	3,924.6	2,537.1	2,892.2	1,209.8	11,188.2	4,036.8
	b) Paper & chemicals		594.4	580.7	607.6	2,380.1	1,823.0	594.4	580.7	607.6	2,380.1	1,823.0
	Total		3,031.0	3,451.4	1,806.8	13,323.8	5,747.6	3,131.5	3,472.9	1,817.5	13,568.3	5,859.8
	Less:
	a) Finance costs		184.7	223.8	233.9	857.2	720.0	189.5	223.5	234.6	862.3	721.1
	b) Other un-allocable expenditure net off un-allocable		505.6	415.2	304.8	1,549.8	842.2	505.4	413.4	304.6	1,547.5	841.7
	income
	c) Exceptional (income)/expense (Refer Note 7)		-	-	304.3	-	(266.1)	-	-	304.3	-	318.5
	Profit before share of profit of associates and tax	2,340.7	2,812.4	963.8	10,916.8	4,451.5	2,436.6	2,836.0	974.0	11,158.5	3,978.5
3	Segment Assets
	a) Textiles		51,572.2	52,637.8	48,176.8	51,572.2	48,176.8	52,005.3	53,010.3	48,376.7	52,005.3	48,376.7
	b) Paper & chemicals		6,395.0	6,038.7	5,377.7	6,395.0	5,377.7	6,395.0	6,038.7	5,377.7	6,395.0	5,377.7
	c) Unallocated		6,340.2	4,820.7	3,987.1	6,340.2	3,987.1	6,491.0	4,795.8	3,962.1	6,491.0	3,962.1
	Total Assets	64,307.4	63,497.2	57,541.6	64,307.4	57,541.6	64,891.3	63,844.8	57,716.5	64,891.3	57,716.5
4	Segment Liabilities *
	a) Textiles		5,251.4	5,919.9	4,123.0	5,251.4	4,123.0	5,347.0	6,040.2	4,176.8	5,347.0	4,176.8
	b) Paper & chemicals		1,336.3	1,202.4	916.4	1,336.3	916.4	1,336.3	1,202.4	916.4	1,336.3	916.4
	c) Unallocated		4,031.3	3,977.6	3,927.2	4,031.3	3,927.2	4,045.7	3,976.4	3,930.5	4,045.7	3,930.5
	Total Liabilities	10,619.0	11,099.9	8,966.6	10,619.0	8,966.6	10,729.0	11,219.0	9,023.7	10,729.0	9,023.7
* Excluding borrowings and Interest accrued but not due on borrowings				-	0.0				0.0	0.0

Trident Limited

STATEMENT OF ASSETS AND LIABILITIES

Sr. Particulars

No.

• ASSETS

Non-current assets

1. Property, plant & equipment (PPE)
2. Capital work in progress
3. Intangible assets
4. Right of use asset
5. Intangible assets under development
6. Investment in associate
7. Financial Assets
8. 1. Investments
   2. Other financial assets
9. Non current tax assets (Net)
10. Other non current assets

Total non-current assets

Current assets

1. Inventories
2. Financial Assets

1. Trade receivables
2. Cash and cash equivalents
3. Other bank balances
4. Other financial assets

1. Other current assets

Total current assets

TOTAL ASSETS

1. EQUITY AND LIABILITIES Equity
2. 1. Equity Share capital
   2. Other equity (Refer Note 9)

Equity attributable to shareholders of the Company

Total Equity

Liabilities

Non-current liabilities

1. Financial Liabilities
2. 1. Borrowings
   2. Lease liabilities
   1. Other financial liabilities
3. Deferred tax liabilities (Net) Total non-current labilities

Current liabilities

1. Financial Liabilities
2. 1. Borrowings
   1. Lease liabilities
   1. Trade payables

-Total Outstanding dues of micro Enterprise and Small enterprises

-Total Outstanding dues other than micro enterprise and small enterprises

1. Other financial liabilities

1. Provisions
2. Other current liabilities
3. Current tax liabilities (Net) Total current liabilities
   TOTAL LIABILITIES

TOTAL EQUITY AND LIABILITIES

			(INR In Million)
As at	As at	As at	As at
March	March	March	March
31, 2022	31, 2021	31, 2022	31, 2021
Audited	Audited	Audited	Audited
36,201.6	36,978.9	36,204.6	36,982.6
824.1	571.3	824.1	571.3
353.9	386.9	354.4	387.4
564.6	532.8	567.6	536.6
9.9	71.6	9.9	71.6
-	-	7.1	-
37.1	39.0	11.0	14.0
451.2	507.2	453.1	509.2
141.0	137.6	141.0	137.6
828.6	184.7	829.5	185.5
39,412.0	39,410.0	39,402.3	39,395.8
12,903.9	10,082.8	13,143.8	10,229.8
5,285.3	4,545.1	5,252.6	4,486.5
2,519.8	984.1	2,710.5	986.6
214.1	139.1	214.1	199.4
1,106.0	991.8	1,134.9	994.2
2,866.3	1,388.7	3,033.1	1,424.2
24,895.4	18,131.6	25,489.0	18,320.7
64,307.4	57,541.6	64,891.3	57,716.5
5,096.0	5,096.0	5,096.0	5,096.0
32,876.2	28,069.5	33,350.8	28,187.2
37,972.2	33,165.5	38,446.8	33,283.2
37,972.2	33,165.5	38,446.8	33,283.2
3,096.6	2,550.9	3,096.6	2,550.9
238.0	251.4	240.1	254.3
40.3	-	40.3	-
3,038.7	3,207.5	3,034.4	3,203.4
6,413.6	6,009.8	6,411.4	6,008.6
12,609.6	12,804.2	12,609.6	12,804.2
19.6	12.2	20.7	13.1
694.9	115.7	694.9	115.7
3,851.0	2,841.4	3,910.8	2,869.6
1,506.8	1,752.7	1,508.7	1,758.0
196.6	222.2	196.8	222.5
783.5	618.0	817.9	637.8
259.6	-	273.7	3.8
19,921.6	18,366.3	20,033.1	18,424.7
26,335.2	24,376.1	26,444.5	24,433.3
64,307.4	57,541.6	64,891.3	57,716.5

Trident Limited

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2022

					(INR In Million)
	Particulars		For the year ended	For the year ended
			March 31, 2022		March 31, 2021
A.	CASH FLOW FROM OPERATING ACTIVITIES
	Profit before tax		10,916.8		4,451.5
	Adjustments for:
	Depreciation and amortization expense	3,326.1		3,364.6
	Interest expense	811.7		672.4
	Interest income	(74.0)		(86.1)
	(Profit) on sale of non current/current investments	(1.5)		-
	Net (gain) arising on financial assets mandatorily measured at fair value through profit or loss	(0.7)		(0.3)
	Investment in associate recognised (written off in earlier years)	(1.1)		-
	Provision for doubtful debts and advances no longer required written back	-		(52.7)
	(Profit) on sale of investment in associate company disclosed as exceptional item	-		(570.4)
	Depreciation on reversal of excess capital subsidies disclosed as exceptional item	-		51.7
	Share based payment expense	139.5		-
	Reversal of excess interest subsidies and interest on reversal of excess interest and capital subsidies disclosed as	-		252.6
	exceptional item
	Modification of lease liabilities	-		(11.8)
	Expected credit loss allowance on non current financial assets and trade receivables	5.5		30.0
	Unrealized foreign exchange loss	10.0		33.5
	(Profit)/loss on disposal of property, plant and equipment (net)	(35.7)	4,179.8	30.2	3,713.8
	Operating profit before working capital changes		15,096.6		8,165.3
	Changes in working capital:
	Adjustments for (increase)/decrease in operating assets:
	Inventories	(2,821.1)		(963.0)
	Trade receivables	(737.5)		(1,758.9)
	Other current financial assets	(118.4)		(59.9)
	Other non current financial assets	56.0		(119.4)
	Other current assets	(1,404.8)		(275.9)
	Other non current assets	(0.2)		10.9
	Adjustments for increase/(decrease) in operating liabilities:
	Trade payables	1,574.6		951.5
	Other current financial liabilities	(23.9)		333.7
	Other current liabilities	150.1		119.9
	Current provisions	(25.6)	(3,350.8)	9.1	(1,752.0)
	Cash generated from operations		11,745.8		6,413.3
	Direct taxes paid (net)		(2,682.0)		(1,422.2)
	Net cash flow from operating activities (A)		9,063.8		4,991.1
B.	CASH FLOW FROM INVESTING ACTIVITIES
	Payment for property, plant and equipment, intangible assets and intangible asset under development	(3,616.1)		(3,334.4)
	Proceeds from sale of property, plant and equipment	99.4		35.4
	Purchase of current investments	(70.0)		-
	Proceeds from sale of current investments	70.1		-
	Proceeds from disposal of investment in an associate company	-		1,120.4
	Proceeds from sale of non current investments	5.1		550.0
	Interest received	71.1		88.9
	Bank balances not considered as cash and cash equivalents
	- Placed	(61.6)		(500.0)
	- Matured	7.3		549.9
	Net cash (used) in investing activities (B)		(3,494.7)		(1,489.8)
C.	CASH FLOW FROM FINANCING ACTIVITIES
	Amount received by Trident Limited Employee Welfare Trust against issuance of treasury shares	-		(751.0)
	Amount received by Trident Limited Employee Welfare Trust from employees against issuance of stock options	164.7		-
	Proceeds from issue of Non-Convertible Debentures	-		1,247.0
	Repayments of Non-Convertible Debentures	(312.5)		-
	Proceeds from non current borrowings	959.4		1,607.9
	Repayment of non current borrowings	(89.0)		(10,355.6)
	Net Increase/(decrease) in working capital borrowings payable on demand/having maturities of less than three	8,513.2		(2,922.7)
	months
	Proceeds of short term borrowings having a maturity of more than three months	-		6,250.0
	Repayment of short term borrowings having a maturity of more than three months	(8,720.0)		-
	Interest paid	(922.5)		(716.4)
	Payment of principal portion of lease liabilities	(6.0)		(31.2)
	Payment of interest portion of lease liabilities	(22.9)		(28.4)
	Dividend paid on equity shares	(3,597.8)		-
	Net cash (used) in financing activities (C)		(4,033.4)		(5,700.5)
	Net (decrease)/increase in cash and cash equivalents (A+B+C)		1,535.7		(2,199.1)
	Cash and cash equivalents at the beginning of the year		984.1		3,183.2
	Cash and cash equivalents at the end of the year*		2,519.8		984.1
	* Comprises:
	Cash on hand		32.7		27.1
	Balances with banks :
	- In current accounts		12.1		27.5
	- In cash credit accounts		-		928.0
	- In other deposits accounts
	(Original maturity of 3 months or less)		2,475.0		1.5
			2,519.8		984.1

Trident Limited

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2022

					(INR In Million)
	Particulars		For the year ended	For the year ended
			March 31, 2022		March 31, 2021
A.	CASH FLOW FROM OPERATING ACTIVITIES
	Profit before tax		11,164.6		3,984.4
	Adjustments for:
	Depreciation and amortization expense	3,328.0		3,368.5
	Interest expense	816.8		673.6
	Interest income	(76.0)		(86.9)
	(Profit) on sale of non current/current investments	(1.5)		-
	Net (gain) arising on financial assets mandatorily measured at fair value through profit or loss	(0.7)		(0.3)
	Investment in associate recognised (written off in earlier year)	(1.1)
	Provision for doubtful debts and advances no longer required written back	-		(52.7)
	Loss on sale of investment in associate company disclosed as exceptional item	-		14.2
	Depreciation on reversal of excess capital subsidies disclosed as exceptional item	-		51.7
	Share based payment expense	139.5		-
	Reversal of excess interest subsidies and interest on reversal of excess interest and capital subsidies	-		252.6
	disclosed as exceptional item
	Modification of lease liabilities	-		(11.8)
	Expected credit loss allowance on non current financial assets and trade receivables	5.5		30.0
	Unrealized foreign exchange loss	10.0		30.9
	(Profit)/loss on disposal of property, plant and equipment (net)	(35.7)		30.2
	Share of (profit) of associate	(6.0)	4,178.8	(5.9)	4,294.1
	Operating profit before working capital changes		15,343.4		8,278.5
	Changes in working capital:
	Adjustments for (increase)/decrease in operating assets:
	Inventories	(2,914.0)		(1,065.5)
	Trade receivables	(763.4)		(1,731.6)
	Other current financial assets	(144.9)		(58.6)
	Other non current financial assets	56.1		(119.7)
	Other current assets	(1,536.1)		(247.5)
	Other non current assets	(0.3)		11.4
	Adjustments for increase/(decrease) in operating liabilities:
	Trade payables	1,606.2		962.6
	Other current financial liabilities	(27.2)		330.6
	Other current liabilities	163.4		134.2
	Current provisions	(25.7)	(3,585.9)	9.2	(1,774.9)
	Cash generated from operations		11,757.5		6,503.7
	Direct taxes paid (net)		(2,731.7)		(1,454.4)
	Net cash flow from operating activities (A)		9,025.8		5,049.3
B.	CASH FLOW FROM INVESTING ACTIVITIES
	Payment for property, plant and equipment, intangible assets and intangible asset under development	(3,616.8)		(3,334.4)
	Proceeds from sale of property, plant and equipment	99.4		35.4
	Purchase of current investments	(70.0)		-
	Proceeds from sale of current investments	70.1		-
	Proceeds from disposal of investment in an associate company	-		1,120.4
	Proceeds from sale of non current investments	5.1		550.0
	Interest received	73.1		89.7
	Bank balances not considered as cash and cash equivalents
	- Placed	-		(500.0)
	- Matured	6.0		489.7
	Net cash (used) in investing activities (B)		(3,433.1)		(1,549.2)
C.	CASH FLOW FROM FINANCING ACTIVITIES
	Acquisition of treasury shares by Trident Limited Employee Welfare Trust	-		(751.0)
	Amount received by Trident Limited Employee Welfare Trust from employees against issuance of stock	164.7		-
	options
	Proceeds from issue of Compulsorily Convertible Debentures by a subsidiary company	169.1		-
	Proceeds from issue of Non-Convertible Debentures	-		1,247.0
	Repayments of Non-Convertible Debentures	(312.5)		-
	Proceeds from non current borrowings	959.4		1,607.9
	Repayment of non current borrowings	(89.0)		(10,355.6)
	Net (decrease) in working capital borrowings payable on demand/having maturities of less than three	8,513.2		(2,922.7)
	months
	Repayment of short term borrowings having a maturity of more than three months	(8,720.0)		-
	Proceeds of short term borrowings having a maturity of more than three months	-		6,250.0
	Interest paid	(926.0)		(717.4)
	Payment of principal portion of lease liabilities	(6.6)		(31.6)
	Payment of interest portion of lease liabilities	(23.3)		(28.6)
	Dividend paid on equity shares	(3,597.8)		-
	Net cash (used) in financing activities (C)		(3,868.8)		(5,702.1)
	Net (decrease)/increase in cash and cash equivalents (A+B+C)		1,723.9		(2,201.9)
	Cash and cash equivalents at the beginning of the year		986.6		3,188.5
	Cash and cash equivalents at the end of the year*		2,710.5		986.6
	* Comprises:
	Cash on hand		40.3		27.2
	Balances with banks :
	- In current accounts		14.5		29.9
	- Remittances in Transit		10.8
	- In cash credit accounts		-		928.0
	- In other deposits accounts
	(Original maturity of 3 months or less)		2,644.9		1.5
			2,710.5		986.6