Trident India Limited (Trident India) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Trident India Limited

Trident India Limited Consolidated Balance Sheet (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Non-current assets
Plant, property and equipment	4,336.60	4,464.46
Capital work in progress	49.1	84.75
Intangible assets	39.88	55.38
Right of use	78.11	87.74
Intangible assets under development	3.52	2.93
Investments	0.35	48.91
Other financial assets	74.14	58.65
Non current tax assets	18.03	23.09
Other non current assets	51.09	36.43
Current assets
Inventories	1,245.07	1,393.36
Trade receivables	287.66	411.91
Cash and cash equivalent	83.80	26.40
Other Bank balances	597.45	504.80
Other financial assets	137.86	174.00
Other current assets	148.06	190.47
Total assets	7,160.72	7,563.28
Equity
Equity share capital	509.60	509.60
Other equity	4,111.39	3,805.81
Non-controlling interest	-	2.26
Noncurrent liabilities
Borrowings	962.92	1,173.42
Lease liabilities	52.06	57.98
Deferred tax liability	275.21	309.63
Current liabilities
Borrowings	612.86	887.39
Lease liabilities	7.39	7.08
Total outstanding dues of micro and small enterprises	26.29	116.33
Total outstanding dues other than above	312.38	360.21
Other financial liabilities	135.53	171.09
Provisions	42.19	57.79
Other current liabilities	93.30	202.85
Current tax liabilities	20.50	1.82
Total equity and liabilities	7,160.72	7,563.28

Trident India Limited Consolidated Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Income
Revenue from Operations	6,987.08	6,808.83
Other Income	60.15	57.76
Total Income	7,047.23	6,866.59
Expenses
Cost of material consumed	3,527.04	3,502.61
Purchase of stock in trade	6.07	49.06
Change in inventories of finished goods, WIP	71.21	-95.77
Employee benefits expense	922.09	876.85
Finance costs	130.18	156.37
Depreciation & amortization expense	366.20	364.98
Forex (gain)/loss (including MTM)	-15.31	-12.10
Other Expenses	1,565.20	1,547.59
Total Expenses	6,572.68	6,389.89
Profit before exceptional items and tax	474.55	476.70
Exceptional items	-	0.15
Profit/Loss Before Tax	474.55	476.85
Current Tax	132.13	118.94
Deferred Tax	-27.61	7.87
Current tax adjustments related to earlier years	4.68	-1.00
Deferred tax adjustments related to earlier years	-5.38	1.05
Profit/ Loss for the period	370.73	349.99
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss :
Remeasurement (loss)/gains on defined benefit plan	0.99	-30.04
Income effect on above items	-0.25	7.56
Other comprehensive income to be reclassified to profit or loss :
Exchange differences in translating the financial statement of a foreign statement	0.32	0.35
Net movement in effective portion of cash flow hedge reserve	-7.88	-4.92
Income tax related to items mentioned above	1.90	1.15
Total comprehensive income for the period	365.81	324.09
Earning per share
Basic	0.73	0.69
Diluted	0.73	0.69

Trident India Limited Consolidated Cash Flow Statement (Rs in Crores)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit/(loss) Before Tax	474.55	476.55
Adjustment for :-
Depreciation and amortization	306.20	364.98
Interest expense on financial instrument measured at amortised costs	127.38	153.82
Interest income	-41.07	-42.55
Liabilities no linger required written back	-3.36	-1.04
Bad debts	-0.74	-0.22
Profit on sale of non current investments	-1.59	-
Fair value (loss)/gain on non current investments	-	1.24
(profit) on sale investment in subsidiary company	-	-0.15
Share based payment expense	0.38	0.68
Expected credit loss allowance on trade receivables and advances to vendors	1.82	6.18
Exchange differences in translating the financial statement of a foreign operation	-	0.35
Unrealised foreign exchange loss	4.52	4.49
Gain on disposal of PPE	-1.12	-2.89
Working capital adjustments:
(Increase)/decrease in inventories	148.30	-346.62
(Increase)/decrease in trade receivables	112.58	-127.09
(Increase)/decrease in other current financial assets	11.76	0.13
(Increase)/decrease in other non current financial assets	-15.53	-5.58
(Increase)/decrease in other current assets	42.41	-38.48
(Increase)/decrease in other non current assets	-2.94	9.45
Increase/(decrease) in trade payables	-138.48	-64.43
Increase/(decrease) in other current financial liabilities	-3.06	-1.83
Increase/(decrease) in other current liabilities	-9.55	17.07
Increase/(decrease) in current provisions	-14.62	17.28
Cashflow generated from operations	1,057.45	412.96
Direct taxes paid	-112.77	-125.56
Net Cash from/(used in) Operating Activities	946.68	287.30
Cash Flow from Investing Activities
Payment of PPE	-229.64	-647.54
Proceeds from sale of PPE	3.17	8.67
Purchase of non-current investment	-	-49.66
Proceeds from sale of non-current investment	60.15	36.55
Interest received	54.65	23.30
Fixed deposits and other bank balances – placed	-412.06	-423.29
Fixed deposits and other bank balances – matured	328.60	333.35
Net Cash from / (used in) Investing Activities	-205.33	-718.32
Cash Flow from Financing Activities
Proceeds from sale of shares by trust	120.27	-
Proceeds from exercise of stock option by trust	0.12	0.22
Acquisition of non-controlling interest	-1.75	-
Repayment of non-convertible debentures	-	-25.00
Proceeds from non-current borrowing	27.33	515.60
Repayment of non-current borrowing	-216.06	-53.90
Net increase/(decrease) in working capital borrowing payable on demand	-300.71	249.84
Interest paid	-124.21	-196.30
Amounts refunded against right of use assets	-	1.75
Payment of principle portion of lease liabilities	-2.47	-6.83
Payment of interest portion of lease liabilities	-3.92	-4.20
Dividend paid on equity shares	-181.16	-181.15
Net Cash from/(used in) Financing Activities	-682.16	340.04
Net Increase/decrease in Cash & cash equivalents	57.40	-90.98
Cash and cash equivalents at the beginning of the year	26.40	226.73
Cash and cash equivalents at the end of the year	83.80	26.40

Summary of the Cash Flow Statement for the years 2025 and 2024:

Operating Activities:
Cash flow from operations improved significantly in FY2025. Although profit before tax remained almost stable at ₹474.55 crore (vs ₹476.55 crore in FY2024), operating cash flow rose sharply to ₹946.68 crore from ₹287.30 crore. The main reason for this improvement was positive working capital movement. Inventories decreased by ₹148.30 crore (while they increased sharply in FY2024), and trade receivables also reduced by ₹112.58 crore, releasing cash. Depreciation of ₹306.20 crore and interest expense of ₹127.38 crore also contributed to non-cash adjustments. Even though trade payables declined by ₹138.48 crore and some provisions decreased, the overall working capital changes significantly strengthened cash generation. After paying taxes of ₹112.77 crore, the company generated strong operating cash.

Investing Activities:
Cash used in investing activities reduced substantially. In FY2025, the company used ₹205.33 crore, compared with a much higher ₹718.32 crore in FY2024. The major difference came from lower capital expenditure on property, plant and equipment (₹229.64 crore vs ₹647.54 crore earlier), indicating that the company slowed expansion or completed earlier projects. The company also received ₹60.15 crore from sale of investments and ₹54.65 crore as interest income. Movements in fixed deposits and bank balances also affected cash flows, with deposits placed (₹412.06 crore) partially offset by maturities (₹328.60 crore).

Financing Activities:
The financing section shows a large cash outflow of ₹682.16 crore, compared with an inflow of ₹340.04 crore in FY2024. This reflects a deleveraging phase. The company repaid ₹216.06 crore of non-current borrowings and reduced working capital borrowings by ₹300.71 crore. Interest payments also declined but remained substantial at ₹124.21 crore. Additionally, the company paid ₹181.16 crore in dividends, continuing shareholder returns. Although there was some inflow from sale of shares by trust (₹120.27 crore) and new borrowings of ₹27.33 crore, these were much smaller than repayments.

Overall Cash Position:
Due to the strong operating cash generation, the company recorded a net increase in cash and cash equivalents of ₹57.40 crore, compared with a decrease of ₹90.98 crore in FY2024. Consequently, cash balances increased from ₹26.40 crore at the beginning of the year to ₹83.80 crore at the end of FY2025. This indicates that the company generated sufficient internal cash to fund investments, reduce debt, and pay dividends.

Financial ratios of Trident India Limited.

Particulars	31-03-2025	31-03-2024
Current ratio	1.98	1.58
Debt equity ratio	0.40	0.57
Debt service coverage ratio	4.45	3.85
Return on equity ratio	9.73%	11.06%
Inventory turnover ratio	4.51	4.54
Trade receivables turnover ratio	18.42	18.57
Trade payable turnover ratio	8.35	7.33
Net capital turnover ratio	5.64	6.80
Net profit ratio	6.74%	7.34%
Return on capital employed	0.10	0.10
Return on investment	4.53%	127.06%

Summary of Financial Ratio of Trident India Limited.

Current Ratio:
The current ratio of Trident Limited increased from 1.58 in 2024 to 1.98 in 2025, indicating an improvement in the company’s liquidity position. This shows that the company has more current assets available to meet its short-term liabilities, reflecting better working capital management.

Debt Equity Ratio:
The debt-equity ratio decreased from 0.57 in 2024 to 0.40 in 2025. This indicates that the company has reduced its reliance on external borrowings and strengthened its capital structure by lowering financial leverage.

Debt Service Coverage Ratio:
The debt service coverage ratio increased from 3.85 to 4.45, showing that the company’s ability to meet its debt obligations through operating earnings has improved during the year.

Return on Equity Ratio:
The return on equity ratio declined from 11.06% in 2024 to 9.73% in 2025. This indicates that the return generated for shareholders slightly decreased during the year.

Inventory Turnover Ratio:
The inventory turnover ratio marginally decreased from 4.54 to 4.51, indicating that the efficiency of inventory management remained almost stable with only a slight decline in inventory movement.

Trade Receivables Turnover Ratio:
The trade receivables turnover ratio decreased slightly from 18.57 to 18.42, which shows that the collection of receivables remained almost consistent with a minor reduction in efficiency.

Trade Payables Turnover Ratio:
The trade payables turnover ratio increased from 7.33 to 8.35, indicating that the company paid its suppliers more frequently or more quickly during the year.

Net Capital Turnover Ratio:
The net capital turnover ratio decreased from 6.80 in 2024 to 5.64 in 2025, suggesting a decline in the efficiency with which the company utilized its working capital to generate revenue.

Net Profit Ratio:
The net profit ratio decreased from 7.34% to 6.74%, indicating a slight reduction in the company’s profitability during the year.

Return on Capital Employed:
The return on capital employed remained constant at 0.10 in both years, indicating that the company maintained a stable return on the capital employed in the business.

Return on Investment:
The return on investment decreased significantly from 127.06% in 2024 to 4.53% in 2025, indicating that the returns generated from investments were substantially lower compared to the previous year.