Unaudited Financial Results for Q1FY25

1. These standalone and consolidated financial results of Trident Limited ("the Company") have been prepared in accordance with the recognition and measurement principles as laid down in Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

1. The above standalone and consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on July 24, 2024, and have been reviewed by the Statutory Auditors of the Company. TheComparative financial results of the Company for the quarter ended June 30, 2023, included in this Statement were jointly reviewed by the S.R. Batliboi & Co. LLP Chartered Accountants, and Deloitte Haskins & Sells, Chartered Accountants who vide their report dated July 27, 2023, have expressed an unmodified opinion thereon.

2. During the quarter ended June 30, 2024, the Board of Directors have declared and paid the 1st interim dividend of 36% (INR 0.36/-per Equity Share of INR 1/- each) for the financial year 2024-2025.
3. During the current quarter, a fire accident occurred at the Dhaula facility of the Company (consisting of Textiles and Paper Manufacturing units). The fire resulted in damage to raw material, fuel and adjacent areas. However, no casualties were reported and there has been no damage to the plant and machinery. The Company has recorded the loss of INR 327.36 million incurred on account of fire in the Statement of Profit and Loss which has been netted off with the insurance claim recoveries, the net impact of which is not material.

5. The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post­ employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company and its Indian subsidiary will assess the impact of the Code when it comes into effect and will record any related impact in the period when the Code becomes effective.

6. During the financial year 2020-21, the Board of Directors and the Shareholders of the Company had approved Schemes called as "Trident Limited Employee Stock Purchase Scheme - 2020" ("ESPS Scheme") and "Trident Limited Employee Stock Option Scheme - 2020" ("ESOS Scheme") (together referred as "Schemes") in their meeting held on May 16, 2020 and July 9, 2020 respectively. These Schemes were effective from July 9, 2020. Pursuant to the Schemes, the Company had, constituted Trident Limited Employees Welfare Trust ('Trust') to acquire, hold and allocate/transfer equity shares of the Company to eligible employees (as defined in the Schemes) from time to time on the terms and conditions specified under the Schemes. During the financial year 2020-21, the said trust had purchased Company's equity shares aggregating 100,000,000 equity shares from the secondary open market for which the Company had given loan to Trust amounting to INR 751.0 million.

During the financial year 2021-22 and 2022-23, the Company had allotted 8,800,823 and 8,978,330 equity shares respectively under ESPS Scheme to eligible employees and during the financial year 2022-23, the Company had granted options under ESOS Scheme to eligible employees equivalent to 6,100,000 equity shares, out of which eligible employees had accepted 1,598,500 options and remaining unaccepted options had lapsed. The granted Options shall vest within minimum period of 1 year and maximum period of 4 years from the date of grant. The vesting is staggered over a period of 4 years i.e. 10% at the end of first year, 20% at the end of second year, 30% at the end of third year and 40% at the end of fourth year. All Options upon vesting shall be exercisable within 4 years from the date of respective vesting.

(reversal)/expense (ESOP expense) amounting to, (INR 3.7 Million), INR 3.6 million INR 1.0 million, INR 8.8 million and respectively.

During the year ended March 31, 2023, nomination and remuneration committee ("NRC") had approved the winding-up of Trident Limited Employee Stock Purchase Scheme - 2020 and approved the excess monies or shares remaining with the Trust after meeting all the obligations, if any, to be utilised for repayment of loan to Trident Limited. Accordingly, during the year ended March 31, 2023, Trust had sold 18,293,707 shares and proceeds from transfer of shares was utilised for the repayment of loan to the Company.

During the year ended March 31, 2024, the Company had obtained approval of shareholders of the Company for implementation of (i) Trident Limited General Employee Benefits Scheme - 2023 and (ii) utilisation of proceeds from sale of unappropriated 62,328,640 Equity Shares from Trident Limited Employee Stock Purchase Scheme - 2020, utilisation of excess funds lying with the Trust and funds which Trust may receive from various sources in future for Trident Limited General Employee Benefits Scheme - 2023. The Company has also obtained an expert opinion on compliance in this regard.

Based on various judicial pronouncements and opinion obtained by the Company from experts, the Company had taken allowance of share-based payment expense while computing income tax provision.

The financial results of the Trust have been included in the standalone and consolidated financial results of the Company in accordance with the requirements of Ind AS and the cost of such treasury shares has been presented as a deduction in Other Equity. The number of equity shares (which are lying with Trust) have been reduced while computing basic and diluted earnings per share.

7. During the quarter ended June 30, 2023, one of the subsidiary of the Company, Trident Global Corp Limited (TGCL), had converted its 28,18,500 Compulsorily Convertible Debentures ('CCD') having face value of Rs. 60/- per CCD into equity shares of Re. 1/- at a premium of Rs. 59/- per equity share based on approval by the Board of Directors in the meeting held on June 6, 2023. This had resulted in a change of shareholding of the Company in TGCL from 100% to 63.95%. The said conversion had resulted in an increase in minority interest by INR 207.7 million in the consolidated financial results of the Group for the quarter ended June 30, 2023.

1. During the year ended March 31, 2024, the Company had sold its entire stake of 63.95% in TGCL on September 14, 2023. The Company had recognised a gain of INR 360.5 million (INR 1.5 million on a consolidated basis). The Company had presented above profit or loss on the sale of said investment, as an exceptional item in the results for the year ended March 31, 2024.

   As a result, figures for the quarter ended June 30, 2024, of consolidated audited financial results are not comparable with the figures of the comparative quarter.

2. During the year ended March 31, 2024, name of the subsidiaries of the Company, Trident Innovations Limited and Trident Home Decor Limited have been removed by the Register of Companies based on application under Section 248 (2) of the Companies Act, 2013. The removal of name of these subsidiaries by the Register of Companies does not have any major implication or material impact on the operations of the Company.
3. During the year ended March 31, 2023, the Company had issued 250, Senior, Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (unlisted NCDs) of the face value of INR 10,00,000/- each aggregating to INR 250.0 million, at par on Private Placement basis at the rate of 9% per annum, payable quarterly from the date of allotment i.e. March 29, 2023. These unlisted NCDs were redeemable at Par in four equal instalments at the end of 13th, 24th, 30th and 35th months from the date of allotment. The NCDs were secured by way of pledge of receipt of fixed deposit of INR 275.0 million. During the quarter ended

March 31, 2024, the Company has fully prepaid the Non-Convertible Debentures on March 29, 2024, along with applicable Interest.

1. In the month of October 2023, the Income Tax Department ('the department') conducted a search under Section 132 of the Income Tax Act, 1961 at certain locations of Company including its manufacturing and Indian subsidiaries and residence of few of its employees/key managerial personnel. During the search proceedings, the Company provided necessary information and responses to the department. Also, the department has taken certain documents, a few laptops and data backups for further investigation. The business and operations of the Company continued without any disruptions and no demands have been raised on the Company and its Indian subsidiaries as of date. Based on the foregoing and having regard to the matters of inquiry during the search proceedings stated above, management is of the view that no material adjustments are required to these unaudited standalone and consolidated financial results.
2. During the financial years 2003-04 and 2004-05, the Company had granted loans to one of its overseas subsidiary Company namely Trident Global Inc ("TGI") for business purposes. Keeping in view the financial condition of TGI and as a matter of prudence, the Company, during the financial year 2005-06, had written­ off these loans amounting to USO$ 183,000 (INR 8.1 million) During the quarter ended March 31, 2024, with the improvement in performance of TGI, the Company has re-instated the earlier written-off loan amount along with accrued interest aggregating to USO 2,38,018 (INR 16.5 million). During the current quarter, the Company received repayment of this loan along with the accrued interest.
3. 1. The figures of quarter ended March 31, 2024 were the balancing figures between audited figures in respect of full financial year and the published year to date figures upto the third quarter of the previous financial year.

By Order of the Board of Directors

(Deepak Nanda)

Managing Director

DIN 00403335

Date: July 24, 2024

Chartered Accountants

Tel: +91124 6816000

Independent Auditor's Review Report on the Quarterly Unaudited Standalone Financial Results of the

Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, as amended

To The Board ofDirectors

Trident Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Trident
   Limited (the "Company" including Trident Limited Employee Welfare Trust) for the quarter ended June 30, 2024 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended,

read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants oflndia. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review

procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review conducted as above and based on the consideration of the review report of other auditor of the Trident Limited Employee Welfare Trust referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. The accompanying Statement of unaudited quarterly standalone financial results includes the financial

results of Trident Limited Employee Welfare Trust whose financial results and other financial information reflect total assets of Rs. 556.5 million as at June 30, 2024 and total revenues of Rs. 24

million, total net profit after tax of Rs. 15.38 million and total comprehensive income of Rs. 15.38 million for the quarter ended June 30, 2024, as considered in the Statement which has been reviewed by the

auditor of Trident Limited Employee Welfare Trust.

The report of such auditor on financial results and other financial information of Trident Limited Employee Welfare Trust have been furnished to us, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of Trident Limited Employee Welfare Trust is based solely on the report of such auditor. Our conclusion on the Statement is not modified in respect of the above matter.