S.R. BATLIBOI & CO. LLP
Chartered Accountants67, Institutional Area
Sector 44, Gurugram - 122 003 Haryana, India
Tel: +91 124 681 6000
Independent Auditor's Review Report on the Quarterly and Year to Date 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 of Directors Trident LimitedWe have reviewed the accompanying statement of unaudited standalone financial results of Trident Limited (the "Company" including Trident Limited Employee Welfare Trust) for the quarter and half year ended September 30, 2025 (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").
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.
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 of India. 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.
The accompanying Statement of quarter and half year ended unaudited 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. 1,672.6 million as at September 30, 2025, and total revenues of Rs 33.8 million and Rs. 429.0 million, total net profit after tax of Rs. 2.3 million and Rs. 331.0 million and total comprehensive income of Rs. 2.3 million and Rs. 331.0 million for the quarter and half year ended September 30, 2025, respectively, and net cash inflow of Rs. 5.8 million for the year to date from April 01, 202J, to September 30, 2025, (also refer note 4 to the financial results) 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 has 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.
S.R. BATLIBOI & CO. LLP
Chartered Accountants
- Emphasis of Matter: Income tax search
We draw attention to Note 8 of the financial results relating to a search under Section 132 of the Income Tax Act, 1961 conducted by the Income Tax Department at certain locations of the Company including its manufacturing locations and its Indian subsidiaries and residence of few of its employees/key managerial personnel.
Our conclusion is not modified in respect of this matter.
For S.R BATLIBOI & Co. LLPChartered Accountants
ICAI Firm registration number: 30I003E/E300005
per Pravin Tulsyan
Partner
Membership No.: 108044 UDIN: 25108044BMIBJR5615
Place: Gurugram
Date: November 13, 2025
S.R. BATLIBOi a Co. LLP
Chartered Accountants67, Institutional Area
Sector 44, Gurugram - 122 003 Haryana, India
Tel: +91 124 681 6000
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated 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 of Directors Trident LimitedWe have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Trident Limited (the "Holding Company" including Trident Limited Employee Welfare Trust) and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), and its associates for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI fListing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
The Holding 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 Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
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 of India. 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 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.
We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
The Statement includes the results of the following entities:
S. No.
Name of Subsidiaries fEmployee Welfare
Trust/ Associates
Relationship
1
Trident Limited Employee Welfare Trust
Employee welfare trust (included in standalone
financial results of Trident Limited)
2
Trident Europe Limited
Subsidiary
3
Trident Global Inc. USA
Subsidiary
4
THTL Trading L.L.C
Subsidiary
5
Trident Group Enterprises PTE. Limited
(TGEPL)
Subsidiary
6
Trident Home Textiles Limited
Subsidiary (till June 17, 2025)
7
Trident Global Corp Limited (TGCL)
Associate (w.e.f. September 09, 2025)
Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with 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.
6 The accompanying Statement of unaudited consolidated financial results includes the interim financial results of Trident Limited Employee Welfare Trust whose interim financial results and other financial information reflect total assets of Rs. 1,672.6 million, as at September 30, 2025, and total revenues of Rs 33.8 million and Rs. 429.0 million, total net profit after tax of Rs. 2.3 million and Rs. 331.0 million and total comprehensive income of Rs.
2.3 million and Rs. 331.0 million for the quarter and half year ended September 30, 2025, respectively, and net
S.R. BATLIBOia Co. LLP
Chartered Accountants67, Institutional Area
Sector 44, Gurugram - 122 003 Haryana, India
Tel: +91 124 681 6000
cash inflow of Rs. 5.8 million for the year to date from April 01, 2025, to September 30, 2025, (also refer note 4 to the financial results) as considered in the Statement which has been reviewed by the auditor of Trident Limited Employee Welfare Trust. The Statement also includes the unaudited interim financial results and other unaudited financial information, in respect of 3 subsidiaries, whose unaudited interim financial results include total assets of Rs. 323.9 million as at September 30, 2025, total revenues of Rs. NIL and Rs. NIL, total net loss after tax of Rs.
19.4 million and Rs. 28.6 million, total comprehensive loss of Rs. 12.9 million and Rs. 22.1 million, for the quarter ended September 30, 2025, and the half year ended on that date respectively, and net cash outflows of Rs. 51.3 million for the period from April 01, 2025, to September 30, 2025, as considered in the Statement which have been reviewed by their respective independent auditors. The Statement also includes the unaudited interim financial results and other unaudited financial information, in respect of 1 associate, whose unaudited interim financial results include Group's share of net profit of Rs. 14.0 million and Rs. 14.0 million and Group's share of total comprehensive income of Rs. 14.0 million and Rs. 14.0 million for the quarter ended September 30, 2025, and for the period from September 09, 2025, to September 30, 2025, respectively, as considered in the Statement whose interim financial results have been reviewed by its independent auditors.
The independent auditor's review reports on interim financial results of these entities have been furnished to us by the Management 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, subsidiaries and associates is based solely on the reports of the other auditors.
Certain of these subsidiaries are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us.
Our conclusion on the Statement in respect of matters stated in paragraph 6 above is not modified with respect to our reliance on the reports of the other auditors.
7. Emphasis of Matter: Income taz searchWe draw attention to Note 8 of the financial results relating to a search under Section 132 of the Income Tax Act, 1961 conducted by the Income Tax Department at certain locations of the Holding Company including its manufacturing locations and its Indian subsidiaries and residence of few of its employees/key managerial personnel.
Our conclusion is not modified in respect of this matter.
For S.R Batliboi & Co. LLPChartered Accountants
ICAI Firm registration number: 301003E/E300005
Tulsyan
per Pravin Tulsyan Partner
Membership No.: 108044 UDIN: 25108044BMIBJS6448
Gurugram November 13, 2025
DIRIDENT
Registered Office : Trident Group, Sanghera, Barnala -148 101 Corporate Identification Number - L99999PB1990PLC010307
Phone +91-161-5039999 | Fax: +91-161-5039900 | Website : https://www.tridentindia.com | E-Mall ID : investor@tridentindla.com
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2025 | |||||||||
S.No. | Particulars | Quarter Ended | Half Year Ended | Year Ended | |||||
September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | March 31, 2025 | ||||
3 Months | 3 Months | 3 Months | 6 Months | 6 Months | 12 Months | ||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||
Revenue from operations | |||||||||
1 | Revenue from operations | 17,851.7 | 17,002.3 | 17,091.7 | 34,854.0 | 34,438.6 | 69,658.9 | ||
2 | Other income | 182.9 | 196.2 | 113.5 | 379.1 | 263.1 | 594.1 | ||
3 | |||||||||
Total Income (1+2) | 18,034.6 | 17,198.5 | 17,205.2 | 35,233.1 | 34,701.7 | 70,253.0 | |||
4 | Expenses
| ||||||||
9,112.8 | 8,427.3 | 9,307.1 | 17,540.1 | 18,132.0 | 35,270.4 | ||||
11.C | 14.4 | 7.3 | 25.4 | 29.0 | 41.7 | ||||
478.1 | (157.3 | (578.0 | 320.8 | (434.0 | 639.9 | ||||
2,173.7 | 2,114.9 | 2,161.1 | 4,288.6 | 4,345.9 | 8,914.2 | ||||
246.£ | 311.6 | 462.0 | 558.4 | 925.3 | 1,294.2 | ||||
817.£ | 916.8 | 907.8 | 1,734.6 | 1,813.8 | 3,620.0 | ||||
3.1 | (28.7 | (47.5 | (25.6 | (103.7 | (153.0 | ||||
3,938.8 | 3,733.1 | 3,994.4 | 7,671.9 | 7,986.9 | 15,929.1 | ||||
Total expenses | 16,782.1 | 15,332.1 | 16,214.2 | 32,114.2 | 32,695.2 | 65,556.5 | |||
Profit before tax (3-4) | 1,252.5 | 1,866.4 | 991.0 | 3,118.9 | 2,006.5 | 4,696.5 | |||
6 | Tax expenses | ||||||||
- Current tax | 282.C | 450.9 | 262.3 | 732.9 | 526.5 | 1,302.0 | |||
- Deferred tax charge/(credit) (Refer Note 6) | 46.4 | 21.E | (105.9 | 68.3 | (90.5 | (275.3 | |||
- Current tax adjustments related to earlier years | 55.3 | ||||||||
- Deferred tax adjustments related to earlier years | (53.8 | ||||||||
7 | Net profit after tax (5-6) | 924.1 | 834.6 | 2,317.7 | 3,668.3 | ||||
8 | Other comprehensive Income/(loss) | ||||||||
Items that will not be reclassified to profit or loss
Other comprehensive Income/(loss), net of tax | 11.5 (2.9 | 2.5 (0.6 | (64.5 16.2 | 14.0 (3.5 | (64.5 16.2 | 9.9 (2.5 | |||
(375.2 | 63.0 | (73.1 | (312.2 | (25.8 | (78.8 | ||||
94.5 | (15.9 | 18.4 | 78.6 | 6.5 | 19.8 | ||||
(272.1) | 49.0 | (223.1 | (67.6 | (51.6 | |||||
9 | Total comprehensive income (7+8) | 652.0 | 1,442.6 | 731.6 | 2,094.6 | 1,502.9 | |||
10 | Paid-up equity share capital (Face value of INR 1/- each) | 5,096.0 | 5,096.0 | 5,096.0 | S,096.0 | 5,096.0 | 5,096.0 | ||
11 | Other equity as per balance sheet | 41,006.8 | |||||||
12 | Earnings per share (EPS) face value (of INR 1/- each) (not annualised) (Refer note 4) | ||||||||
- Basic (INR) | 0.18 | 0.27 | 0.17 | 0.46 | 0.31 | 0.73 | |||
- Diluted (INR) | 0.18 | 0.27 | 0.17 | 0.46 | 0.31 | 0.73 | |||
See accompanying notes to the unauditedfinancial results. | |||||||||
STANDALONE SEGMENT W | SE REVENUE, RESU | LTS, SEGMENT ASS | ETS AND SEGMEN | T LIABILITIES | ||||||||
(ffVR in millionJ | ||||||||||||
S.No. | Quarter Ended | Half Year Ended | Year Ended | |||||||||
September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | March 31, 2025 | |||||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||||||
1 | Segment Revenue | |||||||||||
a) Yarn | 9,236.8 | 9,020.. | 9,019.5 | 18,256.7 | 18,626.5 | 36,122.4 | ||||||
b) Towel | 7,217.C | 6,330.1 | 6,281.8 | 13,547.6 | 12,364.2 | 26,114.1 | ||||||
c) Bedsheets | 2,609.8 | 3,086.0 | 3,522.8 | 5,695.8 | 7,092.0 | 13,353.2 | ||||||
d) Paper and chemicals | 2,468.? | 2,598.. | 2,334.7 | 5,067.2 | 4,818.5 | 10,079.4 | ||||||
Total | 21,532.J | 21,035.J | 21,158.8 | 42,567.3 | 42,901.2 | 85,669.1 | ||||||
Less: Inter segment revenue | 3,680.^ | 4,032.9 | 4,067.1 | 7,713.3 | 8,462.6 | 16,010.2 | ||||||
Revenue from operations | 17,851.7 | 17,002.3 | 17,091.7 | 34,854.0 | 34,438.6 | 69,658.9 | ||||||
2 | Segment results | |||||||||||
Profit before finance costs, exceptional items and tax, | ||||||||||||
other unallocable expenditure net off unallocable income | ||||||||||||
a) Yarn | 472.4 | 700.? | 296.7 | 1,173.1 | 906.8 | 1,788.1 | ||||||
b) Towel | 778.5 | 468.3 | 437.2 | 1,247.2 | 567.4 | 1,548.4 | ||||||
c) Bedsheets | 190.1 | 446.' | 632.0 | 636.6 | 1,325.2 | 1,975.3 | ||||||
d) Paper and chemicals | 430.5 | 733.4 | 665.4 | 1,163.9 | 1,469.9 | 2,608.6 | ||||||
Total | ||||||||||||
1,871.5 | 2,349.3 | 2,031.3 | 4,220.8 | 4,269.3 | 7,920.4 | |||||||
Less: | ||||||||||||
a) Finance costs | 246.8 | 311f | 462.0 | 558.4 | 925.3 | 1,294.2 | ||||||
b) Other unallocable expenditure net off unallocable | 372.2 | 171.3 | 578.3 | 543.5 | 1,337.5 | 1,929.7 | ||||||
income | ||||||||||||
Profit before tax | 1,252.5 | 1,866.4 | 991.0 | 2,006.5 | 4,696.5 | |||||||
3 | Segment Assets | |||||||||||
a) Yarn | 28,309.8 | 29,910.0 | 26,787.7 | 28,309.8 | 26,787.7 | 29,693.1 | ||||||
b) Towel | 16,717.8 | 16,465.9 | 17,994.5 | 16,717.8 | 17,994.5 | 17,200.5 | ||||||
c) Bedsheets | 6,043.3 | 6,602.J | 7,389.5 | 6,043.3 | 7,389.5 | 6,884.5 | ||||||
d) Paper and chemicals | 6,264.5 | 6,669.9 | 6,625.4 | 6,264.5 | 6,625.4 | 6,304.2 | ||||||
e) Unallocated | 14,557.2 | 11,789.8 | 9,305.9 | 14,557.2 | 9,305.9 | 11,211.0 | ||||||
Total Assets | 71,892.6 | 71,438.3 | 68,103.0 | 71,892.6 | 68,103.0 | 71,293.3 | ||||||
4 | Segment Liabilities * | |||||||||||
a) Yarn | 2,280.2 | 2,811.9 | 1,389.4 | 2,280.2 | 1,389.4 | 1,810.9 | ||||||
b) Towel | 2,125.7 | 1,813.z | 2,402.2 | 2,125.7 | 2,402.2 | 1,935.7 | ||||||
c) Bedsheets | 692.0 | 802.1 | 896.2 | 692.0 | 896.2 | 719.6 | ||||||
d) Paper and chemicals | 991.2 | 803.9 | 1,173.0 | 991.2 | 1,173.0 | 858.0 | ||||||
e) Unallocated | 4,242.8 | 4,220.T | 3,917.4 | 4,242.8 | 3,917.4 | 4,108.6 | ||||||
Total Liabilities | 10,331.9 | 10,452.1 | 9,778.2 | 9,778.2 | 9,432.8 | |||||||
" Excluding borrowings and interest accrued but not due on borrowings
TRIDENT LIMITED
STUDENT
STANDALONE CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 | |||||
//fVft'in"mi/fone | |||||
Particulars | For the half year ended September 30, 2025 | For the half year ended September 30, 2024 | |||
Unaudited | Unaudited | ||||
A. CASH FLOW FROM OPERATING ACTIVITIES | |||||
Profit before tax | 2,006.5 | ||||
Adjustments for: | |||||
Depreciation and amortisation expense | 1,734.6 | 1,813.8 | |||
Interest expenses on financial liabilities measured at amortised cost | 554.3 | 904.7 | |||
Interest income | (278.4) | (188.9) | |||
Bad debts recovered Profit on sale of non current/current investments | (1.6) (0.9) | (o.1) | |||
Fair valuation gain on non current investments (net) | (18.8) | ||||
Dividend Received | (18.9) | ||||
Liabilities no longer required written back (net) | (23.8) | (31.9) | |||
Share based payment expense | 1.3 | 0.8 | |||
Expected credit loss allowance on trade receivables and advances to vendors | 40.3 | 4.5 | |||
Unrealised foreign exchange (gain)/loss | (27.6) | 9.6 | |||
Loss/(gain) on disposal of property, plant and equipment (net) | 4.0 | 1,983.3 | (7.5) | 2,486.2 | |
Operating profit before working capital changes | 5,102.2 | 4,492.7 | |||
Changes in working capital: | |||||
Adjustments for (increase)/decrease in operating assets: | |||||
Inventories | 2,799.4 | 3,880.8 | |||
Trade receivables | 5.8 | 688.9 | |||
Other current financial assets | (787.9) | 466.7 | |||
Other non current financial assets | (98.3) | (143.0) | |||
Other current assets | (607.1) | 167.9 | |||
Other non current assets | 186.7 | 81.5 | |||
Adjustments for increase/(decrease) in operating liabilities: | |||||
Trade payables | 372.9 | (1,053.0) | |||
Other current financial liabilities | 161.5 | 23.3 | |||
Other current liabilities | (397.2) | (249.8) | |||
Current provisions | (40.3) | 1,595.5 | 52.2 | 3,915.5 | |
Cash generated from operations | 6,697.7 | 8,408.2 | |||
Direct taxes paid (net) | (263.1) | (642.8) | |||
Net cash flows from operating activities (A) | 6,434.6 | 7,765.4 | |||
B. CASH FLOW FROM INVESTING ACTIVITIES | |||||
Payment for property, plant and equipment, capital work in progress, intangible assets and intangible asset under development | (968.1) | (1,253.4) | |||
Proceeds from sale of property, plant and equipment Proceeds from sale of non current investment | 38.5 3.0 | 12.0 | |||
Loans received back | 15.3 | ||||
Proceeds from sale of Investment of subsidiary company Purchase of investment in associate company | 10.7 (2,500.0) | (s.o) | |||
Proceeds from sale of non current investments | 0.1 | ||||
Interest received Dividend received | 200.1 18.90 | 183.0 | |||
Fixed deposits and other bank balances not considered as cash and cash equivalents | |||||
- Placed | (1,865.2) | (1,897.1) | |||
- Matured | 1,144.1 | 2,870.8 | |||
Net cash flows used in investing activities (B) | (3,918.0) | (74.3) | |||
TRIDENT LIMITED
STUDENT
STANDALONE CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 | |||||
//fVft'in"mi/f one | |||||
Particulars | For the half year ended September 30, 2025 | For the half year ended September 30, 2024 | |||
Unaudited | Unaudited | ||||
c. CASH FLOW FROM FINANCING ACTIVITIES | |||||
Proceeds from sale of treasury shares by trust Proceeds from non-current borrowings | 420.5 | 259.3 | |||
Repayment of non-current borrowings | (525.1) | (1,572.2) | |||
Net increase/(decrease) in working capital borrowings | 251.2 | (3,778.4) | |||
Interest paid Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities | (544.2) (22.2) (12.8) | (901.6) (14.1) (14.3) | |||
Dividend paid on equity shares | (2,540.1) | (1,811.6) | |||
Net cash flows used in financing activities (C) | (2,972.7) | (7,832.9) | |||
Net (decrease) in cash and cash equivalents (A+B+C) | (456.1) | (141.8) | |||
Cash and cash equivalents at the beginning of the year | 683.0 | 221.9 | |||
Cash and cash equivalents at the end of the period* | |||||
226.9 | 80.1 | ||||
* Comprises: | |||||
Cash on hand | 25.4 | 22.9 | |||
- In current accounts | 101.8 | 15.9 | |||
- In cash credit accounts | 94.9 | ||||
- In bank deposits accounts (original maturity of less than 3 months) | 4.8 | 41.3 | |||
80.1 | |||||
STATEMENT OF CONSOLIDATED FINAN | CIAL RESULTS FOR | THE QUARTER AN | D HALF YEAR ENDE | D SEPTEMBER 30, | 2025 | ||||
S.No. | Particulars | Quarter Ended | Half Yea | r Ended | Year Ended | ||||
September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | March 31, 2025 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||
Revenue from operations | |||||||||
1 | Revenue from operations | 17,871.7 | 17,068.5 | 17,129.4 | 34,940.6 | 34,556.5 | 69,870.8 | ||
2 | Other income | 160.7 | 200.1 | 113.6 | 360.8 | 262.3 | 601.5 | ||
3 | |||||||||
Total Income (1+2) | 18,032.4 | 17,269.C | 17,243.0 | 35,301.4 | 34,818.8 | 70,472.3 | |||
4 | Expenses
| ||||||||
9,112.8 | 8,427.3 | 9,307.1 | 17,540.1 | 18,132.0 | 35,270.4 | ||||
1.1 | 42.2 | 12.3 | 43.3 | 36.7 | 60.7 | ||||
480.9 | (155.3 | (579.5 | 325.6 | (387.8 | 712.1 | ||||
2,251.5 | 2,193.3 | 2,237.4 | 4,444.8 | 4,504.6 | 9,220.9 | ||||
248.6 | 313.4 | 463.9 | 562.0 | 929.2 | 1,301.8 | ||||
828.8 | 927.5 | 921.9 | 1,756.7 | 1,838.8 | 3,662.0 | ||||
3.1 | (28.8 | (47.5 | (25.7 | (103.7 | (153.1 | ||||
3,880.0 | 3,671.€ | 3,936.7 | 7,551.6 | 7,858.4 | 15,652.0 | ||||
Total expenses | 16,806.8 | 15,391.£ | 16,252.3 | 32,198.4 | 32,808.2 | 65,726.8 | |||
5 | Profit before share of profit of associate and tax (3-4) | 1,225.6 | 1,877.4 | 990.7 | 2,010.6 | 4,745.5 | |||
6 | Share of profit of associate | 14.0 | 14.0 | ||||||
7 | Profit before tax (5+6) | 1,239.6 | 1,877.4 | 990.7 | 3,117.0 | 2,010.6 | 4,745.5 | ||
8 | Tax expenses | ||||||||
- Current tax | 284.6 | 456.4 | 264.6 | 741.0 | 531.2 | 1,321.3 | |||
- Deferred tax charge/(credit) (Refer Note 6) | 45.7 | 21.4 | (107.1 | 67.1 | (92.7 | (276.1 | |||
- Current tax adjustments related to earlier years | 46.8 | ||||||||
- Deferred tax adjustments related to earlier years | (53.8 | ||||||||
9 | Net profit after tax (7+8) | 909.3 | 833.2 | 2,308.9 | 1,572.1 | 3,707.3 | |||
10 | Other Comprehensive Income/(loss) | ||||||||
Items that will not be reclassified to profit or loss
Other Comprehensive Income/(loss), net of tax | 11.5 (2.9 | 2.5 (0.6 | (64.5 16.2 | 14.0 (3.5 | (64.5 16.2 | 9.9 (2.5 | |||
(375.2 | 63.C | (73.1 | (312.2 | (25.8 | (78.8 | ||||
10.8 | 5.8 | 1.5 | 16.6 | 5.2 | 3.2 | ||||
91.8 | (17.4 | 18.0 | 74.4 | 5.2 | 19.0 | ||||
(264.0) | 53.3 | (101.9) | (210.7) | (63.7) | (49.2) | ||||
11 | Total comprehensive income (9+10) | 645.3 | 1,452.9 | 731.3 | 2,098.2 | 1,508.4 | 3,658.1 | ||
12 | Profit Attributable to: Equity holders of the parent Non-controling Interest Total | 909.3 909.3 | 1,399.£ | 831.9 1.3 8JJ.2 | 2,308.9 2,308.9 | 1,569.2 2.9 1,572.1 | 3,698.8 8.5 3,707.3 | ||
13 | Other Comprehensive Income Attributable to: Equity holders of the parent Non-controling Interest Total | (264.0 (264.0j | 53.3 53.3 | (101.7 (0.2 (101.9) | (210.7 (210.7 | (64.3 0.6 (63.7) | (50.2 1.0 (49.2) | ||
14 | Total Comprehensive Income Attributable to: Equity holders of the parent Non-controling Interest Total | 645.3 645.3 | 1,452.* 1,452..° | 730.2 1.1 731.3 | 2,098.2 2,098.2 | 1,504.9 3.5 1,508.4 | 3,648.6 9.5 3,658.1 | ||
15 | Paid-up equity share capital (Face value of INR 1/- each) | 5,096.0 | 5,096.t | 5,096.0 | 5,096.0 | 5,096.0 | 5,096.0 | ||
16 | Other equity as per balance sheet | 41,113.9 | |||||||
17 | Earnings per share (EPS) face value (of INR 1/- each) (not annualised) (Refer note 4) | ||||||||
- Basic (INR) | 0.18 | 0.27 | 0.17 | 0.45 | 0.32 | 0.73 | |||
- Diluted (INR) | 0.18 | 0.27 | 0.17 | 0.45 | 0.32 | 0.73 | |||
See accompanying notes to the unauditedfinancial results.
CONSOLIDATED SEGMENT WI | SE REVENUE, RESU | LTS, SEGMENT AS | SETS AND SEGMEN | T LIABILITIES | |||||
S.No. | Particulars | Quarter Ended | Half Yea | r Ended | Year Ended | ||||
September 30, 2025 | June 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | March 31, 2025 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||
1 | Segment revenue | ||||||||
a) Yarn | 9,236.^ | 9,020.5 | 9,019.5 | 18,256.7 | 18,626.5 | 36,122.4 | |||
b) Towel | 7,234.£ | 6,389.. | 6,314.7 | 13,623.£ | 12,468.1 | 26,300.8 | |||
c) Bedsheets | 2,612.2 | 3,093.9 | 3,527.6 | S,706.1 | 7,106.0 | 13,378.4 | |||
d) Paper and chemicals | 2,468.E | 2,598.. | 2,334.7 | 5,067.2 | 4,818.5 | 10,079.4 | |||
Total | 21,552.J | 21,101.8 | 21,196.5 | 42,653.9 | 43,019.1 | ||||
Less: Inter segment revenue | |||||||||
3,680.8 | 4,032.9 | 4,067.1 | 7,713.3 | 8,462.6 | 16,010.2 | ||||
Revenue from operations | 17,871.1 | 17,068.9 | 17,129.4 | 34,940.6 | 34,556.5 | 69,870.8 | |||
2 | Segment results Profit before finance costs, exceptional items and tax, other unallocable expenditure net off unallocable income
Total Less:
| ||||||||
472.4 | 700 | 296.7 | 1,173.1 | 906.8 | 1,788.1 | ||||
782.3 | 476.4 | 437.1 | 1,258.7 | 573.4 | 1,591.2 | ||||
183.4 | 447) | 633.6 | 631.1 | 1,327.9 | 1,981.6 | ||||
430.5 | 733.4 | 665.4 | 1,163.9 | 1,470.0 | 2,608.6 | ||||
1,868.6 | 2,3581 | 2,032.8 | 4,226.8 | 4,278.1 | |||||
248.6 | 313.4 | 463.9 | 562.0 | 929.2 | 1,301.8 | ||||
394.4 | 167.4 | 578.2 | 561.8 | 1,338.3 | 1,922.2 | ||||
Profit before tax | 1,225.6 | 1,877.4 | 990.7 | 3,103.0 | 2,010.6 | 4,745.5 | |||
3 | Segment assets | ||||||||
| 28,309.7 | 29,910.0 | 26,787.7 | 28,309.7 | 26,787.7 | 29,693.1 | |||
b) Towel | 17,109.9 | 16,873.0 | 18,342.6 | 17,109.9 | 18,342.6 | 17,664.6 | |||
c) Bedsheets | 6,109.7 | 6,650.8 | 7,449.5 | 6,109.7 | 7,449.5 | 6,926.1 | |||
d) Paper and chemicals | 6,264.5 | 6,669.9 | 6,625.4 | 6,264.5 | 6,625.4 | 6,304.2 | |||
e) Unallocated | 14,390.5 | 11,603.9 | 9,274.7 | 14,390.5 | 9,274.7 | 11,019.2 | |||
Total Assets | 72,184.3 | 71,707.£ | 68,479.9 | 72,184.3 | 68,479.9 | 71,607.2 | |||
4 | Segment liabilities | ||||||||
a) Yarn | 2,280.2 | 2,811.9 | 1,389.4 | 2,280.2 | 1,389.4 | 1,810.9 | |||
b) Towel | 1,940.9 | 1,693.' | 2,365.8 | 1,940.9 | 2,365.8 | 1,844.1 | |||
c) Bedsheets | 683.2 | 782.0 | 884.6 | 683.2 | 884.6 | 703.3 | |||
d) Paper and chemicals | 991.2 | 803.9 | 1,173.0 | 991.2 | 1,173.0 | 858.0 | |||
e) Unallocated | 4,619.1 | 4,530.9 | 4,242.3 | 4,619.1 | 4,242.3 | 4,423.2 | |||
Total liabilities | 10,514.6 | 10,622.4 | 10,055.1 | 10,514.6 | 10,055.1 | 9,639.5 | |||
" Excluding borrowings and interest accrued but not due on borrowings
TRIDENT LIMITED
TRIDENT
CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 | |||||
//fVft in million) | |||||
Particulars | For the half year ended September 30, 2025 | For the half year ended September 30, 2024 | |||
Unaudited | Unaudited | ||||
A. CASH FLOW FROM OPERATING ACTIVITIES | |||||
Profit before tax | 3,117.0 | 2,010.6 | |||
Adjustments for: | |||||
Depreciation and amortisation expense | 1,756.7 | 1,838.8 | |||
Interest expenses on financial liabilities measured at amortised cost | 557.9 | 908.7 | |||
Interest income | (279.3) | (188.1) | |||
Bad debts recovered | (1.6) | ||||
Profit on sale of non current/current investments | (0.7) | (0.1) | |||
Fair valuation gain on non current investments (net) | (18.8) | ||||
Liabilities no longer required written back (net) | (23.8) | (31.9) | |||
Share based payment expense | 1.3 | 0.8 | |||
Expected credit loss allowance on trade receivables and advances to vendors | 40.3 | 4.5 | |||
Exchange differences in translating the financial statement of a foreign operations | 16.6 | 5.1 | |||
Share of profit of an associate, net of tax | (14.0) | ||||
Unrealised foreign exchange (gain)/loss | (28.0) | 9.6 | |||
Loss/(gain) on disposal of property, plant and equipment (net) | 4.0 | 2,029.4 | (7.5) | 2,521.1 | |
Operating profit before working capital changes | 5,146.4 | 4,531.7 | |||
Changes in working capital: | |||||
Adjustments for (increase)/decrease in operating assets: | |||||
Inventories | 2,801.6 | 3,913.0 | |||
Trade receivables | 9.3 | 756.5 | |||
Other current financial assets | (787.8) | 456.8 | |||
Other non current financial assets | (96.2) | (143.1) | |||
Other current assets | (615.5) | 167.6 | |||
Other non current assets | 186.7 | 81.6 | |||
Adjustments for increase/(decrease) in operating liabilities: | |||||
Trade payables | 357.7 | (1,083.5) | |||
Other current financial liabilities | 165.0 | 23.9 | |||
Other current liabilities | (398.8) | (251.6) | |||
Current provisions | (40.3) | 1,581.7 | 52.2 | 3,973.4 | |
Cash generated from operations | 6,728.1 | 8,505.1 | |||
Direct taxes paid (net) | (275.2) | (641.3) | |||
Net cash flows from operating activities (A) | 6,452.9 | ||||
B. CASH FLOW FROM INVESTING ACTIVITIES | |||||
Payment for property, plant and equipment, capital work in progress, intangible assets and intangible asset under development | (1,001.2) | (1,253.5) | |||
Proceeds from sale of property, plant and equipment Proceeds from sale of non current investment | 38.5 3.0 | 12.0 | |||
Purchase of investment in associate company | (2,500.0) | ||||
Purchase of non current investments | (0.1) | ||||
Interest received Fixed deposits and other bank balances not considered as cash and cash equivalents | 201.0 | 162.4 | |||
- Placed | (1,865.2) | (1,847.1) | |||
- Matured | 1,144.1 | 2,820.8 | |||
Net cash flows used in investing activities (B) | (3,979.8) | (105.5) | |||
TRIDENT LIMITED
TRIDENT
CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2025 | ||||||
//fVft in million) | ||||||
Particulars | For the half year ended September 30, 2025 | For the half year ended September 30, 2024 | ||||
Unaudited | Unaudited | |||||
c. CASH FLOW FROM FINANCING ACTIVITIES | ||||||
Proceeds from sale of treasury shares by trust Proceeds from non-current borrowings | 420.5 | 259.3 | ||||
Repayment of non-current borrowings | (525.1) | (1,572.2) | ||||
Net increase/(decrease) in working capital borrowings | 251.2 | (3,778.4) | ||||
Interest paid Payment of principal portion of lease liabilities Payment of interest portion of lease liabilities | (544.2) (18.0) (16.4) | (900.7) (28.1) (19.1) | ||||
Dividend paid on equity shares | (2,540.1) | (1,811.6) | ||||
Net cash flows used in financing activities (C) | (2,972.1) | (7,850.8) | ||||
Net (decrease) in cash and cash equivalents (A+B+C) | (499.0) | (92.5) | ||||
Cash and cash equivalents at the beginning of the year | 838.0 | 264.0 | ||||
Cash and cash equivalents at the end of the period* | ||||||
339.0 | 171.5 | |||||
* Comprises: | ||||||
Cash on hand | 25.4 | 23.4 | ||||
Remittances in transit | 2.2 | |||||
Balances with banks : | ||||||
- In current accounts | 213.9 | 104.6 | ||||
- In cash credit accounts | 94.9 | |||||
- In bank deposits accounts (original maturity of less than 3 months) | 4.8 | 41.3 | ||||
STATEMENT OF ASSETS AND LIABILIT | IES | |||||||
S.No. | Stand | alone | Consolidated | |||||
As at | As at | As at | As at | |||||
September 30, 2025 | March 31, 2025 | September 30, 2025 | March 31, 2025 | |||||
Unaudited | Audited | Unaudited | Audited | |||||
ASSETS Non-current assets
| 42,574.C | 43,340.6 | 42,607.2 | 43,366.0 | ||||
495.4 | 489.6 | 495.4 | 491.0 | |||||
318.J | 398.8 | 318.1 | 398.8 | |||||
485.9 | 518.9 | 737.8 | 781.1 | |||||
31.1 | 35.2 | 40.0 | 35.2 | |||||
2,687.5 | 200.3 | 2,515.2 | 3.5 | |||||
2,265.5 | 720.0 | 2,284.8 | 741.4 | |||||
128.E | 175.5 | 128.5 | 180.3 | |||||
510.5 | 506.7 | 510.5 | 510.9 | |||||
Total non-current assets | 49,496.5 | 46,J85.6 | 49,637.5 | 46,508.2 | ||||
Current assets
c) Other current assets | 9,604.E | 12,404.4 | 9,648.9 | 12,450.7 | ||||
3,012.4 | 2,995.0 | 2,990.5 | 2,976.6 | |||||
226.E | 683.0 | 339.0 | 838.0 | |||||
5,342.1 | 5,974.5 | 5,342.1 | 5,974.5 | |||||
2,130.3 | 1,378.4 | 2,130.3 | 1,378.6 | |||||
2,079.5 | 1,472.4 | 2,096.0 | 1,480.6 | |||||
Total current assets | 22,396.1 | 24,907.7 | 22,546.8 | 25,099.0 | ||||
Total assets | 71,892.£ | 71,293.3 | 72,184.3 | 71,607.2 | ||||
EQUITY AND LIABILITIES | ||||||||
Equity | ||||||||
a) Equity share capital | 5,096.C | 5,096.0 | 5,096.0 | 5,096.0 | ||||
b) Other equity | 40,983.7 | 41,006.8 | 41,093.0 | 41,113.9 | ||||
Total equity | 46,079.7 | 46,102.8 | 46,189.0 | 46,209.9 | ||||
Liabilities Non-current liabilities
| 8,928.7 | 9,629.1 | 8,928.7 | 9,629.2 | ||||
246.8 | 259.2 | 499.9 | 520.6 | |||||
2,745.3 | 2,752.1 | 2,748.3 | 2,752.1 | |||||
Total non-current liabilities | 11,920.8 | 12,640.4 | 12,176.9 | 12,901.9 | ||||
Current liabilities | ||||||||
| ||||||||
i) Borrowings | 6,552.4 | 6,128.6 | 6,552.4 | 6,128.6 | ||||
ii) Lease liabilities | 29.8 | 40.0 | 66.0 | 73.9 | ||||
iii) Trade payables | ||||||||
a) Total outstanding dues of micro enterprise and small enterprises | 142.1 | 262.9 | 142.1 | 262.9 | ||||
b) Total outstanding dues of creditors other than micro enterprise and | 3,728.1 | 3,225.2 | 3,603.1 | 3,113.9 | ||||
iv) Other financial liabilities | 1,930.4 | 1,355.4 | 1,933.2 | 1,355.3 | ||||
b) Provisions | 367.6 | 421.9 | 367.6 | 421.9 | ||||
c) Other current liabilities | 532.5 | 929.7 | 534.2 | 933.0 | ||||
d) Current tax liabilities (net) | 609.2 | 186.4 | 619.8 | 205.9 | ||||
Total current liabilities | 13,892.1 | 12,550.1 | 13,818.4 | 12,495.4 | ||||
Total liabilities | 25,812.9 | 25,190.5 | 25,995.3 | 25,397.3 | ||||
Total equity and liabilities | 71,892.6 | 71,293.3 | 72,184.3 | 71,607.2 | ||||
NOTES TO RESULTS:
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. These results are available on the Company's website https://www.tridentindia.com.
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 November 07, 2025, and have been reviewed by the Statutory Auditors of the Company and have expressed an unmodified opinion on these unaudited standalone and consolidated financial results.
During the quarter ended June 30, 2025, the Board of Directors had declared and paid the interim dividend of 50% (INR 0.50/-per Equity Share of INR 1/- each).
The Company had constituted Trident Limited Employees Welfare Trust ('Trust') to acquire, hold and allocate/transfer equity shares of the Company to eligible employees of the employee stock option scheme from time to time on the terms and conditions specified under the Scheme. 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.
Pursuant to approval of shareholders of the Company obtained in the year ended March 31, 2024, the Company has implemented Trident Limited General Employee Benefits Scheme -2023 to enable usage of any excess funds that trust may receive by selling unappropriated shares or from any other sources.
The trust had sold shares in the open market for which the profit earned (net of taxes) was recorded in Other Equity and the details for each period presented are below:
Particulars
Quarter ended September 30,
2025
(Unaudited)
Quarter ended June 30, 2025
(Unaudited)
Quarter ended September 30,
2024
(Unaudited)
Year ended March 31, 2025
(Audited)
Number of shares
Nil
15,072,214
Nil
47,973,426
Profit recorded as Other Equity (net of tax) (INR-
million)
Nil
307.2
Nil
841.4
During the quarter ended June 30, 2025, the Company approved disinvestment in the entire shareholdings held in Trident Home Textiles Limited ("THTL"), a wholly owned subsidiary of the Company, to Lotus Home textiles Limited. An agreement for sale of equity shares was executed on June 17, 2025, and shares were transferred at a consideration amounting to INR 10.69 million. Consequently, THTL ceased as the subsidiary of Trident Limited
w.e.f. June 17, 2025.
The Finance (No. 2) Act, 2024 had made certain changes in tax treatment of capital gains. As a result, there was a change in method of recognizing and measuring deferred tax assets and liabilities related to capital gains wherein indexation benefit was discontinued, and tax rate has been revised to 12.5%. Accordingly, there was a reversal in deferred tax liability amounting to INR 391.6 million in relation to revaluation of land which was accounted during based on effective tax rate method during the quarter ended September 30, 2024.
On May 2, 2025, the Company received the final subsidy sanction orders against its expansion projects for yarn and Terry towels. The eligibility of said subsidy is effective from December 29, 2023, and March 30, 2024, for Yarn expansion and Terry towel projects respectively. Accordingly, the Company had accrued the cumulative Interest subsidy income of INR 367 million in the quarter/year ended March 31, 2025, which was netted off with finance cost.
TRIDENT LIMITED SRIDENT
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 the 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, few laptops and data backups for further investigation. The business and operations of the Company continued without any disruptions. The department continued with its post search proceedings for various assessment years, and the company had received assessment orders for two assessment years (AY 2021-22 and AY 2022-23) whereby certain additions were made. The company had filed appeals against the said orders before learned Commissioner of Income Tax(Appeals) and the management is hopeful of getting favorable orders from appellate authorities. There are no updates in the quarter ended September 30, 2025. Based on the foregoing, management is of the view that no material adjustments are required to these unaudited standalone and consolidated financial results.
During the quarter ended September 30, 2024, Trident Global B.V. the step-down subsidiary of the Company in Netherlands was voluntarily dissolved on September 17, 2024. Further, the Company had incorporated a new wholly-owned subsidiary in Singapore namely Trident Group Enterprises Pte. Ltd. on September 13, 2024, with the object is to diversify and expand the current business operations in global market, explore the future business opportunities and carry out treasury, investment & Financing activities.
The Company was previously the holding company of Trident Global Corp Limited (TGCL) till September 14, 2023, when the Company sold its entire investment, representing 63.95% of equity interest in TGCL for a cash consideration of INR 365.5 million. During the quarter ended September 30, 2025, the Company invested INR 2,500 million in TGCL, a related party, through a fresh issue of 2,23,21,428 equity shares (face value INR 1, premium INR 111 per share) by TGCL, constituting 30.42% stake in TGCL, based on independent valuation and Board approval dated September 2, 2025. As the transaction was within the prescribed limits, based on legal opinion, the management believes that the rejection of subsequent ordinary resolution of shareholders to enhance related party transaction thresholds with TGCL has no impact on this transaction. Based on its assessment, Management has concluded that the above transaction is at arm's length, and the assumptions and valuation methodology underlying the fair value of the investment are appropriate. TGCL has been considered as an associate of the Company for the purpose of preparation of these financial results.
The Company's business faces risks from international trade dynamics including the recent increase in export duties to the United States (mainly for its Towel and Sheeting division). The Company is closely monitoring recent developments concerning the imposition of tariffs by the United States Government on textile imports. The Company is actively engaged with these customers through various pricing strategies and is in the process of estimating its consequential impact on financial statement.
By Order of the Board of Directors
For Trident Limited
DEEPAK
Digitally signed
by DEEPAK
NANDA
NANDA
Date: 2025.11.13
14:45:46 +05'30'
Place: Gurugram
Date: November 13, 2025
(Deepak Nanda) Managing Director DIN: 00403335