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Results
28-Apr-22
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Analysis
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Trent
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Revenue up 46.8% YoY in Q4FY2022
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On consolidated basis
Quarter ended March 2022 compared
with Quarter ended March 2021.
Net sales (including other operating income) of Trent has increased 46.75% to
Rs 1328.86 crore.
Operating profit margin has declined
from 13.67% to 10.13%, leading to 8.77% rise in operating profit to Rs 134.63
crore. Purchase of finished goods cost rose from 59.45% to 60.05%.
Employee cost increased from 7.88% to 7.96%. Other
expenses rose from 20.71% to 22.90%.
Other income fell 34.59% to Rs 44.11
crore. PBIDT fell 6.52% to Rs 178.74 crore. Provision for
interest rose 26.58% to Rs 81.43 crore. Loan funds rose to Rs
4,725.36 crore as of 31 March 2022 from Rs 2,963.63 crore as of 31 March
2021. Inventories rose to Rs 867.78 crore as of 31 March 2022 from
Rs 428.39 crore as of 31 March 2021. Sundry debtors were lower at Rs
17.86 crore as of 31 March 2022 compared to Rs 20.76 crore as of 31 March
2021. Cash and bank balance rose to Rs 86.37 crore as of 31 March
2022 from Rs 81.47 crore as of 31 March 2021. Investments declined
from Rs 1,487.29 crore as of 31 March 2021 to Rs 1,283.72 crore as of 31 March
2022.
PBDT fell 23.31% to Rs 97.31
crore. Provision for depreciation rose 31.24% to Rs 88.98
crore. Fixed assets increased to Rs 4,764.24 crore as of 31 March
2022 from Rs 3,134.62 crore as of 31 March 2021. Intangible assets
stood at Rs 27.19 crore.
Profit before tax down 85.90% to Rs
8.33 crore. Share of profit/loss was 49.97% higher at Rs -9.61
crore. Provision for tax was expense of Rs 19.59 crore, compared to
Rs 22.43 crore. Effective tax rate was negative 1,530.47% compared
to 56.26%.
Minority interest decreased 81.61%
to Rs -21.03 crore. Net profit attributable to owners of the company
decreased 99.45% to Rs 0.16 crore.
Equity capital stood at Rs 35.55 crore
as of 31 March 2022 to Rs 35.55 crore as of 31 March 2021. Per share
face Value remained same at Rs 1.00.
Promoters’ stake was 37.01% as of 31
March 2022 ,compared to 37.01% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Trent has increased 73.47% to
Rs 4498.02 crore.
Operating profit margin has jumped
from 6.63% to 12.76%, leading to 233.84% rise in operating profit to Rs 573.87
crore. Purchase of finished goods cost rose from 56.43% to 59.15%.
Employee cost decreased from 12.42% to 8.08%. Other
expenses fell from 24.08% to 21.14%.
Other income fell 13.09% to Rs
175.21 crore. PBIDT rose 100.56% to Rs 749.08
crore. Provision for interest rose 22.56% to Rs 304.74
crore. Loan funds rose to Rs 4,725.36 crore as of 31 March 2022 from
Rs 2,963.63 crore as of 31 March 2021. Inventories rose to Rs 867.78
crore as of 31 March 2022 from Rs 428.39 crore as of 31 March
2021. Sundry debtors were lower at Rs 17.86 crore as of 31 March
2022 compared to Rs 20.76 crore as of 31 March 2021. Cash and bank
balance rose to Rs 86.37 crore as of 31 March 2022 from Rs 81.47 crore as of 31
March 2021. Investments declined from Rs 1,487.29 crore as of 31
March 2021 to Rs 1,283.72 crore as of 31 March 2022.
PBDT rose 255.90% to Rs 444.34
crore. Provision for depreciation rose 20.80% to Rs 310.82
crore. Fixed assets increased to Rs 4,764.24 crore as of 31 March
2022 from Rs 3,134.62 crore as of 31 March 2021. Intangible assets
stood at Rs 27.19 crore.
Profit before tax reported profit of
Rs 133.52 crore compared to loss of Rs 132.45 crore. Extraordinary
items were decreased to Rs -27.44 crore. Provision for tax was debit
of Rs 76.62 crore, compared to credit of Rs 23.69 crore. Effective
tax rate was 68.89% compared to 11.57%.
Minority interest decreased 103.75%
to Rs -71.23 crore. Net profit attributable to owners of the company
stood at Rs 105.83 crore against loss of Rs 146.17 crore.
Equity capital stood at Rs 35.55
crore as of 31 March 2022 to Rs 35.55 crore as of 31 March 2021. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 37.01% as of 31
March 2022 ,compared to 37.01% as of 31 March 2021 .
Others
Dividend: The Board of Directors
have recommended dividend of Rs 1.1 per equity share of Rs 1 each.
Management Commentary
Speaking on the performance, Mr.
Noel N Tata, Chairman, Trent Limited said, “Our fashion concepts
displayed resilience to pandemic related challenges in FY22. Our continued
emphasis on network growth during the preceding two years is starting to yield
results as the pandemic impacts fade. Westside is now trading at an annual
revenue run-rate of over Rs 5000 cr and commands encouraging market presence
and traction.
Our Star food business with tight
footprint stores, sharp pricing and focus on fresh & own brands is a model
that is continuing to witness resilient customer traction. The performance of
Star stores operating under this model is encouraging and we are evolving our
property portfolio to align with this proposition.
Led by our passionate teams, we are
in the initial laps of our growth as we continue to expand our reach and
reinforce our lifestyle offerings across concepts, categories and channels. The
growing acceptance of our brands demonstrates the attractiveness of our
platform and the tremendous potential to address opportunities that lie ahead.”
| Trent : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,328.86 | 905.55 | 46.75 | 4,498.02 | 2,592.96 | 73.47 | | OPM (%) | 10.13 | 13.67 | -354 bps | 12.76 | 6.63 | 613 bps | | OP | 134.63 | 123.77 | 8.77 | 573.87 | 171.90 | 233.84 | | Other Inc. | 44.11 | 67.44 | -34.59 | 175.21 | 201.60 | -13.09 | | PBIDT | 178.74 | 191.21 | -6.52 | 749.08 | 373.50 | 100.56 | | Interest | 81.43 | 64.33 | 26.58 | 304.74 | 248.65 | 22.56 | | PBDT | 97.31 | 126.88 | -23.31 | 444.34 | 124.85 | 255.90 | | Depreciation | 88.98 | 67.8 | 31.24 | 310.82 | 257.3 | 20.80 | | PBT | 8.33 | 59.08 | -85.90 | 133.52 | -132.45 | LP | | Share of Profit/(Loss) from Associates | -9.61 | -19.21 | 49.97 | 5.14 | -71.36 | LP | | PBT before EO | -1.28 | 39.87 | PL | 138.66 | -203.81 | LP | | EO Income | 0 | 0 | - | -27.44 | -1.01 | -2,616.83 | | PBT after EO | -1.28 | 39.87 | PL | 111.22 | -204.82 | LP | | Taxation | 19.59 | 22.43 | -12.66 | 76.62 | -23.69 | PL | | PAT | -20.87 | 17.44 | PL | 34.6 | -181.13 | LP | | Minority Interest (MI) | -21.03 | -11.58 | -81.61 | -71.23 | -34.96 | -103.75 | | Net profit | 0.16 | 29.02 | -99.45 | 105.83 | -146.17 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 0.16 | 29.02 | -99.45 | 105.83 | -146.17 | LP | | EPS (Rs)* | 0.00 | 0.82 | -99.45 | 3.71 | -4.09 | LP | | | * EPS is on current equity of Rs 35.55 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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