On consolidated basis
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating income) of Trent has increased 53.65% to
Rs 2303.38 crore.
Operating profit margin has declined
from 18.19% to 14.03%, leading to 18.54% rise in operating profit to Rs 323.19
crore. Purchase of finished goods cost rose from 54.46% to 58.20%.
Employee cost increased from 6.52% to 7.49%. Other
expenses fell from 21.19% to 20.75%.
Other income rose 100.39% to Rs
61.86 crore. PBIDT rose 26.87% to Rs 385.05
crore. Provision for interest rose 18.94% to Rs 91.25
crore.
PBDT rose 29.55% to Rs 293.8
crore. Provision for depreciation rose 46.88% to Rs 118.18
crore.
Profit before tax grew 20.02% to Rs
175.62 crore. Share of profit/loss was 8.95% higher at Rs 28.84
crore. Provision for tax was expense of Rs 49.65 crore, compared to
Rs 43.48 crore. Effective tax rate was 24.28% compared to 27.65%.
Minority interest increased 52.95%
to Rs -12.19 crore. Net profit attributable to owners of the company
increased 19.55% to Rs 167.00 crore.
Promoters’ stake was 37.01% as of 31
December 2022 ,compared to 37.01% as of 31 December 2021 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Trent has increased 91.19% to
Rs 6059.27 crore.
Operating profit margin has jumped
from 13.86% to 14.37%, leading to 98.21% rise in operating profit to Rs 870.63
crore. Purchase of finished goods cost rose from 58.77% to 59.77%.
Employee cost decreased from 8.13% to 7.17%. Other
expenses fell from 20.39% to 20.00%.
Other income rose 33.95% to Rs
175.61 crore. PBIDT rose 83.44% to Rs 1046.24
crore. Provision for interest rose 24.32% to Rs 277.63 crore.
PBDT rose 121.48% to Rs 768.61
crore. Provision for depreciation rose 60.98% to Rs 357.12
crore.
Profit before tax grew 228.69% to Rs
411.49 crore. Share of profit/loss was 420.75% higher at Rs 76.81
crore. Provision for tax was expense of Rs 139.62 crore, compared to
Rs 57.03 crore. Effective tax rate was 28.59% compared to 50.69%.
Minority interest increased 16.63%
to Rs -41.85 crore. Net profit attributable to owners of the company
increased 269.58% to Rs 390.53 crore.
Promoters’ stake was 37.01% as of 31
December 2022 ,compared to 37.01% as of 31 December 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 4,721.71 crore as of 31 March
2022 from Rs 3,134.62 crore as of 31 March 2021. Intangible assets
increased from Rs 27.19 crore to Rs 69.72 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.
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 .
Cash flow from operating activities
decreased to Rs 58.48 crore for year ended March 2022 from Rs 285.03 crore for
year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 270.92 crore, compared to Rs
113.36 crore during the year ended March 2021.
Others:
During
the quarter the company has entered into a 50:50 joint venture with the MAS
Group of Sri Lanka for design, development and manufacture of lingerie,
activewear and related apparel products
Management Commentary
Speaking on the performance, Mr.
Noel N Tata, Chairman, Trent Limited said, “Our fashion concepts have continued
to register encouraging growth momentum in Q3 FY23. We continue to expand our
reach with vigour 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.
We
have recently entered into a Joint Venture with MAS Group, Sri Lanka. Over
time, Trent and MAS would pool their domain expertise to undertake design,
development, and manufacturing of a range of intimate wear and other apparel
products. We see significant opportunities to leverage the growing reach of our
brands to build a differentiated proposition in lingerie, activewear and
related categories.
MAS
brings impeccable capabilities and track record in the manufacture of
high-quality products in this space. This collaboration between Trent and MAS
would deepen Trent’s strategic commitment to offer fully owned brands at its
retail stores and enable MAS to expand their international presence further. We
are excited at the prospects of leveraging our joint synergies and delivering
greater value to our customers.”
| Trent : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,303.38 | 1,499.08 | 53.65 | 6,059.27 | 3,169.16 | 91.19 | 4,498.02 | 2,592.96 | 73.47 | | OPM (%) | 14.03 | 18.19 | -416 bps | 14.37 | 13.86 | 51 bps | 12.76 | 6.63 | 613 bps | | OP | 323.19 | 272.64 | 18.54 | 870.63 | 439.24 | 98.21 | 573.87 | 171.90 | 233.84 | | Other Inc. | 61.86 | 30.87 | 100.39 | 175.61 | 131.10 | 33.95 | 175.21 | 201.60 | -13.09 | | PBIDT | 385.05 | 303.51 | 26.87 | 1,046.24 | 570.34 | 83.44 | 749.08 | 373.50 | 100.56 | | Interest | 91.25 | 76.72 | 18.94 | 277.63 | 223.31 | 24.32 | 304.74 | 248.65 | 22.56 | | PBDT | 293.80 | 226.79 | 29.55 | 768.61 | 347.03 | 121.48 | 444.34 | 124.85 | 255.90 | | Depreciation | 118.18 | 80.46 | 46.88 | 357.12 | 221.84 | 60.98 | 310.82 | 257.3 | 20.80 | | PBT | 175.62 | 146.33 | 20.02 | 411.49 | 125.19 | 228.69 | 133.52 | -132.45 | LP | | Share of Profit/(Loss) from Associates | 28.84 | 26.47 | 8.95 | 76.81 | 14.75 | 420.75 | 5.14 | -71.36 | LP | | PBT before EO | 204.46 | 172.8 | 18.32 | 488.3 | 139.94 | 248.94 | 138.66 | -203.81 | LP | | EO Income | 0 | -15.54 | - | 0 | -27.44 | - | -27.44 | -1.01 | -2,616.83 | | PBT after EO | 204.46 | 157.26 | 30.01 | 488.3 | 112.5 | 334.04 | 111.22 | -204.82 | LP | | Taxation | 49.65 | 43.48 | 14.19 | 139.62 | 57.03 | 144.82 | 76.62 | -23.69 | PL | | PAT | 154.81 | 113.78 | 36.06 | 348.68 | 55.47 | 528.59 | 34.6 | -181.13 | LP | | Minority Interest (MI) | -12.19 | -25.91 | 52.95 | -41.85 | -50.2 | 16.63 | -71.23 | -34.96 | -103.75 | | Net profit | 167 | 139.69 | 19.55 | 390.53 | 105.67 | 269.58 | 105.83 | -146.17 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 167 | 139.69 | 19.55 | 390.53 | 105.67 | 269.58 | 105.83 | -146.17 | LP | | EPS (Rs)* | 4.70 | 4.31 | 9.05 | 10.99 | 3.69 | 197.68 | 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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