On consolidated basis
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating income) of Trent has increased 45.77% to
Rs 2628.37 crore.
Operating profit margin has declined
from 16.17% to 13.98%, leading to 25.99% rise in operating profit to Rs 367.40
crore. Purchase of finished goods cost rose from 53.65% to 54.01%.
Employee cost increased from 7.43% to 8.33%. Other
expenses rose from 22.55% to 22.80%. Selling and administration
expenses rose from 9.24% to 10.98%.
Other income rose 18.69% to Rs 52.02
crore. PBIDT rose 25.03% to Rs 419.42 crore. Provision
for interest fell 3.28% to Rs 92.3 crore.
PBDT rose 36.29% to Rs 327.12
crore. Provision for depreciation rose 11.07% to Rs 141.42
crore.
Profit before tax grew 64.79% to Rs
185.70 crore. Share of profit/loss was 21.82% lower at Rs 26.59
crore. Provision for tax was expense of Rs 45.62 crore, compared to
Rs 31.77 crore. Effective tax rate was 21.49% compared to 21.66%.
Minority interest increased 56.29%
to Rs -6.81 crore. Net profit attributable to owners of the company
increased 32.92% to Rs 173.48 crore.
Promoters’ stake was 37.01% as of 30
June 2023 ,compared to 37.01% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Trent has increased 83.24% to
Rs 8242.02 crore.
Operating profit margin has jumped
from 12.76% to 13.03%, leading to 87.09% rise in operating profit to Rs
1,073.65 crore. Purchase of finished goods cost rose from 59.15% to
59.67%. Employee cost decreased from 8.08% to 7.50%.
Other expenses fell from 21.14% to 20.54%. Selling and
administration expenses rose from 7.29% to 7.83%.
Other income rose 48.92% to Rs
260.92 crore. PBIDT rose 78.16% to Rs 1334.57
crore. Provision for interest rose 21.16% to Rs 369.22
crore. Loan funds declined from Rs 4,725.36 crore as of 31 March
2022 to Rs 4,464.14 crore as of 31 March 2023. Inventories rose to
Rs 1,361.16 crore as of 31 March 2023 from Rs 867.78 crore as of 31 March
2022. Sundry debtors were higher at Rs 34.39 crore as of 31 March
2023 compared to Rs 18.26 crore as of 31 March 2022. Cash and bank
balance rose to Rs 86.30 crore as of 31 March 2023 from Rs 85.97 crore as of 31
March 2022. Investments declined from Rs 1,283.72 crore as of 31
March 2022 to Rs 1,109.87 crore as of 31 March 2023.
PBDT rose 117.25% to Rs 965.35
crore. Provision for depreciation rose 58.83% to Rs 493.69
crore. Fixed assets declined from Rs 4,764.24 crore as of 31 March
2022 to Rs 4,601.48 crore as of 31 March 2023. Intangible assets
stood at Rs 27.19 crore.
Profit before tax grew 253.25% to Rs
471.66 crore. Share of profit/loss was 1,523.93% higher at Rs 83.47
crore. Extraordinary items were increased to Rs -3.00
crore. Provision for tax was expense of Rs 158.44 crore, compared to
Rs 76.62 crore. Effective tax rate was 28.70% compared to 68.89%.
Minority interest increased 28.40%
to Rs -51.00 crore. Net profit attributable to owners of the company
increased 320.19% to Rs 444.69 crore.
Equity capital stood at Rs 35.55
crore as of 31 March 2023 to Rs 35.55 crore as of 31 March 2022. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 37.01% as of 31
March 2023 ,compared to 37.01% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 594.88 crore for year ended March 2023 from Rs 58.48 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 503.40 crore, compared to Rs
270.92 crore during the year ended March 2022.
Others:
As
of 30 June 2023, the company’s portfolio included 221 Westside, 388 Zudio and 23
stores across other lifestyle concepts. During the quarter the company added 7
Westside and 40 Zudio stores across 35 cities.
In
Q1FY24, the company’s fashion concepts registered encouraging LFL growth of
over 12% vis-à-vis Q1FY23.
Emerging
categories now contribute to over 19% of the company’s standalone revenues.
Online revenues through Westside.com and other Tata Group platforms contributed
4% of Westside revenues for the quarter. Westside.com contributed 32% of the
overall online revenues.
The
Star business, consisting of 65 stores, continued to witness improved customer traction
with growing sales densities. The business registered operating revenue growth
of 33% in Q1FY24 vs the corresponding previous period
Management Commentary
Speaking on the performance, Mr.
Noel N Tata, Chairman, Trent Limited said, "Our lifestyle offerings across
concepts, categories and channels continue to witness strong momentum in
Q1FY24. We continue to see growing relevance for our offerings, resilience in
our business model choices and attractiveness in our differentiated platform.
We will further expand our reach
with vigour with the aim of being ever more proximate and convenient to
customers reinforcing our brand promise.
We also continue to apply our
playbook to the Star business and are witnessing strong customer traction,
instilling a growing conviction in us to build out this growth engine in the
food and grocery space. We are confident that this business is well poised to
shift gears and deliver substantial value to customers and shareholders going
forward.
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 | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,628.37 | 1,803.15 | 45.77 | 8,242.02 | 8,242.02 | 0 | | OPM (%) | 13.98 | 16.17 | -219 bps | 13.03 | 13.03 | 0 bps | | OP | 367.40 | 291.62 | 25.99 | 1,073.65 | 1,073.65 | 0 | | Other Inc. | 52.02 | 43.83 | 18.69 | 260.92 | 260.92 | 0 | | PBIDT | 419.42 | 335.45 | 25.03 | 1,334.57 | 1,334.57 | 0 | | Interest | 92.30 | 95.43 | -3.28 | 369.22 | 369.22 | 0 | | PBDT | 327.12 | 240.02 | 36.29 | 965.35 | 965.35 | 0 | | Depreciation | 141.42 | 127.33 | 11.07 | 493.69 | 493.69 | 0 | | PBT | 185.70 | 112.69 | 64.79 | 471.66 | 471.66 | 0 | | Share of Profit/(Loss) from Associates | 26.59 | 34.01 | -21.82 | 83.47 | 83.41 | 0.07 | | PBT before EO | 212.29 | 146.7 | 44.71 | 555.13 | 555.07 | 0.01 | | EO Income | 0 | 0 | - | -3 | -3 | 0 | | PBT after EO | 212.29 | 146.7 | 44.71 | 552.13 | 552.07 | 0.01 | | Taxation | 45.62 | 31.77 | 43.59 | 158.44 | 158.44 | 0 | | PAT | 166.67 | 114.93 | 45.02 | 393.69 | 393.63 | 0.02 | | Minority Interest (MI) | -6.81 | -15.58 | 56.29 | -51 | -51 | 0 | | Net profit | 173.48 | 130.51 | 32.92 | 444.69 | 444.63 | 0.01 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 173.48 | 130.51 | 32.92 | 444.69 | 444.63 | 0.01 | | EPS (Rs)* | 4.88 | 3.67 | 32.92 | 12.57 | 12.57 | 0.01 | | | * 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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