On consolidated basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of Trent has increased 52.73% to
Rs 2982.42 crore.
Operating profit margin has jumped
from 13.10% to 15.31%, leading to 78.48% rise in operating profit to Rs 456.57
crore. Purchase of finished goods cost fell from 65.64% to 58.40%.
Employee cost increased from 6.67% to 7.45%. Other
expenses rose from 17.46% to 19.52%.
Other income rose 14.49% to Rs 80.05
crore. PBIDT rose 64.74% to Rs 536.62 crore. Provision
for interest rose 4.95% to Rs 95.45 crore. Loan funds rose to Rs
4,839.33 crore as of 30 September 2023 from Rs 4,525.96 crore as of 30
September 2022. Inventories declined from Rs 1,434.46 crore as of 30
September 2022 to Rs 1,396.51 crore as of 30 September 2023. Sundry
debtors were higher at Rs 49.06 crore as of 30 September 2023 compared to Rs
35.01 crore as of 30 September 2022. Cash and bank balance rose to
Rs 151.46 crore as of 30 September 2023 from Rs 85.34 crore as of 30 September
2022. Investments rose to Rs 1,224.86 crore as of 30 September 2023
from Rs 843.78 crore as of 30 September 2022 .
PBDT rose 87.91% to Rs 441.17
crore. Provision for depreciation rose 36.39% to Rs 152.22
crore. Fixed assets increased to Rs 5,125.03 crore as of 30
September 2023 from Rs 4,511.91 crore as of 30 September
2022. Intangible assets stood at Rs 27.19 crore.
Profit before tax grew 134.59% to Rs
288.95 crore. Share of profit/loss was 81.73% higher at Rs 25.37
crore. Provision for tax was expense of Rs 86.26 crore, compared to
Rs 58.19 crore. Effective tax rate was 27.44% compared to 42.43%.
Minority interest increased 52.63%
to Rs -6.67 crore. Net profit attributable to owners of the company
increased 152.34% to Rs 234.73 crore.
Equity capital stood at Rs 35.55
crore as of 30 September 2023 to Rs 35.55 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 37.01% as of 30
September 2023 ,compared to 37.01% as of 30 September 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Trent has increased 49.39% to
Rs 5610.79 crore.
Operating profit margin has jumped
from 14.58% to 14.69%, leading to 50.51% rise in operating profit to Rs 823.97
crore. Purchase of finished goods cost fell from 60.65% to 56.46%.
Employee cost increased from 6.99% to 7.84%. Other
expenses rose from 19.58% to 20.97%.
Other income rose 16.11% to Rs
132.07 crore. PBIDT rose 44.59% to Rs 956.04
crore. Provision for interest rose 0.74% to Rs 187.75
crore. Loan funds rose to Rs 4,839.33 crore as of 30 September 2023
from Rs 4,525.96 crore as of 30 September 2022. Inventories declined
from Rs 1,434.46 crore as of 30 September 2022 to Rs 1,396.51 crore as of 30
September 2023. Sundry debtors were higher at Rs 49.06 crore as of
30 September 2023 compared to Rs 35.01 crore as of 30 September
2022. Cash and bank balance rose to Rs 151.46 crore as of 30
September 2023 from Rs 85.34 crore as of 30 September
2022. Investments rose to Rs 1,224.86 crore as of 30 September 2023
from Rs 843.78 crore as of 30 September 2022 .
PBDT rose 61.81% to Rs 768.29
crore. Provision for depreciation rose 22.89% to Rs 293.64
crore. Fixed assets increased to Rs 5,125.03 crore as of 30
September 2023 from Rs 4,511.91 crore as of 30 September 2022. Intangible
assets stood at Rs 27.19 crore.
Profit before tax grew 101.23% to Rs
474.65 crore. Share of profit/loss was 8.32% higher at Rs 51.96
crore. Provision for tax was expense of Rs 131.88 crore, compared to
Rs 89.97 crore. Effective tax rate was 25.04% compared to 31.70%.
Minority interest increased 54.55%
to Rs -13.48 crore. Net profit attributable to owners of the company
increased 82.62% to Rs 408.21 crore.
Equity capital stood at Rs 35.55
crore as of 30 September 2023 to Rs 35.55 crore as of 30 September
2022. Per share face Value remained same at Rs 1.00.
Promoters’ stake was 37.01% as of 30
September 2023 ,compared to 37.01% as of 30 September 2022 .
Cash flow from operating activities
has turned positive Rs 638.58 crore for YTD ended September 2023 from negative
Rs 50.41 crore for YTD ended September 2022. Cash flow used in
acquiring fixed assets during the YTD ended September 2023 stood at Rs 277.13
crore, compared to Rs 195.56 crore during the YTD ended September
2022.
Full year results analysis.
PBIDT stood at Rs 1,334.57 crore
compared to profit of Rs 1334.57 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 stood at Rs 965.35 crore
compared to profit of Rs 965.35 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.
Share of profit/loss was 0.07%
higher at Rs 83.47 crore. Provision for tax was expense of Rs 158.44
crore, compared to Rs 158.44 crore. Effective tax rate was 28.70%
compared to 28.70%.
Net profit attributable to owners of
the company increased 0.01% 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 30th September 2023, the
company’s portfolio included 223 Westside, 411 Zudio and 27 stores across other
lifestyle concepts. During the quarter, the company added 6 Westside and 27 Zudio
stores across 19 cities (4 stores each in Westside and Zudio were
consolidated).
In Q2FY24, the company`s fashion concepts
registered encouraging LFL growth of over 10% vis-à-vis Q2FY23.
Emerging categories including beauty
and personal care, innerwear and footwear continued to gain traction with
customers. Emerging categories now contribute to over 19% of the company’s standalone
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 30% in Q2FY24 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 witnessed strong momentum in Q2FY24 despite
challenging market conditions. We continue to see growing relevance for our
offerings, resilience in our business model choices and attractiveness of our differentiated
platform.
We will expand and deepen our store
presence with the aim of being ever more proximate and convenient to customers
reinforcing our brand promise.
We have applied our playbook to the
Star business and are witnessing strong customer traction, instilling a growing
conviction 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 to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,982.42 | 1,952.74 | 52.73 | 5,610.79 | 3,755.89 | 49.39 | 8,242.02 | 8,242.02 | 0 | | OPM (%) | 15.31 | 13.10 | 221 bps | 14.69 | 14.58 | 11 bps | 13.03 | 13.03 | 0 bps | | OP | 456.57 | 255.81 | 78.48 | 823.97 | 547.44 | 50.51 | 1,073.65 | 1,073.65 | 0 | | Other Inc. | 80.05 | 69.92 | 14.49 | 132.07 | 113.75 | 16.11 | 260.92 | 260.92 | 0 | | PBIDT | 536.62 | 325.73 | 64.74 | 956.04 | 661.19 | 44.59 | 1,334.57 | 1,334.57 | 0 | | Interest | 95.45 | 90.95 | 4.95 | 187.75 | 186.38 | 0.74 | 369.22 | 369.22 | 0 | | PBDT | 441.17 | 234.78 | 87.91 | 768.29 | 474.81 | 61.81 | 965.35 | 965.35 | 0 | | Depreciation | 152.22 | 111.61 | 36.39 | 293.64 | 238.94 | 22.89 | 493.69 | 493.69 | 0 | | PBT | 288.95 | 123.17 | 134.59 | 474.65 | 235.87 | 101.23 | 471.66 | 471.66 | 0 | | Share of Profit/(Loss) from Associates | 25.37 | 13.96 | 81.73 | 51.96 | 47.97 | 8.32 | 83.47 | 83.41 | 0.07 | | PBT before EO | 314.32 | 137.13 | 129.21 | 526.61 | 283.84 | 85.53 | 555.13 | 555.07 | 0.01 | | EO Income | 0 | 0 | - | 0 | 0 | - | -3 | -3 | 0 | | PBT after EO | 314.32 | 137.13 | 129.21 | 526.61 | 283.84 | 85.53 | 552.13 | 552.07 | 0.01 | | Taxation | 86.26 | 58.19 | 48.24 | 131.88 | 89.97 | 46.58 | 158.44 | 158.44 | 0 | | PAT | 228.06 | 78.94 | 188.90 | 394.73 | 193.87 | 103.61 | 393.69 | 393.63 | 0.02 | | Minority Interest (MI) | -6.67 | -14.08 | 52.63 | -13.48 | -29.66 | 54.55 | -51 | -51 | 0 | | Net profit | 234.73 | 93.02 | 152.34 | 408.21 | 223.53 | 82.62 | 444.69 | 444.63 | 0.01 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 234.73 | 93.02 | 152.34 | 408.21 | 223.53 | 82.62 | 444.69 | 444.63 | 0.01 | | EPS (Rs)* | 6.60 | 2.62 | 152.34 | 11.48 | 6.29 | 82.62 | 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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