On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Trent has increased 50.50% to
Rs 3466.62 crore.
Operating profit margin has jumped
from 14.03% to 18.13%, leading to 94.47% rise in operating profit to Rs 628.52
crore. Purchase of finished goods cost fell from 58.20% to 55.34%.
Employee cost increased from 7.49% to 7.78%. Other
expenses fell from 20.75% to 18.53%. Selling and administration
expenses fell from 8.10% to 7.99%.
Other income rose 29.86% to Rs 80.33
crore. PBIDT rose 84.09% to Rs 708.85 crore. Provision
for interest rose 8.28% to Rs 98.81 crore.
PBDT rose 107.64% to Rs 610.04
crore. Provision for depreciation rose 39.22% to Rs 164.53
crore.
Profit before tax grew 153.68% to Rs
445.51 crore. Share of profit/loss was 2.91% higher at Rs 29.68
crore. Provision for tax was expense of Rs 104.55 crore, compared to
Rs 49.65 crore. Effective tax rate was 22.00% compared to 24.28%.
Minority interest increased 69.48%
to Rs -3.72 crore. Net profit attributable to owners of the company
increased 124.17% to Rs 374.36 crore.
Promoters’ stake was 37.01% as of 31
December 2023 ,compared to 37.01% as of 31 December 2022 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Trent has increased 49.81% to
Rs 9077.41 crore.
Operating profit margin has jumped
from 14.37% to 16%, leading to 66.83% rise in operating profit to Rs 1,452.50
crore. Purchase of finished goods cost fell from 59.77% to 56.04%.
Employee cost increased from 7.17% to 7.82%. Other
expenses rose from 20.00% to 20.05%. Selling and administration
expenses rose from 7.94% to 8.98%.
Other income rose 20.95% to Rs 212.4
crore. PBIDT rose 59.13% to Rs 1664.9 crore. Provision
for interest rose 3.22% to Rs 286.56 crore.
PBDT rose 79.33% to Rs 1378.34
crore. Provision for depreciation rose 28.30% to Rs 458.17
crore.
Profit before tax grew 123.62% to Rs
920.17 crore. Share of profit/loss was 6.29% higher at Rs 81.64
crore. Provision for tax was expense of Rs 236.43 crore, compared to
Rs 139.62 crore. Effective tax rate was 23.60% compared to 28.59%.
Minority interest increased 58.90%
to Rs -17.20 crore. Net profit attributable to owners of the company
increased 100.39% to Rs 782.58 crore.
Promoters’ stake was 37.01% as of 31
December 2023 ,compared to 37.01% as of 31 December 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.
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%.
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 31 December 2023, the
company’s portfolio included 227 Westside, 460 Zudio and 28 stores across other
lifestyle concepts. During the quarter, the company added 5 Westside and 50
Zudio stores across 36 cities including 13 new cities.
In Q3FY24, the company’s fashion
concepts registered encouraging LFL growth of over 10% vis-à-vis Q3FY23.
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.
Online revenues continue to grow
profitably through Westside.com and other Tata group platforms and currently
contribute over 5% of Westside revenues.
The
Star business, consisting of 67 stores, continued to witness improved customer traction
with growing sales densities. The business registered operating revenue growth
of 26% in Q3FY24 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 Q3FY24. The
growing scale of our operations distinctly enables us to realize greater operating
synergies. We continue to see growing relevance for our offerings, resilience
in our business model choices and attractiveness of our differentiated
platform.
We will continue to expand and
deepen our store presence with the aim of being ever more proximate and
convenient to customers reinforcing our brand promise. We believe that our strategic
differentiators will continue to provide us encouraging tailwinds.
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 also 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 | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,466.62 | 2,303.38 | 50.50 | 9,077.41 | 6,059.27 | 49.81 | 8,242.02 | 8,242.02 | 0 | | OPM (%) | 18.13 | 14.03 | 410 bps | 16.00 | 14.37 | 163 bps | 13.03 | 13.03 | 0 bps | | OP | 628.52 | 323.19 | 94.47 | 1,452.50 | 870.63 | 66.83 | 1,073.65 | 1,073.65 | 0 | | Other Inc. | 80.33 | 61.86 | 29.86 | 212.40 | 175.61 | 20.95 | 260.92 | 260.92 | 0 | | PBIDT | 708.85 | 385.05 | 84.09 | 1,664.90 | 1,046.24 | 59.13 | 1,334.57 | 1,334.57 | 0 | | Interest | 98.81 | 91.25 | 8.28 | 286.56 | 277.63 | 3.22 | 369.22 | 369.22 | 0 | | PBDT | 610.04 | 293.80 | 107.64 | 1,378.34 | 768.61 | 79.33 | 965.35 | 965.35 | 0 | | Depreciation | 164.53 | 118.18 | 39.22 | 458.17 | 357.12 | 28.30 | 493.69 | 493.69 | 0 | | PBT | 445.51 | 175.62 | 153.68 | 920.17 | 411.49 | 123.62 | 471.66 | 471.66 | 0 | | Share of Profit/(Loss) from Associates | 29.68 | 28.84 | 2.91 | 81.64 | 76.81 | 6.29 | 83.41 | 83.41 | 0 | | PBT before EO | 475.19 | 204.46 | 132.41 | 1001.81 | 488.3 | 105.16 | 555.07 | 555.07 | 0 | | EO Income | 0 | 0 | - | 0 | 0 | - | -3 | -3 | 0 | | PBT after EO | 475.19 | 204.46 | 132.41 | 1001.81 | 488.3 | 105.16 | 552.07 | 552.07 | 0 | | Taxation | 104.55 | 49.65 | 110.57 | 236.43 | 139.62 | 69.34 | 158.44 | 158.44 | 0 | | PAT | 370.64 | 154.81 | 139.42 | 765.38 | 348.68 | 119.51 | 393.63 | 393.63 | 0 | | Minority Interest (MI) | -3.72 | -12.19 | 69.48 | -17.2 | -41.85 | 58.90 | -51 | -51 | 0 | | Net profit | 374.36 | 167 | 124.17 | 782.58 | 390.53 | 100.39 | 444.63 | 444.63 | 0 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 374.36 | 167 | 124.17 | 782.58 | 390.53 | 100.39 | 444.63 | 444.63 | 0 | | EPS (Rs)* | 10.53 | 4.70 | 124.17 | 22.01 | 10.99 | 100.39 | 12.57 | 12.57 | 0 | | | * 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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