Total expenditure jumped 59.4% YoY to Rs 1980.19 crore in Q3 FY23. Purchase of finished goods jumped 66.6% to Rs 1387.60 crore while employee expenses climbed 79.2% to Rs 178.62 crore.

The results for Q3 FY23 as well as 9M FY23 are not comparable with the corresponding quarter and period of the previous year. This given the change in profile & quantum of inventory provisioning, rent waivers etc between the three quarters on account of the pandemic. Q3 FY22 had accounting for rent waivers and reversals relating to inventory provisioning. Accordingly, the CAGR of revenues and profitability versus FY20 is more representative of growth.

On a standalone absis, Trent registered the highest ever quarterly revenues exceeding Rs 2,100 crore and Rs 6,000 crore for the 9-month period. The change in the revenue profile across formats is aligned with the expansion strategy. Operating EBIT margin for each of Q3 FY23 and for 9M FY23 was 9.8% (9.1% for 9M FY22 and 8.6% for 9M FY20). "The performance of the business and the growth momentum encourages us to continue with our expansion agenda over the medium term," the company said in a statement.

Westside registered a like-for-like (LFL) growth of 17% vis-à-vis Q3 FY22. At Westside, the company continues to focus on the curation of the store portfolio to achieve an elevated brand experience even as we pursue our store expansion and improvement program.

As of date, the company operates 211 Westside stores, 326 Zudio stores and 21 stores across other lifestyle concepts. The performance of new stores added in the last 12 months across concepts is encouraging and in line with expectations.

Online revenues through Westside.com and other Tata group platforms contributed over 6% of Westside revenues. Emerging categories, including beauty and personal care, innerwear and footwear, now contribute to over 18% of the standalone revenues.

Speaking on the performance, Noel N Tata, chairman, Trent 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 is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include: Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner.