On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating
income) of Trent has increased 266.50% to Rs 1803.15 crore.
Operating profit margin (OPM) has
turned from negative 8.77% to positive 16.17%, Operating profit for the quarter
stood at Rs 291.63 crore compared to loss of Rs 43.13
crore. Purchase of finished goods cost fell from 68.78% to 53.65%.
Employee cost decreased from 15.12% to 7.43%. Other
expenses fell from 23.27% to 22.55%.
Other
income fell 16.99% to Rs 43.83 crore. PBIDT rose 3,369.08% to Rs
335.46 crore. Provision for interest rose 33.96% to Rs 95.43
crore.
PBDT
stood at Rs 240.03 crore compared to loss of Rs 61.57
crore. Provision for depreciation rose 85.83% to Rs 127.33
crore.
Profit
before tax reported profit of Rs 112.70 crore compared to loss of Rs 130.09
crore. Provision for tax was debit of Rs 31.78 crore, compared to
credit of Rs 25.43 crore. Effective tax rate was 21.66% compared to
15.53%.
Minority interest decreased 33.16%
to Rs -15.58 crore.
Promoters’
stake was 37.01% as of 30 June 2022 ,compared to 37.01% as of 30 June 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.
Operational
highlights:
Westside registered a LFL growth of 24%
vis-à-vis Q1FY20.
The company now has a portfolio of over
450 fashion stores.
Tatacliq and Tata Neu contributed
approximately 6% of Westside revenues, registering a 129% growth in Q1FY23 over
the corresponding quarter.
Across the company’s concepts, emerging
categories including beauty and personal care, inner-wear and footwear witnessed
traction from customers. Emerging categories now contribute to over 15% of the
company’s stand-alone revenues.
WestStyleClub, the company’s annual
subscription program continued to witness positive off-take from customers with
significant and sustained growth in recruitment`s/ renewals (up 37% quarter on
quarter).
Management Commentary
Speaking on the performance, Mr.
Noel N Tata, Chairman, Trent Limited said, ““Our fashion concepts
displayed strong growth momentum in Q1FY23. We have been a company that makes
strategic bets/ business model choices even if it involves standing away from
the predominant & proximate market practices of the time. Completely own
branded offerings, entirely direct-to-consumer reach, not discounting in season
and not advertising are all cases in point. During the pandemic, the worst of
which is behind us, we doubled down on network growth – the bet was that
consumer sentiments would rebound strongly for stores once the pandemic fades.
This bet in many ways is paying off and is seen in the contribution of new
stores & added omnichannel reach to our growth.
As mentioned earlier, I have no doubt that we are in the
initial laps of our growth as 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.”
| Trent : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,803.15 | 491.99 | 266.50 | 4,498.02 | 2,592.96 | 73.47 | | OPM (%) | 16.17 | -8.77 | 2,494 bps | 12.76 | 6.63 | 613 bps | | OP | 291.63 | -43.13 | LP | 573.87 | 171.90 | 233.84 | | Other Inc. | 43.83 | 52.80 | -16.99 | 175.21 | 201.60 | -13.09 | | PBIDT | 335.46 | 9.67 | 3,369.08 | 749.08 | 373.50 | 100.56 | | Interest | 95.43 | 71.24 | 33.96 | 304.74 | 248.65 | 22.56 | | PBDT | 240.03 | -61.57 | LP | 444.34 | 124.85 | 255.90 | | Depreciation | 127.33 | 68.52 | 85.83 | 310.82 | 257.3 | 20.80 | | PBT | 112.70 | -130.09 | LP | 133.52 | -132.45 | LP | | Share of Profit/(Loss) from Associates | 34.01 | -21.73 | LP | 5.14 | -71.36 | LP | | PBT before EO | 146.71 | -151.82 | LP | 138.66 | -203.81 | LP | | EO Income | 0 | -11.9 | - | -27.44 | -1.01 | -2,616.83 | | PBT after EO | 146.71 | -163.72 | LP | 111.22 | -204.82 | LP | | Taxation | 31.78 | -25.43 | PL | 76.62 | -23.69 | PL | | PAT | 114.93 | -138.29 | LP | 34.6 | -181.13 | LP | | Minority Interest (MI) | -15.58 | -11.7 | -33.16 | -71.23 | -34.96 | -103.75 | | Net profit | 130.51 | -126.59 | LP | 105.83 | -146.17 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 130.51 | -126.59 | LP | 105.83 | -146.17 | LP | | EPS (Rs)* | 3.67 | -3.26 | LP | 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 |
|
|