On consolidated basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating income) of Trent has increased 64.26% to
Rs 2182.75 crore.
Operating profit margin has declined
from 10.13% to 9.30%, leading to 50.80% rise in operating profit to Rs 203.02
crore. Purchase of finished goods cost fell from 60.05% to 59.34%.
Employee cost increased from 7.96% to 8.58%. Other
expenses fell from 22.90% to 22.27%. Selling and administration
expenses rose from 7.22% to 7.48%.
Other income rose 93.40% to Rs 85.31
crore. PBIDT rose 61.31% to Rs 288.33 crore. Provision
for interest rose 12.48% to Rs 91.59 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 102.18% to Rs 196.74
crore. Provision for depreciation rose 53.48% to Rs 136.57
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 622.33% to Rs
60.17 crore. Provision for tax was expense of Rs 18.82 crore,
compared to Rs 19.59 crore. Effective tax rate was 29.48% compared
to negative 1,530.47%.
Minority interest increased 56.49%
to Rs -9.15 crore. Net profit attributable to owners of the company
increased 33,750% to Rs 54.16 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 .
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 31st March 2023, the company’s portfolio included 214 Westside, 352 Zudio
and 24 stores across other lifestyle concepts. The performance of new
stores added in the last 12 months across concepts is encouraging and in
line with our expectations.
In
Q4 FY23, Westside registered LFL growth of 23% vis-à-vis Q4 FY22.
Online
revenues through Westside.com and other Tata Group platforms contributed
6% of Westside revenues.
During
earlier years, the Company had made investments in Tata Unistore Ltd (TUL).
The fair value of investments of the Company in TUL were accordingly
reassessed at Rs. 24 cr in Q2FY23 and consequently a loss
of
Rs. 168 cr net of taxes (including as part of Other Comprehensive Income) has
been recognized during FY23. However, compared to the actual investment, the
loss recognized was Rs. 62 cr net of taxes.
Management Commentary
Speaking on the performance, Mr.
Noel N Tata, Chairman, Trent Limited said, “Our lifestyle offerings
across concepts, categories and channels are witnessing a strong momentum.
We see growing relevance for our offerings, resilience of our business model
choices and attractiveness of our differentiated platform.
Leveraging
our platform, we launched Samoh, our contemporary occasion wear
concept. Samoh focuses on elegant, expressive, modern silhouettes and a new
approach to wardrobe that emphasizes versatility and caters to an
audience that appreciates a luxurious and modern take on cherished
designs and motifs from the Indian hinterland.
We
are also increasingly applying our playbook to the Star business and the strong
customer traction we are witnessing gives us growing conviction of building-out
this growth engine in the food and grocery space.
In
the foregoing backdrop, we are continuing to expand the reach of all our
concepts with the aim of being ever-more proximate and convenient to our
customers. We are in the initial laps of our growth. I see much
potential, led by our passionate teams, to address significant
opportunities that lie ahead.”
| Trent : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,182.75 | 1,328.86 | 64.26 | 8,242.02 | 4,498.02 | 83.24 | | OPM (%) | 9.30 | 10.13 | -83 bps | 13.03 | 12.76 | 27 bps | | OP | 203.02 | 134.63 | 50.80 | 1,073.65 | 573.87 | 87.09 | | Other Inc. | 85.31 | 44.11 | 93.40 | 260.92 | 175.21 | 48.92 | | PBIDT | 288.33 | 178.74 | 61.31 | 1,334.57 | 749.08 | 78.16 | | Interest | 91.59 | 81.43 | 12.48 | 369.22 | 304.74 | 21.16 | | PBDT | 196.74 | 97.31 | 102.18 | 965.35 | 444.34 | 117.25 | | Depreciation | 136.57 | 88.98 | 53.48 | 493.69 | 310.82 | 58.83 | | PBT | 60.17 | 8.33 | 622.33 | 471.66 | 133.52 | 253.25 | | Share of Profit/(Loss) from Associates | 6.66 | -9.61 | LP | 83.47 | 5.14 | 1,523.93 | | PBT before EO | 66.83 | -1.28 | LP | 555.13 | 138.66 | 300.35 | | EO Income | -3 | 0 | - | -3 | -27.44 | 89.07 | | PBT after EO | 63.83 | -1.28 | LP | 552.13 | 111.22 | 396.43 | | Taxation | 18.82 | 19.59 | -3.93 | 158.44 | 76.62 | 106.79 | | PAT | 45.01 | -20.87 | LP | 393.69 | 34.6 | 1,037.83 | | Minority Interest (MI) | -9.15 | -21.03 | 56.49 | -51 | -71.23 | 28.40 | | Net profit | 54.16 | 0.16 | 33,750.00 | 444.69 | 105.83 | 320.19 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 54.16 | 0.16 | 33,750.00 | 444.69 | 105.83 | 320.19 | | EPS (Rs)* | 1.59 | 0.00 | 35,306.30 | 12.57 | 3.71 | 238.94 | | | * 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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