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Results
11-Feb-22
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Analysis
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Trent
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Net Sales up 75.6% YoY to Rs 1499.08 cr
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On consolidated basis
Quarter ended December 2021 compared with Quarter ended December 2020.
Net sales
(including other operating income) of Trent has increased 75.61% to Rs 1499.08
crore.
Operating profit margin has declined
from 20.09% to 18.19%, leading to 58.99% rise in operating profit to Rs 272.64
crore. Purchase of finished goods cost rose from 45.32% to 54.46%.
Employee cost decreased from 10.55% to 6.52%. Other
expenses fell from 21.70% to 21.19%.
Other income fell 27.06% to Rs 30.87
crore. PBIDT rose 41.96% to Rs 303.51 crore. Provision
for interest rose 20.06% to Rs 76.72 crore.
PBDT rose 51.29% to Rs 226.79
crore. Provision for depreciation rose 27.43% to Rs 80.46
crore.
Profit before tax grew 68.66% to Rs
146.33 crore. Share of profit/loss was 800.34% higher at Rs 26.47
crore. Provision for tax was expense of Rs 43.48 crore, compared to
Rs 25.67 crore. Effective tax rate was 27.65% compared to 28.62%.
Minority interest decreased 161.72%
to Rs -25.91 crore. Net profit attributable to owners of the company
increased 88.95% to Rs 139.69 crore.
Promoters’ stake was 37.01% as of 31
December 2021 ,compared to 37.01% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Trent has increased 87.81% to
Rs 3169.16 crore.
Operating profit margin has jumped
from 2.85% to 13.86%, leading to 812.61% rise in operating profit to Rs 439.24
crore. Purchase of finished goods cost rose from 54.20% to 58.77%.
Employee cost decreased from 15.78% to 8.13%. Other
expenses fell from 26.57% to 20.39%.
Other income fell 2.29% to Rs 131.1
crore. PBIDT rose 212.86% to Rs 570.34 crore. Provision
for interest rose 21.15% to Rs 223.31 crore.
PBDT stood at Rs 347.03 crore
compared to loss of Rs 2.02 crore. Provision for depreciation rose
17.06% to Rs 221.84 crore.
Profit before tax reported profit of
Rs 125.19 crore compared to loss of Rs 191.53 crore. Extraordinary
items were decreased to Rs -27.44 crore. Provision for tax was debit
of Rs 57.03 crore, compared to credit of Rs 46.12 crore. Effective
tax rate was 50.69% compared to 18.85%.
Minority interest decreased 114.71%
to Rs -50.20 crore.
Promoters’ stake was 37.01% as of 31
December 2021 ,compared to 37.01% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Trent has declined 25.62% to Rs
2592.96 crore.
Operating profit margin has declined
from 15.46% to 6.63%, leading to 68.11% decline in operating profit to Rs
171.90 crore. Purchase of finished goods cost rose from 54.89% to
56.43%. Employee cost increased from 10.08% to 12.42%.
Other expenses rose from 19.87% to 24.08%.
Other income rose 34.91% to Rs 201.6
crore. PBIDT fell 45.75% to Rs 373.5 crore. Provision for
interest rose 1.16% to Rs 248.65 crore. Loan funds rose to Rs
2,963.63 crore as of 31 March 2021 from Rs 299.74 crore as of 31 March
2020. Inventories declined from Rs 607.81 crore as of 31 March 2020
to Rs 428.39 crore as of 31 March 2021. Sundry debtors were higher
at Rs 20.76 crore as of 31 March 2021 compared to Rs 17.11 crore as of 31 March
2020. Cash and bank balance rose to Rs 81.47 crore as of 31 March
2021 from Rs 61.41 crore as of 31 March 2020. Investments declined
from Rs 1,514.78 crore as of 31 March 2020 to Rs 1,487.29 crore as of 31 March
2021.
PBDT fell 71.80% to Rs 124.85
crore. Provision for depreciation rose 4.07% to Rs 257.3
crore. Fixed assets increased to Rs 3,134.62 crore as of 31 March
2021 from Rs 2,734.56 crore as of 31 March 2020. Intangible assets
stood at Rs 27.19 crore.
Profit before tax reported loss of
Rs 132.45 crore compared to profit of Rs 195.42 crore. Share of
profit/loss was 134.51% lower at Rs -71.36 crore. Provision for tax
was credit of Rs 23.69 crore, compared to debit of Rs 59.01
crore. Effective tax rate was 11.57% compared to 35.77%.
Minority interest decreased 107.23%
to Rs -34.96 crore.
Equity capital stood at Rs 35.55
crore as of 31 March 2021 to Rs 35.55 crore as of 31 March 2020. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 37.01% as of 31
March 2021 ,compared to 37.01% as of 31 March 2020 .
Cash flow from operating activities
increased to Rs 373.85 crore for year ended March 2021 from Rs 361.15 crore for
year ended March 2020. Cash flow used in acquiring fixed assets
during the year ended March 2021 stood at Rs 113.36 crore, compared to Rs
155.91 crore during the year ended March 2020.
Dividend: The board of directors
have declared an interim dividend of Rs 0.60 per equity share of Rs 1/- each of
the company.
Management Commentary
Speaking on the performance, Mr.
Noel N Tata, Chairman, Trent Limited said, “ The third quarter witnessed a
strong business rebound and we have been pleasantly encouraged by the rapid
recovery in customer offtake. In many ways, the playout in Q3 is indicative of
the performance potential of our brands both in terms of growth as well as
profitability. Our prospects remain robust owing to an accelerating shift to
branded products, emergence of digital/seamless channels of engagement and
growing appetite for aspirational yet strong value propositions.
On the fashion front, we are on
track to have more than 425 fashion stores by march 2022. Increasingly, our
Star food business with tight footprint stores, sharp pricing and focus on
fresh & own brands in a model that is witnessing resilient customer
traction. The performance of Star stores operating under this model is
encouraging and we continue to evolve our property portfolio to align with this
proposition.
Given the milder playout of the
Omicorn wave and the mature vaccination drive, I increasingly believe we are
moving on to the next phase of recovery and growth. We are confident that the
business has the expertise and importantly the ambition to pursue market opportunities
with an integrated back end and nevertheless differentiated customer
propositions. We remain committed to building out differentiated brands and a
strong expansion of our reach through stores and digital platforms."
| Trent : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,499.08 | 853.63 | 75.61 | 3,169.16 | 1,687.41 | 87.81 | 2,592.96 | 3,485.98 | -25.62 | | OPM (%) | 18.19 | 20.09 | -190 bps | 13.86 | 2.85 | 1,101 bps | 6.63 | 15.46 | -883 bps | | OP | 272.64 | 171.48 | 58.99 | 439.24 | 48.13 | 812.61 | 171.90 | 539.03 | -68.11 | | Other Inc. | 30.87 | 42.32 | -27.06 | 131.10 | 134.17 | -2.29 | 201.60 | 149.43 | 34.91 | | PBIDT | 303.51 | 213.80 | 41.96 | 570.34 | 182.30 | 212.86 | 373.50 | 688.46 | -45.75 | | Interest | 76.72 | 63.90 | 20.06 | 223.31 | 184.32 | 21.15 | 248.65 | 245.80 | 1.16 | | PBDT | 226.79 | 149.90 | 51.29 | 347.03 | -2.02 | LP | 124.85 | 442.66 | -71.80 | | Depreciation | 80.46 | 63.14 | 27.43 | 221.84 | 189.51 | 17.06 | 257.3 | 247.24 | 4.07 | | PBT | 146.33 | 86.76 | 68.66 | 125.19 | -191.53 | LP | -132.45 | 195.42 | PL | | Share of Profit/(Loss) from Associates | 26.47 | 2.94 | 800.34 | 14.75 | -52.15 | LP | -71.36 | -30.43 | -134.51 | | PBT before EO | 172.8 | 89.7 | 92.64 | 139.94 | -243.68 | LP | -203.81 | 164.99 | PL | | EO Income | -15.54 | 0 | - | -27.44 | -1.01 | -2,616.83 | -1.01 | 0 | - | | PBT after EO | 157.26 | 89.7 | 75.32 | 112.5 | -244.69 | LP | -204.82 | 164.99 | PL | | Taxation | 43.48 | 25.67 | 69.38 | 57.03 | -46.12 | PL | -23.69 | 59.01 | LP | | PAT | 113.78 | 64.03 | 77.70 | 55.47 | -198.57 | LP | -181.13 | 105.98 | PL | | Minority Interest (MI) | -25.91 | -9.9 | -161.72 | -50.2 | -23.38 | -114.71 | -34.96 | -16.87 | -107.23 | | Net profit | 139.69 | 73.93 | 88.95 | 105.67 | -175.19 | LP | -146.17 | 122.85 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 139.69 | 73.93 | 88.95 | 105.67 | -175.19 | LP | -146.17 | 122.85 | PL | | EPS (Rs)* | 4.31 | 2.08 | 107.14 | 3.69 | -4.90 | LP | -4.09 | 3.46 | PL | | | * 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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