Trent Ltd, a Tata Group company, reported a 140% year-on-year (YoY) jump in its net profit for the third quarter of FY24 at ₹370.6 crore. The company’s net profit in the same quarter last year was ₹154.8 crore.
Revenue in Q3FY24 rose by 50.5% to ₹3,466.6 crore from ₹2,303.4 crore, YoY.
The company’s earnings before interest, tax, depreciation and amortization (EBITDA) during the quarter ended December 2023 spiked 95% to ₹629 crore from ₹323.2 crore, while EBITDA margin improved by 410 basis points (bps) to 18.1% from 14%, YoY.
Trent share price jumped more than 19% after the announcement of Q3 results. The stock spiked as much as 19.26% to ₹3,618.95 apiece on the BSE.
During the quarter, the company added 5 Westside and 50 Zudio stores across 36 cities including 13 new cities.
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As of December 31, 2023, Trent’s portfolio included 227 Westside, 460 Zudio and 28 stores across other lifestyle concepts.
Fashion concepts registered Like-For-Like (LFL) growth of over 10% YoY.
Emerging categories including beauty and personal care, innerwear and footwear continued to gain traction with customers. Emerging categories contribute to over 19% of its standalone revenues.
“Our online revenues continue to grow profitably through Westside.com and other Tata group platforms and currently contribute over 5% of Westside revenues,” Trent said in a release.
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 YoY.
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Almost, the entirety of this growth was from like-for-like stores and the volume growth was also strong and comparable. The business experienced an all-round operating performance improvement, driven by staples, fresh & general merchandise, the company said.
“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” said Noel N Tata, Chairman, Trent Limited.
At 2:40 pm, Trent shares were trading 17.45% higher at ₹3,563.90 apiece on the BSE.
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Published: 07 Feb 2024, 02:42 PM IST