Trent Ltd. reported a 23% rise in standalone revenue for the quarter ended Sept. 30, while brokerages issued differing views on the retailer after its results, NDTV Profit reported.
Revenue from operations reached ₹5,788 crore. Operating EBITDA rose 37% to ₹791 crore, and profit after tax increased 9% to ₹490 crore year over year, Trent said in an Oct. 29 release.
On a consolidated basis, revenue from operations grew 22% to ₹5,873 crore. Operating EBITDA increased 37% to ₹785 crore, while profit after tax rose 25% to ₹468 crore.
Trent opened 10 Westside stores and 19 Zudio stores during the quarter, and consolidated two Zudio locations. At Sept. 30, its portfolio included 311 Westside stores, 999 Zudio stores — seven in the United Arab Emirates — and 32 stores across other lifestyle concepts.
The year-earlier quarter included ₹96 crore in pretax profit from asset sales, Trent said. Comparable asset-sale profit in the latest quarter was not material. Trent has said full-year results better represent its performance, citing the combined effects of merchandise sourcing, price architecture, distribution and inventory provisioning.
NDTV Profit reported that HSBC kept its Buy rating and raised its target price to ₹3,480 from ₹3,390, citing expansion at Westside and Zudio. Citi retained Sell and cut its target to ₹2,815 from ₹2,950; the outlet said the bank pointed to valuation and input-cost concerns. Jefferies retained Hold and lowered its target to ₹3,300 from ₹3,435, NDTV Profit reported. Bernstein maintained Outperform with a ₹3,500 target and flagged slower additions at Westside and Zudio, according to the outlet.
Trent Chairman Noel N Tata said, “It was encouraging to witness a more robust consumer sentiment despite the relatively inflationary backdrop.” EconoTimes previously covered Trent’s quarterly gains and chairman transition.
