Trent Ltd, a company within the Tata Group, saw a remarkable 140% increase in its net profit during the third quarter of the fiscal year 2024 compared to the same period last year. The net profit surged to 370.6 crore rupees, up from 154.8 crore rupees in the previous year’s third quarter.
In Q3FY24, the company’s revenue also saw a significant rise of 50.5%, reaching 3,466.6 crore rupees compared to 2,303.4 crore rupees in the same quarter of the previous year.
Trent Share jumps 20 percent following Q3 results
Moreover, Trent witnessed a substantial increase of 95% in its earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter ending in December 2023, totaling 629 crore rupees compared to 323.2 crore rupees in the previous year’s corresponding quarter. Additionally, the EBITDA margin improved by 410 basis points to 18.1% from 14% YoY.
Following the announcement of its Q3 results, Trent’s share price soared by more than 19%, reaching 3,618.95 rupees per share on the BSE.
Related News: Jio Financial Services Jumps 15 percent Amid Paytm Wallet Acquisition Talks
As of December 31, 2023, the company’s portfolio included 227 Westside, 460 Zudio, and 28 stores across other lifestyle concepts. During the quarter, Trent expanded its presence by adding 5 Westside and 50 Zudio stores across 36 cities, including 13 new cities.
The company noted that its fashion concepts experienced a Like-For-Like (LFL) growth of over 10% YoY. Additionally, emerging categories such as beauty and personal care, innerwear, and footwear continued to gain traction among customers, contributing to over 19% of its standalone revenues.
Trent highlighted the growth of its online revenues through Westside.com and other Tata group platforms, which currently account for over 5% of Westside revenues.
Related News: Tata Motors share jumps 7.5 percent following Q3 results
The Star business segment, comprising 67 stores, witnessed improved customer traction and registered operating revenue growth of 26% in Q3FY24 YoY, primarily driven by like-for-like stores and strong volume growth across staples, fresh & general merchandise.
Noel N Tata, Chairman of Trent Limited, expressed confidence in the company’s offerings, business model choices, and platform attractiveness. He emphasized the commitment to expanding and deepening store presence to enhance proximity and convenience for customers, thus reinforcing the brand promise.
As of 3:30 pm, Trent shares were closed 18.94% higher at 3,609.25 rupees per share on the BSE.
