Trent reports consolidated net profit at Rs 154.81 cr in December quarter

Tata group retail firm Trent Ltd on Wednesday reported a consolidated net profit of Rs 154.81 crore in the third quarter ended on December 31, 2022.

The company had posted a net profit of Rs 113.78 crore in the October-December quarter a year ago, Trent said in a regulatory filing.

Its revenue from operations was at Rs 2,303.38 crore during the quarter under review compared to Rs 1,499.08 crore in the third quarter of FY22.

Trent's total expenses were at Rs 2,189.62 crore.

According to the company, its results for Q3 FY23 "are not comparable" with the corresponding quarter and period of the previous year.

"This (the consolidated net profit result) gave the change in profile & quantum of inventory provisioning, rent waivers etc between the three quarters on account of the pandemic. Q3 FY22 had accounting for rent waivers and reversals relating to inventory provisioning. Accordingly, the CAGR of revenues and profitability versus FY20 is more representative of growth," it said.

Trent's Westside registered a growth of 17 per cent in same store sales. Currently, it operates 211 Westside stores, 326 Zudio stores and 21 stores across other lifestyle concepts.

During the quarter, Trent entered into a 50:50 joint venture with Mas Group of Sri Lanka for design, development and manufacture of intimate wear, active wear and related apparel products, the company said.

Over time, Trent and Mas would pool their domain expertise to undertake design, development, and manufacturing of a range of intimate wear and other apparel products, Trent chairman Noel N Tata said.

Shares of Trent Ltd on Wednesday settled 1.80 per cent up at Rs 1,235.70 apiece on the BSE.