FINANCIAL RESULTS NATIONAL
By IFAB MEDIA - NEWS BUREAU - April 28, 2023 | 17 3 minutes read
“Trent registered the highest ever revenues for the full year FY23. The change in the revenue profile across formats is aligned with our expansion strategy. Operating EBIT margin for FY23 was 7.7 percent. The performance of the business and the growth momentum encourages us to continue with our expansion agenda over the medium term," the company that has a portfolio of 580 stores pan-India said in a filing to the exchanges on Thursday.
During the March quarter the owner of Westside and Zudio reported standalone net profit of Rs105.13 crore. Standalone revenues for the quarter stood at Rs 2,077.21 crore—the results are not comparable with the corresponding quarter, the company said. This is given the change in profile and quantum of inventory provisioning, rent waivers etc between the quarters on account of the pandemic. Q4 FY22 had accounting for rent waivers and reversals relating to inventory provisioning.
“Our lifestyle offerings across concepts, categories and channels are witnessing a strong momentum. We see growing relevance for our offerings, resilience of our business model choices and attractiveness of our differentiated platform," Noel N Tata, Chairman, Trent Limited said.
Trent Limited is part of the Tata Group and operates a portfolio of retail concepts including fashion retail stores Westside, Zudio, a value retailers and Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner. As of 31st March 2023, the company’s portfolio included 214 Westside, 352 Zudio and 24 stores across other lifestyle concepts. The performance of new stores added in the last 12 months across concepts is encouraging and in line with our expectations.
Online revenues through Westside.com and other Tata Group platforms contributed 6% of Westside revenues during the year. The company continues to invest significantly in upgrading the technology stack across the entire value chain to make it commensurate with the growing scale and the growth agenda.
Tata said the company is continuing to expand the reach of all its concepts with the aim of being ever-more proximate and convenient to its customers. “We are in the initial laps of our growth. I see much potential, led by our passionate teams, to address significant opportunities that lie ahead,” Tata said.
“We are also increasingly applying our playbook to the Star business and the strong customer traction we are witnessing gives us growing conviction of building-out this growth engine in the food and grocery space. In the foregoing backdrop, we are continuing to expand the reach of all our concepts with the aim of being ever-more proximate and convenient to our customers. We are in the initial laps of our growth. I see much potential, led by our passionate teams, to address significant opportunities that lie ahead," Tata added.