 "Trent posts Rs 80-cr profit for Q2; revenue sees 2-fold jump to Rs 1,178 cr")
Tata group retail firm Trent Ltd on Tuesday reported a consolidated net profit of Rs 79.99 crore for the second quarter ended September 2021.
The company had posted a net loss of Rs 78.56 crore in the July-September quarter a year ago, Trent said in a BSE filing.
Its revenue from operations during July-September 2021 saw over twofold jump to Rs 1,178.08 crore, compared with Rs 585.37 crore in the year-ago period.
The company's total expenses during the quarter stood at Rs 1,116.56 crore, a jump of 57.66 per cent as against Rs 708.20 crore a year ago.
Trent Chairman Noel N Tata said, "The second wave and the aftermath disrupted our operations across our concepts in the first quarter. Nevertheless, we have been pleasantly encouraged by the rapid recovery in customer offtake starting from the middle of June as the business re-opened in many markets."
Trent's fashion business has in particular recovered sharply and is now back to operating profitability, he said.
"We have continued to focus on our expansion programme, and I am happy to report that we are seeing good progress on building a strong pipeline, even as the constraints for actual opening to customers remain a challenge in the near term in the case of mall locations/ select markets," Tata added.
Also Read
Trent is continuing to focus on building out differentiated brands and strong expansion of its reach through stores and digital platform, he said.
The company continues to remain focused and committed to the accelerated store expansion agenda and also on digital channel, as online channel registered over 95 per cent growth in Q2 over the previous quarter
"We are confident that the business has the expertise and importantly the resilience to navigate and leverage this difficult phase.
"Near-term uncertainties notwithstanding, we are continuing to focus on building out differentiated brands and strong expansion of our reach through stores and digital platform," he said.
Established in 1998 as part of the Tata Group, Trent Ltd operates Westside, one of India's leading chains of fashion retail stores, Trent Hypermarket that operates in the competitive food, grocery and daily needs segment under the brand name of Star banner, Landmark Stores and Zudio.
Shares of Trent Ltd on Tuesday settled at Rs 1,037.25 on the BSE, up 1.26 per cent over the previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)