Trent was locked in an upper circuit of 10% to Rs 3,337.95 after the company reported consolidated net profit net profit soared to Rs 370.64 crore in Q3 FY24 as against Rs 154.81 crore posted in Q3 FY23.
Revenue from operations jumped 50.5% year on year (YoY) to Rs 3,466.62 crore in the quarter ended 31 December 2023.Profit before tax stood at Rs 475.19 crore in Q3 FY24, steeply higher than Rs 204.46 crore in the corresponding quarter last year.
As of 31 December 2023, the companys portfolio included 227 Westside, 460 Zudio and 28 stores across other lifestyle concepts. During the quarter, the firm added 5 Westside and 50 Zudio stores across 36 cities including 13 new cities.
In Q3 FY24, Trents fashion concepts registered encouraging like -for- like (LFL) growth of over 10% vis-vis Q3 FY23. Across all Trents brands, company is focused on delivering consistent value to our customers through a differentiated product portfolio. In addition, companys stores continued to provide an elevated brand experience even as we pursue our expansion program.
The Star business, consisting of 67 stores, continued to witness improved customer traction with growing sales densities. The business registered operating revenue growth of 26% in Q3 FY24 vs the corresponding previous period. Almost, the entirety of this growth was from like-for-like stores and the volume growth was also strong and comparable. The business experienced an all-round operating performance improvement, driven by staples, fresh & general merchandise.
The emerging categories including beauty and personal care, innerwear and footwear continued to gain traction with customers. Emerging categories contribute to over 19% of standalone revenues.
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The firms online revenues continued to grow profitably through Westside.com and other Tata group platforms and currently contribute over 5% of Westside revenues.
Noel N Tata, chairman of Trent said, Our lifestyle offerings across concepts, categories and channels witnessed strong momentum in Q3FY24. The growing scale of our operations distinctly enables us to realize greater operating synergies. We continue to see growing relevance for our offerings, resilience in our business model choices and attractiveness of our differentiated platform.
We believe that our strategic differentiators will continue to provide us encouraging tailwinds. We have applied our playbook to the Star business and are witnessing strong customer traction, instilling a growing conviction to build out this growth engine in the food and grocery space.
The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead.
Trent is part of the Tata Group and operates a portfolio of retail concepts. The primary customer propositions of Trent include Westside, one of India's leading chains of fashion retail stores, Zudio, a one stop destination for great fashion at great value and Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner. Trent's new fashion concepts include Samoh, a differentiated & elevated occasion wear offering and Misbu that offers a curated & compelling range of beauty, personal care and fashion accessories.
The counter was frezeed at its all time high of Rs 3,337.95 in intraday today.
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