The Tata Group retail firm reported a consolidated net profit of Rs 93.02 crore in Q2 FY23 as against Rs 92.5 crore recorded in Q2 FY22.
The company's revenue from operations jumped 65.8% to Rs 1,952.74 crore in Q2 FY23 from Rs 1,178.09 crore in Q2 FY22.Profit before tax rose 15.3% year on year to Rs 137.13 crore in the quarter ended 30 September 2022.
The company said that its Star business with tight footprint stores and focus on fresh & own brands offering is witnessing improved customer traction with growing sales densities. Given the increasingly positive economics at store level, the company is optimistic that it has a differentiated & scalable model to pursue. Consequently, it sees Star as a key and additional growth engine in our portfolio.
Speaking on the performance, Noel N Tata, chairman of Trent said, Our fashion concepts have once again displayed encouraging growth momentum in Q2FY23. We have been a company that makes strategic bets/ business model choices that in many cases involve standing away from the predominant & proximate market practices of the time. Completely own branded offerings, entirely direct-to-consumer reach, not discounting in season and not advertising are all cases in point.
We continue to expand our reach with vigour and reinforce our lifestyle offerings across concepts, categories and channels. The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead.
Trent operates Westside, one of India's leading chains of fashion retail stores, Zudio, which is a one shop destination to get fashion at great value, Trent Hypermarket, which operates in the competitive food, grocery and daily needs segment under the Star banner, and Landmark Stores, a family entertainment format store.
Shares of Trent declined 2.03% to currently trade at Rs 1,439 on the BSE.
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