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Tata company Trent Ltd’s net profit dipped marginally to ₹78.94 crore in Q2 FY23 compared to a profit of ₹79.99 crore in the same period last year. However, its total income rose to ₹2,022.66 crore in Q2FY23 compared to ₹1,225.52 crore for the corresponding period last year, on a standalone baiss.
There was a significant rise in expenses at ₹1,899.49 crore (₹1,116.57 crore). On a consolidated basis, revenues at ₹1,952 crore, grew 66 per cent over Q2FY22 and 128 per cent over Q2FY20. Profit after tax (attributable to equity shareholders) was at ₹93 crore for Q2FY23.
Trent Ltd operates Westside, Zudio, Trent Hypermarket, Star banner and Landmark stores.
Noel N Tata, Chairman, Trent Limited, 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.”
Westside registered a LFL growth of 20 per cent in Q2FY20. At Westside, we continue to focus on the curation of the store portfolio to achieve an elevated brand experience even as we pursue our store expansion and improvement program.
Across Westside and Zudio, we now have a portfolio of over 500 stores. Across concepts, the performance of new stores added in the last 12 months is encouraging and in line with our expectations. Their performance gives us reason to double down on the growth agenda over the medium term.
Online revenues
Online revenues through Westside.com and Tata platforms contributed over 6 per cent of Westside revenues, registering a 32 per cent growth in Q2FY23 over the corresponding quarter. Also, we continue to invest significantly in resetting the technology stack across the entire value chain to make it commensurate with the growing scale and the growth agenda.
“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,” Tata added.
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