Tata Group’s retail arm Trent reported a multi-fold, year-on-year rise in consolidated net profit to Rs 712 crore for the quarter ended March 2024 on Monday, aided by a one-time gain of Rs 543 crore during the period.
Bloomberg consensus estimates had pegged Q4FY24 net profit at Rs 244 crore. The company had reported a net profit of Rs 45 crore in the year-ago period.
Revenue from operations increased 51% year-on-year to Rs 3,298 crore from Rs 2,183 crore reported in the same quarter last fiscal. The Q4 topline compares favourably with Bloomberg consensus estimates of Rs 3,281 crore for the period.
Earnings before interest, tax, depreciation and amortisation (Ebitda) more than doubled to `477 crore compared to `211 crore reported last year. Bloomberg consensus estimates had pegged Q4 Ebitda at `409 crore. Ebitda margin also expanded by nearly 500 basis points to 15% from 10.2% reported last year.
“We will continue to expand and deepen store presence with the aim of being ever closer and convenient to customers reinforcing our brand promise,” Noel N Tata, chairman, Trent, said.
In Q4, the company expanded by opening 12 new Westside stores and 86 new Zudio stores, spanning 65 cities, including 25 new cities, it said. At the end of the March quarter, Trent’s store portfolio includes 232 Westside outlets, 545 Zudio outlets, and 34 stores across other lifestyle concepts.
Trent’s board also proposed a dividend of Rs 3.20 per equity share, pending shareholder approval.