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Trent Q3FY25 – operating performance in-line; LFL moderated to high single digit


Trent net revenues grew by 37%yoy to Rs453.7crore (grew by 45% on 2 years CAGR basis). EBIDTA grew by 34%yoy to Rs837.6crore. Reported PAT grew by 36.6%yoy to Rs469.3crore (lower than street expectation of Rs514crore).
Like-for-like (LFL) growth stood in high single digit as against double digit earlier which led to market disappointment.
The company added 76 new stores on compared to Q2 (including 58 Zudios stores). Total area stood 12.6mn sq.ft, a 40% increase on y-o-y basis).
Avg. revenue per sq.ft stood at Rs4,467.7 per sq.ft vs. Rs4078.8 per sq.ft (5% growth QoQ).
Trent is one of the better plays in the value-retail space with strong store expansion strategy and efficient business model. Stock has corrected by 37% from its recent high and is trading at 35x its FY27E EV/EBIDTA. It provides good opportunity to accumulate the quality retail play.
Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
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