A Tata group company, Trent, which operates Westside, a retail fashion chain, and Landmark, a bookstore chain with brick and mortar stores in various locations of India has now replaced Cummins India as the top gainer on the BSE.
The stock price spurted up sharply almost 7.5% to hit an intraday high at Rs.1324.95 while its 10% UC for the day is at Rs.1359.25. Volumes on the counter have more than doubled.
The company reported a solid set of earnings for Q3FY23, showing the demand coming in from festivals and marriage season. Its consolidated net profit rose 36% (YoY) to Rs.155 crore and this was on a 53% jump in revenue from operations at Rs.2303 crore.
The company said that results for Q3 FY23 as well as 9M FY23 are not comparable with the corresponding quarter and period of the previous year. This given the change in profile & quantum of inventory provisioning, rent waivers etc between the three quarters on account of the pandemic. Q3 FY22 had accounting for rent waivers and reversals relating to inventory provisioning. Accordingly, the CAGR of revenues and profitability versus FY20 is more representative of growth.
Westside registered a LFL growth of 17% vis-à-vis Q3 FY22. Currently, it has 211 Westside stores, 326 Zudio stores and 21 stores across other lifestyle concepts.