Trent, a Tata group retail business, reports consolidated net profit of Rs 154.81 crore for the third quarter ended December 31, 2022 on Wednesday.
Trent reported a net profit of Rs 113.78 crore in the October-December quarter of last year in a regulatory filing.
During the quarter under review, its income from operations was Rs 2,303.38 crore, compared to Rs 1,499.08 crore in the third quarter of FY22.
Trent’s entire costs came to Rs 2,189.62 crore.
“This (the consolidated net profit result) gave 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,” it said.
Trent’s Westside had a 17 per cent increase in same-store sales. It now runs 211 Westside stores, 326 Zudio stores, and 21 additional lifestyle brands.
Trent announced a 50:50 joint venture with Mas Group of Sri Lanka for the design, development, and production of intimate wear, active wear, and associated clothing goods during the third quarter.
Trent chairman Noel N Tata stated that Trent and Mas will eventually merge their domain knowledge to design, develop, and manufacture a variety of intimate wear and other clothing goods.
Trent shares closed 1.80 per cent higher at Rs 1,235.70 on the BSE on Wednesday.