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Motilal Oswal Report
While Trent Ltd.'s revenue fell 17% YoY (in line), Ebitda saw a massive 26% beat on gross margin improvement of 570 basis point, benefiting from a provision write back of Rs 140 million (190 basis point gain) and potential reduction in discounted sales.
Adjusting for write-backs, Ebitda fell 4% YoY (16% beat). Its historic, industry-leading growth should resume in FY22 as aggressive store additions have already resumed.
We have raised our FY22E Ebitda estimate by 18%, factoring in 28%/30% revenue/Ebitda growth over FY20.
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