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ICICI Direct Report
Despite the challenging scenario, Trent Ltd. reported a resilient performance.
Post lockdown relaxations, revenue recovery has been encouraging with July sales tracking 80% of pre-Covid-19 levels and the company reverting back to healthy operating profitability.
During its recent annual general meeting, the management has affirmed its aggressive store opening plans for its fashion format (Westside: 35 and Zudio: 75) in FY22 (outlined capex worth Rs 200 crore in FY22E).
They expect normalcy to return fully by Q3 FY22E.
We expect Zudio to continue to be the next growth engine for Trent with share of revenues increasing to 25% in FY23 from 11% in FY19.
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