Sharekhan's research report on Trent
Trent posted yet another stellar quarter in Q4FY2024 with revenues growing by 53% y-o-y to Rs. 3,187 crore, EBITDA margin rising sharply by 477 bps y-o-y to 15% and adjusted PAT growing by 2.75x y-o-y to Rs. 289 crore. Fashion concepts delivered a well over 10% y-o-y life-for-like (LFL) growth; emerging categories now contribute over 20% of standalone revenues. It added 12 Westside stores and 86 Zudio stores across 65 cities (including 25 new cities) during the quarter.
Outlook
Stock trades at 50x/38x its FY2025E/FY2026E EV/EBIDTA. We maintain Buy with a revised SOTP-based PT of Rs. 4,800.
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