Buy Trent; target of Rs 1500: Motilal Oswal

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Motilal Oswal's research report on Trent

Trent’s revenue growth remained robust at 61% YoY in 3QFY23, backed by a strong footprint addition and healthy LFL growth of 17% in Westside. But standalone EBITDA grew only 15% (19% miss), dragged down by lower gross margins due to a higher share of low-margin Zudio, the inventory provision reversal in the corresponding quarter and discounting.

Outlook

We expect a standalone revenue/EBITDA CAGR of 28%/30% over FY23-25, backed by a strong footprint addition and robust LFL growth across segments. We retain our Buy rating with a TP of INR1,500, given the strong growth opportunity.

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Trent - 09 -02 - 2023 - moti