HOLD (Maintained) 

CMP: INR 4,314 Target Price: INR 4,200 (INR 3,500)  -3% ICICI Securities Limited is the author and distributor of this report

30 April 2024 India | Equity Research | Q4FY24 results review

Trent
Branded Apparel

Unmatched execution prowess; continues to impress

Back-to-back 10% SSSG since last three quarters is impressive (significant outperformance vs peers). Retail expansion
has been in line with expectations (added 203 Zudio stores and 30 Westside in FY24). Zudio is now 53% (retail area)
contribution and is expected to reach 60% by adding 400+ stores during FY25-26E. We believe Zudio has a clear path
to scale up to ~2,000 stores over next ~7 years. Overall productivity (revenue psf) has improved by 4% YoY to INR 15k
psf (led by Zudio’s outperformance). The only negative in the result was higher store closure in Westside (7 stores in
4Q; 12 in FY24); ~5% mortality rate. However, it’s still in healthy range. Margins remain healthy while ROICs improve
due to capital light expansion in Zudio. Exceptional gains due to lease assets/liabilities re-assessment is transitory. At
current valuation, we maintain HOLD.

Strong revenue growth driven by LFL and retail expansion Varun Singh
Revenue grew 53% YoY led by healthy 10% LFL growth. Retail area expansion [email protected]
+91 22 6807 7649
stood at healthy 64% YoY to 9.5mn sqft (53% contribution from Zudio, 47%
Manoj Menon
from Westside). Retail expansion in Westside was healthy 21% YoY to 4.5mn
[email protected]
sqft while for Zudio it was 2.4x to 5mn sqft. Revenue PSF for the overall Karan Bhuwania
business grew 4%YoY to INR 15,536. [email protected]
Akshay Krishnan
Revenue contribution from emerging categories (BPC, innerwear and
[email protected]
footwear) improved to 20% (vs ~19% since last three quarters vs ~17% in
FY23). Market Data
Star Bazaar revenue growth continues to be strong at 30% YoY driven by Market Cap (INR) 1,534bn
healthy performance in own-brands (50% YoY, ~69% revenue share), and GM Market Cap (USD) 18,386mn
Bloomberg Code TRENT IN
& apparels (30% YoY, ~31% revenue share). Revenue from staples, FMCG, and
Reuters Code TREN.BO
fresh grew 30%, 17%, 60%. respectively, in Q4FY24. 52-week Range (INR) 4,515 /1,368
Free Float (%) 62.0
Decent retail expansion ADTV-3M (mn) (USD) 49.3
The company added 12 Westside stores in Q4FY24, taking the total Westside
store count to 227 (closed 7 stores). Similarly, in Zudio, it added 86 stores, Price Performance (%) 3m 6m 12m
taking the total store count to 545, including SIS stores. It has surpassed its Absolute 32.9 103.3 215.4
Relative to Sensex 29.1 86.2 193.2
guidance of 200 Zudio store addition in FY24. Store closure rate in Westside
has accelerated from 3% TTM to 5% in FY24. For Zudio it remains healthy at
2%.
Earnings Revisions (%) FY25E FY26E
Financial Summary Revenue 2.5 2.4
EBITDA 5.8 5.5
Y/E March (INR mn) FY23A FY24A FY25E FY26E
EPS 4.1 4.7
Net Revenue 77,152 1,19,266 1,56,183 1,98,846
EBITDA 11,193 19,269 25,617 33,816
EBITDA Margin (%) 14.5 16.2 16.4 17.0
Net Profit 5,546 14,358 12,766 16,866
EPS (INR) 15.6 40.4 35.9 47.4
EPS % Chg YoY 111.0 60.9 43.0 32.1
P/E (x) 276.5 171.8 120.1 90.9
Previous Reports
EV/EBITDA (x) 136.3 79.0 59.4 44.9
RoCE (%) 15.1 20.3 25.1 26.6 08-02-2024: Q3FY24 results review
RoE (%) 19.1 38.2 25.2 25.8 08-11-2023: Q2FY24 results review

Please refer to important disclosures at the end of this report

Trent | Q4FY24 results review | 30 April 2024

Operating leverage benefits drive profitability

Gross margin expanded 449bp YoY to 45% in Q4FY24 led by better sales mix (higher
revenue share from emerging categories; BPC, footwear, innerwear etc). EBITDA
margin expanded 447bp YoY to 15% driven by operating leverage benefits. PBT grew
153% YoY to INR 3,157mn. Exceptional gain of INR 5.4 bn and related tax of INR
1.37bn w.r.t reassessment of ROU asset and liability impacted PAT. Post adjusting for
this gain and related taxes; adjusted PAT rises 136%YoY to INR 2,479mn. Accordingly,
adjusted net profit margin will stand at 7.8%

Valuation and risks

We increase our EPS estimates for FY25E-FY26E by ~5%, incorporating better-than-
expected store throughput. We model revenue, EBITDA and PAT CAGRs of 30%, 32%
and 37%, respectively, over FY24-FY26E. We maintain HOLD with a revised DCF-
based target price of INR 4,200 (from INR 3,500). Downside risks: (1) Slower-than-
expected pick-up in discretionary consumption, (2) rise in competitive intensity from
peers (Reliance Trends, Max, Pantaloons etc.) and (3) execution challenges in Zudio.
Upside risks: Success of Zudio and other pilot formats.

Q4FY24 result review (standalone) – reported

Standalone (INR mn) Q4FY24 Q4FY23 YoY (%) Q3FY24 QoQ (%) FY24 FY23 YoY (%)
Revenues 31,869 20,772 53.4 33,125 -3.8 1,19,266 77,152 54.6
COGS 17,437 12,298 41.8 17,904 -2.6 65,407 42,156 55.2
Gross profit 14,433 8,474 70.3 15,221 -5.2 53,859 34,996 53.9
Gross Margin (%) 45.3 40.8 449 bps 46.0 -66 bps 45.2 45.4 -20 bps
Employee expenses 2,978 1,569 89.8 2,441 22.0 9,379 5,801 61.7
% of net sales 9.3 7.6 179 bps 7.4 197 bps 7.9 7.5 35 bps
Rent Expenses 2,855 1,639 74.2 2,858 11,293 7,086
% of net sales 9.0 7.9 107 bps 8.6 33 bps 9.5 9.2 28 bps
Other Expenses 3,827 4,784 -20.0 6,548 -41.6 13,917 10,917 27.5
% of net sales 12.0 23.0 -1103 bps 19.8 -776 bps 11.7 14.1 -248 bps
EBITDA 4,773 2,120 125.1 6,232 -23.4 19,269 11,193 72.2
EBITDA Margin (%) 15.0 10.2 477 bps 18.8 -384 bps 16.2 14.5 165 bps
Depreciation 2,027 1,281 58.2 1,575 28.6 6,385 4,632 37.8
EBIT 2,746 839 227.2 4,656 -41.02 12,884 6,560 96.4
Other Income 733 1,291 -43.3 768 -4.6 3,509 4,117 -14.8
Interest Expenses 322 883 -63.6 957 -66.4 3,094 3,572 -13.4
PBT 3,157 1,248 153.0 4,467 -29.3 13,300 7,105 87.2
Taxes 2,048 197 942.2 1,031 98.7 4,375 1,559
Adjusted PAT 1,109 1,051 5.5 3,436 -67.7 8,925 5,546 60.9
Extra-ordinary items -5,434 0 0 -5,434 0
Reported PAT 6,543 1,051 522.4 3,436 90.4 14,358 5,546 158.9
EPS 18.41 2.96 522.4 9.67 90.4 40.4 15.62 158.6
Source: Company data, I-Sec research

India | Equity Research 2

 % (bps) %

200
300

100
400
500

0
-200
-100
0

-2000
-1000
1000
2000
3000
4000
0
5000

1000
2000
3000
4000

-5000
-4000
-3000
-2000
-1000
Q4FY20
-1,484 Q4FY20 241 Q4FY20 15
Q1FY21 -173 Q1FY21
-3,970 Q1FY21 -87
Q2FY21 -95 Q2FY21 -695 Q2FY21 -45
Q3FY21 4 Q3FY21 -17

India | Equity Research

Q3FY21 574
Q4FY21 47 Q4FY21 671 Q4FY21 7
Q1FY22 -73 Q1FY22 4,028 Q1FY22 240

EBITDA growth
Q2FY22 3,365 Q2FY22 126

Source: Company data, I-Sec research

Source: Company data, I-Sec research
Source: Company data, I-Sec research
Q2FY22 1,123
Q3FY22 62 Q3FY22 -513-405 Q3FY22 86
Q4FY22 12 Q4FY22 Q4FY22 53
Revenue growth (YoY)

Gross margin (bps YoY)

Q1FY23
-1,057 21 Q1FY23 -425 Q1FY23 405
Trent | Q4FY24 results review | 30 April 2024

Q2FY23 Q2FY23 -515 Q2FY23 78

Q3FY23 15 Q3FY23 -586 Q3FY23 61
Q4FY23 39 Q4FY23 -833 Q4FY23 75
Q1FY24 20 Q1FY24 -479 Q1FY24 53
Q2FY24 72 Q2FY24 -230 Q2FY24 59
Q3FY24 86 Q3FY24 57 Q3FY24 53
Q4FY24 125 Q4FY24 449 Q4FY24 53

% % %

-80
-60
-40
-20

-160
-140
-120
-100
0
0

-80
-60
-40
-20

20
40
20

10
30
40
50
60

-140
-120
-100
0
20
Q4FY20 0 Q1FY21
-124 40 Q1FY21 13
Q1FY21
-145 Q2FY21 1 Q2FY21 41
Q2FY21 -11 Q3FY21 25 Q3FY21 56
Q3FY21 11 Q4FY21 18 Q4FY21 53
Q4FY21 7 Q1FY22 -10 Q1FY22 54

PAT margin
Q1FY22 -26
Gross margin

Q2FY22 22 Q2FY22 52
EBITDA margin

Q2FY22 12

Source: Company data, I-Sec research

Source: Company data, I-Sec research
Source: Company data, I-Sec research

Q3FY22 22 Q3FY22 51
Q3FY22 10
Q4FY22 13 Q4FY22 49
Q4FY22 6
Q1FY23 18 Q1FY23 49
Q1FY23 6
Q2FY23 15 Q2FY23 47
Q2FY23 7 10
Q3FY23 15 Q3FY23 45
Q3FY23
Q4FY23 5 Q4FY23 10 Q4FY23 41

Q1FY24 6 Q1FY24 14 Q1FY24 45

Q2FY24 10 Q2FY24 16 Q2FY24 45
Q3FY24 10 Q3FY24 19 Q3FY24 46
Q4FY24 21 Q4FY24 15 Q4FY24 45

3
Trent | Q4FY24 results review | 30 April 2024

Staff costs as a % of sales Operating expense as % of sales

70 80

74
63

60 70

60
50
50

40
40
40
%

%
30

28
23

27

27
30

23
23
22
18
20

15
13

14
14
20

13
10

12
12
12

11
9

9
9

8
7

7
7
7
10
7
6

10
0 0
Q4FY20
Q1FY21
Q2FY21
Q3FY21

Q1FY22

Q3FY22

Q1FY23
Q2FY23
Q3FY23
Q4FY23

Q2FY24

Q4FY24
Q4FY21

Q2FY22

Q4FY22

Q1FY24

Q3FY24

Q4FY20

Q2FY21

Q4FY21

Q2FY22
Q3FY22

Q1FY23

Q3FY23

Q1FY24
Q2FY24

Q4FY24
Q1FY21

Q3FY21

Q1FY22

Q4FY22

Q2FY23

Q4FY23

Q3FY24
Source: Company data, I-Sec research Source: Company data, I-Sec research

Total fashion store Emerging category contribution (% of revenue)

811

900 25
715

800 20
661

19 19 19
632

700 20 18 18
580
550

15 15
500

600
450

15
435

500
362
(No)

(%)
321
306

400
295

10
262
254

300
200 5
100
0 0
Q1FY23

Q4FY23

Q1FY24

Q2FY24

Q3FY24
Q2FY23

Q3FY23

Q4FY24
Q4FY21
Q1FY22
Q2FY22
Q3FY22

Q2FY23
Q3FY23
Q4FY23
Q1FY24

Q4FY24
Q2FY21
Q3FY21

Q4FY22
Q1FY23

Q2FY24
Q3FY24

Source: Company data, I-Sec research Source: Company data, I-Sec research

Shareholding pattern Price chart

% Sep‘23 Dec‘23 Mar‘24 5000
Promoters 37.0 37.0 37.0 4000
Institutional investors 41.0 40.8 40.7 3000
(INR)

MFs and others 8.4 9.2 8.7

2000
FIs/Banks 0.0 0.0 0.0
Insurance 5.7 5.0 4.5 1000
FIIs 26.9 26.6 27.5 0
Others 21.9 22.2 22.3
Jul-21

Jul-22

Jul-23
Apr-21

Apr-22

Apr-23

Apr-24
Oct-21

Jan-22

Oct-22

Jan-23

Oct-23

Jan-24

Source: Bloomberg Source: Bloomberg

India | Equity Research 4

Trent | Q4FY24 results review | 30 April 2024

Financial Summary
Profit & Loss Cashflow statement
(INR mn, year ending March) (INR mn, year ending March)

FY23A FY24A FY25E FY26E FY23A FY24A FY25E FY26E

Net Sales 77,152 1,19,266 1,56,183 1,98,846 Operating Cashflow 6,628 13,484 18,402 23,851
Operating Expenses 65,959 99,996 1,32,909 1,68,013 Working Capital Changes (2,707) (2,725) (2,642) (3,156)
EBITDA 11,193 19,269 25,617 33,816 Capital Commitments (4,950) (7,241) (9,371) (11,931)
EBITDA Margin (%) 14.5 16.2 16.4 17.0 Free Cashflow 1,679 6,243 9,031 11,921
Depreciation & Amortization 4,632 6,385 6,950 8,849 Other investing cashflow 3,520 2,256 (3,483) (4,345)
EBIT 6,560 12,884 18,667 24,968 Cashflow from Investing
(1,430) (4,985) (12,854) (16,275)
Interest expenditure 3,572 3,094 5,154 6,164 Activities
Other Non-operating Issue of Share Capital - - 0 0
4,117 3,509 3,509 3,685
Income Interest Cost - - - -
Recurring PBT 7,105 13,300 17,022 22,488 Inc (Dec) in Borrowings - - - -
Profit / (Loss) from Dividend paid - - - -
- - - -
Associates Others (4,759) (5,642) (4,430) (3,203)
Less: Taxes 1,559 4,375 4,255 5,622 Cash flow from Financing
(5,152) (6,425) (4,643) (3,416)
PAT 5,546 8,925 12,766 16,866 Activities
Less: Minority Interest - - - - Chg. in Cash & Bank
46 2,074 905 4,160
Extraordinaries (Net) - (5,434) - - balance
Net Income (Reported) 5,546 14,358 12,766 16,866 Closing cash & balance 790 2,864 3,769 7,929
Net Income (Adjusted) 5,546 8,925 12,766 16,866
Source Company data, I-Sec research
Source Company data, I-Sec research
Key ratios
Balance sheet (Year ending March)
(INR mn, year ending March)
FY23A FY24A FY25E FY26E
FY23A FY24A FY25E FY26E Per Share Data (INR)
Total Current Assets 23,582 33,971 42,834 53,656 Reported EPS 15.6 25.1 35.9 47.4
of which cash & cash eqv. 789 2,862 3,769 7,929 Adjusted EPS (Diluted) 15.6 40.4 35.9 47.4
Total Current Liabilities & Cash EPS 28.6 58.4 55.5 72.3
10,446 15,027 20,342 23,848
Provisions Dividend per share (DPS) - - - -
Net Current Assets 13,136 18,944 22,493 29,808 Book Value per share (BV) 86.6 125.1 160.4 207.3
Investments 11,918 12,820 12,070 11,320 Dividend Payout (%) - - - -
Net Fixed Assets 8,536 11,368 19,276 27,230
ROU Assets 34,346 11,891 17,429 23,828 Growth (%)
Capital Work-in-Progress 415 1,614 1,614 1,614 Net Sales 102.1 54.6 31.0 27.3
Total Intangible Assets 777 744 744 744 EBITDA 76.7 72.2 32.9 32.0
Other assets 2,082 1,608 1,608 1,608 EPS (INR) 111.0 60.9 43.0 32.1
Deferred Tax assets 1,540 553 553 553
Total Assets 72,765 59,553 75,798 96,717 Valuation Ratios (x)
Liabilities P/E 276.5 171.8 120.1 90.9
Borrowings 4,980 4,986 4,986 4,986 P/CEPS 150.7 73.9 77.8 59.6
Deferred Tax Liability 95 86 86 86 P/BV 49.8 34.5 26.9 20.8
provisions 561 1,556 1,556 1,556 EV / EBITDA 136.3 79.0 59.4 44.9
other Liabilities 121 63 63 63 P / Sales 19.9 12.9 9.8 7.7
Equity Share Capital 30,799 44,472 57,025 73,678 Dividend Yield (%) - - - -
Reserves & Surplus - - - -
Total Net Worth 30,799 44,472 57,025 73,678 Operating Ratios
Minority Interest - - - - Gross Profit Margins (%) 45.4 45.2 44.1 44.4
Total Liabilities 72,765 59,553 75,798 96,717 EBITDA Margins (%) 14.5 16.2 16.4 17.0
Source Company data, I-Sec research Effective Tax Rate (%) 21.9 32.9 25.0 25.0
Net Profit Margins (%) 7.2 7.5 8.2 8.5
Quarterly trend Net Debt / Equity (x) 7.2 9.9 12.4 15.8
(INR mn, year ending March) Net Debt / EBITDA (x) 7.7 7.7 8.9 8.9
Fixed Asset Turnover (x) 9.9 12.0 10.3 8.7
Jun-23 Sep-23 Dec-23 Mar-24 Working Capital Days 0.3 0.0 0.2 0.3
Net Sales 25,364 28,907 33,125 31,869 Inventory Turnover Days 84 58 62 61
% growth (YOY) 53.5 59.4 52.5 53.4 Receivables Days 2 3 2 2
EBITDA 3,657 4,609 6,232 4,773 Payables Days 41 28 34 33
Margin % 14.4 15.9 18.8 15.0
Other Income 498 1,511 768 733 Profitability Ratios
Extraordinaries - - - (5,434) RoCE (%) 15.1 20.3 25.1 26.6
Adjusted Net Profit 1,483 2,897 3,436 6,543 RoE (%) 19.1 38.2 25.2 25.8
Source Company data, I-Sec research RoIC (%) 24.5 25.8 29.8 30.6
Source Company data, I-Sec research

India | Equity Research 5

Trent | Q4FY24 results review | 30 April 2024

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New I-Sec investment ratings (all ratings based on absolute return; All ratings and target price refers to 12-month performance horizon, unless mentioned otherwise)
BUY: >15% return; ADD: 5% to 15% return; HOLD: Negative 5% to Positive 5% return; REDUCE: Negative 5% to Negative 15% return; SELL: < negative 15% return

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India | Equity Research 6

Trent | Q4FY24 results review | 30 April 2024

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