Company Profile

General Information Diluted Share Information

Short Company Name Trent Current Share Price 1,400.0
Long Company Name Trend Ltd 52 Week High
Project Code Name 52 Week Low
Ticker Beta
Country India Long Term Growth Rate
Currency
Latest Fiscal Year End 3/31/2023 Exchange Rate
Latest Reporting Period 12/31/2022
No. of Shares Outstanding (in mn) 355.487
Entered By Pulkit Narang
Updated By Pulkit Narang Options Outstanding (in the money) -
Date Updated 5/4/2023 x Average Option Strike Price -
Research xxxx = Total Option Proceeds -
/ Current Share Price 1,400.0
= Share Repurchased Under TSM -
Diluted Shares Outstanding 355.487
 Equity / Enterprise Value Calculation Outstanding Options Information
Diluted Shares 355.487 Tranche Options Strike In the Money?
x Share Price 1,400.0 - - Yes
Market Capitalization 497,682 - - Yes
+ Debt, MI, Pref., & Warr. - - Yes
- Cash & Marketable Securities - - Yes
Enterprise Value 497,682 - - Yes
-
Credit Statistics Multiples and Margins
Total Debt 2020
New Debt EV / Sales
EV / EBITDA
Debt / Equity EV / EBIT
Net Debt / EBITDA PE
Total Debt / Book Capitalization PEG Ratio
EBITDA / Interest Expense EBITDA Margin
BVPS Net Income Margin
Options Information
Include Proceeds
- -
- -
- -
- -
- -
- -
s and Margins
Income Statement (Standalone)

Particulars (in Crs) 2019 2020 2021

Sale of products (Net) 2,491.2 3,141.1 2,011.8
Sale of products (Gross) 2,721.1 3,407.6 2,173.8
Less: Goods and Service Tax (229.9) (266.5) (162.0)
Other Operating Revenues 40.5 36.6 35.7
Loyalty Membership Fee 11.4 14.9 10.6
Rent 10.7 5.8 5.5
Business Support Service Income 4.8 6.1 7.3
Exchange fluctuation income (Net) 1.3 1.1 0.7
Others 12.3 8.8 11.8
Other Income 36.3 151.8 204.2
Total Income (A) 2,568.0 3,329.4 2,251.8

Purchases of Stock-in-Trade (1,378.8) (1,681.9) (854.9)

Changes in Inventories of Stock-in -Trade 146.5 78.2 (174.8)
Employee Benefits Expense (252.5) (313.1) (255.0)
Rent (including embedded lease component) (318.0) (202.6) (183.8)
Advertisement and Sales Promotion (43.0) (49.3) (43.9)
Freight and forwarding charges (74.3) (77.2) (36.5)
Commission on online sales - - (27.1)
Outsourcing Fees (33.2) (32.4) (29.3)
Power and Fuel (55.7) (60.6) (43.6)
Repairs to Building (57.1) (46.4) (43.2)
Other Expenses (229.1) (229.1) (151.8)
Operating Costs (Excluding D&A) (2,295.2) (2,614.5) (1,843.7)

EBITDA 272.8 715.0 408.1

D&A (46.5) (231.1) (235.9)
EBIT 226.4 483.8 172.2
Finance Costs (36.8) (238.3) (238.0)
PBT (Before Exceptional Items) 189.6 245.5 (65.8)
Exception Items Income / (Expense) (0.5) (0.0) (6.3)
PBT 189.2 245.5 (72.1)
Tax expense (61.7) (90.9) 21.1
Current Tax (68.2) (60.0) -
Deferred Tax 3.9 (33.6) 14.6
Short /(Excess) Provision of earlier years 2.6 2.7 6.6
Profit / (Loss) for the year 127.5 154.6 (51.0)

Other Comprehensive Income Items that will not be reclassified to Profit and (Loss) 116.9
Income tax relating to items that will not be reclassified to Profit and (Loss) (13.5)
Other Comprehensive Income for the year, net of tax (F) 103.4
Total Comprehensive Income for the year (E+F) 52.4
Earnings per Equity share : (1) Basic (1.4)
(2) Diluted (1.4)

Break up
OTHER EXPENSES Particulars
Consumable Stores (7.8) (9.1) (6.0)
Packing Materials Consumed (5.5) (5.8) (4.4)
Repairs to Machinery (11.4) (13.8) (10.3)
Repairs and Maintenance -Others (12.3) (15.6) (20.4)
Rates and Taxes (13.4) (16.4) (8.1)
Insurance (2.2) (2.5) (3.9)
Travelling Expenses (15.6) (13.7) (2.7)
Professional and Legal Charges (27.8) (31.4) (19.5)
Printing and Stationery (3.9) (3.7) (1.6)
Bank Charges (13.3) (16.0) (9.1)
Postage, Telegrams and Telephones (6.2) (9.0) (6.6)
General Expenses (73.7) (84.8) (52.5)
Directors' Fees (0.9) (1.1) (0.7)
Remuneration/Commission to Non Whole-time Directors (1.0) (1.0) (0.4)
Franchisee Fees (Excluding embedded lease components) (21.5) - -
Loss on Sale of Fixed Assets Sold/Discarded (net) (10.3) (2.7) (1.0)
Impairment Loss on Fixed assets - - (1.5)
Loss on sale of non current investments (0.2) - (0.1)
Corporate Social Responsibility (2.1) (2.7) (3.2)
Changes in the fair value of Investments (net) - - -
Total (229.1) (229.1) (151.8)
2022 2023 2024F 2025F 2026F 2027F 2028F 2029F
3,818.3 7,597.7
4,128.5 8,212.8
(310.2) (615.1)
62.5 117.5
36.2 72.0
6.7 11.9
6.6 9.1
1.5 1.6
11.4 22.9
279.0 411.7
4,159.7 8,126.9

(2,328.2) (4,728.0)
427.4 512.4
(337.9) (580.1)
(366.3) (708.6)
(113.1) (142.0)
(96.5) (226.4)
(32.9) (38.0)
(40.3) (57.7)
(64.2) (134.3)
(51.2) (67.5)
(244.0) (425.6)
(3,247.2) (6,595.9)

912.5 1,530.9
(283.1) (463.2)
629.4 1,067.7
(293.3) (357.2)
336.2 710.5
(13.2) -
323.0 710.5
(73.4) (155.9)
(87.3) (167.4)
13.8 11.4
0.1 0.1
249.6 554.6

(3.5)
0.7
(2.8)
246.8
 7.0
7.0

(20.6) (41.3)
(6.5) (30.0)
(13.4) (22.3)
(28.5) (43.1)
(9.9) (15.2)
(4.2) (5.5)
(10.3) (25.8)
(37.3) (55.2)
(3.6) (7.2)
(16.2) (36.1)
(7.8) (10.4)
(80.2) (124.7)
(1.0) (0.9)
(2.6) (2.5)
- -
- -
- -
(0.7) -
(1.2) (1.7)
- (4)
(244.0) (425.6)
2030F
% RevenueOperating Cost
% RevenueOperating Cost
% MachineOperating Cost
% RevenueOperating Cost
% RevenueOperating Cost
% RevenueOperating Cost
% RevenueG&A
% RevenueG&A
% RevenueG&A
% RevenueG&A
% RevenueG&A
Straight Li G&A
Straight Li G&A
Balance Sheet (Standalone)

Particulars (in Crs) 2019 2020 2021

ASSETS
Non-Current Assets Property
Property, Plant and Equipment 530.6 620.8 605.2
Capital work-in-progress 85.0 23.1 34.0
Investment Property 32.5 28.8 28.1
Intangible assets 64.0 64.7 63.5
Right of Use Assets - 1,904.1 2,226.5
Financial Assets
Investments 880.9 926.9 1,114.6
Loans
Loan Considered good -Unsecured 3.8 1.6 1.8
Others 30.0 72.1 67.5
Deferred Tax Assets (Net) 7.2 107.0 108.0
Other Non-Current Assets 90.9 99.8 142.6
Total Non-Current Assets (A) 1,724.9 3,848.7 4,391.9

Current Assets
Inventories 489.4 586.5 394.6
Investments 60.1 680.0 614.6
Trade receivables
Trade Receivables considered good-unsecured 14.13 13.3 20.6
Trade Receivables- Credit Impaired
Cash and Cash Equivalents 48.18 41.2 64.1
Bank Balances other than CC&E 2.77 2.8 2.9
Loans
Loan Receivables considered good - Secured 25 25.0 25.0
Loan Receivables considered good - Unsecured 4.98 60.7 49.9
Loan Receivables -Credit Impaired 51.3
Others 117.15 36.3
Current Tax Assets (Net) 9.8 22.0 3.2
Other Current Assets 64.2 74.0 81.0
Assets held for sale 4.6 8.1
Total Current Assets (B) 835.7 1,546.4 1,315.2

Total Assets (A+B) 2,560.6 5,395.1 5,707.1

EQUITY AND LIABILITIEIS

Equity
Equity Share Capital 33.2 35.6 35.6
Other Equity 1,663.6 2,463.4 2,480.3
Total Equity (C) 1,696.8 2,499.0 2,515.9
Non-Current Liabilities
Borrowings 299.6 299.7 -
Lease Liabilities - 2,145.2 2,494.4
Others 0.4 1.9 2.9
Provisions 14.3 15.9 11.5
Other Non-Current Liabilities 0.0 6.9 8.7
Total Non-Current Liabilities (D) 314.3 2,469.7 2,517.5

Current Liabilities
Borrowings 94.6 - 299.9
Lease Liabilities - - 63.9
Trade payables:
Total outstanding dues of micro enterprises and small enterpr 13.7 18.6 9.0
Total outstanding dues of creditors other than micro enterpri 215.2 237.9 210.6
Others 168.4 126.1 42.2
Other Current Liabilities 48.7 37.1 41.5
Provisions 4.3 5.9 5.2
Current Tax Liabilities (Net) 4.6 0.9 1.4
Total Current Liabilities (E) 549.5 426.4 673.7

Total Equity and Liabilities (C+D+E) 2,560.6 5,395.1 5,707.1

Check - - -
2022 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F

679.2
44.8
27.9
67.7
3,733.6

1,282.2

1.6
86.9
122.5
161.1
6,207.5

822.5
441.7

16.3

71.5
2.9

25.0
1.2
88.1

-
129.1
6.4
1,604.7

7,812.2

35.6
2,684.5
2,720.0
 497.4
3,997.4
8.4 18.6 13.7
18.6 237.87 215.2
9.5 126.08 168.4
4,531.3 37.12 48.7
5.86 4.3
0.88 4.6
- 426.41 549.5
86.1 2896.1 863.8
5395.09 2,560.6
6.8
307.3
81.5
66.2
7.8
5.0
560.8

7,812.2

-
Cash Flow Statement (Standalone)

Particulars (in Crs) 2019 2020 2021

Net Profit/ (Loss) before Taxes and Exceptional Items (65.8)
Adjustments for:
Depreciation 235.9
Amortisation of Leasehold Land 0.7
Impairment Loss / (gain) 1.5
Provision for doubtful debts & bad debts written off/(written back) 8.9
Finance Income and cost (net) 208.4
(Profit)/Loss on Property, Plant & Equipment sold/discarded (net) 1.0
(Profit)/Loss on Sale of Investments(net) (2.8)
Income from Investments (net) (4.8)
Unrealised Foreign Exchange Loss (0.7)
Excess Provisions / Liabilities no longer required written back (3.4)
Investment on account of fair value (17.5)
Amortised cost of Borrowings and Deposits 0.2
Amortisation of deferred lease (Income) (0.5)
(Gain) /loss on lease termination (57.4)
Rent waiver/reduction (88.8)
Reclassification of Actuarial gain /loss 1.3
Expired Gift Vouchers and Credit Notes written back (4.7)
277.3

Operating Profit Before Working Capital Changes 211.5

Adjustments for (Increase)/Decrease in Inventories 192.0
(Increase)/Decrease in Trade Receivables & Other Current Assets (40.3)
(Increase)/Decrease in Loans and Other Non Current Assets (13.0)
Increase/(Decrease) in Trade Payable & Other Current Liabilities (24.1)
Increase/(Decrease) in Non Current Liabilities (1.5)
Cash generated from operations 324.6
Direct Taxes Paid (0.1)
Net Cash from Operating Activities 324.5

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Property,Plant and Equipment & Investment Property (103.1)
Sale of Property,PIant and Equipment & Investment Property 22.3
Purchase of Investments (603.9)
Sale of Investments 701.1
Loans given (14.2)
Repayment of Loans given 20.8
Interest received 22.8
Income From Investments (net) 0.1
Purchase of / Subscription to Investments in Subsidiaries, Joint ventures and Associates (90.0)
Sales / Eedemption of investments in Subsidiaries, Joint ventures and Associates -
Dividend from Investments in Subsidiaries, Joint ventures and Associates 4.8
Net cash used in Investing Activities (39.3)

CASH FLOW FROM FINANCING ACTIVITIES

Issue of securities (Net of issue expenses)
Redemption of Long Term borrowings
Payment of Lease Liability (54.0)
Finance Cost (172.8)
Dividend Paid (35.5)
Net cash from Financing Activities (262.3)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) 22.8

CASH AND CASH EQUIVALENTS AS AT OPENING 41.2
CASH AND CASH EQUIVALENTS AS AT CLOSING 64.1
2022 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F
336.2

283.1
0.7
(0.2)
2.3
272.5
(10.2)
(3.9)
(111.5)
(1.5)
(0.7)
(23.3)
0.5
(0.6)
(43.5)
(64.7)
(2.2)
(3.6)
293.3

629.4
(427.9)
(98.9)
(30.6)
141.7
13.7
227.4
(78.2)
149.2

(254.9)
57.0
(1,237.3)
1,469.0

49.2
13.5
1.1
(293.2)
79.4
110.3
(5.9)

496.9
(300.0)
(55.2)
(235.0)
(42.6)
(135.9)

7.4
64.1
71.5
 Name of the holding / Subsidiary/ Indicate whether holding /
S. No. Associate Companies / Joint Subsidiary / Associate / Joint
Ventures (A) Venture

1 Trent Brands Limited Subsidiary

2 Nahar Retail Trading Services Limited Subsidiary
3 Fiora Business Support Services LimiteSubsidiary
4 Trent Global Holdings Limited (MauritiSubsidiary
5 Booker India Limited Subsidiary
6 Booker Satnam Wholesale Limited Subsidiary
7 Fiora Hypermarket Limited Subsidiary
8 Fiora Online Limited Subsidiary
9 Common Wealth Developers Limited Subsidiary
10 Trent Hypermarket Private Limited Joint Venture
11 Massimo Dutti India Private Limited ( Associates
12 Inditex Trent Retail India Pvt Ltd (InditAssociates
 Does the entity indicated at column
A, participate in the Business Number
% of shares held by listed entity
Responsibility initiatives of the listed of Stores
entity? (Yes / No)

52.01% (47.99% held by FBSSL) Yes

100.0% Yes
100.0% Yes
100.0% Yes
51.0% Yes
0.00 % (100 % held by BIL) Yes
0.00 % (100 % held by BIL) Yes
0.00 % (75 % held by BIL) Yes
0.00 % (100 % held by NAHAR) Yes
50.0% No
49.0% No
49.0% No

554
Zara

INR in Crores 2018 2019 2020

Total Revenue

Revenue from Members

85%

Non Members
2021 2022 2023 2024 2025 2026 2027
1,815

Total Billings
1.10
2028 2029 2030
Subsidiaries

INR in Crores 2018 2019 2020

Trent Hypermarket Private Limited (Star Banner)
Stake in Joint Venture
Total Revenue
Net Profit / (Loss)

Inditex Trent Retail India Private Limited (ZARA)

Stake in Associate
Total Revenue
Net Profit / (Loss)

Booker India Limited

Total Revenue
Net Profit / (Loss)

Fiora Business Support and Services Limited

Revenue from Members

85%

Non Members
2021 2022 2023 2024 2025 2026 2027

1,206.5 1,338.3
(96.6) (135.4)

1,136.7 1,824.8

Total Billings
1.10
2028 2029 2030
Operating Metrics

INR in Crores 2018 2019 2020

Appreal's industry size (US$ bn)

Number o
Star Bazaar Enterprises
Stores
Cities

Landmark Xcite
Stores
Cities
Utsa
Stores
Cities
Massimo Dutti
Stores
Cities

x Westside
Total Revenue

Exclusive Brands Only

Cities
New Stores Added 27 20
Cumulative Store Count 125 150 165
Stores Closed 2 5

Sales per square feet annualised 10,518 10,532 10,639

WestStyleClub Members (INR lakhs) 45 51 59

Increasing during the year 6 8
 Revenue from Members
Revenue from Non-Members
Total

Reported Revenue (Including GST) 2,721 3,408

Average Bill Amount

Members 2,534 2,645 2,677
Overalls 2,197 2,332 2,357
Non Members

Member billings as % of Total Revenue

Total Billings (#)

Billings from Members (#)
Billings from Non-Members (#)

Gross Margin (%) 60.0% 57.9% 56.1%

EBITDA Margin (%) 11.0% 11.0% 11.0%
EBIT Margin (%) 9.0% 9.0% 9.0%

Capex per new store

x Zudio
Exclusive Brands Only
Stores
Cities

x Zara
Zara
Stores
Cities
2021 2022 2023 2024 2025 2026 2027
69.0

Number of Stores

70 70
9

6 6
4

6 6
5

3 3
2

200 200
233 233

89 90
11 36 20
174 200 214
2 10 6

7,159 9,950 11,973

66 77 86
7 11 9
 3,246
525
3,771

2,174 4,128 8,213

2,890 3,283 3,341

2,574 2,796 2,824
1,519

85%

1.18
0.99
0.19

57.6% 58.7%
1.0% 11.0%
(2.0%) 9.0%

6.5

233
89

21 21
19
2028 2029 2030
Ratio FY21 FY22
Debtors turnover (times): Net Sales/ Average Debtors 119 207
Inventory turnover (times): Cost of goods sold/ Average Stock 2 3
Interest service coverage (times)' PBT/ Interest 1 2
Current ratio (times): Current assets/ Current liabilities 1 2
Debt equity ratio (times): Debt/ Equity 0.1 0.2
Operating profit ( % to sales): EBIT excluding other income/ Net Sales -2% 9%
Net profit ( % to sales): EBIT/ Net Sales 8% 16%
Return on Net Worth -2% 9%
PAT/ Equity
Comments
Debtors are not material in the context of our business model.
Sales was impacted in FY21 due to Covid related closures and trade restrictions leading to higher average inventory in FY21. Cl
Interest includes the finance cost for interest accrued on lease liabilities under IndAS 1 16. There was a reduction in interest co
Closing inventory is in line with forecasted sales and the ratio is broadly in line with FY20 ratio.
During the year, the Company issued Redeemable Non Convertible Debentures in May 2021 on private placement basis.
Operating profit ratio has improved with sales recovery post pandemic and improved profits.
Net profit ratio has improved and is more favourable than in FY20.
Return on net worth ratio has improved and is more
favourable than in FY20.
average inventory in FY21. Closing inventory in line with forecasted sales.
was a reduction in interest cost excluding the IndAS 1 16 finance cost vis-a-vis FY20 and the ratio has improved over FY20.

ivate placement basis.

ed over FY20.