BUY (Maintain) 

CMP: INR 1,788 Target Price: INR 2,100 (INR 1,600)  17% ICICI Securities Limited is the author and distributor of this report

10 August 2023 India | Equity Research | Q1FY24 result review

Trent
Branded Apparel

Flywheel effect in action; aggressive retail expansion inspires confidence

TRENT continues to consistently (eight consecutive quarter) deliver best-in-sector quarterly performance at all levels
(revenue, LFL, retail expansion, operating profit). LFL at 12% is highest in the apparel sector. Retail expansion rate (40%
YoY) continues to inspire confidence in the relative success of the Zudio franchise. Entry of Reliance, Shoppers Stop etc
at the value price point (~INR 500) with new retail formats is likely to intensify competition but we believe Zudio is likely
to lead the category growth with the benefits of scale (552 stores, ~INR 47bn revenue in FY24E), differentiation and
operational efficiency. Retail expansion is tracking well (40 Zudio and 7 Westside stores added), while store closures
stood at 4 in Zudio and 4 in Star. Net margin stands in good health. Maintain BUY.

Strong revenue growth driven by LFL and retail expansion: Varun Singh
Revenue grew 54% YoY led by 12% LFL growth. Retail expansion stood at varun.singh@icicisecurities.com
+91 22 6807 7632
healthy 40% YoY to 609 fashion stores (Westside and Zudio). Increase in
Manoj Menon
revenue contribution from emerging categories (BPC, innerwear and
manoj.menon@icicisecurities.com
footwear) at 19% (vs ~15-18% over previous four quarters) is healthy. Karan Bhuwania
However, revenue contribution from online channel declined to 4% compared karan.bhuwania@icicisecurities.com
to ~6% during FY23. In online revenue, contribution from own website Akshay Krishnan
(westside.com) stands at healthy 32%. Weststyle club continues to witness akshay.krishnan@icicisecurities.com
positive traction; now 9 mn members. In Star Bazaar, increase in revenue
share from own-brands to 35% (from 24% in 1QFY23) is positive. Also, it has Market Data
successfully increased revenue contribution from GM and Apparel to 33% from Market Cap (INR) 636bn
Market Cap (USD) 7,672mn
24% in 1QFY23
Bloomberg Code TRENT IN
On track retail expansion: Reuters Code TREN.BO
52-week Range (INR) 1,806 /1,155
The company added 7 Westside stores in 1QFY24, taking the total Westside Free Float (%) 62.0
store count to 221. Similarly, in Zudio, it added 40 Zudio stores (closed 4), ADTV-3M (mn) (USD) 8.5
taking the total Zudio store count to 388, including SIS stores. As per revised
store addition guidance in Zudio to 200 stores, it shall likely add 53 stores each Price Performance (%) 3m 6m 12m
quarter over next three quarters. In Star Bazaar, it has closed 4 stores while Absolute 25.0 33.4 35.8
added 2 (36,000 sq feet). Relative to Sensex 7.8 9.6 13.6

ESG Disclosure 2021 2022 Change

ESG score 33.5 42.9 9.4
Environment 15.9 36.5 20.5
Financial Summary Social 20.8 25.9 5.1
Y/E March (INR mn) FY22A FY23A FY24E FY25E Governance 63.6 66.1 2.5
Net Revenue 38,183 77,152 1,05,279 1,35,629 Note - Score ranges from 0 - 100 with a higher
score indicating higher ESG disclosures.
EBITDA 6,335 11,193 16,455 21,661
Source: Bloomberg, I-sec research
EBITDA Margin (%) 16.6 14.5 15.6 16.0
Net Profit 2,756 5,546 7,928 10,433
EPS (Rs) 7.8 15.6 22.3 29.3 Earnings Revisions (%) FY24E FY25E
EPS % Chg YoY (688.8) 111.0 43.0 31.6
Revenue 13.0 20.2
P/E (x) 241.9 114.6 80.2 60.9 EBITDA 10.2 17.3
EV/EBITDA (x) 99.0 56.1 38.4 29.1 EPS 15.2 17.2
RoCE (%) 9.6 15.1 20.2 23.5
RoE (%) 10.5 19.1 22.9 23.9 Previous Reports
28-04-2023: Q4FY23 results review

Please refer to important disclosures at the end of this report

Trent | Q1FY24 result review | 10 August 2023

Healthy net profit margin

Gross margin contracted (7th consecutive quarter) by 479bp YoY to 44.5% due to
change in revenue mix (~>35% revenue contribution from Zudio). However, contraction
in EBITDA margin has been lower (398bp YoY) to 14.4% due to operating leverage
benefit. Net profit rose 44% YoY to INR 1483mn. Net profit margin (NPM) stood at
healthy 5.8% (7.2% FY23, vs 5.6% average NPM during FY16-20).

Valuation and risks

We increase our EPS estimates for FY24E-FY25E by 15%-17% respectively,
incorporating revised store addition guidance in Zudio (to 200 stores vs 119 stores
added in FY23). We model revenue, EBITDA and PAT CAGRs of 34%, 39% and 37%
respectively, over FY23-FY25E. We maintain BUY rating with a DCF-based target price
of INR 2,100 (was INR 1,600). Key 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. Key upside risks:
success of Zudio and other pilot formats.

Q1FY24 result review (standalone) – reported

Standalone (INR m) Q1FY24 Q1FY23 YoY (%) Q4FY23 QoQ (%)
Revenues 25,364 16,529 53 20,772 22
COGS 14,070 8,377 68 12,298 14
Gross profit 11,295 8,151 39 8,474 33
Gross Margin (%) 44.5 49.3 -479 bps 40.8 374 bps
Employee expenses 1,854 1,151 61 1,569 18
% of net sales 7.3 7.0 34 bps 7.6 -24 bps
Rent Expenses 2,822 1,658 1,639
% of net sales 11.1 10.0 110 bps 7.9 323 bps
Other Expenses 2,962 3,959 -25 4,784 -38
% of net sales 11.7 24.0 -1227 bps 23.0 -1135 bps
EBITDA 3,657 3,041 20 2,120 72
EBITDA Margin (%) 14.4 18.4 -398 bps 10.2 421 bps
Depreciation 1,335 1,202 11 1,281 4
EBIT 2,322 1,839 26 839 177
Other Income 498 415 20 1,291 -61
Interest Expenses 891 925 -4 883 1
PBT 1,928 1,330 45 1,248 55
Taxes 445 303 47 197 127
Adjusted PAT 1,483 1,026 44 1,051 41
Extra-ordinary items 0 0 0
Reported PAT 1,483 1,026 44 1,051.3 41
EPS 4.17 2.89 44 2.96 41
Source: Company data, I-Sec research

India | Equity Research 2

 % (bps) %

100
200
400
500

0
300

-200
-100

1000
3000
4000

0
2000

-2000
-1000
0
1000
2000
3000
4000
5000

-5000
-4000
-3000
-2000
-1000
Q3FY18 45 Q1FY19 -66 Q3FY18 20
78 Q2FY19 -125 18
Q1FY19 21 Q3FY19 -359 Q1FY19 18
20 18
Q4FY19 -625
Q3FY19 6 Q3FY19 26

India | Equity Research

Q1FY20 -140
-127 19
Q1FY20 131 Q2FY20 -294 Q1FY20 30
124 Q3FY20 -240 33
Q3FY20 139 Q4FY20 -3,970 241 Q3FY20 32

EBITDA growth

Source: Company data, I-Sec research

Source: Company data, I-Sec research
Source: Company data, I-Sec research
-1,484 -173 Q1FY21 15
Q1FY21 Q2FY21 -695 Q1FY21 -87
-95 Q3FY21 574 -45
Revenue growth (YoY)

Q3FY21 4 Q3FY21 -17

Gross margin (bps YoY)

Q4FY21 671
47 Q1FY22 4,028 7
Trent | Q1FY24 result review | 10 August 2023

Q1FY22 -73 Q2FY22 1,123 Q1FY22 240

3,365 Q3FY22 -513 126
Q3FY22 62 Q3FY22 86
Q4FY22 -405
12 53
Q1FY23 -425 Q1FY23 405
Q1FY23
-1,057
Q2FY23 -515 78
Q3FY23 2115 Q3FY23 -586 Q3FY23 61
39 Q4FY23 -833 75
Q1FY24 20 Q1FY24 -479 Q1FY24 53

% % %
0
10
20
30
40
50
60

20
40

-120
-100

-140
-80
-60
-40
-20

0
20
40

-160
-120
-100

-140
-80
-60
-40
-20
Q3FY18 7 Q3FY18 13 Q3FY18 57
2 5 50
Q1FY19 6 Q1FY19 12 Q1FY19 54
5 10 51
Q3FY19 6 Q3FY19 11 Q3FY19 53
-4 -1 44
Q1FY20 8 Q1FY20 21 Q1FY20 53

PAT margin
5 16 48
Gross margin

Q3FY20 6 Q3FY20 20 Q3FY20 51

EBITDA margin

Source: Company data, I-Sec research

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

0 13 46
-145
Q1FY21 -11 -124
Q1FY21 1 Q1FY21 13
41
Q3FY21 11 Q3FY21 25 Q3FY21 56
7 18 53
Q1FY22 -26 Q1FY22 -10 Q1FY22 54
12 22 52
Q3FY22 10 Q3FY22 22 Q3FY22 51
6 13 49
Q1FY23 6 Q1FY23 18 Q1FY23 49
10 15 47
Q3FY23 7 Q3FY23 15 Q3FY23 45
5 10 41
Q1FY24 6 Q1FY24 14 Q1FY24 45

3
Trent | Q1FY24 result review | 10 August 2023

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

74
70 80

63
60 70
60
50
50

40
40
40
%

%
30

28
27

27
23

24
30

23
23

23
22
22
21

21
20

19
19

18
20

15

15
15
15
13

14
20
11

10

12
10
10

10
10
10

10
10

9
9

8
7

7
10

7
6
10
0 0
Q3FY18

Q1FY19

Q3FY19

Q1FY20

Q3FY20

Q1FY21

Q3FY21

Q1FY22

Q3FY22

Q1FY23

Q3FY23

Q1FY24

Q3FY18

Q1FY19

Q3FY19

Q1FY20

Q3FY20

Q1FY21

Q3FY21

Q1FY22

Q3FY22

Q1FY23

Q3FY23

Q1FY24
Source: Company data, I-Sec research Source: Company data, I-Sec research

Total fashion store

700 632
580
600 550
500
500 435 450
374
400
321 338
(No)

295
300 271 286

200

100

0
Q2FY21

Q3FY21

Q1FY22

Q2FY22

Q1FY23

Q4FY23

Q1FY24
Q4FY21

Q3FY22

Q4FY22

Q2FY23

Q3FY23

Source: Company data, I-Sec research

Shareholding pattern Price chart

% Dec‘22 Mar‘23 Jun‘23 2000
Promoters 37.0 37.0 37.0 1500
Institutional investors 40.9 40.5 40.8
(INR)

MFs and others 9.5 8.9 9.1 1000

FIs/Banks 0.1 0.2 0.0
500
Insurance 5.9 6.3 6.1
FIIs 25.4 25.1 25.6 0
Feb-22
Feb-21

Feb-23
Aug-20

Aug-21

Aug-22

Aug-23

Others 22.1 22.5 22.2

Source: Bloomberg Source: Bloomberg

India | Equity Research 4

Trent | Q1FY24 result review | 10 August 2023

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

FY22A FY23A FY24E FY25E FY22A FY23A FY24E FY25E

Operating Cashflow 1,492 6,628 11,620 14,663
Net Sales 38,183 77,152 1,05,279 1,35,629 Working Capital Changes (4,020) (2,707) (6,310) (3,908)
Operating Expenses 32,472 65,959 90,403 1,16,002 Capital Commitments (2,549) (4,950) (6,317) (8,138)
EBITDA 6,335 11,193 16,455 21,661 Free Cashflow (1,057) 1,679 5,303 6,525
EBITDA Margin (%) 16.6 14.5 15.6 16.0 Other investing cashflow 2,490 3,520 (28,235) (30,545)
Depreciation & Amortization 2,831 4,632 5,790 6,442 Cashflow from Investing
(59) (1,430) (34,552) (38,683)
EBIT 3,505 6,560 10,665 15,219 Activities
Interest expenditure 2,933 3,572 4,211 5,425 Issue of Share Capital 4,969 - - 0
Other Non-operating Interest Cost - - - -
2,790 4,117 4,117 4,117
Income Inc (Dec) in Borrowings (3,000) - - -
Recurring PBT 3,362 7,105 10,571 13,911 Dividend paid - - - -
Profit / (Loss) from Others (2,902) (4,759) 23,072 24,015
- - - -
Associates Cash flow from Financing
(1,359) (5,152) 22,859 23,801
Less: Taxes 734 1,559 2,643 3,478 Activities
PAT 2,628 5,546 7,928 10,433 Chg. in Cash & Bank
74 46 (74) (219)
Less: Minority Interest - - - - balance
Extraordinaries (Net) 129 - - - Closing cash & balance 744 790 716 497
Net Income (Reported) 2,756 5,546 7,928 10,433
Source Company data, I-Sec research
Net Income (Adjusted) 2,628 5,546 7,928 10,433
Source Company data, I-Sec research
Key ratios
(Year ending March)
Balance sheet
(INR mn, year ending March) FY22A FY23A FY24E FY25E
Per Share Data (INR)
FY22A FY23A FY24E FY25E Reported EPS 7.4 15.6 22.3 29.3
Total Current Assets 16,916 23,582 32,036 38,220 Adjusted EPS (Diluted) 7.8 15.6 22.3 29.3
of which cash & cash eqv. 744 789 716 497 Cash EPS 15.7 28.6 38.6 47.5
Total Current Liabilities & Dividend per share (DPS) - - - -
5,608 10,446 12,663 15,157
Provisions Book Value per share (BV) 76.5 86.6 108.3 137.1
Net Current Assets 11,308 13,136 19,374 23,063 Dividend Payout (%) - - - -
Investments 12,822 11,918 8,618 8,813
Net Fixed Assets 7,070 8,536 12,469 17,894 Growth (%)
ROU Assets 37,336 34,346 62,473 92,823 Net Sales 89.8 102.1 36.5 28.8
Capital Work-in-Progress 448 415 415 415 EBITDA 210.8 76.7 47.0 31.6
Total Intangible Assets 677 777 777 777 EPS (INR) (688.8) 111.0 43.0 31.6
Other assets 1,611 2,082 2,082 2,082
Deferred Tax assests 1,225 1,540 1,540 1,540 Valuation Ratios (x)
Total Assets 72,513 72,765 1,07,763 1,47,423 P/E 241.9 114.6 80.2 60.9
Liabilities P/CEPS 113.8 62.4 46.3 37.7
Borrowings 4,974 4,980 4,980 4,980 P/BV 23.4 20.6 16.5 13.0
Deferred Tax Liability 95 95 95 95 EV / EBITDA 99.0 56.1 38.4 29.1
provisions 186 561 561 561 P / Sales 16.6 8.2 6.0 4.7
other Liabilities 84 121 121 121 Dividend Yield (%) - - - -
Equity Share Capital 27,200 30,799 38,514 48,734
Reserves & Surplus - - - - Operating Ratios
Total Net Worth 27,200 30,799 38,514 48,734 Gross Profit Margins (%) 51.9 45.4 46.0 45.4
Minority Interest - - - - EBITDA Margins (%) 16.6 14.5 15.6 16.0
Total Liabilities 72,513 72,765 1,07,763 1,47,423 Effective Tax Rate (%) 21.8 21.9 25.0 25.0
Source Company data, I-Sec research Net Profit Margins (%) 6.9 7.2 7.5 7.7
Net Debt / Equity (x) 6.5 7.2 8.7 10.8
Quarterly trend Net Debt / EBITDA (x) 11.4 7.7 7.5 8.3
(INR mn, year ending March) Fixed Asset Turnover (x) 5.8 9.9 10.2 9.1
Working Capital Days 0.1 0.3 0.5 0.6
Sep-22 Dec-22 Mar-23 Jun-23 Inventory Turnover Days 101 84 86 83
Net Sales 18,136 21,715 20,772 25,364 Receivables Days 2 2 2 2
% growth (YOY) 77.7 61.1 75.3 53.5 Payables Days 39 41 34 33
EBITDA 2,675 3,356 2,120 3,657
Margin % 14.8 15.5 10.2 14.4 Profitability Ratios
Other Income 1,680 730 1,291 498 RoCE (%) 9.6 15.1 20.2 23.5
Extraordinaries - - - - RoE (%) 10.5 19.1 22.9 23.9
Adjusted Net Profit 1,859 1,610 1,051 1,483 RoIC (%) 17.2 24.5 28.0 29.8
Source Company data, I-Sec research Source Company data, I-Sec research

India | Equity Research 5

Trent | Q1FY24 result review | 10 August 2023

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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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Trent | Q1FY24 result review | 10 August 2023

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