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ICICI Direct Report
Despite the challenging environment, Trent Ltd. reported steady operational Q2 FY21 numbers.
With gradual opening of stores, it is seeing a rise in offtake on a month-on-month basis.
Standalone revenues (including Westside, Zudio and Landmark formats) de-grew 44.7% YoY to Rs 452.1 crore in Q2 FY21 (our estimate 47.0% de-growth, Q1 FY21 Rs 96.3 crore).
Owing to higher discounting and enhanced share of Zudio, gross margins fell sharply by 695 basis points YoY to 40.9%.
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