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Motilal Oswal Report
Trent Ltd.’s management shared numbers on a pre-Indian Accounting Standards (Ind-AS 116) basis, highlighting healthy 22% standalone Ebitda growth in FY20 with a 9.1% margin, implying a 20 basis point drop.
Zudio achieved breakeven with Rs 80 million Ebit, with a 1.6% margin at a modest scale of Rs 500 billion and nearly 50% of the portfolio freshly launched. Westside delivered a 9.1% Ebit margin.
Zudio’s pricing-gross margin equation is noteworthy. It operates at a 39% margin despite its sharp pricing, offering 65% of products priced below Rs 399 at its stores. This is better than the regional players approximately 30% gross margin and national retailers’ much higher pricing for 40–45% margins.
Westside’s 56% gross margin is also healthy despite its prevailing pricing being a notch below pricing in the branded apparel category.
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