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Systematix Research Report
Trent Ltd.'s standalone revenue grew 126% YoY (we estimated 100%) to Rs 10.2 billion on a weak base (45% decline in Q2 FY21).
Sales recovery was led by higher operational days and normalised store timings due to the easing of the lockdown restrictions. As of date, 191 Westside and 147 Zudio stores are operational.
Gross margin expanded 1,120 basis points YoY to 52.1% while Ebitda margin expanded 2,027 bps (we estimated 1,733 bps) YoY to 21.7% due to positive operating leverage.
Online channel registered a revenue growth of 95% YoY; continue to register over 5% of Westside revenues.
Consolidated revenue grew 101% YoY to Rs 11.8 billion while Ebitda was at Rs 2.1 billion.
Trent remains focused towards accelerated store expansion agenda; many stores are fitted out and ready to open once necessary approvals are obtained/respective malls commence operations.
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