Trent Annual Report Key Takeaways - Well Placed To Benefit From Demand Revival: ICICI Direct
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ICICI Direct Report
Trent Ltd. FY21 annual report key takeaways:
1. Zudio reported industry best performance in FY21 despite pandemic induced challenges. The revenue de-growth was restricted to mere 5% (despite 80% washout in Q1 FY21) on account of robust store addition pace and lower presence in malls,
2. Westside lagged revenue recovery with recovery rate gradually improving to 77% in Q4 FY21 (on adjusted basis),
3. significant cost saving measures (rental, employee expenses down 20%, 19%, respectively) resulted in the company reporting positive standalone Ebitda (pre-Indian-accounting standard -116) in FY21,
4. Star Bazar reported an improved operational performance with sales de-growth restricted to 4% YoY and profit before losses narrowing down to Rs 92 crore versus Rs 155 crore in FY20,
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