#EBITDA #GROWTH
In FY24, the EBITDA grew by 7% YoY to โน256 cr because of decline in power & fuel cost and other expenses. The power & fuel cost declined by 9% YoY to โน229 cr (v/s โน252 cr in FY23) led by reduced coal prices. Segment wise, the specialties segment contributed 67% (FY23: 69%) to the EBITDA and essentials segment contributes about 33% (FY23: 31%) to the EBITDA. The companyโs loss of profit insurance claim for FY22 was settled in Q4 FY24 which added โน10 cr to the EBITDA. During the year, the company witnessed supply chain challenges due to the ongoing Red Sea crisis. The companyโs key raw material are acetic acid and ethyl alcohol. The price of acetic acid is linked to crude oil prices. Similarly, the price of local ethyl alcohol, derived from sugarcane molasses, is cyclical. In 9M FY25, the EBITDA grew by 31% YoY to โน221 cr led by strong growth in both the essentials and specialties segment.
In FY24, the EBITDA grew by 7% YoY to โน256 cr because of decline in power & fuel cost and other expenses. The power & fuel cost declined by 9% YoY to โน229 cr (v/s โน252 cr in FY23) led by reduced coal prices. Segment wise, the specialties segment contributed 67% (FY23: 69%) to the EBITDA and essentials segment contributes about 33% (FY23: 31%) to the EBITDA. The companyโs loss of profit insurance claim for FY22 was settled in Q4 FY24 which added โน10 cr to the EBITDA. During the year, the company witnessed supply chain challenges due to the ongoing Red Sea crisis. The companyโs key raw material are acetic acid and ethyl alcohol. The price of acetic acid is linked to crude oil prices. Similarly, the price of local ethyl alcohol, derived from sugarcane molasses, is cyclical. In 9M FY25, the EBITDA grew by 31% YoY to โน221 cr led by strong growth in both the essentials and specialties segment.
๐3โค2
#PAT #GROWTH
In FY24, the PAT declined by 3.3% YoY to โน121 cr. The decline in profit was on account of increase in depreciation cost and higher effective tax rate. The depreciation cost increased by 47% YoY to โน107 cr from โน72 cr in FY23 mainly due to capitalization of two projects in subsidiary at site-2 in Mahad that came on stream in Q3 FY24 and Q4 FY24. The effective tax rate in FY24 stood at 29.4% in FY24 (v/s 27.9% in FY23). In 9M FY25, the PAT increased by 20% YoY to โน92 cr. The depreciation cost increased by 11% YoY to โน85 cr in 9M FY25 due to capitalization of assets in Lote.
In FY24, the PAT declined by 3.3% YoY to โน121 cr. The decline in profit was on account of increase in depreciation cost and higher effective tax rate. The depreciation cost increased by 47% YoY to โน107 cr from โน72 cr in FY23 mainly due to capitalization of two projects in subsidiary at site-2 in Mahad that came on stream in Q3 FY24 and Q4 FY24. The effective tax rate in FY24 stood at 29.4% in FY24 (v/s 27.9% in FY23). In 9M FY25, the PAT increased by 20% YoY to โน92 cr. The depreciation cost increased by 11% YoY to โน85 cr in 9M FY25 due to capitalization of assets in Lote.
๐ฅ3
#EBITDA #MARGIN
In FY24, the EBITDA margin expanded by 36 bps YoY to 8.9% because of decline in power & fuel cost and other expenses. During the year, the gross margin of the company contracted by 71 bps YoY to 32.8% because of increase in raw material cost. The companyโs product ethyl acetate is a commodity product, and thus, vulnerable to volatility in raw material prices, which are governed by global supplydemand dynamics. The companyโs focus on high margin specialties products in the di-ketene derivatives and fluorochemicals segment will provide a stability to its earnings and improves its margins. In 9M FY25, the EBITDA margin expanded by 158 bps YoY to 9.7% mainly led by improvement in gross margin on account of operational efficiency. Segment wise, the essentials segment margin expanded by 88 bps YoY to 4.6% and specialties segment margin expanded by 169 bps YoY to 20.8%.
In FY24, the EBITDA margin expanded by 36 bps YoY to 8.9% because of decline in power & fuel cost and other expenses. During the year, the gross margin of the company contracted by 71 bps YoY to 32.8% because of increase in raw material cost. The companyโs product ethyl acetate is a commodity product, and thus, vulnerable to volatility in raw material prices, which are governed by global supplydemand dynamics. The companyโs focus on high margin specialties products in the di-ketene derivatives and fluorochemicals segment will provide a stability to its earnings and improves its margins. In 9M FY25, the EBITDA margin expanded by 158 bps YoY to 9.7% mainly led by improvement in gross margin on account of operational efficiency. Segment wise, the essentials segment margin expanded by 88 bps YoY to 4.6% and specialties segment margin expanded by 169 bps YoY to 20.8%.
๐4
#ROCE
In FY24, the return on capital employed stood at 9.6%. The company has entered into fluorochemical specialty products which finds application in the pharmaceutical and agrochemical sectors. The company intend to leverage its existing relationships with customers by offering a diverse set of products while strengthening its position in the specialty chemicals segment simultaneously, it plans to reduce its dependence on commodities such as ethyl acetate.
In FY24, the return on capital employed stood at 9.6%. The company has entered into fluorochemical specialty products which finds application in the pharmaceutical and agrochemical sectors. The company intend to leverage its existing relationships with customers by offering a diverse set of products while strengthening its position in the specialty chemicals segment simultaneously, it plans to reduce its dependence on commodities such as ethyl acetate.
๐ฅ4
#CASH #FLOWS
In FY24, the cash from operations increased to โน562 cr due to improved working capital days and efficient use of current assets. Purchase of property plant and equipment of โน247.6 cr and movement in other bank balances of โน156 cr led to cash outflow from investing activities of โน490 cr. The company reported cash outflow from financing activities of โน42 cr. This was on account of net proceeds from short term borrowings, interest, lease and dividend payment partly offset by proceeds from issue of share capital.
In FY24, the cash from operations increased to โน562 cr due to improved working capital days and efficient use of current assets. Purchase of property plant and equipment of โน247.6 cr and movement in other bank balances of โน156 cr led to cash outflow from investing activities of โน490 cr. The company reported cash outflow from financing activities of โน42 cr. This was on account of net proceeds from short term borrowings, interest, lease and dividend payment partly offset by proceeds from issue of share capital.
โก4โค1
#SECTOR #POTENTIAL
โข The essentials solvents business under the Acetyl Intermediates (AI) category are slated to grow at ~5-6% CAGR from 2022-2028. โข Global market for Diketene derivatives segment is around $1.7 billion and is expected to grow at ~5-6% CAGR in the next 5 years. There are multiple tailwinds driving demand for Diketene derivatives with consumer segments showing strong growth globally. Global crop protection chemicals market clocked ~$79 billion in 2022 having grown at a 9.9% over 2021. The market is expected to witness a similar growth in the next 5 years. Whereas the other important Diketene derivatives application in the pharma sector is also expected to witness a high growth of ~ 9% CAGR from $1.5 trillion in 2021 on a year-on-year basis. โข Global fluorochemicals market is growing at an attractive CAGR of 5-6% and is expected to touch $30 billion by 2025. Indian market itself for fluorochemicals is growing at a strong pace of 12% CAGR and given the increasing demand from pharmaceuticals, agrochemicals, EV and renewables applications, this growth rate could accelerate to higher levels of 12-14% over next few years. โข Indian market size is currently around $450 million and expected to reach $1 billion by FY26. There has been a tremendous surge in demand for fluorine based chemical products in the field of agrochemicals in tandem with the rise of use in pharmaceuticals. Fluorine has a special place in the toolkit of the agrochemical and pharmaceutical chemist. It has a significant impact on the biological activity of agrochemicals like fungicides, insecticides, herbicides, acaricides, and nematicides. Fluorine containing pesticides account for ~67% of the overall pesticides and over 53% of the pesticides introduced in the previous 2 decades. On the other hand, fluorine containing drugs account for ~2% of the drugs approved by FDA in the last 5 years.
โข The essentials solvents business under the Acetyl Intermediates (AI) category are slated to grow at ~5-6% CAGR from 2022-2028. โข Global market for Diketene derivatives segment is around $1.7 billion and is expected to grow at ~5-6% CAGR in the next 5 years. There are multiple tailwinds driving demand for Diketene derivatives with consumer segments showing strong growth globally. Global crop protection chemicals market clocked ~$79 billion in 2022 having grown at a 9.9% over 2021. The market is expected to witness a similar growth in the next 5 years. Whereas the other important Diketene derivatives application in the pharma sector is also expected to witness a high growth of ~ 9% CAGR from $1.5 trillion in 2021 on a year-on-year basis. โข Global fluorochemicals market is growing at an attractive CAGR of 5-6% and is expected to touch $30 billion by 2025. Indian market itself for fluorochemicals is growing at a strong pace of 12% CAGR and given the increasing demand from pharmaceuticals, agrochemicals, EV and renewables applications, this growth rate could accelerate to higher levels of 12-14% over next few years. โข Indian market size is currently around $450 million and expected to reach $1 billion by FY26. There has been a tremendous surge in demand for fluorine based chemical products in the field of agrochemicals in tandem with the rise of use in pharmaceuticals. Fluorine has a special place in the toolkit of the agrochemical and pharmaceutical chemist. It has a significant impact on the biological activity of agrochemicals like fungicides, insecticides, herbicides, acaricides, and nematicides. Fluorine containing pesticides account for ~67% of the overall pesticides and over 53% of the pesticides introduced in the previous 2 decades. On the other hand, fluorine containing drugs account for ~2% of the drugs approved by FDA in the last 5 years.
๐4๐1๐ฆ1
#FUTURE #OUTLOOK
โข The company maintained its capital expenditure guidance of ~โน1,100 cr during FY24-FY28, both in the essentials and specialties segment. It includes โน800 cr at Dahej site & n-Butyl Acetate plant, โน50 cr in fluoro intermediates business, โน90 cr in Ethyl Acetate capacity addition at Lote and the rest capital expenditure at existing sites. With this capital expenditure plan, it expects to double its revenue and triple its EBITDA by FY28. โข In the essentials segments, the company would incur capital expenditure of ~โน550 cr at Dahej. It received relevant approvals for the same and construction has started. It expects revenue from Dahej to start flowing from FY26 and the peak revenue is expected by FY28. The company expects the asset turnover of ~3x-5x and EBITDA margins of ~8%-12%. โข In the specialties segment, it expects to incur a capital expenditure of ~โน550 cr. The asset turnover would be ~1x-2x and EBITDA margin of ~20%-25%. โข In the essentials segment, the company would increase its capacity by 1.75x from the current capacity of 240 KT (kilo tonne). In the specialty intermediates segment, the company is doubling the capacity of ketene & diketene derivatives. โข In n-Butyl Acetate plant at Dehej, Gujarat, the company propose capacity of 70 KTA (kilo tonnes per annum). The project will entail an investment of โน91.4 cr. It will be funded through a mix of internal accruals and debt. It is expected to be completed by Q4 FY26. โข In Ethyl Acetate at Lote, Maharashtra, the company propose capacity addition of 70 KTA. The project will entail an investment of โน90.5 cr. It will be funded through a mix of internal accruals and debt. Currently, the company has existing capacity of 200 KTA with capacity utilization of more than 90%. It is expected to be completed by Q4 FY26.
โข The company maintained its capital expenditure guidance of ~โน1,100 cr during FY24-FY28, both in the essentials and specialties segment. It includes โน800 cr at Dahej site & n-Butyl Acetate plant, โน50 cr in fluoro intermediates business, โน90 cr in Ethyl Acetate capacity addition at Lote and the rest capital expenditure at existing sites. With this capital expenditure plan, it expects to double its revenue and triple its EBITDA by FY28. โข In the essentials segments, the company would incur capital expenditure of ~โน550 cr at Dahej. It received relevant approvals for the same and construction has started. It expects revenue from Dahej to start flowing from FY26 and the peak revenue is expected by FY28. The company expects the asset turnover of ~3x-5x and EBITDA margins of ~8%-12%. โข In the specialties segment, it expects to incur a capital expenditure of ~โน550 cr. The asset turnover would be ~1x-2x and EBITDA margin of ~20%-25%. โข In the essentials segment, the company would increase its capacity by 1.75x from the current capacity of 240 KT (kilo tonne). In the specialty intermediates segment, the company is doubling the capacity of ketene & diketene derivatives. โข In n-Butyl Acetate plant at Dehej, Gujarat, the company propose capacity of 70 KTA (kilo tonnes per annum). The project will entail an investment of โน91.4 cr. It will be funded through a mix of internal accruals and debt. It is expected to be completed by Q4 FY26. โข In Ethyl Acetate at Lote, Maharashtra, the company propose capacity addition of 70 KTA. The project will entail an investment of โน90.5 cr. It will be funded through a mix of internal accruals and debt. Currently, the company has existing capacity of 200 KTA with capacity utilization of more than 90%. It is expected to be completed by Q4 FY26.
๐5โค2๐ฅ1
Laxmi Organic Industries 130-158
Expected level 200
Support 100
Expected level 200
Support 100
๐11โก5โค1๐ฏ1
Trent Limited company details Report
Established in 1998 as a part of the Tata Group, Trent Limited operates Westside, one of India's leading chains of fashion retail stores. The main business of the company, its subsidiaries, joint venture and associates is retailing. The group along with its joint venture and associates is engaged in retailing of apparels, footwear, accessories, toys, games, food, grocery & non-food products. It operates through Westside, Zudio, Star, Landmark, Booker Wholesale and ZARA retail formats. As on 31st December 2024, the company had a total of 238 Westside, 635 Zudio, 74 Star and 34 stores across other lifestyle concepts in the portfolio. Westside offers apparel, footwear and accessories for men, women and children, along with furnishings, decor and a range of home accessories, operating with a predominantly exclusive brands model. Westside accounts for majority of the companyโs revenues. It has an exclusive arrangement through Tatacliq, Westside.com and now through Tata Neu a recently launched super app that seeks to unite the Tata brand universe, to address the rapidly growing online opportunity and to allow westside access to a very large and diverse audience (online sales contributed ~6% of revenues as on December 2024). Zudio is a value retail format catering to apparels and footwear for men, women and children. It focuses on 100% own branded offering, curated in-house and pitched to younger audience in line with the latest fashion trends at modest prices. Star stores are primarily operated by Trent Hypermarket Private Limited (THPL) - a 50:50 JV between Trent Ltd & Tesco Plc, UK. The portfolio comprises hypermarket and supermarket stores focusing on categories like food and groceries, home care, apparel, home dรฉcor, health and beauty products. Their own brands include Klia, Fabsta and Skye. Starquik is the online grocery portal of the segment. During the year, the company launched an own brand, SMARTLE in the general merchandise category (including cookware, dining, storage, home utility, bath ware, home furnishing, toys, stationery, small appliances and backpacks)
Established in 1998 as a part of the Tata Group, Trent Limited operates Westside, one of India's leading chains of fashion retail stores. The main business of the company, its subsidiaries, joint venture and associates is retailing. The group along with its joint venture and associates is engaged in retailing of apparels, footwear, accessories, toys, games, food, grocery & non-food products. It operates through Westside, Zudio, Star, Landmark, Booker Wholesale and ZARA retail formats. As on 31st December 2024, the company had a total of 238 Westside, 635 Zudio, 74 Star and 34 stores across other lifestyle concepts in the portfolio. Westside offers apparel, footwear and accessories for men, women and children, along with furnishings, decor and a range of home accessories, operating with a predominantly exclusive brands model. Westside accounts for majority of the companyโs revenues. It has an exclusive arrangement through Tatacliq, Westside.com and now through Tata Neu a recently launched super app that seeks to unite the Tata brand universe, to address the rapidly growing online opportunity and to allow westside access to a very large and diverse audience (online sales contributed ~6% of revenues as on December 2024). Zudio is a value retail format catering to apparels and footwear for men, women and children. It focuses on 100% own branded offering, curated in-house and pitched to younger audience in line with the latest fashion trends at modest prices. Star stores are primarily operated by Trent Hypermarket Private Limited (THPL) - a 50:50 JV between Trent Ltd & Tesco Plc, UK. The portfolio comprises hypermarket and supermarket stores focusing on categories like food and groceries, home care, apparel, home dรฉcor, health and beauty products. Their own brands include Klia, Fabsta and Skye. Starquik is the online grocery portal of the segment. During the year, the company launched an own brand, SMARTLE in the general merchandise category (including cookware, dining, storage, home utility, bath ware, home furnishing, toys, stationery, small appliances and backpacks)
๐ฅ3โค2โก1๐1๐ซก1
The company has two separate associations with the Inditex group of Spain with a shareholding of 51% (Inditex): 49% (Trent) โ one entity to operate Zara stores and the other for Massimo Dutti stores in India. The entities essentially facilitate distribution of Zara & Massimo Dutti products in India through their respective stores. Booker India Limited (BIL) was acquired by the company during FY20. BIL is engaged in wholesale cash and carry business with products in categories across staples, processed foods, confectionery, personal care, home care, soft drinks, dairy, chilled & frozen foods, bakery, fresh fruits, vegetables etc. The concept serves kirana stores, traders, wholesalers, small businesses, hotels, restaurants and caterers. Landmark is a family entertainment & leisure concept that offers a range of curated lifestyle products including toys, frontlist books, stationery, latest gadgets and sports merchandise. Utsa operates as a hundred percent exclusive retail brand portfolio and offers ethnic apparel, beauty products and accessories for women. The concept is operational through six stores in Pune, Vadodara, Mumbai and Delhi.
๐ฅ3๐1
#SALES #GROWTH 5 Year CAGR 37.3%
In FY25, sales grew by ~38% YoY to โน17,135 cr, led by double-digit like-for-like (LFL) growth and a volume growth of ~40%. The emerging categories continued to gain traction, contributing ~20% of the revenues. The Star business observed improved customer traction with growing sales volume, aiding a revenue growth of ~25% YoY. During the year, they added 40 Westside stores and consolidated 24 stores, taking the total store count to 248. While in Zudio, it added 244 stores and consolidated 24 stores, taking the total store count to 765. In Q1 FY26, sales grew by ~19% YoY to โน4,883 cr, led by a low-single digit LFL growth YoY across the fashion portfolio. Emerging categories contributed ~21% of the revenues. During the period, they added 1 Westside store and consolidated 1 store, keeping the total store count at 248. While in Zudio, it added 11 stores and consolidated 10 stores, taking the total count to 766.
In FY25, sales grew by ~38% YoY to โน17,135 cr, led by double-digit like-for-like (LFL) growth and a volume growth of ~40%. The emerging categories continued to gain traction, contributing ~20% of the revenues. The Star business observed improved customer traction with growing sales volume, aiding a revenue growth of ~25% YoY. During the year, they added 40 Westside stores and consolidated 24 stores, taking the total store count to 248. While in Zudio, it added 244 stores and consolidated 24 stores, taking the total store count to 765. In Q1 FY26, sales grew by ~19% YoY to โน4,883 cr, led by a low-single digit LFL growth YoY across the fashion portfolio. Emerging categories contributed ~21% of the revenues. During the period, they added 1 Westside store and consolidated 1 store, keeping the total store count at 248. While in Zudio, it added 11 stores and consolidated 10 stores, taking the total count to 766.
๐ฅ2๐1
#EBITDA #GROWTH 5 Year CAGR 38.6%
In FY25, EBITDA was โน2,758 cr, an increase of ~44% YoY. The growth was supported by rising revenues. Total expenses for the company constituted purchases of stock-in-trade ~67%, rent ~11%, employee benefit expense ~9% and other expenses (advertisement & promotion expense, freight & forwarding expense) ~13%. In Q1 FY26, EBITDA grew by ~38% YoY to โน848 cr, led by rising revenues.
In FY25, EBITDA was โน2,758 cr, an increase of ~44% YoY. The growth was supported by rising revenues. Total expenses for the company constituted purchases of stock-in-trade ~67%, rent ~11%, employee benefit expense ~9% and other expenses (advertisement & promotion expense, freight & forwarding expense) ~13%. In Q1 FY26, EBITDA grew by ~38% YoY to โน848 cr, led by rising revenues.
๐ซก2๐ฅ1
#PAT #GROWTH 5 Year CAGR 60.1%
In FY25, the company reported a net profit of โน1,448 cr (v/s โน1,353 cr in FY24), supported by lower finance costs. FY24 included an exceptional gain of โน576 cr (net off tax, it stood at ~โน439 cr) towards reassessment of the estimates of measurement and recognition of the rights to use assets and corresponding lease liabilities. However, excluding exceptional gain, PAT stood at ~โน916 cr. Including the share of profit from associates of ~โน87 cr (v/s ~โน124 cr in FY24), consolidated net profit stood at โน1,534 cr for FY25 (v/s โน1,477 cr in FY24). In Q1 FY26, PAT grew by ~24% YoY to โน415 cr. Growth was partially offset by lower other income and increase in the depreciation cost. Including the share of profit from associates of ~โน9 cr (v/s ~โน56 cr in Q1 FY25), consolidated net profit stood at โน425 cr (v/s โน391 cr in Q1 FY25) .
In FY25, the company reported a net profit of โน1,448 cr (v/s โน1,353 cr in FY24), supported by lower finance costs. FY24 included an exceptional gain of โน576 cr (net off tax, it stood at ~โน439 cr) towards reassessment of the estimates of measurement and recognition of the rights to use assets and corresponding lease liabilities. However, excluding exceptional gain, PAT stood at ~โน916 cr. Including the share of profit from associates of ~โน87 cr (v/s ~โน124 cr in FY24), consolidated net profit stood at โน1,534 cr for FY25 (v/s โน1,477 cr in FY24). In Q1 FY26, PAT grew by ~24% YoY to โน415 cr. Growth was partially offset by lower other income and increase in the depreciation cost. Including the share of profit from associates of ~โน9 cr (v/s ~โน56 cr in Q1 FY25), consolidated net profit stood at โน425 cr (v/s โน391 cr in Q1 FY25) .
โก1๐1๐1
#ROE
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
โก1๐1๐ฅ1
#EBITDA #MARGIN
In FY25, EBITDA margins expanded by 57 bps YoY to 16.1%, primarily owing to improved demand, store additions and rising sales volume. In Q1 FY26, EBITDA margins expanded by ~243 bps YoY to 17.4%, primarily due to decrease in employee benefit expenses, rent and other expenses as a percentage of revenue.
In FY25, EBITDA margins expanded by 57 bps YoY to 16.1%, primarily owing to improved demand, store additions and rising sales volume. In Q1 FY26, EBITDA margins expanded by ~243 bps YoY to 17.4%, primarily due to decrease in employee benefit expenses, rent and other expenses as a percentage of revenue.
โก1๐1๐ฅ1๐ฆ1
#PAT #MARGIN
In FY25, PAT margins contracted by 249 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~298 bps YoY to 9%. The effective tax rate stood at ~24% during the year. In Q1 FY26, PAT margins expanded by ~33 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~83 bps YoY to 8.7%.
In FY25, PAT margins contracted by 249 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~298 bps YoY to 9%. The effective tax rate stood at ~24% during the year. In Q1 FY26, PAT margins expanded by ~33 bps YoY to 8.5%. Including share of profit from associates, consolidated PAT margin contracted by ~83 bps YoY to 8.7%.
โค2โก2๐1
#ROCE
In FY25, ROCE declined to 42.36%, primarily owing to decline in profitability. Better utilization of capital, addition of new stores and emerging categories in different segments helped in improving the operating profit and ROCE of the company. The company has been emphasizing on the efficiency of supply chain management and accelerating its reach coupled with store footprints across geographies.
In FY25, ROCE declined to 42.36%, primarily owing to decline in profitability. Better utilization of capital, addition of new stores and emerging categories in different segments helped in improving the operating profit and ROCE of the company. The company has been emphasizing on the efficiency of supply chain management and accelerating its reach coupled with store footprints across geographies.
โก1๐1๐ฅ1
#ROE
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
For FY25, the ratio declined to 32.2%. However, FY24 recorded an exceptional item of ~โน576 cr (net off tax, it stood at ~โน439 cr), excluding which the ratio for the year was ~27%. Adjusting for this impact, ROE for FY25 observed an increase. The company is Indiaโs leading retailer. Augmentation of stores have led Trent to be a fastest growing company in the retail segment. The company launched exclusive style on their online platform which witnessed good traction. Further, addition of new stores along with steady online revenue will help in improving the profitability and return ratios of the company going ahead.
๐2๐ฅ1
#COMPANY #POTENTIAL
โข The Indian retail industry continued its turnaround momentum with every segment of retail recording strong growth rates, driven by socio-demographic and economic factors such as urbanization, income growth, rise in nuclear families and a shift from the unorganized to the organized segment. The Indian fashion industry is projected to be the fourth largest market in the world. In recent years, private labels have emerged as the rising stars of retail and e-commerce. โข Indiaโs total retail market was estimated at ~โน89 lakh crore in 2025. Lately, private brands have increasingly emerged as the rising stars of retail and e-commerce. Retailer owned brands, typically offer shoppers value for money with potential to develop into selfsustaining propositions. โข India's fashion and lifestyle sector is undergoing a transformative phase, propelled by digitalization and evolving consumer preferences. The market was valued at โน13 lakh crore in 2025. โข For Indiaโs food & grocery retail market, which accounts for ~67% of the overall retail market, share of traditional trade is expected to decline with modern trade formats and pure-play online sales capturing a bigger share going forward. Retail formats that deliver trusted value-led private labels, both in daily staples and indulgent categories are increasingly favored. As these trends play out, the market shall further witness increasing formalization of Kirana to modern trade. โข The Indian e-commerce market penetration is expected to increase as total gross merchandise value is expected to grow very significantly driven by wider assortment and convenience.
โข The Indian retail industry continued its turnaround momentum with every segment of retail recording strong growth rates, driven by socio-demographic and economic factors such as urbanization, income growth, rise in nuclear families and a shift from the unorganized to the organized segment. The Indian fashion industry is projected to be the fourth largest market in the world. In recent years, private labels have emerged as the rising stars of retail and e-commerce. โข Indiaโs total retail market was estimated at ~โน89 lakh crore in 2025. Lately, private brands have increasingly emerged as the rising stars of retail and e-commerce. Retailer owned brands, typically offer shoppers value for money with potential to develop into selfsustaining propositions. โข India's fashion and lifestyle sector is undergoing a transformative phase, propelled by digitalization and evolving consumer preferences. The market was valued at โน13 lakh crore in 2025. โข For Indiaโs food & grocery retail market, which accounts for ~67% of the overall retail market, share of traditional trade is expected to decline with modern trade formats and pure-play online sales capturing a bigger share going forward. Retail formats that deliver trusted value-led private labels, both in daily staples and indulgent categories are increasingly favored. As these trends play out, the market shall further witness increasing formalization of Kirana to modern trade. โข The Indian e-commerce market penetration is expected to increase as total gross merchandise value is expected to grow very significantly driven by wider assortment and convenience.
๐2๐ฅ2๐ซก1๐ฆ1