External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.</li><li>Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.</li><li>The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent Ltd - Strong Show Despite Weak Consumer Sentiment; Maintain BUY

<ul><li>Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.</li><li>This growth was driven by increased footfalls, and strong performance across brands, concepts, categories, and channels, despite subdued market sentiments and heightened competitive intensity.</li><li>The company’s EBITDA grew by 67% YoY, with EBITDA margins expanding by 88 bps YoY to 15.3%, driven by gross margin expansion. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.This growth was driven by increased footfalls, and strong performance across brands, concepts, categories, and channels, despite subdued market sentiments and heightened competitive intensity.The company’s EBITDA grew by 67% YoY, with EBITDA margins expanding by 88 bps YoY to 15.3%, driven by gross margin expansion. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent Ltd - Strong Performance Continues; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Trent continued to report strong standalone/consolidated revenue growth of 55%/50% YoY to INR119b/INR124b in FY24, aided by 51% YoY area addition and +10% LFL growth.</li><li>Despite a slight contraction in standalone gross margin by 20bp (due to higher Zudio mix), EBITDA margin (pre Ind-AS) improved to 11.7% (up 300bp YoY), aided by lower ad spending and operating leverage.</li><li>Standalone adj. PAT improved to INR10.3b (vs. INR5.5b in FY23). In addition, the Booker subsidiary and Star (JV) losses have narrowed. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent continued to report strong standalone/consolidated revenue growth of 55%/50% YoY to INR119b/INR124b in FY24, aided by 51% YoY area addition and +10% LFL growth.Despite a slight contraction in standalone gross margin by 20bp (due to higher Zudio mix), EBITDA margin (pre Ind-AS) improved to 11.7% (up 300bp YoY), aided by lower ad spending and operating leverage.Standalone adj. PAT improved to INR10.3b (vs. INR5.5b in FY23). In addition, the Booker subsidiary and Star (JV) losses have narrowed. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent - Aggressive Expansion with Improved Cash Flow

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Trent registered consistent strong performance for the past four years (FY2020-24) with revenues and PAT clocking CAGRs of 39% and 62%, respectively, backed by strong store expansions and consistent double-digit SSSG.</li><li>Same-store-sales grew by over 10% in FY2024; sales per sq. ft and volumes for all fashion and lifestyle concepts grew by 23% and 74%, respectively.</li><li>Working capital days reduced by 10 days to 28 days in FY2024; OCF to EBIDTA improved to 70%; RoE and RoCE improved to 28.4% and 24.5% respectively.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent registered consistent strong performance for the past four years (FY2020-24) with revenues and PAT clocking CAGRs of 39% and 62%, respectively, backed by strong store expansions and consistent double-digit SSSG.Same-store-sales grew by over 10% in FY2024; sales per sq. ft and volumes for all fashion and lifestyle concepts grew by 23% and 74%, respectively.Working capital days reduced by 10 days to 28 days in FY2024; OCF to EBIDTA improved to 70%; RoE and RoCE improved to 28.4% and 24.5% respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent Ltd - Strong Performance in FY2024; Multiple Growth Strategies in Place

<ul><li>Trent continues to post strong standalone/consolidated revenue growth of 55%/ 50% YoY to INR119b/INR124b in FY24, aided by 37% YoY store addition and 10% LFL growth.</li><li>Despite a slight contraction of 20bp in standalone gross margin (due to high mix of Zudio), EBITDA margin (pre-Ind-AS) improved to 11.7% (up 300bp YoY), aided by lower ad spending and operating leverage.</li><li>Standalone adj. PAT improved to INR10.3b (vs. INR5.5b in FY23). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent continues to post strong standalone/consolidated revenue growth of 55%/ 50% YoY to INR119b/INR124b in FY24, aided by 37% YoY store addition and 10% LFL growth.Despite a slight contraction of 20bp in standalone gross margin (due to high mix of Zudio), EBITDA margin (pre-Ind-AS) improved to 11.7% (up 300bp YoY), aided by lower ad spending and operating leverage.Standalone adj. PAT improved to INR10.3b (vs. INR5.5b in FY23). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Trent - Robust Expansion Continues with Better Profitability

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

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Trent Ltd (TRENT IN)

Trent Ltd - Strong Show Despite Weak Consumer Sentiment; Maintain BUY

Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to...

Axis Direct

Trent Ltd - Strong Performance Continues; Maintain BUY

Trent's Q1FY25 numbers exceeded expectations. The company achieved robust revenue growth, increasing by 57% YoY to Rs 3,992 Cr.

Axis Direct

Trent - Aggressive Expansion with Improved Cash Flow

Trent continued to report strong standalone/consolidated revenue growth of 55%/50% YoY to INR119b/INR124b in FY24, aided by 51% YoY area addition...

Motilal Oswal

Trent Ltd - Strong Performance in FY2024; Multiple Growth Strategies in Place

Working capital days reduced by 10 days to 28 days in FY2024; OCF to EBIDTA improved to 70%; RoE and RoCE improved to 28.4% and 24.5% respectively.

Sharekhan

Trent - Robust Expansion Continues with Better Profitability

Trent continues to post strong standalone/consolidated revenue growth of 55%/ 50% YoY to INR119b/INR124b in FY24, aided by 37% YoY store addition...

Motilal Oswal

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