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

Motilal Oswal

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

<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

<ul><li>Motilal Oswal's research report onTrent TRENT reported strong standalone revenue growth of 53% (in line) in 4QFY24, led by 10% LFL and 37% YoY store additions.</li><li>Robust revenuegrowth, along with GM improvement and operating leverage, resulted in 2.3x/2.4x YoY growth in EBITDA/PAT (11%/31% beat).</li><li>Considering strong revenue growth, aggressive store additions, margin tailwinds from moderating RM costs, and operating leverage, we estimate a CAGR of 32%/38% in revenue/PAT over FY24-26. The continued momentum in Star and improving store metrics offer further upside potential.</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.

Motilal Oswal's research report onTrent TRENT reported strong standalone revenue growth of 53% (in line) in 4QFY24, led by 10% LFL and 37% YoY store additions.Robust revenuegrowth, along with GM improvement and operating leverage, resulted in 2.3x/2.4x YoY growth in EBITDA/PAT (11%/31% beat).Considering strong revenue growth, aggressive store additions, margin tailwinds from moderating RM costs, and operating leverage, we estimate a CAGR of 32%/38% in revenue/PAT over FY24-26. The continued momentum in Star and improving store metrics offer further upside potential.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.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>ICICI Securities research report onTrent Back-to-back 10% SSSG since last three quarters is impressive (significant outperformance vs peers).</li><li>Retail expansion has been in line with expectations (added 203 Zudio stores and 30 Westside in FY24).</li><li>Zudio is now 53% (retail area) contribution and is expected to reach 60% by adding 400+ stores during FY25-26E.</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.

ICICI Securities research report onTrent Back-to-back 10% SSSG since last three quarters is impressive (significant outperformance vs peers).Retail expansion has been in line with expectations (added 203 Zudio stores and 30 Westside in FY24).Zudio is now 53% (retail area) contribution and is expected to reach 60% by adding 400+ stores during FY25-26E.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 - Unmatched Execution Prowess; Continues to Impress

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The company’s revenue grew 53% YoY (45% on a 4-year CAGR basis) to Rs 3,187 Cr, led by increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 125% YoY.</li><li>Its EBITDA margins expanded by 447bps YoY to 15% on account of strong operating leverage. </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.

The company’s revenue grew 53% YoY (45% on a 4-year CAGR basis) to Rs 3,187 Cr, led by increased footfalls, strong growth across categories and channels, and continued store expansion.Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 125% YoY.Its EBITDA margins expanded by 447bps YoY to 15% on account of strong operating leverage. 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.

<ul><li>The company’s revenue grew 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 86% YoY.</li><li>Its EBITDA margins expanded by 336bps YoY to 18.8% on account of strong operating leverage. </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.

The company’s revenue grew 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and channels, and continued store expansion.Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 86% YoY.Its EBITDA margins expanded by 336bps YoY to 18.8% on account of strong operating leverage. 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 - Juggernaut on a Roll; Strong Performance Continue – Maintain BUY

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 - 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

Trent - Stellar Performance Continued

Motilal Oswal's research report onTrent TRENT reported strong standalone revenue growth of 53% (in line) in 4QFY24, led by 10% LFL and 37% YoY...

Motilal Oswal

Trent - Unmatched Execution Prowess; Continues to Impress

ICICI Securities research report onTrent Back-to-back 10% SSSG since last three quarters is impressive (significant outperformance vs peers).

ICICI Securities Limited

Trent Ltd - Juggernaut On a Roll

The company’s revenue grew 53% YoY (45% on a 4-year CAGR basis) to Rs 3,187 Cr, led by increased footfalls, strong growth across categories and...

Axis Direct

Trent Ltd - Juggernaut on a Roll; Strong Performance Continue – Maintain BUY

The company’s revenue grew 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and...

Axis Direct

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