External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID-19 wave leading to lockdowns across states.</p><div class="content-highlight"><em>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.</em></div>

We maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID-19 wave leading to lockdowns across states.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: Lockdown Impacts Operations; Recovery Stands Protracted

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

ICICI Securities Limited

<p>On track to achieve rapid revenue recovery. consumer categories (400+ stores). Inherent strength of brands (Westside, Zudio, Star, Zara) and accelerated store additions has led Trent to be among the fastest...</p><div class="content-highlight"><em>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.</em></div>

On track to achieve rapid revenue recovery. consumer categories (400+ stores). Inherent strength of brands (Westside, Zudio, Star, Zara) and accelerated store additions has led Trent to be among the fastest...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: On Track to Achieve Rapid Revenue Recovery

<p>Minimised discounting with lower EOSS days in FY21 (gross margin for Zudio, Westside improved 100 bps, 150 bps YoY to 40%, 58%, respectively What should investors do? Trent has been an exceptional performer with the...</p><div class="content-highlight"><em>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.</em></div>

Minimised discounting with lower EOSS days in FY21 (gross margin for Zudio, Westside improved 100 bps, 150 bps YoY to 40%, 58%, respectively What should investors do? Trent has been an exceptional performer with the...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: Resilient Business Model to Enable Sharp Recovery

<p>Since the acquisition in FY18, revenues from value fashion brand Zudio, have grown from Rs 144 crore to Rs 507 crore as on FY20, translating into robust CAGR of 88%. Despite a washout in Q1FY21 (revenue decline by 80% YoY), Zudio displayed a resilient show from H2FY21 onwards. The like for like (LFL) recovery rate got enhanced sharply to 91% in Q3FY21 and 100% in Q4FY21. Revenue decline was restricted to 5% YoY at Rs 480 crore in FY21. The fact that Zudio is not promoted as Westside or a Tata brand signifies the inherent strength of the business model.</p><div class="content-highlight"><em>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.</em></div>

Since the acquisition in FY18, revenues from value fashion brand Zudio, have grown from Rs 144 crore to Rs 507 crore as on FY20, translating into robust CAGR of 88%. Despite a washout in Q1FY21 (revenue decline by 80% YoY), Zudio displayed a resilient show from H2FY21 onwards. The like for like (LFL) recovery rate got enhanced sharply to 91% in Q3FY21 and 100% in Q4FY21. Revenue decline was restricted to 5% YoY at Rs 480 crore in FY21. The fact that Zudio is not promoted as Westside or a Tata brand signifies the inherent strength of the business model.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: Well Placed to Benefit from Demand Revival

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<div>
<h2>About India Channel Insight</h2>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>
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<p>For this insight, we focus on <a href="https://www.smartkarma.com/entities/easemytrip" target="_blank" data-smartkarma-citation="entities:28897:1" rel="noopener">EaseMyTrip (0896537D IN)</a> with an objective to understand it's on-ground competitiveness; <a href="https://www.smartkarma.com/entities/matrimony-com" target="_blank" data-smartkarma-citation="entities:22922:1" rel="noopener">Matrimony.com (MATRIM IN)</a> where Q3 is hinting at a change in stance compared to our earlier view and a sourcing channel of <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN) </a>to understand the growth prospects ahead. </p>
</div>


About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we focus on EaseMyTrip (0896537D IN) with an objective to understand it's on-ground competitiveness; Matrimony.com (MATRIM IN) where Q3 is hinting at a change in stance compared to our earlier view and a sourcing channel of Trent Ltd (TRENT IN) to understand the growth prospects ahead. 


India Channel Insight | Easemytrip, Matrimony.com, Trent

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: Lockdown Impacts Operations; Recovery Stands Protracted

We maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID...

Axis Direct

Trent Ltd: On Track to Achieve Rapid Revenue Recovery

On track to achieve rapid revenue recovery. consumer categories (400+ stores). Inherent strength of brands (Westside, Zudio, Star, Zara) and...

ICICI Securities Limited

Trent Ltd: Resilient Business Model to Enable Sharp Recovery

Minimised discounting with lower EOSS days in FY21 (gross margin for Zudio, Westside improved 100 bps, 150 bps YoY to 40%, 58%, respectively

ICICI Securities Limited

Trent Ltd: Well Placed to Benefit from Demand Revival

Since the acquisition in FY18, revenues from value fashion brand Zudio, have grown from Rs 144 crore to Rs 507 crore as on FY20, translating into...

ICICI Securities Limited

India Channel Insight | Easemytrip, Matrimony.com, Trent

Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. For this insight...

Pranav Bhavsar

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