TRENT · Consumer Services
Trent Ltd. reported revenue of ₹4,657 cr for October to December 2024, +34.3% on the year and +12.0% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹847 cr, a margin of 18.2%, +5 bps on the year and +265 bps on the quarter. It is the widest margin of the last 7 quarters (range 14.0% to 18.2%). Operating costs grew +34.2%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹497 cr, +34.0% on the year and +48.4% on the quarter, with earnings per share of ₹9.33. Profit before other income, one-offs and tax grew faster, at +55.1%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average.
On earnings per share of ₹36.25 over the last four quarters, the stock at ₹3,119.20 trades at 86.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,467 cr | ₹3,298 cr | ₹4,104 cr | ₹4,157 cr | ₹4,657 cr | ₹4,217 cr | ₹4,883 cr | ₹4,818 cr | ₹5,345 cr | ₹5,028 cr | ₹5,755 cr | ₹5,873 cr |
| YoY | — | — | +56% | +39% | +34% | +28% | +19% | +16% | +15% | +19% | +18% | +22% |
| EBITDA margin | 18.1% | 14.3% | 14.9% | 15.5% | 18.2% | 15.4% | 17.4% | 16.9% | 20.2% | 18.1% | 19.4% | 18.0% |
| Other income, % of PBT | 23% | 76% | 20% | 11% | 12% | 18% | 9% | 6% | 1% | 5% | 4% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 23% | 22% | 28% | 23% | 25% | 25% | 22% | 25% | 20% | 25% | 24% |
| Net profit | ₹371 cr | ₹712 cr | ₹391 cr | ₹335 cr | ₹497 cr | ₹312 cr | ₹425 cr | ₹373 cr | ₹510 cr | ₹413 cr | ₹518 cr | ₹468 cr |
| YoY | — | — | +134% | +47% | +34% | −56% | +9% | +11% | +3% | +32% | +22% | +25% |
| Core profit YoY | — | — | +201% | +99% | +55% | +53% | +29% | +8% | +19% | +44% | +29% | +32% |
| EPS | ₹7.02 | ₹13.21 | ₹7.36 | ₹6.35 | ₹9.33 | ₹5.97 | ₹8.06 | ₹7.07 | ₹9.62 | ₹7.51 | ₹9.73 | ₹8.70 |
| Flags | · | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Trent Ltd. reported revenue of ₹4,657 cr (+34.3% on the year) and net profit of ₹497 cr (+34.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +55.1% on the year, against +34.0% for reported profit.
None of the 7 checks that could run raised a question.
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