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Trent: Growth at a price!

Jul 2, 2007

Tata group's retailing arm, Trent Limited, recently announced its results for the fourth quarter and year ended March 2007. The company's topline grew by 20% YoY and 32% YoY during the quarter and full year respectively. However, pressure on operating margins resulted in the retailing major reporting a marginal dip (2% YoY) in bottomline during 4QFY07. For the full year, net profits have grown by almost 33% YoY, however, if other income is excluded, then the net margins have actually contracted by 30 basis points (0.3%).

Financial performance snapshot
(Rs m) 4QFY06 4QFY07 Change FY06 FY07 Change
Net sales 906 1,086 19.8% 3,464 4,558 31.6%
Expenditure 836 1,046 25.2% 3,135 4,221 34.6%
Operating profit (EBDITA) 71 39 -44.0% 330 337 2.2%
EBDITA margin (%) 7.8% 3.6%   9.5% 7.4%  
Other income 55 59 6.9% 111 166 49.2%
Interest 4 4 -11.6% 11 14 33.0%
Depreciation & amortisation 27 23 -11.7% 80 79 -1.1%
Profit before tax 95 72 -24.8% 350 410 17.0%
Extraordinary expenses 8 - -100.0% 8 - -100.0%
Tax 18 0 -97.3% 99 86 -13.5%
Profit after tax 70 71 1.8% 244 324 32.9%
Net profit margin (%) 7.7% 6.5%   7.0% 7.1%  
No. of shares (m) 14 16   14 16  
Diluted earnings per share (Rs)*         20.6  
P/E (x)         34.5  

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