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Operations adversely impacted due to COVID-led disruptions: Tata Group retail firm Trent
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Last Updated: May 07, 2021, 11:24 PM IST
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Synopsis Our revenues from retailing of non-food merchandise have been substantially and adversely impacted. Nevertheless, the business has continued to incur committed expenditures especially with respect to our employees and other expenditures not directly linked to revenues, said Trent in a regulatory filing.
(Representational image)
Trent Ltd on Friday said its operations have been adversely impacted since mid-March due to disruptions caused by the new wave of the COVID-19 pandemic. The company, which operates fashion retail stores under the brand name of Westside, said it has to go for a temporary closure of stores, offices and warehouses due to restrictions imposed by states after a substantial surge in coronavirus cases in recent weeks.
Trent reported a 441% jump in consolidated net profit to Rs 17.44 crore on 7.4% rise in net sales to Rs 905.55 crore in Q4 FY21 over Q4 FY20.Consolidated pre-tax profit stood at Rs 39.87 crore in Q4 FY21 compared with pre tax loss of Rs 36.66 crore registered in Q4 FY20. The result was announced after market hours on Friday, 30 April 2021.
On a standalone basis, Trent registered net profit Rs 56.88 crore in Q4 FY21, steeply higher than Rs 2.61 crore posted in Q4 FY20. Net sales grew by 7% year on year to Rs 773.68 crore in Q4 FY21.
During the initial months of the quarter, Trent said that the pandemic related restrictions had eased considerably aiding sentiment and improving consumer traction. This coupled with various cost mitigation measures, including with respect to property related payouts and operating expenditures, led to profit from operations registering encouraging growth. However, Trent further added that the recovery has been impacted by the lockdown / trade restriction
Trent Retail posts ₹29-cr profit in Q4
May 03, 2021
Revenues rises 7% to ₹906 crore Tata’s Trent Retail profit after tax as attributable for Q4 of FY21 was ₹29 crore compared to ₹13 crore in Q4 FY20 thus, recording a 123 per cent increase from the previous fiscal. The consolidated revenues of ₹906 crore was a growth of 7 per cent over the corresponding previous period.
However, it has reported a net loss of ₹181 crore for FY21, compared to a profit of ₹105-crore profit in the previous fiscal. Its revenue from operations for FY21 dropped to ₹2,592.95 crore from ₹3,485.97 crore the previous fiscal. This comes even as the company has reduced its expenses by 15 per cent.
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