Trent Ltd., retail arm of Tata Group, reported a consolidated net profit of Rs. 321.64 crore in its fourth quarter result. The retail major had posted a net loss of Rs. 418.99 crore in the January-March period a year ago, it confirmed in a BSE filing.
The revenue from operations was reported to be at Rs. 842.93 during the quarter under review, confirmed a PTI report. However, it stood at Rs. 694.32 crore in the corresponding quarter last financial year.
“We are pleased to report continued pursuit of our growth agenda coupled with an encouraging operating performance especially in our lifestyle businesses. Led by the own branded offer, Westside continued to perform well and registered a double digit like to like growth prior to the COVID-19 related developments,” said Noel N Tata, Chairman, Trent.
He also maintained that the Zudio concept too has seen strong traction with the opening of 41 new stores in the financial year, as also the Star food business following transition to a significantly sharper value proposition starting June 2019.
Total expenses for Trent stood at Rs.887.77 crore in Q4 for the financial year 2019-20. The company meanwhile said that its result was not comparable as Trent and its subsidiaries adopted Ind AS 116 norms.
The company has commenced operations in 70 of its stores in accordance with local regulations and adoption of various safety measures.