Trent (TRENT) Q4 01/02 earnings summary

Executive summary

• FY02 total income rose 37% to ₹90.60 crore; retail sales grew 73% and retail operations reached profitability after depreciation and interest.

• Net profit was ₹10.22 crore after a ₹2.00 crore provision for long-term investment diminution; pre-provision profit after tax was ₹11.83 crore.

Financial highlights

• Standalone operating income was ₹81.97 crore versus ₹48.99 crore; total income was ₹90.60 crore versus ₹66.13 crore.

• Profit before tax and investment diminution was ₹13.04 crore; profit after tax before diminution was ₹11.83 crore, versus ₹14.98 crore in FY01.

• Net profit was ₹10.22 crore versus ₹10.17 crore; EPS was ₹7.79 versus ₹7.75.

• Consolidated total income was ₹90.44 crore and net profit ₹9.94 crore; consolidated EPS was ₹7.58.

Outlook and guidance

• Retail operations were expected to deliver increasing profits after eliminating losses, barring unforeseen circumstances; growth remained dependent on suitable real estate availability and cost.

• Plans included stores in Nagpur, Ahmedabad and Mumbai, expansion of the Kolkata store, and a centrally located Pune warehouse expected to be completed in August 2002.

• A food-retailing format had been finalized after further research, with implementation expected to start shortly.