Shares of Tata Group's retail arm Trent rose over 2% amid a sinking market today after the firm announced a strong set of earnings for Q3.
Trent shares rose 2.03% to Rs 1097.45 against the previous close of Rs 1075.55 on BSE. Trent stock trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.
The stock has gained 57.51% in one year and risen 2.35% since the beginning of this year. Total 0.31 lakh shares of the firm changed hands amounting to a turnover of Rs 3.37 crore on BSE.
Market cap of the firm rose to Rs 38,730 crore. The stock hit a 52-week high of Rs 1,211 on January 19, 2022 and a 52-week low of Rs 677.45 on February 11, 2021.
Trent reported a 79 per cent rise in standalone net profit to Rs 199 crore for the December 2021 quarter against Rs 111 crore in the corresponding quarter last fiscal.
Revenue from standalone operations zoomed 85 per cent to Rs 1,441 crore from Rs 779 crore a year ago.
On a consolidated basis, revenue zoomed 75% to Rs 1,499 crore year-on-year against Rs 853 crore revenue in the December quarter of last fiscal. Net profit climbed 89% to Rs 139.69 crore in Q3 against Rs 73.94 crore on a Y-o-Y basis.
Trent Chairman Noel N Tata attributed the strong numbers to the rising consumer sentiment on the back of the rising vaccination, further relaxation in pandemic-related curbs and the festive season.
The company's fashion outlet Westside clocked revenues of over Rs 1,000 crore for the quarter with a 9 per cent growth (like for like) and 49 per cent year-on-year. The growth was led by higher demand in emerging categories like beauty and personal care, inner-wear and home saw growing traction, he said.
Trent has declared an interim dividend of 60% that is Rs 0.60 per equity share of Rs 1 each of the company. The interim dividend shall be paid on or after March 7, 2022 to the equity shareholders of the company.
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