Trent Q3 profit marginally up at Rs 14.10 cr

Company had a net profit of Rs 14.01 cr in the same period last fiscal,Trent said in a filing to the BSE.

Tata Group firm Trent Ltd today reported a marginal increase in its net profit for the third quarter ended December 31 at Rs 14.10 crore compared to the same period in the last fiscal on account of restructuring of some of its formats.

The company had a net profit of Rs 14.01 crore in the same period last fiscal,Trent said in a filing to the BSE.

Trent said its net sales rose 23.51 per cent to Rs 230.92 crore during the third quarter of current fiscal,as against Rs 186.96 crore in the same period last financial year.

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“The results of the quarter have been impacted partly by decision of the company to wind down the loss making Fashion Yatra format (5 stores) and substantially restructure the Sisley franchise operations,” Trent said in the filing.

This restructuring exercise is expected to be completed in this financial year,it added.

The company operates a large number of stores in India including Westside (fashion and lifestyle chain),Star Bazaar (a hypermarket chain),Landmark (books and music stores) and Fashion Yatra (a family fashion store).

Subsequent to the quarter end,the company has subscribed to the rights issue of equity shares of Trent Hypermarket Ltd (THL),wholly owned subsidiary of the company to the extent of Rs 199.98 crore. THL has utilised the funds to repay loans given earlier by the company,the filing added.

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Shares of Trent today closed at Rs 922.00 per share,down 2.28 per cent from its previous close on the BSE.