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					                                                                                             Regd off: Bombay House, 24, Homi Mody Street, Fort, Mumbai - 400 001
TRENT LIMITED                                                                                E-Mail:    mmsurti@trent-tata.com
                                                                                             Web site: www.mywestside.com
                                                                                             Telephone: (022) 2207 1464 Fax: (022) 2207 0216
RETAIL                                                                              TATA     Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai - 11
Chairman: F. K. Kavarana                                                       SEC: M. M. Surti                                        AUD: N. M. Raiji & Co.
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m       % ch 12-m       P/E      P/CF            Yield         Mkt cap                Vol.             ISIN
 1952   500251            TRENT:IN    10           561.5          13.1            8.8        1,096.5     64.9             1.0         10,965.1               1.1         INE849A01012
SHAREHOLDING                                                     FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 32.2%               Exports (fob)          Rs m         0
Foreign collaborators      :  0.0%               Imports (cif)          Rs m        40
                                                                                                     (Rs)
Indian inst/Mut Fund       : 16.8%               Fx inflow              Rs m       114        1000
FIIs/GDR                   : 11.7%               Fx outflow             Rs m        57                                                                       DAILY
Free float                 : 39.4%               Net fx                 Rs m        57
Shareholders               : 36,538                                                                                                                          100 DMA
                                                                                                800
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA                                                                               600
 High                                 Rs              1,010            829            587
Low                                   Rs                641            473            250
Sales per share                       Rs              386.7          367.6          435.1       400
Earnings per share                    Rs               21.5           17.3             0.5
Cash flow per share                   Rs               28.3           23.7             8.7
Dividends per share                   Rs               7.00           7.00           5.50
                                                                                                200
Dividend yield (eoy)                  %                 0.8            1.1             1.3
Book value per share                  Rs              260.3          319.3          306.7        Aug-06             Jun-07            Feb-08               Nov-08             Aug-09
Shares outstanding (eoy)              m               15.76          19.53          19.53
Bonus/Rights/Conversions                             PA,WC        R1:5,WC                -
Price / Sales ratio                   x                  2.1            1.8            1.0                                No. of months                12            12             12
Avg P/E ratio                         x                38.4           37.7          817.3                                   Year ending          31/03/07      31/03/08       31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                29.2           27.5           48.4
Price / Book Value ratio              x                  3.2            2.0            1.4    From Operations                         Rs   m        -160               327        -567
Dividend payout                       %                32.5           40.6        1,074.2     From Investments                        Rs   m        -956            -2,165       1,093
Avg Mkt Cap                           Rs m           13,010        12,714           8,173     From Financial Activity                 Rs   m       1,173             1,793        -523
No. of employees                      `000               NA             NA               4    Net Cashflow                            Rs   m          57               -45           2
Total wages/salary                    Rs m              388            556            706
Avg. sales/employee                   Rs Th              NA             NA        2,160.4                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th              NA             NA          179.5                                           2QFY09   3QFY09                4QFY09      1QFY10
Avg. net profit/employee              Rs Th              NA             NA             2.5    Net sales                    Rs   m     1,335    1,262                 1,209       1,223
                                                                                              Gross profit                 Rs   m         -7       38                    22          39
INCOME DATA                                                                                   Gross profit margin          %            -0.5      3.0                   1.8         3.2
Net Sales                             Rs     m         6,094         7,180          8,497     Net profit                   Rs   m         35       58                    93         52
Other income                          Rs     m           166           272            325     Net profit margin            %             2.6      4.6                   7.7         4.3
Total revenues                        Rs     m         6,260         7,452          8,822
Gross profit                          Rs     m           433           271             -95                                          KEY DATA
Depreciation                          Rs     m           107           125            159     Parameters                          Unit              FY07             FY08        FY09
Interest                              Rs     m             72          105              96    Sq ft                               m                    0.7              0.8         1.0
Profit before tax                     Rs     m           420           313             -25    Revenues per sq ft                  Rs                6,466            6,221       5,179
Minority Interest                     Rs     m            -11            -3              1    Salaries and wages                  % of sales          6.3              7.1          7.6
Prior Period Items                    Rs     m              8             3             15    Advertisement & publicity           % of sales          8.4               8.0         8.8
Extraordinary Inc (Exp)               Rs     m             54           99              38    Capex                               Rs m                132              388         (62)
Tax                                   Rs     m           132             75             19
                                                                                                                                     NOTES
Profit after tax                      Rs     m           339           337              10
Gross profit margin                   %                   7.1           3.8           -1.1   Trent Ltd., a Tata Group company, is one of the oldest retail players with presence in
Effective tax rate                    %                 31.4          24.0          -76.0    the lifestyle and value retailing business. The company operates in four formats
                                                                                             namely Westside, Star Bazaar, a hypermarket chain, Landmark, a books and music
Net profit margin                     %                   5.6           4.7            0.1
                                                                                             chain, and Fashion Yatra, a complete family fashion store. It also acts as a franchisee
BALANCE SHEET DATA                                                                           to the Benetton group to market Sisley brand. In a move to improve backend activities
                                                                                             like sourcing, the company's hypermarket business has recently entered into a
Current assets                        Rs m             3,390         3,633         4,234     franchise agreement with UK's largest retailer Tesco to develop wholesale cash-and-
Current liabilities                   Rs m             1,752         2,234         2,382     carry business in India.
Net working cap to sales              %                 26.9          19.5          21.8
Current ratio                         x                   1.9           1.6           1.8    During FY09, Trent transferred its Star Bazaar business as a going concern to its
Inventory Turnover                    Days                79             77            75    100% subsidiary Trent Hypermarket Ltd. Hence, performance was not truly
Debtors Turnover                      Days                  6             6             6    comparable on a year on year basis. On a standalone basis Trent reported a
Net fixed assets                      Rs m             2,542         3,093         3,772     marginal decline of 0.6% YoY. This was mainly on account of negative growth
Share capital                         Rs m               158           195           195     witnessed in case of like to like sales given the economic backdrop. Poor topline
"Free" reserves                       Rs m             3,398         5,515         5,118     growth and rising cost of operation resulted in a 59% YoY fall in operating profits. The
                                                                                             costs were on the higher side on account of expansion plans. The fall in bottomline
Net worth                             Rs m             4,102         6,235         5,990
                                                                                             by nearly 19% YoY was lower as compared to that of the operating profits mainly on
Long term debt                        Rs m             1,061           791         1,512
                                                                                             account of lower tax outgo.
Total assets                          Rs m             8,119        10,534        10,426
Interest coverage                     x                   6.8           4.0           0.7    Though FY09 was a tough year for the company, given the fact that the management
Debt to equity ratio                  x                   0.3           0.1           0.3    is focused on the strategy of setting up new stores using internal accruals and is
Sales to assets ratio                 x                   0.8           0.7           0.8    looking at other related retail initiatives, the long-term growth prospects of the
Return on assets                      %                   8.0           6.3           1.4    company look promising. However, scaling up its retail space may not translate into
Return on equity                      %                   8.3           5.4           0.2    higher earnings in the near to medium term. As for the risks, a prolonged economic
Return on capital                     %                 10.5            7.4           1.7    slowdown can impact its growth in the future apart from the delayed delivery of the
Exports to sales                      %                   0.0           0.0           0.0    agreed retail space by builders.
Imports to sales                      %                   0.5           0.7           0.5
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posted:11/6/2010
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