Trent shares rise on 44% net profit surge, brokerages offer mixed views

The stock touched a 52-week high of Rs 1806.4 on August 9, after the results were announced.

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Trent shares climbed 1.65 percent at Rs 1817.4 at 9.42 am after the company reported a 44 percent increase year-on-year in its net profit number in the April-to-June quarter. Net profit for the period was Rs 148.27 crores.

The stock touched a 52-week high of Rs 1806.4 on August 9, after the results were announced.

Morgan Stanley has an ‘equal-weight’ rating on the stock and has raised its target price to Rs 1624. The brokerage firm said that continued strong topline growth delivery is a positive for the stock. Morgan Stanley also said that Trent has reduced its subsidiary losses and is giving better investors a better disclosure about the company.

Jefferies has a ‘hold’ rating on the stock and has raised its target price to Rs 1620. Focussed approach and some hard measures helped turn subsidiary EBITDA positive, said the brokerage firm in a note.

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Motilal Oswal has a buy rating on the stock with a target price of Rs 2070. The domestic brokerage firm said that Trent delivered stellar revenue growth however, EBITDA missed estimates due to a high mix of Zudio in the portfolio and aggressive store additions. Trent has further opportunities for growth on the back of Star business.

Star, a brand under Trent, operates a chain of supermarkets in the country. Operating revenue from Star business grew 33 percent year-on-year in the April-to-June quarter. “We are witnessing strong customer traction in Star business and it is instilling a growing conviction in us to build out this growth engine in the food and grocery space,” said Noel Tata, chairman of Trent.

During the quarter, Trent added 7 Westside and 40 Zudio stores across 35 cities.

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