Trent FY2025 Results: Rs 17,353 Cr Revenue (+37%), Rs 1,534 Cr PAT, 5% EBITDA

Trent Limited’s Ascent: A Year of Unprecedented Growth and Strategic Poise in FY25

NEW DELHI (India CSR): In the dynamic tapestry of India’s retail landscape, Trent Limited, a distinguished entity of the Tata Group, has once again demonstrated its remarkable resilience and visionary execution, culminating in an exceptional financial performance for the year ended March 31, 2025. Far beyond mere financial figures, Trent’s latest Integrated Annual Report unveils a strategic narrative of growth powered by agile adaptation, scaled operations, and a keen understanding of evolving consumer desires. This report is not just a testament to robust balance sheets, but a human-centered chronicle of how a leading lifestyle player is meticulously weaving profitability with purpose, impacting communities, and setting new benchmarks for responsible business conduct across the nation.

Trent Limited FY25 Performance

Financial Command: Surging Revenues and Enhanced Profitability

Trent Limited’s financial year 2024-25 paints a picture of compelling growth and operational efficiency, significantly outpacing previous periods. On a consolidated basis, the company reported a total income of Rs 17,353.17 crore for FY25, marking a substantial increase from Rs 12,664.38 crore in FY24. This represents an impressive year-on-year growth of over 37%. This revenue surge underscores Trent’s expanding market presence and the growing appeal of its diverse brand portfolio across India and, increasingly, international markets.

The profitability metrics further illuminate this positive trajectory. Profit Before Tax (PBT) and Exceptional Items on a consolidated basis stood at Rs 1,943.24 crore in FY25, a remarkable leap from Rs 1,221.19 crore in FY24, translating to a robust growth of approximately 59.17%. This significant uplift reflects improved operational leverage and effective cost management. The Consolidated Profit After Tax (PAT) for FY25 reached Rs 1,534.41 crore, compared to Rs 1,477.46 crore in the previous fiscal year, registering a growth of about 3.85%. It is crucial to note that the PAT for FY24 included an exceptional gain of Rs 438.79 crore (net of tax) due to a reassessment of lease term estimates and related security deposits. Adjusting for this one-time gain, the underlying PAT growth would be more pronounced, highlighting the sustained strength of Trent’s core operations. Furthermore, the consolidated EBITDA, a key indicator of operational profitability, climbed to Rs 3,063.51 crore in FY25 from Rs 2,911.04 crore in FY24, a solid increase of over 5%.

The Pillars of Growth: Westside and Zudio Lead the Charge

Trent’s success in FY25 is largely attributable to the stellar performance and strategic expansion of its flagship fashion and lifestyle brands, Westside and Zudio. These two concepts have not only gained encouraging traction but are now operating at significant scale, driving strong volume-led growth across diverse categories.

Westside, a venerable name in Indian retail, continued to solidify its position as a leading lifestyle destination. With 248 stores spread across 86 cities by March 2025, Westside focuses on offering own-branded fashion apparel, beauty products, footwear, and home furnishings. The brand’s emphasis on freshness, on-trend fashion, and an efficient supply chain has been pivotal. Its “Wesness” programme and the annual subscription-based “WestStyleClub” have deepened customer connection, with over 16.4 million subscribers and more than 90% of Westside’s revenues attributed to its loyal members in FY25. The integration of seamless store and digital channels, coupled with active social media engagement targeting younger audiences, has further augmented its desirability.

Zudio, Trent’s value retail format, continued its aggressive expansion, making it a significant growth engine. In FY25 alone, Zudio added 244 new stores, establishing its presence in 67 new cities, including a strong footprint in Tier 2 and Tier 3 geographies. The concept’s focus on exclusive branded offerings, curated in-house, and adherence to the latest fashion trends at “irresistible prices” has resonated widely with consumers. Each new Zudio store requires a capital outlay in the region of Rs 3-4 crore, indicating significant strategic investment in scaling its presence. Notably, Zudio also marked its international debut with its first store in Dubai, signifying Trent’s ambition to learn and enhance its value proposition in a competitive global marketplace.

Emerging Segments and Diversification: Beyond Core Fashion

While Westside and Zudio remain the primary revenue drivers, Trent is strategically diversifying its portfolio to capture new market opportunities.

Samoh, the newest addition to Trent’s fashion and lifestyle concepts, aims to cater to the premium occasion wear segment, leveraging Trent’s established back-end operating platform to nurture and step into newer customer and product segments.

In the food and grocery space, Trent operates under the Star banner through Trent Hypermarket Private Limited (THPL), a 50:50 Joint Venture with Tesco Plc UK. This segment, with 78 stores concentrated in 10 cities, focuses on a curated range of fresh produce, groceries, and exclusive brands. THPL recorded a consolidated total income of Rs 2,743.47 crore in FY25, a healthy 25% growth over Rs 2,210.53 crore in FY24, driven by increasing footfalls and heightened consumer traction. Despite operating in a competitive environment, THPL managed to reduce its loss before exceptional items and tax to Rs 91.96 crore in FY25 from Rs 96.55 crore in FY24, indicating improving performance. The Star business has successfully applied Trent’s “playbook,” with its own brands like Klia, Fabsta, Skye, ShubhAnand, and Smartle now contributing over 70% of its revenues, reflecting a strong focus on private labels and backward integration in the value chain to ensure competitive pricing and margins.

Strategic Global Partnerships and Subsidiaries

Trent’s financial results also reflect its intricate network of joint ventures and associate companies.

Inditex Trent Retail India Private Limited (ITRIPL), an associate operating Zara stores in India, reported a total income of Rs 2,839.50 crore in FY25, a slight increase from Rs 2,776.67 crore in FY24. During the year, Trent’s shareholding in ITRIPL adjusted from 49% to 34.94% due to a buyback offer, indicating a strategic financial restructuring rather than a performance-related change.

Similarly, Massimo Dutti India Private Limited (MDIPL), another associate, saw its total income at Rs 101.23 crore in FY25, comparable to Rs 101.79 crore in FY24. Trent’s shareholding in MDIPL also saw a reduction from 49% to 20% in FY25 following a sale of shares to its JV partner, Grupo Massimo Dutti. These changes reflect evolving partnership dynamics rather than a decline in the brands’ performance.

Booker India Limited (BIL), acquired by Trent in FY20, primarily operates cash-and-carry wholesale stores. In FY25, BIL recorded consolidated revenues of Rs 499.48 crore, up from Rs 478.01 crore in FY24. The company also significantly reduced its loss before exceptional items and tax to Rs 29.74 crore in FY25, a notable improvement from Rs 47.64 crore in FY24, signifying a successful pivot towards an own-branded range and consolidation of its store portfolio. BIL also strategically acquired THPL Support Services Limited, consolidating warehousing businesses and enhancing operational efficiencies.

Other subsidiaries like Fiora Business Support Services Limited (FBSSL), providing business support and outsourcing services, reported a total revenue of Rs 242.81 crore in FY25, a substantial increase from Rs 168.94 crore in FY24. Trent Global Trading LLC (Dubai), which runs Zudio stores in Dubai, recorded a total income of Rs 24.69 crore in its first year of operation. The incorporation of Trent Foundation in October 2024 as a wholly-owned subsidiary further formalizes Trent’s commitment to its Corporate Social Responsibility (CSR) activities.

Operational Excellence and Digital Integration

Trent’s strong financial performance is underpinned by continuous advancements in operational efficiency and strategic investments in technology. The company’s total number of stores reached 1,043 across 242 cities, with over 13 million square feet of retail area by FY25. The addition of over 3 million square feet of retail area during FY25 highlights the rapid pace of expansion.

Key to this operational agility is the deployment of cutting-edge technologies like Radio-Frequency Identification (RFID). This technology streamlines inventory management, improves tracking, reduces manual tagging, and boosts overall store operations, leading to faster “box-to-floor” processes and increased product availability. The future plans include automated stocktakes and RFID checkouts. The company has also migrated to SAP S/4HANA on RISE, creating a cloud-based infrastructure for real-time analytics and continuous innovation. Investments in warehouse automation, including spiral conveyors and cross-belt sorters, have significantly increased throughput capacity and reduced manual effort.

People-Centric Growth and Community Empowerment

Trent’s growth strategy is deeply intertwined with its commitment to its people and communities. The company’s core employee base expanded to over 27,800 in FY25, with a notable reduction in employee turnover to 52.64% from 66.85% in FY24, reflecting a positive work environment and effective talent retention strategies. Trent prides itself on an inclusive workplace, reflected in its Best in Class for Individual E’s–Employment in the Tata Affirmative Action Programme Assessment 2024. Employee satisfaction remains high, with over 89% of employees reaffirming Trent as a great place to work in the most recent survey.

Beyond its workforce, Trent’s Corporate Social Responsibility (CSR) initiatives are a testament to its founding philosophy of community upliftment. For FY25, the mandated CSR obligation was Rs 12.46 crore, calculated based on an average net profit of Rs 622.86 crore. Trent spent Rs 4.75 crore on approved CSR projects, including administrative overheads of Rs 23 lakh. A significant unspent amount of Rs 7.72 crore has been transferred to a designated Unspent CSR Account for an ongoing school project in Vapi, Gujarat, to be implemented through the newly formed Trent Foundation over four years. This strategic allocation ensures sustained long-term impact.

Trent’s CSR programs directly impacted over 1,200 beneficiaries in FY25. Key initiatives include:

• ‘Trent Scholar’ program: Supporting 50 scholars from marginalized backgrounds to pursue higher education, complete with internships and mentorship.
• ‘Nanhi Kali’ project: Empowering 300 young girls from low-income families in Mumbai through formal schooling and essential skills.
• ‘Kaarigar Clinic’: India’s first rural business clinic, empowering skilled craftswomen in Kutch, Gujarat, with business training, digital upskilling, and market linkages.
• ‘Crafting a Better Planet’: An innovative ‘Plastic Bank’ initiative training women to collect and upcycle plastic waste into sustainable products, promoting environmental responsibility and economic opportunity.
• ‘HOP Bear Initiative’: Transforming surplus kidswear fabric into soft toys, with proceeds contributing to mid-day meals for undernourished children.

Environmental Stewardship and Sustainable Practices

Trent is steadfast in embedding sustainability into its growth strategy, guided by three core pillars: ‘Be Resource Efficient,’ ‘Be Responsible by Design,’ and ‘Be People Conscious’. The company is actively working towards reducing its environmental footprint. For instance, approximately 40% of the electricity demand at its three distribution centers is met through rooftop solar installations. In FY25, Trent generated a total of 826 million units of renewable energy from two distribution centers. Efforts to enhance energy efficiency at the store level include LED lighting, Dx inverter air conditioners, and IoT-based monitoring systems.

In terms of waste management, while total waste generated increased to 13,387.71 tonnes in FY25 (from 8,512.55 tonnes in FY24) due to increased operations and store count, Trent also significantly increased its waste recovery through recycling and other operations to 2,644.54 tonnes (from 1,614.69 tonnes in FY24). Notably, plastic waste generated decreased to 657.67 tonnes in FY25 from 801.68 tonnes in FY24. Trent also ensures responsible sourcing, with over 90% of its product vendors undergoing SEDEX SMETA 4-pillar audits covering labor standards, health & safety, environment, and business ethics.

Awards and Accolades: Recognition of Excellence

Trent’s comprehensive approach to business, combining financial performance with ethical conduct and social responsibility, has garnered significant recognition. In FY25, the company received the prestigious “Golden Peacock Award for Excellence in Corporate Governance” in the retail sector. Westside was recognized as the fastest-growing brand in India by the Brand Finance India Report 2024, and Zudio earned the “Most Admired Fashion Retailer of the Year 2024” award by IMAGES Retail Awards. Trent was also named one of India’s Top Supply Chain Champions in 2024 and among the “Top 500 Value Creators for 2024” by Dun & Bradstreet, underscoring its leadership in both operational excellence and value creation.

Outlook: Charting a Sustainable Future

As Trent Limited looks ahead, its strategic priorities remain clear: accelerating the differentiation of its propositions, emphasizing its own brands, and enhancing responsiveness to evolving consumer preferences. The company plans to expand its reach across geographies, integrate its store and online propositions seamlessly, and further digitize all aspects of its model. With a robust platform comprising a strong supply chain, advanced technology stack, and dedicated support services, Trent is well-positioned to leverage its growing operating leverage to drive sustained performance and results.

Trent Limited’s FY25 Integrated Annual Report unequivocally portrays a company that is not just navigating the competitive retail landscape with agility and discipline, but one that is also profoundly committed to fostering inclusive growth and equitable development. By balancing aggressive expansion with a deep-seated commitment to its people, communities, and the planet, Trent is solidifying its legacy as a purpose-driven enterprise, building a future that is not only profitable but also profoundly impactful for all stakeholders.

(India CSR)