Trent Q2 net profit rises to Rs 13.43 crores

Tata group retail firm Trent has reported a standalone net profit of Rs 13.43 crores for the quarter ended September 30, 2015 against Rs 11.43 crores reported in the July-September quarter last fiscal.

Net sales during the quarter under review stood at Rs 375.65 crores, while in the same quarter last fiscal it was Rs 349.78 crores, the company said in a BSE filing. However the company said, “Results for the half year ended September 2015 are not comparable with results of corresponding half year of the previous year which included net exceptional gain of Rs 70.10 crores. Exceptional income Rs 0.28 crore for the quarter ended September 30, 2015 represents write back of excess provision for contingency made in the prior years.”

Trent Hypermarket, the equally owned joint venture between the Tata Group and UK’s Tesco, is the only joint-venture partnership under multi-brand FDI to go ahead with its retail expansion plans despite the new government expressing its reservation against it.