Trent Q4 Results FY25: Revenue Up 28%, PAT Down 56%

What Trent reported in Q4 FY25

Trent Limited reported a strong rise in operating revenue for the March quarter, even as bottom-line profit fell sharply year-on-year. Revenue from operations increased 28.4% to ₹4,216.94 crore in Q4 FY25 from ₹3,297.70 crore a year ago. Total income grew 27.1% to ₹4,291.28 crore, compared with ₹3,374.57 crore in Q4 FY24. The sharp contrast between sales growth and profit decline reflected the role of exceptional items in the base quarter and higher operating costs in the latest quarter.

For Q4 FY25, profit before tax (PBT) stood at ₹415.75 crore, down 54.8% from ₹919.03 crore in Q4 FY24. Net profit (PAT) came in at ₹311.60 crore versus ₹712.09 crore in the year-ago period, a decline of 56.2%. The company attributed the fall in profit to lower exceptional gains and increased expenses. Total expenses rose to ₹3,874.43 crore from ₹3,073.54 crore in Q4 FY24.

Revenue growth held up, but costs rose alongside expansion

The quarter showed that Trent’s sales engine remained active, supported by its retail formats. The company’s segment commentary indicated that retail operations remained the core driver of revenue growth, supported by higher sales volumes and strong store performance. Management commentary also pointed to robust same-store sales growth (SSSG), network expansion, and efficient inventory management practices as key contributors to revenue momentum.

However, the cost structure expanded in tandem. Total expenses increased 26.0% year-on-year to ₹3,874.43 crore, led by higher purchases of stock-in-trade and employee benefit costs. The company also indicated higher employee and depreciation costs, linking the trend to ongoing network expansion. Occupancy and rent expenses were reported at ₹298 crore, and management said this was lower than the previous quarter due to seasonal adjustments.

Profit bridge: PBT dropped despite improvement before exceptional items

A key detail in the results was the difference between profit before exceptional items and the final PBT number. Profit before exceptional items and tax rose to ₹416.85 crore in Q4 FY25 from ₹301.03 crore in Q4 FY24, a 38.5% increase. That suggests operating performance improved on a like-for-like basis before accounting for the base period’s exceptional impact.

But the final PBT figure fell sharply to ₹415.75 crore from ₹919.03 crore because the year-ago quarter included larger exceptional gains, as referenced in the company’s commentary. Other income was marginally lower at ₹74.34 crore versus ₹76.87 crore in Q4 FY24. Trent also reported a share of profit or loss from associates at -₹1.10 crore, compared with ₹41.93 crore in Q4 FY24.

Key quarterly financials (Q4 FY25 vs Q4 FY24)

How analysts framed the quarter

The results landed in a broader context where retail analysts had been expecting strong growth supported by demand and store additions. In that sense, Trent’s revenue growth of over 28% aligned with optimistic expectations for retail. But the decline in PAT highlighted pressure on margins due to rising operating expenses and the impact of lower exceptional gains versus the base quarter.

The company’s stated strategy of expansion through Zudio and Westside was also described as consistent with the sector trend of widening retail footprints in Tier 2 and Tier 3 cities. Management reiterated its focus on strengthening presence in these markets and improving brand affinity across formats.

Market and stock cues mentioned alongside the results

The data shared alongside the update showed Trent at ₹4,324.80, down ₹110.80 (-2.49%), with the page marked “Updated - 23 April 2026.” Separately, a brokerage note cited Goldman Sachs maintaining a Neutral rating on Trent and lowering its target price to ₹4,080 from ₹4,110, while pointing to potential upside versus the then-current price referenced in that note. The same note flagged expectations of rising costs alongside expansion and the possibility of weaker operating leverage, along with EPS estimates for FY27-28 remaining below consensus.

These cues underscore a recurring market focus around Trent: the balance between fast top-line growth, the pace of store additions, and the cost intensity of expansion.

Bigger picture: TTM income statement snapshot

A trailing twelve-month (TTM) snapshot included with the material provided an additional reference point for scale. It listed revenue of ₹20,074 crore, cost of revenue of ₹11,265 crore, gross profit of ₹8,810 crore, other expenses of ₹7,090 crore, and earnings of ₹1,720 crore. While TTM figures do not map directly to a single quarter, they help frame how operating costs and expenses move relative to revenue as the business grows.

Conclusion

Trent’s Q4 FY25 results delivered strong revenue growth, but profit fell sharply due to higher costs and a less favourable comparison on exceptional gains. Investors are likely to keep tracking how operating expenses, store expansion, and same-store performance translate into sustainable profitability in coming quarters. The company has said its growth was supported by SSSG, network expansion, and inventory discipline, while continuing to emphasise deeper penetration in Tier 2 and Tier 3 markets.

Source: Trent audited Q4 results filed on BSE.