Trent share price jumps over 6% to hit fresh record high on Q4 boost

livemint.com:

Trent share price: Trent shares jumped over 6 per cent to hit its fresh all-time high of ₹4,628.85 in morning trade on BSE on Tuesday, April 30, a day after the company reported its March quarter (Q4) results. Trent shares opened at ₹4,450.25 against its previous close of ₹4,351.45 and rose as much as 6.4 per cent to hit its fresh record high of ₹4,628.85 on BSE. Around 9:30 am, Trent shares traded 5.33 per cent higher at ₹4,583.30.

Equity benchmark Sensex was 0.14 per cent up at 74,774 at that time. Trent's share price surged after its Q4 result showed a multi-fold jump in consolidated profit while revenue jumped over 50 per cent for the quarter. On Monday, April 29, Trent reported a robust 51 per cent year-on-year (YoY) jump in revenue from operations for Q4FY24 to ₹3,297.70 crore against ₹2,182.75 crore in the same quarter last financial year.

The Tata Group's speciality retail company, which owns Westside and Zudio, said its net profit for the period under review stood at ₹712.09 crore, marking a whopping 16 times, or 1484 per cent YoY jump against a profit of ₹44.95 crore in the same quarter last year. The company's profit shot up in the last quarter due to a one-time gain of ₹576.07 crore. This boost came from a change in how they handle lease contracts for their stores.