Tata group retail firm Trent Ltd today reported over three-and-half-fold increase in standalone net profit at Rs 61.11 crore for the first quarter (Q1) ended June 30, 2014-15, boosted by partial sale of stake in Trent Hypermarket to UK's Tesco.
It had posted standalone net profit of Rs 17.34 crore in the April-June quarter of last fiscal, 2013-14, Trent Ltd said in a filing to the BSE.
Net sales in Q1, 2014-15 stood at Rs 314.79 crore, as against Rs 241.44 crore in the year-ago period.
The company said exceptional items in Q1 represent profit of Rs 103.95 crore on sale of part equity shares held in Trent Hypermarket Ltd (THL) to Tesco and Rs 33.77 crore of costs related to restructuring of continuing operations of Landmark format.
Tesco had purchased some of the stake held by Trent in THL besides subscribing additional equity shares thereby making THL a 50:50 JV between the two partners.
Shares of Trent Ltd were trading at Rs 1,140.10 in the afternoon trade, down 4.99 per cent from the previous close on the BSE.