We recently attended Trent's annual general meeting (AGM). The key takeaways are; 1) robust store addition plans in FY20 (100+ stores between Westside and Zudio), 2) outlaid capex of ~| 350-400 crore (~2x FY19), 3) opened its first exclusive store of its own ethnic brand, Utsa', 4) plans to raise additional capital worth | 600 crore in the next three to six months, 5) focus on enhancing share of private label brands for Star format with adoption of new pricing strategy to become more competitive, 6) adjusting for Ind-AS 116, EBITDA margins for Q1FY20 expanded 60 bps YoY to 12.6%...