New Delhi: Manyavar-owner Vedant Fashions on Thursday has reported a 4.8 per cent rise in consolidated net profit at Rs 157.71 crore in the third quarter (Q3) that ended December 31, 2023. It posted a consolidated net profit of Rs 150.35 crore in the same period of the previous fiscal, the company said in a regulatory filing.
Its revenue from operations in Q3 FY24 increased to Rs 474.45 crore as against Rs 441.42 crore in Q3 FY23, as per the BSE filing.
The company’s total expenses also grew to Rs 278.02 crore in Q3 FY24 as compared to Rs 249.47 crore in the previous fiscal’s same quarter.
In an investor’s presentation, the company said, “In Q3 FY24, October month was significantly impacted due to inauspicious Shraddh period, however, EBO customer sales grew by approximately 30.7 per cent and same store sales growth (SSSG) rose by approximately +17.3 per cent during major wedding or festivities period of 60 days starting from Navratri as compared to last year 60 days comparable period starting from Navratri.”
During the nine-month period till December 2023, the company’s overall performance got impacted due to significantly lower weddings nationally, general slowdown impacting consumer sentiments, coupled with higher base effect of last year, the company shared.
In the quarter under review, Vedant Fashions opened 4 exclusive brand outlets (EBOs). By December FY24, the company has spread its retail footprint to 1.64 million sq ft across India with 657 EBOs in 250 cities and towns in India. Apart from India, it has 16 EBOs in countries including USA, UAE, Canada and the U.K.
Headquartered in Kolkata, incorporated in 2002 by Ravi Modi, Vedant Fashions Limited is primarily engaged in manufacturing, trading, and sale of readymade Indian wedding and celebration wear for men, women, and kids under the brand names Manyavar, Mohey, Mebaz, Twamev and Manthan.
Also, Manyavar Creations Private Limited (MCPL) is now a wholly owned subsidiary of Vedant Fashions, engaged in the business of trading readymade Indian wedding and celebration wear garments and related accessories for men, women and kids.
