Vedant Fashions posts Q4 net profit of Rs 88 crore

By

Maverick Martins

Published
May 10, 2022

Vedant Fashions Ltd, parent firm of ethnic wear brand Manyavar, witnessed an 86 percent rise in its net profit to Rs 88 crore ($11.4 million) for the fourth quarter ended December 2022, as against Rs 47 crore it reported in the year-ago period.

The company’s revenue for the quarter rose by 53 percent to Rs 307 crore, as against Rs 200 crore reported in the corresponding period of the previous fiscal year.

For the financial year 2021-22, Vedant Fashions reported a net profit of Rs 314 crore on a revenue of Rs 1,090 crore.

Manyavar, which retails traditional style occasion wear, has a brick-and-mortar network of 525 exclusive-brand outlets which includes 55 shop-in-shops. The brand is present in 207 Indian cities and also has a retail footprint in countries including the U.S., UAE, and Canada.

Vedant Fashions’ promoters are Ravi Modi, Shilpi Modi, and Ravi Modi Family Trust. Along with Manyavar, the business also runs clothing brands Twamev, Manthan, Mohey, and Mebaz, among others, and the business focuses on traditional and occasion wear.