Vedant Fashions Q3 net profit jumps 18 percent to Rs 150 crore

By

Maverick Martins

Published
Jan 30, 2023

Vedant Fashions Ltd owner of ethnic wear brands Manyavar and Mohey reported a 18 percent rise in its consolidated net profit to Rs 150 crore ($18.5 million), as against Rs 128 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 15 percent to Rs 441 crore, as against Rs 385 crore reported in the corresponding period of the previous fiscal year.

In the October-December quarter, Vedant’s expenses shoot up by 11 percent to Rs 249 crore.

“In the third quarter it had significantly lower wedding dates nationally, however witnessed a very sharp recovery since January and business is progressing in line with the expectations of management,” Vedant Fashions said in its quarterly update.

During the quarter, Vedant Fashions expanded its retail footprint by adding 58,000 sq ft retail area to take its total retail presence of 13.9 lakhs sq ft as of December 2022.

Vedant Fashions is primarily engaged in manufacturing, trading, and sale of readymade ethnic wear for men, women and kids primarily in India under the brand names Manyavar, Mohey, Mebaz, Twamev, and Manthan.