Vedant Fashions, the parent of wedding and occasionwear brand Manyavar and Mohey reported a 6.3 percent year on year increase in net profits which totaled to Rs 115.8 crore in the in the fourth quarter.
For the quarter ended March 31, 2024, Vedant Fashions reported total revenue of Rs 363.16 crore, which also grew up 6.3 percent over the same period of previous fiscal.
In the fourth quarter of fiscal 2023-24, the company’s overall expenses increased to Rs 239.35 crore as against Rs 209.61 crore in the comparable period of its last fiscal.
Footprints at Vedant Fashions stores recorded robust additions at 16 percent year over year in the reporting quarter.
However, same store sales growth slumped 3 percent in the fourth quarter compared to the same quarter of earlier fiscal.
The retailer enhanced its retail footprint in the quarter under review by adding around 62,000 sq. feet retail space by opening three new stores. The retailer opened 27 new stores in fiscal 2023-24.
The company’s products include men’s and women’s ethnic and celebration wear items such as Indo-western, sherwanis, kurtas, jackets, lehengas, sarees, stitched suits, gowns and kurtis.
Vedant acquired one of the biggest fashion brands in southern India, Mebaz in 2018, which is a one-stop heritage brand catering to the entire family, with a presence in Andhra Pradesh and Telangana.
Timeless and iconic attires have cemented Manyavar’s reputation across the world with a commanding retail presence of 600+ stores in over 200 cities and 11 stores in UAE and USA.
