The parent company of Manyavar, Vedant Fashions on Thursday reported a 4.8 per cent rise in consolidated net profit at Rs 157.71 crore in the third quarter (Q3) that ended 31 December 2023, compared to 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 grew 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 rose to Rs 278.02 crore in Q3 FY24 as compared to Rs 249.47 crore in the previous fiscal 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) increased 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 months ending December 2023, the firm’s overall performance was hampered by significantly fewer weddings nationwide, a general downturn affecting consumer emotions and a greater base effect from the previous year, the company stated.
