Vedant Fashions, the parent company of popular ethnic wear brand Manyavar, has announced a remarkable 22 per cent increase in net profit to Rs. 109 crore ($13.3 million) for the fourth quarter that ended in March.
This impressive growth comes as the company’s revenue for the quarter also rose by 15 per cent, reaching Rs. 342 crore compared to the previous fiscal year. Despite a 12 per cent rise in net expenses to Rs. 210 crore, the company managed to increase its profitability by optimising operations and expanding its customer base.
The full financial year 2022-23 proved to be an even bigger success for Vedant Fashions, with a revenue of Rs. 1,355 crore and a net profit of Rs. 429 crore. The company’s aggressive expansion strategy played a crucial role in this growth, with the opening of 54 exclusive brand outlets, including four new international stores in the USA, UAE, Canada, and the UK.
Vedant Fashions is a leading player in the manufacturing, trading, and sale of readymade ethnic wear for men, women, and kids in India under popular brand names Manyavar, Mohey, Mebaz, Twamev, and Manthan.
The company’s impressive financial performance highlights the growing demand for ethnic wear, both in India and internationally, and sets the stage for a bright future for Vedant Fashions and its brands.
