Vedant Fashions, the owner of retail brand Manyavar, offering men’s ethnic and celebration wear, reported a 17.6 per cent rise in consolidated net profit at Rs. 150.35 crore in the third quarter (Q3) of the current fiscal 2022-23, against the profit of Rs. 127.80 crore in the same period of FY 2021-22.
The total revenue of the company from operations was Rs. 441.4 crore for Q3 of the current fiscal FY ’23 as opposed to Rs. 384.7 crore in the same quarter last year with a year-on-year growth of 14.7 per cent.
According to a regulatory filing by the company, Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for Vedant Fashions stood at Rs. 225.8 crore in Q3 of FY ’23, as opposed to Rs. 198.4 crore for the same quarter last year. Also, the EBITDA margin in Q3 of FY ’23 stood at 51.2 per cent whereas in Q3 of FY ’22, it was 51.6 per cent.
According to the filing, the company also issued 51,730 equity shares to employees of the holding company against stock options exercised by them. These shares were issued in a nine month period ending on 31st December 2022.
By adding 58,000 sq. ft. retail area in Q3 of FY ’23 and 1.29 lakh sq. ft. retail area in 9M of FY’ 23, the company expanded its retail presence to a total of 13.9 lakh sq. ft. as of December 2022.
