02 May 2023, Mumbai
Vedant Fashions, the parent company of ethnic wear brand Manyavar, has announced a 22 percent increase in net profit to Rs 109 crore for the fourth The rise in profit is a result of a 15 percent increase in revenue, which rose to Rs 342 crore in Q4 FY22 from Rs 296 crore in the same period of the previous year. The company's net expenses for the quarter also saw an increase of 12 percent to Rs 210 crore.
For the full financial year 2022-23, Vedant Fashions reported a revenue of Rs 1,355 crore, with a net profit of Rs 429 crore. During the year, the company opened 54 exclusive brand outlets, including four new stores in the USA, UAE, Canada, and the UK.
Vedant Fashions is a manufacturer, trader, and seller of readymade ethnic wear for men, women, and children in India, primarily under the brand names Manyavar, Mohey, Mebaz, Twamev, and Manthan.
The rise in profit and revenue for the company demonstrates the continued demand for ethnic wear in India and the success of the brand's expansion strategy, both domestically and internationally. quarter ended March.
