Manyavar’s owner Vedant Fashions sees net profit rise by 6.3% in FY24 Q4

Ethnic wear brand Manyavar’s owner Vedant Fashions reported a 6.3% year-on-year increase in its consolidated net profits in the fourth quarter of the 2024 financial year to total Rs 115.79 crore. The business’ revenue from operations also grew during the quarter.

Vedant Fashions’ net profit for the fourth quarter of the 2023 financial year stood at Rs 108.86 crore according to its regulatory filings, ET Retail reported. The business saw its revenue from operations reach Rs 363.15 crore in the fourth quarter of the 2024 fiscal which ended on March 31. This was up from its revenue total of Rs 355.06 crore in the fourth quarter of the 2023 financial year, according to Vedant Fashions’s filings on the Bombay Stock Exchange.
 
The business also saw an increase in expenses in recent months due in part to expanding its apparel brands. In January, during the fourth quarter, the business opened a joint Manyavar and Mohey ethnic and traditional clothing store in California, US to cater to non-resident Indians in the area and expand its global footprint, the business’ retail business development partner Nikhil Bhutada announced on Linkedin at the time.
 
Along with Manyavar and Mohey, Vedant Fashions Limited also runs the apparel brands Mebav, Twamev, and Manthan. The business retails across India, the US, Canada, the UK, and UAE and counts over 600 brick-and-mortar stores.