Vedant Fashions Ltd reported a 9 percent decline in net profit to Rs 92 crore ($11.2 million) for the April-June quarter, as against Rs 101 crore in the year-ago period.
The company’s revenue for the quarter was down by 1 percent to Rs 327 crore, as against Rs 332 crore reported in the corresponding period of the previous fiscal year.
During the quarter, the company opened its largest ‘World of Celebration’ flagship store in Bengaluru and three exclusive flagship stores for its brand ‘Twamev’ across India.
“As expected, Q1 FY24 had significantly lower weddings nationally, however management is positive and hopeful with the overall business outlook for the year as a whole, driven by H2 period,” Vedant Fashions said in a statement.
Vedant Fashions is primarily engaged in manufacturing, trading, and sale of readymade ethnic wear for men, women, and kids primarily in India under the brand names Manyavar, Mohey, Mebaz, Twamev, and Manthan.
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