Vedant Fashions Q3 net profit rises 5 percent to Rs 158 crore

Vedant Fashions Ltd, owner of ethnic wear brands Manyavar and Mohey reported a 5 percent rise in net profit to Rs 158 crore ($19.7 million), as against Rs 150 crore in the year-ago period.

The company’s revenue for the quarter rose to Rs 474 crore, as against Rs 441 crore reported in the corresponding quarter of the previous fiscal year.

Post the results, shares of Vedant Fashions rose as much as 6 percent to Rs 1,135, their biggest intraday gain since May 2023.

Entrepreneur Ravi Modi launched Manyavar in 2002 in Kolkata and subsequently launched Mohey to cater to women in 2015. Both brands specialise in traditional Indian occasion wear and are priced in the mid-segment of the market.

Currently, Vedant Fashions Limited runs a range of ethnic wear brands including Mebav, Twamev, and Manthan. The business retails across India, the US, Canada, the UK, and UAE and counts over 600 brick-and-mortar stores.