Manyavar-owner Vedant Fashions’ net profit up 17.6% in Q3 FY23, Retail News, ET Retail

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New Delhi: Vedant Fashions, which owns ethnic wear brand Manyavar, on Saturday reported a 17.6% rise in consolidated net profit at Rs 150.35 crore in the third quarter (Q3) ended December 31 of the current fiscal 2022-23 as against the profit of Rs 127.80 crore in the same period of the previous fiscal 2021-22, according to a BSE filing.

The company’s total revenue from operations stood at Rs 441.4 crore for Q3 of the current fiscal FY 23 as compared to Rs 384.7 crore in the same quarter last year with 14.7 per cent year-on-year growth.

As per the regulatory filing, its Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q3 FY23 stood at Rs 225.8 crore, as compared to Rs 198.4 crore in the corresponding quarter of last year. And EBITDA margin stood at 51.2% in Q3 FY23 as compared to 51.6% in Q3 FY22.

During the nine months period ended December 31, 2022, 51,730 equity shares were issued to employees of the holding company against stock options exercised by them, the company said in the regulatory filing.

The company expanded its retail footprint presence by adding 58,000 sq ft retail area in Q3 FY23 and 1.29 lakh sq ft retail area in 9M FY23, with total retail presence of 13.9 lakhs sq. ft. as of Dec 2022, it said in the investor presentation.

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