Fewer Marriages in Q1FY24, Cause Profits Drop For Vedant Fashions
29 July 2023, Mumbai
Vedant Fashions Ltd, the company behind popular brands like Manyavar and Mohey, reported a 9 percent dip in net profit for the April-June quarter, recording INR 92 crore compared to INR 101 crore in the previous year.
Festive & Wedding demand scenario
The company's revenue also experienced a slight setback, dropping 1 percent to INR 327 crore during the quarter, as opposed to INR 332 crore in the corresponding period last fiscal year.
Despite the challenges posed by reduced weddings nationally, Vedant Fashions remains optimistic about the overall business outlook for FY24, particularly in the H2 period.
World of Celebration
During the quarter, the company inaugurated its largest 'World of Celebration' flagship store in Bengaluru and three exclusive flagship stores for the brand 'Twamev' across India.
