Total expenses spiked 11.45% year on year to Rs 278.02 crore in Q3 FY23. Cost of raw material used stood at Rs 40.24 crore (down 7.88% YoY) while depreciation and amortization expense was at Rs 34.43 crore (up 37.45% YoY).

EBITDA increased 7.4% YoY to Rs 225.8 crore during the quarter while EBITDA margin slipped marginally to 51.1% in Q3 FY24 as against 51.25 posted in Q3 FY23.

Manyavar stated that in Q3 FY24, October month was significantly impacted due to inauspicious Shraddh period, however EBO customer sales grew by approximately 30.7% and SSSG grew by around 17.3% during major wedding/ festivities period of 60 days starting from Navratri as compared to last year 60 days comparable period starting from Navratri.

The company’s consolidated net profit declined 6.83% to Rs 298.38 crore in 9M FY24 as against Rs 320.24 crore in 9M FY23. Revenue from operations declined marginally on YoY basis to Rs 1,004.38 crore in 9M FY24.

During nine-month period Dec 2023, the company’s overall performance got impacted due to significantly lower weddings nationally, general slowdown impacting consumer sentiments, coupled with higher base effect of last year, post covid. However, it has been able to effectively maintain strong financial margins and profitability metrices, reflecting resilient business fundamentals.

Meanwhile, the board of directors approved scheme of amalgamation of Manyavar Creations (MCPL), a wholly owned subsidiary of the company with itself.

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.