Vedant Fashions (MANYAVAR) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 saw continued retail expansion, strong recovery in Tier 2 and 3 cities, and the launch of new Twamev EBOs, with sales reaching INR 7,088 million and positive retail KPIs despite macro headwinds.

• Nine-month FY25 sales grew 2.3% over the prior year, impacted by a weak Q1 due to negligible wedding dates.

• Vedant Fashions Limited operates an omni-channel network with 666 exclusive brand outlets in 255 cities globally, including 16 international EBOs as of December 2024.

• Board approved unaudited financial results for the quarter and nine months ended December 31, 2024, and adopted a revised Code of Conduct for Insider Trading.

• Amalgamation of Manyavar Creations Private Limited with Vedant Fashions Limited effective April 1, 2024, with financials restated for prior periods.

Financial highlights

• Q3 FY25 sales: INR 7,088 million, up 9% year-over-year; revenue from operations reported as INR 5,113 million and INR 5,112.80 million in other filings.

• Net profit for Q3 FY25 stood at INR 1,542.91 million, with PAT margin at 30.9%.

• Nine-month FY25 sales: INR 13,722 million, up 2.3% year-over-year; 9M FY25 revenue reported as INR 10,190 million and INR 10,190.47 million in other filings.

• SSG growth for Q3 FY25 was 2.6% compared to Q3 FY24; 9M FY25 SSSG: -4.2% due to negligible wedding dates in Q1.

• Online sales grew by about 70% in Q3, now contributing 3%-4% of total revenue.

Outlook and guidance

• Confident in long-term growth due to strong inventory, design, and store network, with a focus on omni-channel expansion and emerging brands.

• Expansion plans for next year depend on rental market stabilization; pipeline remains strong but cautious approach to new store openings.

• Focus on continued marketing, brand building, and regulatory compliance to drive future growth.