Vedant Fashions (MANYAVAR) Q3 24/25 earnings summary

Executive summary

• Revenue growth for Q3 FY25 was 9% year-over-year, with sales reaching INR 7,088 million and SSG growth of 2.6% year-over-year.

• Vedant Fashions Limited is India's largest men's wedding and celebration wear company, with a diversified brand portfolio and omni-channel presence in 255 cities, including 16 international EBOs as of December 2024.

• Q3 FY25 saw continued retail expansion, strong recovery in Tier 2/3 cities, and new Twamev EBO launches.

• 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.

• Aggressive marketing campaigns and new product launches, especially for Mohey and Mebaz, drove brand visibility.

Financial highlights

• Q3 FY25 revenue from operations was INR 5,113 million, up 7.8% year-over-year; 9M FY25 revenue was INR 10,190 million, up 1.5% year-over-year.

• Q3 FY25 gross margin was 67.3%, PAT margin 30.9%, and EBITDA margin 47.4%.

• Q3 FY25 PAT was INR 1,580 million, nearly flat year-over-year; 9M FY25 PAT was INR 2,874 million, down 3.7% year-over-year.

• Online sales contributed 3%-4% of revenue, growing 70% in Q3.

• Basic and diluted EPS for Q3 FY25 was INR 6.50, unchanged from Q3 FY24.

Outlook and guidance

• Confident in long-term growth, supported by strong inventory, design, and store network.

• Growth strategy focuses on retail expansion in India and abroad, up-selling/cross-selling, targeted marketing, and disciplined acquisitions.

• Medium-term retail area growth target in mid-teens remains, contingent on rental trends.