Vedant Fashions Ltd Share Price – NSE  /  BSE

Retail, Small Cap

Vedant Fashions will hold a meeting of the Board of Directors of the Company on 30 April 2024.

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Vedant Fashions has allotted 1,340 equity shares under ESOP on 23 March 2024. With this allotment the paid-up share capital of the Company has increased to Rs 24,28,69,863/- divided into 24,28,69,863 equity shares of Rs 1/- each.

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Garware Technical Fibres Ltd, Trent Ltd, Coromandel International Ltd and Bajaj Finance Ltd are among the other losers in the BSE's 'A' group today, 30 January 2024.

Vedant Fashions Ltd tumbled 6.27% to Rs 1036 at 14:48 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 16882 shares were traded on the counter so far as against the average daily volumes of 44401 shares in the past one month.

Garware Technical Fibres Ltd lost 5.91% to Rs 3445. The stock was the second biggest loser in 'A' group.On the BSE, 1350 shares were traded on the counter so far as against the average daily volumes of 1512 shares in the past one month.

Trent Ltd crashed 5.27% to Rs 3074.2. The stock was the third biggest loser in 'A' group.On the BSE, 19794 shares were traded on the counter so far as against the average daily volumes of 23956 shares in the past one month.

Coromandel International Ltd pared 5.18% to Rs 1078.3. The stock was the fourth biggest loser in 'A' group.On the BSE, 24052 shares were traded on the counter so far as against the average daily volumes of 9611 shares in the past one month.

Bajaj Finance Ltd plummeted 5.03% to Rs 6826. The stock was the fifth biggest loser in 'A' group.On the BSE, 2.3 lakh shares were traded on the counter so far as against the average daily volumes of 59128 shares in the past one month.

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Profit before tax grew 4.93% year on year (YoY) to Rs 211.91 crore in the quarter ended 31 December 2023.

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.

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