Vedant Fashions sees lacklustre Q3 show on fewer wedding days

Same store sales growth – a key metric for apparel and retail businesses – fell 8.7 percent in Q3 FY23 over Q3 FY22

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Manyavar-owner Vedant Fashions reported a weak set of numbers for the October-December 2022 quarter, largely on the back of lower number of wedding dates. The stock took a beating on January 30 and was among the top losers in the BSE Midcap index.

At 10am, the stock was quoting at Rs 1,105 apiece on the BSE, down by 4.5 percent. It is trading below its 5-day, 20-day and 50-day simple moving averages.

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On the face of it, the numbers looks strong. Net sales for the company at Rs 441.43 crore jumped 14.73 percent from Rs 384.75 crore in December 2021. Quarterly net profit at Rs 150.35 crore, gained 17.64 percent from the year-ago period. EBITDA margin improved 108 basis points YoY to 51 percent.