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Motilal Oswal Report
Vedant Fashions Ltd. (Manyavar) reported a healthy quarter, with revenue/profit after tax growth of 15%/23% (13% beat) led by steady 11% growth in store additions and cost optimisation (including a reduction in director remuneration).
Growth of 21% in sales to customers and same store sales growth of 14% in Q4 FY23 (~7% revenue growth for H2 FY23) are positive factors after a 3% decline in customer sales witnessed in Q3 FY23 as wedding dates shifted to Q4 FY23.
A consistent 15% compound annual growth rate in footprint addition over FY23-25 and 5% SSSG should translate into consolidated revenue/Ebitda CAGRs of 20%/21%.
Positive commentary on emerging brands (Mohey and Twamev) and plans to launch 8-10 independent stores offer an upward bias.
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