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Vedant Fashions' (Manyavar) Q2FY24 Financial Performance Review

Oct 31, 2023

By: BlinkX Research Team

In this financial performance review, we delve into the results of Vedant Fashions for Q2FY24 and analyze key metrics, including revenue, expenses, net profit, and margin.

REVENUE: 
Vedant Fashions reported a total revenue of ₹233.40 crores in the second quarter of fiscal year 2024, which represents a significant decline of 28.54% sequentially. Year-on-year, the company's revenue experienced a 9.04% decline.

EXPENSES: 
The company recorded expenses amounting to ₹168.60 crores in Q2FY24, reflecting a decline of 16.82% quarter-on-quarter. Year-on-year, expenses have increased by 2.74%.

NET PROFIT: 
In the second quarter of fiscal year 2024, Vedant Fashions reported a net profit of ₹48.72 crores, showing a significant decline of 47.01% compared to Q1FY24. Year-on-year, the net profit experienced a 29.41% decrease compared to the net profit of ₹69.02 crores in the second quarter of the previous fiscal year (Q2FY23).

MARGINS: 
The margin for Q2FY24 is 20.87%, which is lower 7.28% in the preceding quarter. Year-on-year, the margin has also declined from 26.90% in Q2FY23 to 20.87% in Q2FY24.

In conclusion, Vedant Fashions' financial performance in the second quarter of fiscal year 2024 reflects a significant decline in revenue and net profit both sequentially and year-on-year. The decrease in expenses, while an encouraging sign, was not sufficient to offset the drop in revenue. 

The decline in margins further indicates challenges faced by the company in maintaining profitability, possibly influenced by factors such as market conditions and cost management.

Stay tuned for more updates on upcoming financial performances.