The 45-year old founder of Manyavar is worth over Rs 30,000 crore
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Vedant Fashions is the parent company of Manyavar, which is a leader in the branded Indian celebration and wedding wear market, and has a presence across the country. Other brands under Vedant Fashions include Manthan, Twamev, Mebav and Mohey.
The cut-off for this year's 100 richest Indians was a net worth of $1.9 billion, nearly the same as last year's cut-off of $1.94 billlion. The company has a revenue of USD 85 million. It has more than 600 stores across India and 11 stores at international locations at present.
The company made a strong debut on the stock market exchanges in February this year. On its listing day, its shares opened at Rs 935 apiece on NSE, a premium of eight percent over the issue price of Rs 866. On BSE, the stock began its journey at Rs 936 apiece.
The company recorded a 24.31 percent increase in net sales in the September quarter at Rs 241.96 crore, from the previous year's Rs. 194.65 crore. Its quarterly net profit too increased 32.05 percent from Rs 52.22 crore last September to Rs 68.96 in this fiscal's second quarter. Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) was up 26.79 percent from last year's Rs 96.83 crore to Rs. 122.77 crore in the second quarter this fiscal.
Shares of Vedant Fashions on Monday ended 2.7 percent lower on BSE at Rs 1,350.60 apiece.
First Published: Nov 28, 2022 6:05 PM IST
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