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Vedant Fashions reports first earnings post market debut, stock gains

Vedant Fashions reports first earnings post market debut, stock gains

Vedant Fashions stock rose 2.34% to Rs 913.25 against the previous close of Rs 892.35 on BSE. Market cap of the firm stood at Rs 21,625 crore on BSE

Consolidated profit of Vedant Fashions rose to Rs 127.8 crore in Q3 against Rs 102.947 crore in the third quarter of previous fiscal. Consolidated profit of Vedant Fashions rose to Rs 127.8 crore in Q3 against Rs 102.947 crore in the third quarter of previous fiscal.

The shares of Vedant Fashions rose over 2 per cent amid a market crash today after the operator of ethnic wear brand Manyavar reported a 24 per cent growth in consolidated profit for the December quarter.

This is the first set of earnings after the firm made its stock market debut on February 16 this year.

Vedant Fashions stock gained 2.34 per cent to Rs 913.25 against the previous close of Rs 892.35 on BSE. Total 0.15 lakh shares of the firm changed hands amounting to a turnover of Rs 1.34 crore on BSE.

Market cap of the firm stood at Rs 21,625 crore on BSE. Consolidated profit rose to Rs 127.8 crore in Q3 against Rs 102.947 crore in the third quarter of previous fiscal.

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Total income gained 25.63 per cent to Rs 396.12 crore in Q3 against Rs 315.30 crore for the quarter ended December 2020.

Earnings per share climbed 26.02 per cent to Rs 5.23 in Q3 against Rs 4.15 in Q3 of FY2021. On a quarter-on-quarter basis, net profit zoomed 140.14 per cent from Rs 53.22 crore profit in the September quarter of the current fiscal.

Total income rose 89.71 per cent from Rs 208 crore in Q2 of the current fiscal. Earnings per share gained 141 per cent from Rs 2.17 in the quarter ended September 2021.

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The firm made its market debut on February 16, 2022. The stock of the owner of ethnic wear brands such as 'Manyavar' and 'Mohey', listed at a premium of 8.08 per cent at Rs 936 on BSE. Market cap of Vedant Fashions rose to Rs 22,716 crore.

The issue price of the IPO stood at Rs 866.

On NSE, the stock listed at Rs 935, up 7.97 per cent to the IPO issue price. Market cap of the firm rose to Rs 11,587 crore.

The IPO, which was held from February 4 to February 8,  was subscribed 2.56 times on its third and final day. It received bids for 6.52 crore equity shares against an offer size of 2.54 crore equity shares.