Categories Concall Highlights, Consumer, Earnings, Other Industries, Retail

Vedant Fashions Ltd Q1 FY23 Earnings Conference Call Insights

Key highlights from Vedant Fashions Ltd (MANYAVAR) Q1 FY23 Earnings Concall

Q&A Highlights:

  • Gaurav from Axis Capital asked about good expansion in GM to 68.8% and the steady state levels to be expected going ahead. Rahul Murarka CFO replied that on a quarterly basis, GM may vary from one quarter to another quarter. So it should be looked at a YonY basis.
  • Percy Panthaki with IIFL asked about the per sq. ft. sales done in a normal year in 1Q, if that’s higher  or lower than the full year sales per sq. ft. Rahul Murarka CFO answered that typically looking at historical avg. of 1Q out of the year, it’s about 24% of year’s total MANYAVAR sales.
  • Percy Panthaki of IIFL also asked how of the growth is from a pure price increase, mix and volume. Rahul Murarka CFO replied that the overall SSG was about 105.2%. Breaking this down to volume and ASP, volume growth was at about 102.3% and ASP growth about 1.4% at a company level.
  • Abhishek Basumallick with Intelsense asked about the plans on the Mohey brand in terms of scaling it up. Vedant Modi CMO said that for Mohey, the plan is to continue with the growth strategy of having MANYAVAR Mohey stores as the flagship concept of the company where stores above 3,000-4,000 sq. ft. will have a Mohey section within them.
  • Abhishek Basumallick with Intelsense also enquired about the competitive scenario in MANYAVAR overall. Vedant Modi CMO replied that in every market the company has been growing and seeing good retail footprint expansion across. Until now MANYAVAR has not witnessed any pressure.
  • Satwik Jain of Generational Capital also asked about the per sq. ft. revenue of MANYAVAR and Mohey. Vedant Modi CMO replied that on productivity, the company saw productivity of about 12,800 plus. In 1Q23 the company beat 1Q22 with a 105% SSSG.
  • Vikas Mistry from Moonshot Ventures asked about the rental market for celebration outfit impacting MANYAVAR business. Vedant Modi CMO replied that the celebration outfit market is strong and that trend continues. As a company, it is monitoring and will see how the rental market evolves.
  • Vikas Mistry from Moonshot Ventures also asked how the company is thinking to scale up Mohey.  Vedant Modi CMO said that the historical trends are very positive and even now the brand’s metrics are in a good and positive direction. In the next 2-3 quarters MANYAVER should start scaling up.

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