Ravi Modi, the 45-year-old founder of Vedant Fashions, is the 50th richest person in India. Twenty years after he started the Indian ethnic wear manufacturing brand, Modi has a net worth of Rs 30,286.5 crore, according to the Forbes' India's 100 Richest List. He is also the 791st richest person in the world.
Modi started Vedant Fashions in 2002 in Kolkata, West Bengal, to manufacture traditional Indian garments. He named the business after his only son Vedant, who is now the chief marketing officer of the company. Meanwhile, his wife Shilpi is on the company's board.
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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