Soft headline revenue growth in 3Q is likely due to lower number of wedding days. Structural story is intact. We upgrade estimates
Vedant Fashion’s soft SSSG (negative YoY, low single digit vs pre-covid) has been underwhelming in Q3FY23. This may be due to a significant shift in wedding days to Q4FY23 (~10 days in 3Q vs >30 days in 4Q).