In its recent quarterly results, the textile and apparels manufacturer Siyaram Silk Mills had impressed investors as it reported consolidated Profit After Tax (PAT) at Rs 88.14 crore for the quarter ended March 31, 2023. The consolidated PAT grew by 7.27% YoY from Rs 82.17 crore of March 2022. Meanwhile, the Smallcap company recorded total income at Rs 705.77 crore, a strong jump of 10% YoY from Rs 639.97 crore. EBITDA stood at Rs 131.69 crore in March 2023, a modest rise of about 2% since the same quarter of previous financial year.
For the full financial year, the company’ net profit grew by 16% YoY to Rs 251 crore from Rs 216.23 crore in FY22.Interestingly, value growth was led by a better product mix, while sale of premium fabrics was higher in the last fiscal year. Exports contributed 12.80% of the total revenues. Despite a rise in raw material prices and their volatility, the price was effectively passed on its customers with a lag effect. Also, EBITDA margins were consistently maintained at 17%.
Commenting on the results Mr. Gaurav Poddar, Executive Director, Siyaram Silk Mills Limited said: “I am pleased to report that the board of directors have recommended a final dividend of Rs 4 per share of Face Value Rs 2 each. We achieved significant growth in revenue while maintaining healthy EBITDA margins. Our focused approach on achieving a balanced distribution strategy and expanding our product categories, alongside strong branding initiatives and the launch of new products, have been key drivers behind this outstanding performance. Given the strong growth drivers in our businesses, we believe that India will continue to move forward along a robust growth trajectory. Our Company is dedicated to meeting the evolving demands of today’s youth with our extensive range of fabrics and apparels. With our financial strength, strong brands, manufacturing expertise, technical capabilities and widespread distribution, SIYSIL is committed to pursuing sustainable and profitable sales growth in the long run.”
Siyaram Silk Mills Ltd. is one of the largest producers of blended high fashion suiting, shirting and apparels. The company is amongst India’s most renowned brands and marketers of fabrics, readymade garments and other textiles products. It has an extensive distribution network that permeates India, giving an aspiring yet underserved vast population ready access to high-quality fabrics and apparel at attractive price points.