For the third quarter that concluded in December 2023, Siyaram Silk Mills recorded a 14 per cent decrease in net profit to Rs. 44 crore, from Rs. 52 crore in the same period the previous year. Revenue for the company increased to Rs. 503 crore for the quarter, up from Rs. 502 crore recorded for the prior quarter that concluded in December 2022.
Commenting on the results, Gaurav Poddar, executive director at Siyaram Silk Mills Limited in a statement said, “Despite facing subdued consumer demand and challenging market conditions, our company has showcased resilient performance. Additionally, we have expanded our retail footprint to a total of 239 stores as of 31st December 2023, demonstrating our commitment to growth and market presence.”
“In accordance with our strategic decision made at the beginning of the fiscal year, our investment in advertising and sales promotion remains elevated, aimed at bolstering brand presence and stimulating sales growth. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth,” he added.
Siyaram is a major player in the menswear industry, particularly in the shirting and suiting division. In addition to its own line of private labels, which include Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, and Oxemberg, it also holds the Indian market rights to the Italian fashion brand “Cadini.”
