Siyaram Silk Mills Ltd., a manufacturer of readymade garments, fabrics and other textile products, reported its results for the third quarter and nine months ending 31st December 2022.
The company witnessed all-round positive performance and improvement which were the result of a better product mix, improved operating efficiencies and rationalised marketing initiatives.
The revenue for 9M of FY ’23 was higher by 20 per cent Year-on-Year which was the result of better performance in the fabric and apparel business. Along with these, market demand has also stayed consistent domestically while export demand has increased.
EBITDA for 9M of FY ’23 has been higher by 14 per cent Year-on-Year. This has been the result of efficient marketing strategies and positioning which helped in margin expansion despite the fact that higher raw material prices and manufacturing expenses kept margins in check.
The revenue from the fabric business reported an increase of 10 per cent Year-on-Year which was the result of higher pent-up demand as well as the revival of demand in Tier-2 and Tier-3 cities.
The revenue from the apparel business stood at RS.286 crore in 9M of FY ’23 which is an increase of 53 per cent Year-on-Year.
“The financial performance for 9M of FY ’23 has been encouraging. Both, our fabric and apparel businesses are performing well. On the fabric front, both trade and retail have witnessed an encouraging trend led by higher secondary sales and strong retail footfalls in MBOs. Volumes for the fabrics business saw some challenges in the post-festive season, which we expect to recoup in the running fourth quarter,” said Ramesh Poddar, Chairman and Managing Director of Siyaram Silk Mills, commenting on the financial results.
