Siyaram Silk Mills Q3 net profit declines 24 percent to Rs 52 crore
Garments and textiles manufacturer Siyaram Silk Mills witnessed a 24 percent decline in its net profit to Rs 52 crore ($6.4 million) for the third quarter ended December 2022, as against Rs 69 crore reported in the year-ago period.
The company’s revenue for the quarter was down by 11 percent to Rs 502 crore, as against Rs 563 crore reported in the corresponding period of the previous fiscal year.
Commenting on the results, Ramesh Poddar, chairman managing director of Siyaram Silk Mills in a statement said, “The financial performance has been encouraging. Both, our fabric, and apparel businesses are performing well. The higher realisation is a result of our premiumisation benefits. Delivering customer needs of quality and fashionable products at a price is aiding our roadmap of premiumisation.”
“The company's apparel division has been exhibiting decent performance. Its continued focus on tier 2, 3 cities and its positioning among aspiring Indians have made the brand more reachable and appealing among a wider base of consumers. Our volume for garments remains buoyant. However, higher raw material prices have kept our margins for Q3 under check,” he added.
Siyaram's has a strong presence in the menswear market, especially in the suiting and shirting segment. Apart from its private-label brands like Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, Oxemberg, it also owns the rights to the Italian fashion brand, Cadini, in the Indian market.
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