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LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
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LIFE CARE IS REGISTERED MAGAZINE IN RNI, NO.GUJGUJ/2015/71283
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MUMBAI, India, Nov. 8, 2022 /PRNewswire/ — Siyaram Silk Mills Limited, a manufacturer of fabrics, readymade garments, and other textiles products, has announced its results for the second quarter and half year ended 30th September 2022.
Financial Highlights (Consolidated) – Q2 & H1FY23
The Company has witnessed an all-around improvement in its Q2FY23 performance, led by improved operating efficiencies, a better product mix and rationalised marketing initiatives.
Particulars (₹ Crores) |
Q2FY23 |
Q2FY22 |
YoY (%) |
Q1FY23 |
QnQ (%) |
H1FY23 |
H1FY22 |
YoY (%) |
Revenue |
636 |
480 |
32 % |
399 |
59 % |
1035 |
714 |
45 % |
EBITDA |
129 |
91 |
41 % |
59 |
117 % |
188 |
128 |
47 % |
EBITDA Margin (%) |
20 % |
19 % |
128bps |
15 % |
540bps |
18 % |
18 % |
NA |
PAT |
80 |
53 |
52 % |
41 |
94 % |
111 |
65 |
70 % |
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Financial Highlights
Fabric Business overview:
Apparels Business overview:
Commenting on financial results, Mr Ramesh Poddar, Chairman & Managing Director, Siyaram Silk Mills, said, “The financial performance for H1FY23 has been quite encouraging. Our both Fabric and Apparels 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. Our volumes and realisation both have seen robust growth. Double-digit volume growth testifies to our marketing and product positioning strategy to reach a more extensive customer base. 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 strong performance. Its continued focus on Tier II & III cities and its positioning among aspiring Indians have made the brand more reachable and acceptable among the masses. The Company’s tactical decision to reduce EOSS has helped in improving profitability. Along with profitability, it has also led to stability in earnings. Overall, medium to long-term growth opportunities are encouraging, and we expect demand to remain buoyant going ahead in the current fiscal year.”
About Siyaram Silk Mills Ltd (SSML)
Siyaram Silk Mills Limited (BSE: 503811) (NSE: SIYSIL)
Siyaram Silk Mills Limited is amongst India’s most renowned manufacturers of fabrics, readymade garments, and other textile products. The Company is famous for its high-quality fabrics and apparel using a variety of blends made from market-adaptive combinations of polyester, viscose, lycra, cotton, wool, linen, rayon, CVC and yarn-dyed PC. In addition, the Company operates and franchises a chain of retail stores which offer menswear, fashion fabrics and apparel, and accessories.
As we advance, the Company is focusing on its apparel business as its most prominent strategic growth pillar, backed by highly integrated and state-of-the-art manufacturing and retailing capabilities. The Company sells its products under multiple brands that enjoy high recall value with consumers. They include brands such as Siyaram’s Suitings and Shirting’s, Mistair, Royale Linen, Moretti, Miniature, Unicode, J. Hampstead, Oxemberg, Mozo, Cadini, and Casa Moda.
The Company’s extensive distribution network permeates India, giving an aspiring yet underserved vast population ready access to high-quality fabrics at attractive price points. This makes Siyaram’s brands the preferred choice in India’s fast-growing yet untapped market. The Company’s ‘asset-light’ business model has given Siyaram the mettle to continuously strengthen its balance sheet over the years and ensure business permanence. Today, the Company benefits from having the longest surviving and resilient serving portfolios of brands within India. The Company was incorporated in 1978 and is headquartered in Mumbai, India.
Forward-Looking Statement:
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Siyaram Silk Mills Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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