Revenue of Siyaram Silk Mills, a top producer of high-fashion textiles, recorded a 7 per cent decline in revenue to Rs. 648 crore in the latest quarter, in comparison to Rs. 695 crore in the same quarter of the last fiscal year.
For FY 2024, the company attained a net profit of Rs. 185 crore with revenue of Rs. 2,092 crore.
Executive director of Siyaram Silk Mills, Gaurav Poddar, commented on the results, sharing, “Despite facing subdued consumer demand and tough market conditions, our company has shown resilient performance. Besides, our retail presence has grown to 247 stores as of 31st March, 2024, underlying our commitment to growth and market penetration.”
Poddar further added, “As per our strategic decision at the start of the FY2024, we have sustained elevated investment in advertising and sales promotion to improve brand visibility and push sales growth.”
Siyaram holds an important position in the menswear market, chiefly in the suiting and shirting categories. Besides its private-label brands such as Mistair, Royale Linen, Unicode, Moretti, Miniature, J Hampstead, and Oxemberg, the company also reserves the Indian market rights for the Italian fashion brand ‘Cadini’.
