Textiles giant Siyaram Silk Mills has announced a 15 per cent rise in net profit, reaching Rs 12 crore for the quarter ending June 2024, up from Rs 10 crore in the same quarter previous year.
The company’s revenue for the quarter fell by 14 per cent to Rs 307 crore, compared to Rs 355 crore in the same period last year.
Gaurav Poddar, Executive Director of Siyaram Silk Mills Limited, commented on the results, stating, “In Q1 FY ’25, weak consumer demand was exacerbated by severe heat waves, which altered spending priorities, and significant disruptions to sales channels due to election-related events. These combined factors created a difficult environment for consumer-driven sectors.”
“To enhance our sales, we are planning to open 30 fast fashion and ethnic retail outlets in Tier-1, 2, and 3 cities. We will invest around Rs. 50 crores by 31st March, 2025, to set up these stores, which will operate under a company-owned, company-operated model. We anticipate this investment will improve our overall financial stability and growth, positioning us better for future success,” he added.
Siyaram maintains a strong position in the menswear market, particularly in suiting and shirting, through its private-label brands such as Mistair, Miniature, Unicode, Royale Linen, Moretti, Oxemberg and J Hampstead.
