Siyaram Silk Mills has revealed a notable 68 per cent decrease in its net profit, which now stands at Rs. 10 crore for the initial quarter concluding on 30th June. This decline is in stark contrast to the Rs. 31 crore registered during the same period in the previous year.
During this quarter, the company’s revenue also faced a decline of 11 per cent, falling from Rs. 399 crore in the corresponding period of the prior fiscal year to Rs. 355 crore.
Gaurav Poddar, the executive director at Siyaram Silk Mills Limited, commented on the outcomes, stating, “Challenging market conditions within the textile industry during the last quarter led to reduced volume and realisation, directly impacting our sales performance. This reduction in sales also caused a decrease in our ability to cover fixed costs, resulting in a less advantageous operating leverage situation.”
Looking forward, he expressed optimism not only regarding the sector but also for the company itself. He emphasised the company’s solid financial foundation, well-established brands, manufacturing proficiency, technical expertise, and extensive distribution network as factors that will contribute to achieving sustainable and profitable growth.
Siyaram holds a robust position in the men’s clothing market, particularly within the suiting and shirting segment. Beyond its own brands like Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, Oxemberg, the company also possesses the rights to the renowned Italian fashion brand ‘Cadini’ for the Indian market.
