Siyaram Silk Mills soars 16% on robust financials reported in Q2

The firm added that domestic market demand remains buoyant with increasing traction from the export market as well. Company continues its efforts to increase revenue pie from both of them simultaneously.

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Shares of textile company Siyaram Silk Mills soared on November 4 after the company reported strong growth in revenue, operating profit and net profits for the quarter ended September 2022.

On a year-on-year (YoY) basis, the company’s revenue grew 32 percent, earnings before interest, taxes, depreciation, and amortisation (EBITDA) 41 percent and post-tax profit 52 percent.

“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,” Siyaram said in a release.

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The statement added that domestic market demand remains buoyant with increasing traction from the export market as well. The company continues with its efforts to widen the revenue pie from both segments together.

The stock traded up 16 percent to Rs 549 following the earnings announcement.

The company said fabric business revenue reported an increase of 30 percent on-year in the first half of the fiscal. The share of Fabrics in total revenue is 70 percent in H1FY23 from 77 percent a year back. Higher pent-up demand led by strong demand revival in Tier II and III cities has led to such an increase.

“The apparel division has been exhibiting strong performance. Its continued focus on Tier II and III cities and its positioning among aspiring Indians have made the brand more reachable and acceptable among the masses,” said Ramesh Poddar, Chairman and Managing Director, Siyaram Silk Mills.

“The company’s tactical decision to reduce end of season sales 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.”

Siyaram Silk Mills brands in its fabric business are Siyaram, J Hampstead and CADINI.