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Siyaram Silk Mills Ltd reports Q3 and 9MFY24 results

Posted On: 2024-02-09 22:51:35 (Time Zone: IST)

Siyaram Silk Mills Ltd. (BSE: 503811, NSE: SIYSIL), one of the largest producers of blended high fashion suitings, shirtings and apparels has reported its unaudited financial results for the third quarter and nine month ended December 31, 2023.

Key highlights for Q3 & 9MFY24

- Revenue from Operations for Q3FY24 stood at ? 502 crores as compared to ? 501 crores in Q3 FY23 & in 9MFY24 our Revenue from operations stood at ? 1,441 crores as compared to ? 1,535 crores in 9MFY23.

- EBITDA for Q3FY24 stood at ? 69 crores as compared to ? 76 crores in Q3FY23. EBITDA margin for Q3FY24 stood at 13.6% as compared to 15.1% in Q3FY23. EBITDA for 9MFY24 stood at ? 179 crores and EBITDA Margin stood at 12.4%. The EBITDA Margins were impacted due to higher advertising and marketing spends.

- PAT for Q3FY24 stood at ? 44 crores as compared to ? 52 crores in Q3FY23. PAT margin for Q3FY24 stood at 8.8% as compared to 10.4% in Q3FY23. PAT for 9MFY24 stood at ? 116 crores and PAT Margin stood at 8.0%

- The board of directors have recommended a dividend of ? 3/- per equity share for face value of Rs. 2/- each.

Commenting on the results Mr. Gaurav Poddar, Executive Director, Siyaram Silk Mills Limited said: "Despite facing subdued consumer demand and challenging market conditions, our company has showcased resilient performance.

In terms of financial performance, our Revenue from Operations for Q3FY24 stood at Rs. 5,019 Mn, a slight increase from Rs. 5,011 Mn in Q3FY23. Our revenue mix comprised Fabric at 85%, Garments at 10%, and Yarn & Others at 5% in Q3FY24. We are pleased to report an EBITDA of Rs. 685 Mn with an EBITDA Margin of 13.6% for the quarter. Furthermore, our Profit After Tax (PAT) for the quarter amounted to Rs. 443 Mn, with a PAT Margin of 8.8%.

Additionally, we have expanded our retail footprint to a total of 239 stores as of December 31, 2023, demonstrating our commitment to growth and market presence. In accordance with our strategic decision made at the beginning of the fiscal year, our investment in advertising and sales promotion remains elevated, aimed at bolstering brand presence and stimulating sales growth.

While the current quarter's profitability has been temporarily affected by these factors, our financial foundation remains strong. We are delighted to announce that the board of directors has approved a dividend of Rs. 3/- (150%) per share, based on the face value of Rs. 2/- each. Notably, in the past quarter, we have strategically increased our advertising and sales promotion spend to Rs. 17.5 crores, compared to Rs. 7.8 crores in the corresponding quarter of the previous year, to enhance brand visibility and drive sales momentum.

With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support."

Shares of Siyaram Silk Mills Limited was last trading in BSE at Rs. 512.00 as compared to the previous close of Rs. 539.65. The total number of shares traded during the day was 7289 in over 540 trades.

The stock hit an intraday high of Rs. 527.35 and intraday low of 508.30. The net turnover during the day was Rs. 3786917.00.

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