Siyaram Silk Mills Ltd reports an all-around solid performance in Q2 & H1FY23

• On YoY foundation, Q2FY23 Revenue grows 32%, EBITDA 41% and PAT 52%
• Declares an Interim Dividend of ₹ 4 per share

MUMBAI, India, Nov. 8, 2022 /PRNewswire/ — Siyaram Silk Mills Limited, a producer of materials, readymade clothes, and different textiles merchandise, has introduced its outcomes for the second quarter and half yr ended 30^th September 2022.

Financial Highlights (Consolidated) – Q2 & H1FY23

The Company has witnessed an all-around enchancment in its Q2FY23 performance, led by improved working efficiencies, a greater product combine and rationalised advertising and marketing initiatives.

Financial Highlights

• Revenue for Q2FY23 was increased by 32% YoY and 45% YoY for H1FY23. An all-around performance in the material and attire business led to this robust income development. Domestic market demand stays buoyant with rising traction from export market as nicely. Company continues its efforts to extend income pie from each of them concurrently.
• EBITDA for Q2FY23 was increased by 41% YoY and 47% for H1FY23. Efficient advertising and marketing technique and positioning helped in margin enlargement.
• PAT for Q2FY23 was increased by 52% YoY and 70% for H1FY23 YoY.

Fabric Business overview:

• Fabric Business income reported an enhance of 30% YoY to INR 736 cr in H1FY23. The share of Fabrics in complete income is 70% in H1FY23 from 77% in H1FY22.
• Fabric business witnessed a development of 30% YoY; Higher pent-up demand led by robust demand revival in Tier II & III cities has led to such an enhance. The Company offered 4.14 cr metres throughout H1FY23, a development of 11% over H1FY22.
• The Company’s manufacturers in its material business are Siyaram, J. Hampstead and CADINI. The Company has been constantly customer-centric and has been careering its material designs to fulfill ever-evolving trend traits.

Apparels Business overview:

• Apparels income reported an enhance of 92% YoY to INR 216 cr in H1FY23. Share of Apparels in complete income is 21% in H1FY23 from 15% in H1FY22.
• Top Brands in the Apparel business are Siyaram, Oxemberg & J. Hampstead.
• Apparels business has been seeing good traction. New manufacturers and designs have helped to reveal good performance.

Commenting on monetary outcomes, Mr Ramesh Poddar, Chairman & Managing Director, Siyaram Silk Mills, mentioned, “The financial performance for H1FY23 has been quite encouraging. Our each Fabric and Apparels companies are performing nicely. On the Fabric entrance, each Trade and Retail have witnessed an encouraging pattern led by increased secondary gross sales and robust retail footfalls in MBOs. Our volumes and realisation each have seen strong development. Double-digit quantity development testifies to our advertising and marketing and product positioning technique to achieve a extra intensive buyer base. The increased realisation is a results of our premiumisation advantages. Delivering buyer wants of high quality and trendy merchandise at a worth is aiding our roadmap of premiumisation.

The Company’s Apparel division has been exhibiting robust performance. Its continued give attention to Tier II & III cities and its positioning amongst aspiring Indians have made the model extra reachable and acceptable among the many plenty. The Company’s tactical determination to scale back EOSS has helped in bettering profitability. Along with profitability, it has additionally led to stability in earnings. Overall, medium to long-term development alternatives are encouraging, and we anticipate demand to stay buoyant going forward in the present fiscal yr.” 

About Siyaram Silk Mills Ltd (SSML)

Siyaram Silk Mills Limited (BSE: 503811) (NSE: SIYSIL)

Siyaram Silk Mills Limited is amongst India’s most famous producers of materials, readymade clothes, and different textile merchandise. The Company is legendary for its high-quality materials and attire utilizing quite a lot of blends created from market-adaptive combos of polyester, viscose, lycra, cotton, wool, linen, rayon, CVC and yarn-dyed PC. In addition, the Company operates and franchises a sequence of retail shops which supply menswear, trend materials and attire, and equipment.

As we advance, the Company is specializing in its attire business as its most distinguished strategic development pillar, backed by extremely built-in and state-of-the-art manufacturing and retailing capabilities. The Company sells its merchandise beneath a number of manufacturers that get pleasure from excessive recall worth with customers. They embody manufacturers akin to Siyaram’s Suitings and Shirting’s, Mistair, Royale Linen, Moretti, Miniature, Unicode, J. Hampstead, Oxemberg, Mozo, Cadini, and Casa Moda. 

The Company’s intensive distribution community permeates India, giving an aspiring but underserved huge inhabitants prepared entry to high-quality materials at enticing worth factors. This makes Siyaram’s manufacturers the popular selection in India’s fast-growing but untapped market. The Company’s ‘asset-light’ business mannequin has given Siyaram the mettle to repeatedly strengthen its stability sheet over time and guarantee business permanence. Today, the Company advantages from having the longest surviving and resilient serving portfolios of manufacturers inside India. The Company was included in 1978 and is headquartered in Mumbai, India.

Forward-Looking Statement:

Certain statements in this doc could also be forward-looking statements. Such forward-looking statements are topic to sure dangers and uncertainties like regulatory adjustments, native political or financial developments, technological dangers, and plenty of different elements that might trigger our precise outcomes to vary materially from these contemplated by the related forward-looking statements. Siyaram Silk Mills Limited is not going to be in any method accountable for any motion taken primarily based on such statements and undertakes no obligation to publicly replace these forward-looking statements to mirror subsequent occasions or circumstances.

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