Siyaram Silk Mills reported a 14 percent decline in net profit to Rs 44 crore ($5.5 million) for the third quarter ended December 2023, as against Rs 52 crore in the year-ago period.
The company’s revenue for the quarter rose to Rs 503 crore, as against Rs 502 crore reported during the previous quarter ended December 2022.
Commenting on the results, Gaurav Poddar, executive director at Siyaram Silk Mills Limited in a statement said, “Despite facing subdued consumer demand and challenging market conditions, our company has showcased resilient performance. 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. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth,” he added.
Siyaram has a strong presence in the menswear market, especially in the suiting and shirting segment. Apart from its private-label brands like Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, Oxemberg, it also owns the rights to the Italian fashion brand ‘Cadini’ for the Indian market.
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