Textiles major Siyaram Silk Mills reported a 15 percent increase in net profit to Rs 12 crore ($1.5 million) for the quarter ended June 2024, as against Rs 10 crore in the year-ago quarter.
The company’s revenue for the quarter was down by 14 percent to Rs 307 crore, as against Rs 355 crore in the corresponding period of the previous fiscal year.
Commenting on the results, Gaurav Poddar, executive director, Siyaram Silk Mills Limited in a statement said, “In Q1 FY25, subdued consumer demand was further affected by severe heat waves that shifted spending priorities and significant disruptions to sales channels due to election-related events. These factors combined to create a challenging environment for consumer driven sectors.”
“Further to boost our sales, we are setting up 30 fast fashion and ethnic retail outlets in Tier I, II, and III cities. We will invest approximately Rs 50 crores by 31st March 2025 to establish these stores, which will operate on a company-owned, company-operated model. As a result, we foresee a boost in our overall financial stability and growth, positioning us more favourably for future success,” he added.
Siyaram has a strong presence in the menswear market, especially in the suiting and shirting segment with its private-label brands like Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, and Oxemberg.
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