Siyaram Silk Mills Q3 net profit rises 2 percent to Rs 45 crore

Siyaram Silk Mills Ltd reported a 2 percent increase in net profit to Rs 45 crore ($5.2 million) for the quarter ended December 31, 2024, as compared to Rs 44 crore for the same quarter in the previous year.

The company’s total income for the quarter rose by 14 percent to Rs 587 crore, as against Rs 514 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, Gaurav Poddar, president of Siyaram Silk Mills in a statement said, “Consumer sentiment in Q3 was initially lifted by festivities with spending picking up during the season. The inflationary pressure was persistent throughout the quarter thus moderating demand in the later half. However, it was encouraging to note that inflation showed signs of cooling down at the end of the quarter making outlook optimistic going forward.”

“Looking ahead, we are hopeful that the remainder of the fiscal year will be driven by favourable market environment and prudent capital management, ensuring continued growth. We thank our stakeholders for their trust and support as we move into the next phase of growth,” he added.

Siyaram plans to open 30 new stores in tier 2, 3 cities as part of its expansion plans. Out of these, around 20 stores will be opened by March 2025 and the rest are expected to be opened by Q1FY26.