Siyaram Silk Mills reported a 68 percent decline in net profit to Rs 10 crore ($1.2 million) for the first quarter ended June 30, as against Rs 31 crore in the year-ago period.
The company’s revenue for the quarter was down by 11 percent to Rs 355 crore, as against Rs 399 crore posted in the corresponding period of the previous fiscal year.
Commenting on the results Gaurav Poddar, executive director at Siyaram Silk Mills Limited in a statement said, “Last quarter, the textile industry faced some tough market conditions that caused a drop in both volume and realisation, directly affecting our sales performance. This decrease in sales also led to lower absorption of fixed costs, resulting in a less favourable operating leverage situation.”
“Going ahead, we are optimistic not only about the sector but also about our company. With our strong finances, well-established brands, manufacturing expertise, technical know-how, and wide distribution network, the company is committed to achieving sustainable and profitable 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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