Siyaram Silk Mills Q2 net profit up 11 percent to Rs 68 crore

Textiles and apparel player Siyaram Silk Mills Ltd reported an 11 percent increase in net profit at Rs 68 crore ($8.1 million) for the second quarter that ended September 30, as against Rs 61 crore in the year-ago period.

The company’s revenue for the quarter rose by 4 percent to Rs 608 crore, as against Rs 586 crore in the corresponding period of the preceding fiscal.

Siyaram plans to expand its footprint by opening 30 new fast fashion and ethnic retail outlets by March 2025.

The fast fashion outlets branded as Zecode will feature the latest collections targeting urban shoppers while its ethnic clothing outlets Devo will showcase an extensive range of traditional clothing.

Commenting on the results, Gaurav Poddar, executive director at Siyaram in a statement said, “In Q2 FY25, domestic demand has gained momentum as we enter the festive season, supported by the destocking of supplier inventories and increased discretionary spending by consumers. Our revenue mix for Q2 FY25 comprised of fabric at 80%, garments at 15%, and yarn & others at 5%.”

“Looking ahead, we are confident that the remainder of the fiscal year will be strong, driven by increasing consumer demand and favourable market conditions, setting the stage for continued growth and 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, Oxemberg among others.