Siyaram Silk Mills reported a 22 percent decline in net profit to Rs 69 crore ($8.2 million) for the fourth quarter ended March 31, as against Rs 88 crore in the year-ago quarter.
The company’s revenue for the quarter was down by 7 percent to Rs 648 crore, as against Rs 695 crore in the corresponding quarter of the previous fiscal year.
For the full financial year 2024, the company reported a net profit of Rs 185 crore on a revenue of Rs 2,092 crore.
Commenting on the results, Gaurav Poddar, executive director of Siyaram Silk Mills 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 247 stores as of March 31, 2024, 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,” 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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