Siyaram Silk Mills registers 15% increase in Q1, FY25 net profit
06 August 2024, Mumbai
In Q1, FY25 ended June 24, the net profit of textiles major Siyaram Silk Mills increased by 15 per cent to Rs 12 crore as against Rs 10 crore in the corresponding quarter of the previous year.
However, the company’s revenue for the quarter declined by 14 per cent to Rs 307 crore, as against Rs 355 crore in the corresponding period of the previous fiscal year.
GauravPoddar, Executive Director, Siyaram Silk Mills says, during the quarter, subdued consumer demand was further affected by severe heat waves that not only shifted spending priorities but also caused significant disruptions to sales channels due to election-related events. These factors combined to create a challenging environment for consumer driven sectors.
To further boost its sales, Siyaram Silk Mills is setting up 30 fast fashion and ethnic retail outlets in Tier I, II, and III cities. It plans to invest approximately Rs 50 crore by Mar 31, 2025 to establish these stores that will operate on a company-owned, company-operated model. This will boost the company’s overall financial stability and growth, positioning it more favorably for future success, Poddar adds.
Having a strong presence in the menswear market, Siyaram is especially popular in the suiting and shirting segment with its private-label brands like Mistair, Royale Linen, Moretti, Miniature, Unicode, J Hampstead, and Oxemberg.
