17 August 2024, Mumbai
The Q1, FY25 net profit of ethnic wear retailer Sai Silks Kalamandir contracted by 88 per cent to Rs 2 crore compared to Rs 17 crore in the same period last year.
The company’s revenue also decreased by of 12 per cent to Rs 267 crore from Rs 305 crore in the corresponding quarter of the previous fiscal year.
This poor performance by Sai Silks was attributed to an exceptionally low number of wedding dates during Q1, FY 25, which is uncommon in the past decade. The lack of weddings nationwide caused the quarter to behave like a non-wedding period, severely impacting the company’s financial results. Despite the downturn, Sai Silks successfully maintained strong gross margins, according to its investor presentation.
The company currently operates 60 stores across India, with a strong presence in the southern states of Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.
