Q3FY24 Quarterly & 9MFY24 Result Announced for Siyaram Silk Mills Ltd.
Textiles company Siyaram Silk Mills announced Q3FY24 & 9MFY24 results: Standalone Q3FY24: Revenue from Operations: Rs 502 crore, showing a marginal increase of 0.1% compared to Q3FY23. EBITDA: Rs 69 crore, decreased by 9.7% compared to Q3FY23. EBITDA Margin: 13.6%, decreased from 15.1% in Q3FY23. PAT: Rs 44 crore, decreased by 14.9% compared to Q3FY23. PAT Margin: 8.8%, decreased from 10.4% in Q3FY23. Standalone 9MFY24: Revenue from Operations: Rs 1,441 crore, decreased by 6.1% compared to 9MFY23. EBITDA: Rs 179 crore, decreased by 27.7% compared to 9MFY23. EBITDA Margin: 12.4%, decreased from 16.1% in 9MFY23. PAT: Rs 116 crore, decreased by 29.2% compared to 9MFY23. PAT Margin: 8.0%, decreased from 10.7% in 9MFY23. Commenting on the results Gaurav Poddar, Executive Director, Siyaram Silk Mills said: “Despite facing subdued consumer demand and challenging market conditions, our company has showcased resilient performance. In terms of financial performance, our Revenue from Operations for Q3FY24 stood at Rs 5,019 million, a slight increase from Rs 5,011 million in Q3FY23. Our revenue mix comprised Fabric at 85%, Garments at 10%, and Yarn & Others at 5% in Q3FY24. We are pleased to report an EBITDA of Rs 685 million with an EBITDA Margin of 13.6% for the quarter. Furthermore, our Profit After Tax (PAT) for the quarter amounted to Rs 443 million, with a PAT Margin of 8.8%. Additionally, we have expanded our retail footprint to a total of 239 stores as of December 31, 2023, 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. While the current quarter's profitability has been temporarily affected by these factors, our financial foundation remains strong. We are delighted to announce that the board of directors has approved a dividend of Rs 3/- (150%) per share, based on the face value of Rs 2/- each. Notably, in the past quarter, we have strategically increased our advertising and sales promotion spend to Rs 17.5 crore, compared to Rs 7.8 crore in the corresponding quarter of the previous year, to enhance brand visibility and drive sales momentum. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support.” Result PDF09-02-2024