Textiles firm Siyaram Silk Mills announced Q4FY23 & FY23 results: Standalone Q4FY23: Revenue from Operations for Q4FY23 grew by 10.6% to Rs 695 crore as compared to Rs 628 crore in Q4FY22 EBITDA for Q4 FY23 grew by 3.1% to Rs 121 crore as compared to Rs 118 crore in Q4FY22. EBITDA margin for Q4FY23 stood at 17.5% as compared to 18.7% in Q4FY22 PAT for Q4FY23 grew by 12.7% to Rs 88 crore as compared to Rs 77 crore in Q4FY22. PAT margin for Q4FY23 stood at 12.7% as compared to 12.3% in Q4FY22 Standalone FY23: Revenue from Operations for FY23 grew by 17.1% to Rs 2,229 crore as compared to Rs 1,903 crore in FY22 EBITDA for FY23 grew by 10.3% to Rs 369 crore as compared to Rs 334 crore in FY22. EBITDA margin for FY23 stood at 16.5% as compared to 17.6% in FY22 PAT for FY23 grew by 18.5% to Rs 252 crore as compared to Rs 213 crore in FY22. PAT margin for FY23 stood at 11.3% as compared to 11.2% in FY22 Net Debt for March 2023 is Rs 208 crore. Net Debt to Equity stands at 0.02X Commenting on the results Mr. Gaurav Poddar, Executive Director, Siyaram Silk Mills Limited said: “I am pleased to report that the board of directors have recommended a final dividend of Rs 4 per share of Face Value Rs 2 each. We achieved significant growth in revenue while maintaining healthy EBITDA margins. This consistent growth reflects the Company's exceptional ability to engage with consumers through our brands, providing them with an unparalleled fashion experience. Our focused approach on achieving a balanced distribution strategy and expanding our product categories, alongside strong branding initiatives and the launch of new products, have been key drivers behind this outstanding performance. We are thrilled with the response we have received across all product categories, and we are confident that our product design and upcoming new categories will continue to drive growth. Given the strong growth drivers in our businesses, we believe that India will continue to move forward along a robust growth trajectory. Our Company is dedicated to meeting the evolving demands of today's youth with our extensive range of fabrics and apparels. With our financial strength, strong brands, manufacturing expertise, technical capabilities, and widespread distribution, SIYSIL is committed to pursuing sustainable and profitable sales growth in the long run.” Result PDF
Textiles firm Siyaram Silk Mills announced Q3FY23 results: Q3FY23 & 9MFY23: Revenue for 9MFY23 was higher by 20% YoY. An all-around performance in the fabric and apparel business led to this strong revenue growth. Domestic market demand remains buoyant, with increasing traction from the export market as well. The Company continues its efforts to increase Revenue from both simultaneously. EBITDA for 9MFY23 was higher by 14% YoY. Efficient marketing strategy and positioning helped in margin expansion. However, margins remained flat YoY. Higher raw material prices coupled with other manufacturing expenses kept margins under check. However, margins for the Fabrics business remained encouraging. PAT for 9MFY23 was higher by 21% YoY. Fabric Business revenue reported an increase of 10% YoY to Rs 1,131 crore in 9MFY23. The share of Fabrics in total Revenue is 74% in 9MFY23 from 80% in 9MFY22. The Company sold 6.59 crore metres during 9MFY23, as against 6.85 crore in 9MFY22. Mr. Ramesh Poddar, Chairman & Managing Director of Siyaram Silk Mills, commented on financial results, "The financial performance for 9MFY23 has been encouraging. Both, our Fabric and Apparels businesses are performing well. On the Fabric front, both Trade and Retail have witnessed an encouraging trend led by higher secondary sales and strong retail footfalls in MBOs. Volumes for the fabrics business saw some challenges in the post-festive season, which we expect to recoup in the running fourth quarter. The higher realisation is a result of our premiumisation benefits. Delivering customer needs of quality and fashionable products at a price is aiding our roadmap of premiumisation. The Company's Apparel division has been exhibiting decent performance. Its continued focus on Tier II & III cities and its positioning among aspiring Indians have made the brand more reachable and appealing among a wider base of consumers. Our volume for garments remains buoyant. However, higher raw material prices have kept our margins for Q3 under check. The Company's tactical decision to reduce EOSS has helped in improving sustainability. Overall, medium to long-term growth opportunities continue to look encouraging, and we expect demand to remain buoyant going ahead in the remaining part of the current fiscal year. As a part of rewarding shareholders, the Company has been declaring dividends consistently. The Company has declared an interim dividend of Rs 4 per share in Q2FY23, followed by a further Rs 3 per share in Q3FY23. We expect consistent growth in Revenue and profitability going ahead, giving us a strong foundation for sustained value creation for all the stakeholders ". Result PDF
Conference Call with Siyaram Silk Mills Management and Analysts. Listen to the full transcript.