Siyaram posted a robust growth of 18% YoY of Rs.4, 800mn and 45% QoQ on account of higher volume and value realizations in the textiles segment. It was also due to improved performance from its E-commerce and SKD segment. EBITDA increased by 35% YoY to Rs. 584mn and by 68% on QoQ basis owing to lower raw material prices. EBITDA margins expanded by 166 bps to 12.2% on QoQ basis & by 153 bps compared to Q4FY14 on account of better operational efficiency. The margins in the textile segment were improved on back of higher capacity utilization.