For 3QFY2019, Siyaram Silk Mills (SSML) posted subdued results, which were below our expectations on bottom-line fronts. Revenue grew ~13% yoy. On the margin front, the company reported operating margin contraction by 98bps yoy. On the bottom-line front, SSML reported de-growth of ~11% yoy to ~`20cr due to subdued top-line growth. Outlook and Valuation: