Given the weak demand scenario for fabric and apparel categories in domestic markets and excess inventory in trade channels, Siyaram (SSML) reported revenue decline of 64.4% YoY to | 173.6 crore (up 3.2x QoQ). However, the recovery rate trajectory has been on an upward trend MoM. Green shoots are visible for the fabric division (~80% of revenues), wherein recovery rate in September reached 60-70% of pre-Covid levels. Garmenting segment continued to be a laggard with recovery rate reaching 30-40% in September. Gross margins (including processing charges)...