Siyaram Silk Mills Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Siyaram Silk Mills (SSML) reported a healthy set of Q3FY18 numbers albeit on a favourable base effect of demonetisation in Q3FY17 Revenues for the quarter grew 15.6% YoY to | 393.6 crore. Fabric division witnessed strong recovery with revenues increasing 20% YoY to | 296.9 crore. Garmenting division continued on its healthy growth trajectory with revenues increasing 21% YoY to | 82.8 crore EBITDA margins for the quarter improved 50 bps YoY to 12.8%,...

For 3QFY2018, Siyaram Silk Mills (SSM) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenues grew by ~16% yoy (above our estimate). On the operating front, the company reported operating margin improvement. On the bottom-line front, SSM reported growth of ~64% yoy to `22cr on the ..

Revenues for the quarter came in at | 422.6 crore vs. | 422.2 crore in Q2FY17. Total fabric sales declined 7.6% YoY to | 283 crore with a volume decline of 7.3% YoY to 197 lakh metre. Garments continued on their strong trajectory with 33.9% revenue growth to | 125 crore, driven by 43% volume growth (22.7 lakh pieces) EBITDA margins for the quarter improved 270 bps YoY to 15.2%, mainly on account of a significant expansion in gross margins to the tune of 592 bps YoY to 56.9%. However, higher processing &...

On account of better product mix (higher share of premium brands), gross margins expanded 370 bps YoY to 59.8%. However, increase in processing charges (up 131 bps YoY) and other expenses (up 266 bps YoY) led to decline in EBITDA margins by 30 bps YoY to 10.3%....

Improvement in gross margins (up 340 bps YoY) and decline in employee expense (down 2% YoY), led to an expansion in EBITDA margins by 170 bps YoY to 13.7%. However, increase in processing charges (up 29.4% YoY) partly stemmed margin growth. Subsequently, absolute EBITDA grew 20.6% YoY to | 72.6 crore Decline in interest cost (down 44% YoY) coupled with higher other...

ICICI Securities Ltd | Retail Equity Research Siyaram Silk Mills (SSML) reported a subdued set of Q3FY17 numbers with revenues declining by 18% to | 338.9 crore. Gross margins improved substantially well to 58% in Q3FY17 vs. 48% in Q3FY16 as share of purchase of traded goods declined. However, increase in employee expenses as a percentage to sales (12.5% vs. 8.7% in Q3FY16), coupled with higher processing charges as a percentage to sales (10% vs. 8% in Q3FY16) dented the...

Siyaram Silk Mills (SSML)' results for 3QFY2017 have come in below our estimates, both on top-line and bottom-line front, on back of lower volume growth due to weak consumer buying sentiments. Going forward, we expect SSML to report net sales CAGR of ~7% to ~Rs1,857cr and adj. net profit CAGR of ~9% to Rs103cr over FY2016-18E. The same wo..

Stable quarter; demonetization puts short term hiccup

ICICI Securities Ltd | Retail Equity Research Siyaram Silk Mills (SSML) reported a decent set of Q2FY17 numbers with an increase in revenue by 6.7% YoY to | 419.6 crore. EBITDA rose 7% YoY to | 53.5 crore while EBITDA margins remained flat at 12.7%. Gross margins improved marginally by 46 bps YoY to 51.3% on the back of decline in raw material cost to sales ratio. Employee cost to sales ratio and other expenses to sales ratio increased by 69 bps and 153 bps respectively, however a decline in...

Siyaram Silk Mills (SSML)' results for 2QFY2017 have come in below our estimates, both on top-line and bottom-line front, on back of lower volume growth due to weak consumer buying sentiments. Going forward, we expect SSML to report net sales CAGR of ~10% to ~Rs1,948cr and adj. net profit CAGR of ~11% to Rs107cr over FY2016-18E. The same ..