Siyaram Silk Mills Resilient In Q4FY24 Despite Challenges
Textile Giant Expands Retail Footprint, Announces Dividend
Siyaram Silk Mills Ltd., a leading producer of high-fashion textiles, has released its financial results for the fourth quarter and fiscal year ending March 31, 2024. Despite facing challenges in consumer demand and market conditions, the company has reported a steady performance.
In Q4FY24, Siyaram Silk Mills recorded a revenue from operations of ₹646 Crores, slightly lower than the previous year’s figure of ₹695 Crores. The company’s EBITDA stood at ₹106 Crores, with a margin of 16.4%, down from ₹122 Crores and 17.5% respectively in Q4FY23. Similarly, the Profit After Tax (PAT) for Q4FY24 was ₹69 Crores, compared to ₹88 Crores in Q4FY23.
The company attributed the marginal decrease in revenue and profitability to increased investment in advertising and sales promotion initiatives. Despite this, Siyaram Silk Mills expanded its retail presence, reaching 247 stores by the end of March 2024.
Gaurav Poddar, Executive Director of Siyaram Silk Mills, expressed satisfaction with the company’s performance in the face of market challenges. He highlighted the sustained revenue presence and the ability to maintain profitability amidst increased expenditure.
The company also announced a dividend of ₹4/- (200%) per share, reinforcing its commitment to shareholder value. Siyaram Silk Mills remains focused on strategic investments and expansion efforts to ensure continued growth and sustainability in the competitive fashion industry.
