Siyaram Silk Mills profit up amidst tough quarter

Textile firm Siyaram Silk Mills reported a 15 per cent jump in net profit to Rs 12 crore for the quarter ending June 2024, despite a challenging business environment. However, revenue declined by 14 per cent to Rs 307 crore during the same period.

The company attributed the revenue drop to subdued consumer demand exacerbated by severe heat waves and disruptions caused by elections. To counter these challenges and boost sales, Siyaram plans to open 30 new retail outlets in smaller cities.

This expansion, estimated to cost Rs 50 crore, will be completed by March 2025. The company believes this strategy will enhance its financial stability and future growth prospects. Siyaram is a prominent player in the menswear market, known for its brands like Mistair, Royale Linen, and Moretti.