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ICICI Direct Report
Given the weak demand scenario for fabric and apparel categories in domestic markets and excess inventory in trade channels, Siyaram Silk Mills Ltd. reported revenue decline of 64.4% YoY to Rs 173.6 crore (up 3.2 times QoQ).
However, the recovery rate trajectory has been on an upward trend month-on-month.
Green shoots are visible for the fabric division (approximately 80% of revenues), wherein recovery rate in September reached 60-70% of pre-Covid-19 levels.
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