Siyaram Silk Mills Maintaining Focus On Profitable Growth: ICICI Direct
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ICICI Direct Report
Siyaram Silk Mills Ltd. reported healthy Q3 FY21 results with a sharp recovery sequentially.
For Q3 FY21, revenue de-growth was restricted to 8.5% YoY to Rs 382.4 crore (versus decline of 64% in Q2 FY21) on the back of healthy demand during the festive season and also supported by low base of Q3 FY20.
Gross margins (including processing charges) contracted sharply by 740 basis points YoY to 37% owing to higher discounting and schemes given to dealers/distributors.
However, cost rationalisation measures significantly boosted Ebitda margins by 530bps YoY to 13.6% with Ebitda increasing by 50.5% YoY to Rs 52.0 crore.
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