Small cap textile stock Siyaram Silk Mills rallied 8% during today's trading session after impressive Q4 results. The scrip opened at ₹528 apiece and was trading at ₹571.30 during afternoon deals logging an intraday gain of 8.30%.
“The Board has recommended payment of Final Dividend of Rs. 4/- per Equity Share (200%) on the Equity Shares of Rs. 2/- each (face value) for the year ended 31st March, 2023, subject to the approval of the Shareholders of the Company at the ensuing Annual General Meeting,” said Siyaram Silk Mills in a stock exchange filing.
During Q4FY23, the company recorded a net revenue of ₹695 Cr, up by 10.6% YoY from ₹628 Cr in Q4FY22. During the quarter ended March 2023, its EBITDA reached ₹121 Cr up by 3.1% YoY from ₹117 Cr during the quarter ended March 2022. EBITDA Margins are maintained consistently at 17.5% during the quarter under review compared to 18.7% during the year-ago quarter despite a rise in raw material pressure.
Siyaram Silk Mills said its net profit reached ₹88 Cr during March 2023 quarter up by 14.3% YoY from ₹77 Cr during the year-ago quarter. And its net debt for FY23 stood at ₹208 crores whereas net debt to equity stands at 0.02x.
Mr. Gaurav Poddar, Executive Director, Siyaram Silk Mills Limited said: “I am pleased to report that the board of directors have recommended a final dividend of ₹4 per share of Face Value ₹2 each. We achieved significant growth in revenue while maintaining healthy EBITDA margins. This consistent growth reflects the Company's exceptional ability to engage with consumers through our brands, providing them with an unparalleled fashion experience. Our focused approach on achieving a balanced distribution strategy and expanding our product categories, alongside strong branding initiatives and the launch of new products, have been key drivers behind this outstanding performance. We are thrilled with the response we have received across all product categories, and we are confident that our product design and upcoming new categories will continue to drive growth.”
“Given the strong growth drivers in our businesses, we believe that India will continue to move forward along a robust growth trajectory. Our Company is dedicated to meeting the evolving demands of today's youth with our extensive range of fabrics and apparels. With our financial strength, strong brands, manufacturing expertise, technical capabilities, and widespread distribution, SIYSIL is committed to pursuing sustainable and profitable sales growth in the long run,” he further added.
One of India's most well-known manufacturers and distributors of fabrics, readymade garments, and other textile products is Siyaram Silk Mills Limited.
