Siyaram Silk tumbles after Q3 PAT slides 24% YoY

Siyaram Silk Mills dropped 9% to Rs 491.20 after the company's net profit fell 24.4% to Rs 51.87 crore on 10.8% decline in net sales to Rs 502.18 crore in Q3 FY23 over Q3 FY22.

Profit before tax stood at Rs 68.19 crore in Q3 FY23, down 25.6% from Rs 91.62 crore posted in the corresponding quarter previous year.

Total expenses fell 7.6% to Rs 426.31 crore in quarter ended 31 December 2022. Cost of materials consumed was at Rs 244.55 crore (down 2% YoY) and employee benefit expenses stood at Rs 44.25 crore (up 3.6% YoY) during the quarter.

The company's board declared second interim dividend of Rs 3 per equity share for the Financial Year 2022-23.

Siyaram Silk Mills is a marketers of fabrics, readymade garments and other textiles products. In addition, the company operates and franchises a chain of retail stores, which offer menswear fashion fabrics, apparel, and accessories.

Ace investor Vijay Kedia picked up a stake in fabric and garment manufacturer during the third quarter of FY23.

As per the shareholding disclosure for the third quarter ended December 2022, Vijay Kedia held about 5 lakh shares, or 1.07% equity, of Siyaram Silk Mills. Kedia did not hold any stake in the company during the previous quarter of July-September 2022 period.

Among other prominent shareholders, DSP Small Cap Fund holds 2.23% stake while Sunil Singhania's Abakkus Emerging Opportunities Fund-1 has 2.11% stake in the fabric manufacturer as on December 2022.

Promoter & promoter group hold 67.18% stake in the company.

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