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ICICI Direct Report
Siyaram Silk Mills Ltd. reported healthy Q3 FY21 results with a sharp recovery sequentially.
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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.
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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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