Siyaram Silk Mills Ltd's Q2FY19 standalone net profit declines 10.2% yoy to Rs28cr : In-line with Estimates

The company’s standalone revenue stood at Rs459cr, up 8.5% yoy and 42.4% qoq.

Nov 13, 2018 07:11 IST India Infoline Research Team

Siyaram Silk Mills Ltd Q2FY19

Standalone Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 458.66 8.5
EBITDA 66.57 3.5
EBITDA Margin (%) 14.5 [71]
Net Profit (adjusted) 27.60 [10.2]
***EBITDA margin change is bps

Siyaram Silk Mills Ltd’s revenue grew by 8.5% yoy and 42.4% qoq to Rs459cr. EBITDA came in at Rs67cr, up 3.5% yoy and 96% qoq. EBITDA margin contracted by 71bps yoy and expanded by 397bps qoq to 14.5%. Adjusted PAT stood at Rs28cr, down 10.2% yoy and up 178.5% qoq. Adjusted PAT came in-line with the estimate of Rs29cr 

• Cost of goods sold stood at 42.91% of sales vs. 43.13% yoy.
• Other expenses stood at 22.5% of sales vs. 20.2% yoy, impacting the EBITDA margin.
• Processing and labour charges stood at 8.8% of sales vs. 10.6% yoy.
• Finance cost grew by 80.8% yoy to Rs12cr, which led to profitability decline.

Technical View:

Siyaram Silk Mills Ltd is currently trading at Rs. 391.50, down by 3.9 points or 0.99% from its previous closing of Rs. 395.40 on the BSE.
The scrip opened at Rs. 394.85 and has touched a high and low of Rs. 394.90 and Rs. 388.05 respectively. So far 4,200 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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