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Siyaram Silk Mills
Siyaram Silk Mills (SSML) registered strong top-line growth during 2QCY2012. The
company’s net sales grew by 34.9% qoq and 13.5% yoy to `244cr. SSML reported
a 68bp yoy and 136bp qoq expansion in its OPM to 13.4%, largely on the back of
a decline in staff cost and purchase of traded goods as a percentage of sales.
Operating profit increased by 19.5% yoy to `33cr (`27cr) on the back of higher
revenue and margin expansion during the quarter. Net profit increased by 16.9%
yoy to `17cr (`15cr). Net profit margin increased marginally by 21bp yoy to 6.9%
(6.7%). We continue to maintain our Buy recommendation on the stock. We will be
coming with a detailed report post management interaction.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Siyaram Silk Mills
Siyaram Silk Mills (SSML) registered strong top-line growth during 2QCY2012. The
company’s net sales grew by 34.9% qoq and 13.5% yoy to `244cr. SSML reported
a 68bp yoy and 136bp qoq expansion in its OPM to 13.4%, largely on the back of
a decline in staff cost and purchase of traded goods as a percentage of sales.
Operating profit increased by 19.5% yoy to `33cr (`27cr) on the back of higher
revenue and margin expansion during the quarter. Net profit increased by 16.9%
yoy to `17cr (`15cr). Net profit margin increased marginally by 21bp yoy to 6.9%
(6.7%). We continue to maintain our Buy recommendation on the stock. We will be
coming with a detailed report post management interaction.
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