Dear All,
Forwarding you the Financial Result Highlights on Siyaram Silk Mills for 4QFY2011 and FY2011.
For 4QFY2011, Siyaram Silk Mills reported a 30.2% yoy increase in net sales to `245cr, above our estimates of `225cr, largely on account of higher realisation and volumes.
· The company ended FY2011 with a 30.2% yoy increase in net sales to `859cr, coming slightly above our expectation of `839cr.
· EBITDA increased by 21.4% yoy in 4QFY2011 to `32cr on the back of higher revenue during the quarter. However, the margin declined by 94bp to 13% due to higher other expenditure, which increased by 471bp to 19.6% (14.9%). This increase in other expenses was partially offset by a 300bp yoy decrease in raw-material prices to 37% (40%).
· For FY2011, EBITDA increased by 54.8% yoy to `109cr on the back of higher revenue and expansion in EBITDA margin, which increased by 202bp to 12.7% because of lower raw-material cost, which declined by 150bp to 39% (40.5%).
· For 4QFY2011, the company witnessed a 22.6% increase in PAT to `187cr on the back of higher revenue and margin expansion during the quarter.
· For FY2011, Siyaram Silk Mills witnessed a substantial increase of 71.2% yoy in PAT to `58cr due to higher revenue and EBITDA margin.
| Particulars (` cr) | 4QFY2011 | 4QFY2010 | %chg (yoy) | 3QFY2011 | %chg (qoq) | FY2011 | FY2010 | %chg (yoy) |
| Net Sales | 245.5 | 188.6 | 30.2 | 228.0 | 7.7 | 858.7 | 659.7 | 30.2 |
| Total Expenditure | 213.5 | 162.3 | 31.6 | 198.2 | 7.8 | 749.9 | 589.5 | 27.2 |
| EBITDA | 32 | 26 | 21.4 | 29.8 | 7.1 | 108.8 | 70.2 | 54.8 |
| OPM (%) | 13.0 | 14.0 | (94.1) | 13.1 | (6.8) | 12.7 | 10.6 | 201.8 |
| Depreciation | 5.2 | 5.0 | 5.3 | 5.4 | (2.1) | 20.9 | 20.2 | 3.6 |
| EBIT | 26.7 | 21.3 | 25.1 | 24.5 | 9.1 | 87.8 | 50.0 | 75.5 |
| Interest | 5.1 | 2.9 | 72.9 | 3.6 | 40.2 | 14.7 | 12.0 | 23.2 |
| Other Income | 4.4 | 2.7 | 61.1 | 2.1 | 111.6 | 9.8 | 9.3 |
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