Siyaram Silk Mills Limited has informed the Exchange about Investor Presentation
To, BSE Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai – 400 001.
1st February, 2023.
National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051
Scrip Code: 503811
Company Symbol: SIYSIL
Dear Sir/ Madam,
Sub: Revised Investor Presentation
With reference to earlier Investor Presentation submitted on 30th January, 2023 pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith Revised Investor Presentation on the Unaudited Financial Results of the Company for the quarter and nine months ended 31st December, 2022.
The Investor Presentation is also available on the website of the Company i.e. www.siyaram.com.
We regret the inconvenience caused and request you to take the attached revised Investor Presentation on record.
Thanking you,
Yours faithfully, For SIYARAM SILK MILLS LIMITED
William Fernandes Company Secretary
Encl : a/a.
Corporate office: B - 5, Trade World, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 (India)
Phone : 3040 0500, Fax: 3040 0599 Email: william.fernandes@siyaram.com Internet: www.siyaram.com CIN : L17116MH1978PLC020451 Registered Office: H – 3/2, MIDC, A – Road, Tarapur, Boisar, Palghar – 401 506 (Mah.)
Investor PresentationQ3 & 9MFY23 - January 2023
SIYARAM SILK MILLS LIMITED www.siyaram.com
1
04
About Us
10
Business Overview- At a Glance
16
Rationale- A sustainable Roadmap
24
Q3 & 9MFY23 Results
Discussion Summary
2
Disclaimer
The data mentioned in the presentation provided for general information purpose only. The information contained in the presentation is accurate
Vision
only as of the date it was originally issued. The figures mentioned in the data are rounded off. Siyaram Silk Mills Limited (“Siyaram” or the
Company) strictly denies the responsibilities of any obligation to update the information contained in such presentations after the date of their
issuance.
This presentation and the following discussion may contain “forward looking statements” by Siyaram that are not historical in nature. These
Mission
forward looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans
and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of Siyaram about the
business, industry and markets in which Siyaram operates.
Values
These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of
which are beyond Siyaram’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from
those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or Purpose achievements of Siyaram.
In particular, such statements should not be regarded as a projection of future performance of Siyaram. It should be noted that the actual
performance or achievements of Siyaram may vary significantly from such statements.
3
R = 225 G = 34 B = 38
R = 99 G = 99 B = 101
About Us
3 2 0 2 y r a u n a J – s t l u s e R 3 2 Y F M 9 &
3 Q
D E T I M
I L S L L I
M K L I S M A R A Y I S
m o c . m a r a y i s . w w w 4
About Us – One of the longest serving brands in Textiles
R = 225 G = 34 B = 38
The Company was incorporated in 1978 and is headquartered in Mumbai, India. The Company benefits from having the longest surviving and resilient serving portfolios of brands within India.
Siyaram Silk Mills Limited is amongst India’s most renowned brands and marketers of fabrics, readymade garments, and other textiles products. The Company is famous for its high-quality fabrics and apparel using various blends made from poly viscose, cotton, wool, linen, bamboo and stretch. In addition, the Company operates and franchises a chain of retail stores, which offer menswear fashion fabrics, apparel, and accessories.
R = 99 G = 99 B = 101
The Company sells its products under multiple brands that enjoy high recall value with consumers. They include brand names such as Siyaram, J Hampstead, Oxemberg, and Cadini. The Company has an extensive distribution network that permeates India, giving an aspiring yet underserved vast population ready access to high-quality fabrics and apparel at attractive price points. This makes Siyaram’s brands the preferred choice in India’s fast-growing yet untapped market. It is backed by highly integrated and state-of-the-art manufacturing and retailing capabilities.
5
An inclusive growth Approach
Vision
To provide quality products and to be a name, synonymous with high fashion in India and across the globe.
Mission
To be the preferred partner to every stakeholder in the textile and fashion industry by delivering high-quality fabrics, implementing design-driven innovation, building trust, creating unsurpassed value and delighting customers time and again. R = 225 G = 34 B = 38
Values
At Siyaram’s we have chosen six core values which include – passion, integrity, team spirit, humility, value creation and excellence
Purpose
An all Inclusive and sustainable growth for the all the stakeholders
ESG DRIVEN
As our contribution, we comply with corporate social responsibility, ensure business sustainability, and keep our business ethical and transparent. We have always followed the sustainability approach rather than just focusing on the top line. The Company has committed itself to reduce greenhouse gas emissions through several measures, including changes to the infrastructure and the implementation new technologies. We also intend to mitigate the different implications of climate change and other ESG-related factors across our business operations. Our values, ethics, and governance are always paramount, and profitability is the by-product of it. We are also highly aware of the resources we are consuming and our responsibility toward a society in general.
R = 99 G = 99 B = 101
6
A sustainable business Model It’s not only what WE DO, but HOW WE DO IT
Fabrics
Introduce
Garments
Nurture
Underpenetrated Markets
Mix of Mass and Premium Product offerings
Tier II, III cities
Higher Asset T/O
Asset Light
Better Margins
Indigo yarn* & Knitted fabrics
Expand
MBO outlets
Multiple products under one roof
Sustainable Returns
Product Offerings
Product Life Cycle
Strategy
*Normal yarn is used for captive purpose
Value Creation
7
A sustained journey….reflects in numbers
Growth CAGR (FY18-22)
Ratios Median (FY18-22)
Revenue Gross Profit EBITDA PAT Cash Accruals Book Value (₹ 2 F.V)
R = 225 G = 34 B = 38
EBITDA Margin PAT Margin RoCE RoE Asset T/O Debt : Equity
2% 10% 8% 17% 12% 8%
15% 6% 16% 13% 3.26 0.56
Robust growth over the years
R = 99 G = 99 B = 101
Lead to….
A sustainable journey
8
Four Decades of serving quality brands
Ventured into the readymade garment segment by introducing Oxemberg. Launched J. Hampstead with blend of wool suiting fabrics in India R = 225 G = 34 B = 38
1991-95
1978
Established
1980
Listed & setup a processing plant at Tarapur
Launched multiple brands and sub brands like Mistair and Royal Linen fabric. Launched J.Hampstead in readymade garments
R = 99 2001-09 G = 99 B = 101
2010-19
Partnered with Italian Brand CADINI, a super premium brand
1997
Expanded the weaving capacity at Silvassa
9
Business Overview- At a Glance
3 2 0 2 y r a u n a J – s t l u s e R 3 2 Y F M 9 & 3 Q
D E T I M
I L S L L I
M K L I S M A R A Y I S
10
m o c . m a r a y i s . w w w
Business Verticals- Fabrics lead the way
Product Categories
Capacity (p.a) (In-house)
Revenue Break up (₹ Mn)
*FY21 was impacted by Covid-related production disruptions
Fabrics
665 Looms, 79.5mn mtrs
Outsourced (15-20%)
Garments
526 Machines, R = 225 3.5mn pieces G = 34 B = 38
Outsourced (25-30%)
Indigo Yarn& Knitted Fabrics
Indigo- 4.8 mn kg Knitted Fabric – 2.4mn kg
206
4020
646
4066
1079
3452
13026
13372
12384
902 2574
15540
702
1164
8953
FY19
FY20
FY21
FY22
Fabric
Garment
Yarn/ Knitting
Other
R = 99 G = 99 B = 101
FY18
“Leader in branded Polyviscose” Siyaram is one of the leading players in Polyviscose within India. Siyaram uses Polyviscose as a raw material, which is less expensive and more durable than cotton. This alternative is generally well-received by consumers in the marketplace and insulates the Company from the price volatility of cotton.
1% 23%
4%
22%
6%
20%
6% 11%
5% 14%
75%
74%
73%
82%
82%
FY18
FY19
FY20
FY21
FY22
Fabric
Garment
Yarn / Knitting
Other
11
Business Verticals-Products offerings
Product Category & Brands
Owned/ Franchise
Average Price
Distribution
FABRICS
GARMENT / Men Apparels
Mass: Siyaram, Mistair Premium: J. Hampstead, Siyaram Royal Linen Super Premium: CADINI
Mass: Siyaram’s- Mozzo Premium: Oxemberg Super Premium: J. Hampstead
R = 225 Owned Brand G = 34 B = 38
Suiting - ₹250-3000 Shirting - ₹100-500
Owned Brand
Shirt - ₹700-1000 Trousers - ₹1500-2000
Mass & Premium: MBOs/EBO/Dealers
MBOs/EBO/Siyaram Shop
Super Premium: EBOs
12
Brands and Sub Brands- Personifying personalities
R = 225 G = 34 B = 38
R = 99 G = 99 B = 101
New Offerings Bamboo Fabrics for Shirtings
13
Strengths: Built over time Continuous, Constant & Conscious efforts have fortified the strengths
Complete Value Chain
Asset T/O* (X)
Yarn
Fabric
Garment
An optimum mix of In-house and Outsourcing makes it a scalable and Asset-light model
5.3
4.2
3.1
3.8 3.4 2.8
5.0
4.0
2.0
3.0
1.5 1.0
FY19
FY20
FY21
FY22
FY21 was impacted by Covid
Fabric
Garment
Yarn
Given cyclicality in the textile business, many players (organised + unorganised) faced the crunch of lower realisations and higher working capital requirements. Siyaram’s tactical approach in production strategy has helped in countering volatility in the market . As a result, the company has been consistently able to achieve higher Asset T/O. Fabrics business has seen a consistent improvement in Asset T/O over the years. The garment business too is witnessing good traction and is expected to continue the momentum.
*Asset T/O = Net sales/ Net assets
14
Building over Asset Light Model Going the Franchise and MBOs way, getting away with COCO which is asset-heavy
A distribution ecosystem which focuses on Tier II/III cities and regions, providing a better returns on investments
Increasing EBOs (non SoR) network
40
185
83
205
89
195
57
203
4
237
FY18
FY19
FY20
FY21
FY22
EBOS-Non SoR
EBOS- SoR
Receding with COCO to remain Asset light
31
25
COCO
20
FY18
FY19
FY20
FY21
0
FY22
5
Dealers
Distributors
Institutions
MBO/ POS
Online Marketplaes
Agents, LFS & SFA
The Company’s market penetration strategy gives great importance to Tier II and Tier III cities. Establishing a solid presence in inner India is a gainful move, as the Company is able to root itself in a fragmented and under-penetrated market, which is beginning to grow well. The Company is targeting to capture the share from the unorganised players in Tier II and Tier III cities, who cover a considerable percentage of the Indian textile market. The Company has a powerful distribution and franchisee network through which it is targeting the sizeable unorganised market of the country. The company is consistently building distribution systems which are not Asset heavy, thus the company has been receding with its COCO model of sales. The Company is now steadily strengthening its online platform while better using leading third-party online channels.
15
Rationale- A sustainable Roadmap
3 2 0 2 y r a u n a J – s t l u s e R 3 2 Y F M 9 & 3 Q
D E T I M
I L S L L I
M K L I S M A R A Y I S
16
m o c . m a r a y i s . w w w
Investing In Siyaram Sustainable Growth charted on the lean Balance sheet
Fabric & Garment To Continue The Growth Momentum
- Volume growth will keep the momentum
- Consolidating Unorganised players’ Market share
Systematic Distribution Framework Exhibits Sustainable Growth Outlook
- Receding with COCO model
- MBOs/EBOs without Sales Return
Focussed On Qualitative Growth
- Balance sheet Strength
- Consistent Return ratios
Industry Growth to support over long term
17
Fabric & Garment to continue the growth Momentum
Fabrics to remain the dominant contributor; Gradual premiumisation would be a key catalyst.
FABRIC
❑ Siyaram’s fabric segment maintains the lion’s share in
total revenue. Fabrics have been consistently contributing 75-85% of overall revenue.
❑ Dometic constitutes 90% of overall sales; export market is witnessing positive traction especially for its niche products
❑ The company’s premium suiting segments -
J.Hampstead & Cadini combined contribution has been consistently increasing from ~20% in FY18 to ~25% in FY22 of the segmental revenues.
❑ Company has seen a meaningful increase in both
volume and value growth.
❑ Realisations imparts an optimistic view given increasing
premiumisation
❑ Margins for the Fabric business remain in the range of
~15-20%
*Premium products includes J Hampstead & CADINI
139.4
146.5
146.6
136.4
93.4
91.3
13026
13372
84.5
12384
65.7
8953
153.3
101.4
15540
FY18
FY19
FY20
FY21
FY22
Revenue (₹ Mn)
Fabrics (Mn Mtrs)
Average NSR (₹)
22%
22%
23%
20%
25%
Highest Volume & Revenue for Fabric segment FY18-22
Gradual increase in the share of Premium* products in Fabric segment
FY18
FY19
FY20
FY21
18
FY22
Fabric & Garment to continue the growth Momentum Garments revival on the cards
Garment
❑ Siyaram’s garment vertical is directed toward the company’s effort of moving
up the value chain according to changes in customer preferences. ❑ Garments formed 15-20% of the revenue in FY18-22. This vertical is dominated by primarily Oxemberg and J.Hampstead and Moretti
❑ Garment Revenue although witnessing a reduction in FY22 compared to FY19 and FY20 is due to a change in sales strategy by the company. The company has discontinued its sales on SoR strategy thereby reflecting the normalised sales during the FY22 period.
❑ The company has set up unit for Indigo dyeing used in cotton jean
manufacturing and also manufacturing of knitted fabrics as a mean of forward integration
Garment
6.8
6.0
6.0
4020
4066
3452
3.1
FY18
FY19
FY20
1164
FY21
Revenue (₹ Mn)
Garment (Mn pcs)
4.3
2574
FY22
19
Systematic Distribution Framework Exhibits Sustainable Growth Outlook
Company realigned its Distribution framework to impart more qualitative growth
Strategy
Purpose
Receding COCO stores
To remain Asset Light & Utilise Capital for growing core business
Discontinuing or gradually parting away Sales or Return (SoR) strategy
To improve margins and Return Ratios which would otherwise get knocked off by Sales returns
Benefits
EBOS with SoR
83
89
40
57
4
FY18
FY19
FY20
FY21
FY22
Lower Working capital: It has been reduced due to lower inventories Tactical sourcing has led to efficient use of capital
20
Focussed On Qualitative Growth
An all inclusive growth – Profitability, Balance sheet and Cash Flows
RoCE & RoE (%)
15.7
16.4
16
13.4
10.4
9.4
3.5
0.6
FY18
FY19
FY20
FY21
FY22
RoCE
RoE
Asset T/O (x)
3.26
3.44
3.08
3.8
2.22
25.3
22.7
D/E (x)
0.9
0.65
0.56
0.21
0.27
R = 225 G = 34 B = 38
FY18
FY19
FY20
FY21
FY22
R = 99 G = 99 B = 101
Net Cash Accruals (₹ Mn)
2,208
1,382
1,443
772
648
Prudent Capital Allocation strategy coupled with immerse sales strategy has helped the company to not only improve Revenue & profitability but also strengthened the company's Balance sheet and has led to a meaningful increase in cash accruals. The company would be judiciously using the cash reserves which would further propel the next leap of growth.
FY18
FY19
FY20
FY21
FY22
FY18
FY19
FY20
FY21
FY22
21
Promising Long-term growth prospects for Industry
Global Textile and Apparel Trade
India’s Domestic Textile and Apparel Market
USD Bn
USD Bn
R = 225 G = 34 B = 38
R = 99 G = 99 B = 101
In 2020, the global textile and apparel trade was US$ 774 bn., which was 8% lower compared to 2019 due to impact of COVID. It is expected to reach US$ 1 trillion by 2025 growing at a CAGR of 3% from 2019. Apparel was the largest traded category with a 54% share, followed by fabrics with a share of 16%.
Source: UN Comtrade and Wazir Analysis
Indian domestic textile and apparel market is estimated to be US$99 bn. in 2021-22 which has recovered 30% from 2020-21. The market is expected to grow at 10% CAGR from 2019- 20 to reach US$ 190 bn. by 2025-26.
22
Promising Long-term growth prospects for Industry
Advantage Siyaram
Man-Made Fibre has been consistently outperforming natural fibre growth over the last 10 years. This propels an exciting opportunity for Siyaram to encash on it. Siyaram is one of the leading players in Polyviscose within India. While most competitors use cotton as a primary raw material, Siyaram uses Polyviscose as a substitute raw material, which is less expensive and more durable than cotton. Further, Siyaram blend with various natural fibre like cotton, bamboo, lycra etc. to make it even more competitive.
R = 99 G = 99 B = 101
R = 225 G = 34 B = 38
Government Support 1. Government extended Scheme of Rebate of State and Central Taxes and Levies (RoSCTL) up to March 2024 for exports. 2. TUFS scheme for Textile players. 3. Two flagship schemes were declared by Ministry of Textiles, Government of India: i) Pradhan Mantri Mega Integrated Textile Region and Apparel (PM-MITRA) Parks with an aim to support establishment of 7 world class, mega textile parks ii) Production-linked incentive (PLI) scheme focused at encouraging large scale projects in manmade and Technical Textile segments
Source: Cotton Corporation of India, Central Silk Board and Ministry of Textiles, Govt. of India
23
Consolidated Result Highlights Q3 & 9MFY23
3 2 0 2 y r a u n a J – s t l u s e R 3 2 Y F M 9 & 3 Q
D E T I M
I L S L L I
M K L I S M A R A Y I S
m o c . m a r a y i s . w w w 24
Q3 & 9MFY23- Key Highlights
Revenue for 9MFY23 up by 20% led by overall performance
Revenue Mix of Fabric: Garment: yarn/knitting 74: 19: 7
Debt / Equity Ratio: 0.23x
EBIDTA for 9MFY23 up by 14%
PAT for 9MFY23 up by 21%
R = 225 G = 34 B = 38
EBIDTA margin is at 16% for 9MFY23
R = 99 G = 99 B = 101
Garment volumes for 9MFY23 up by 55% YoY
Fabric NSR up 15% & Garment NSR remains flat for 9MFY23 YoY
EPS of ₹ 34.88 for 9MFY23
25
9MFY23- Result Highlights
₹ Mn
Revenue
EBITDA & EBITDA Margin (%)
PAT & PAT Margin (%)
15,345
12,751
20%
2165
17.0%
14%
R = 225 G = 34 B = 38
1635
1352
21%
10.6%
10.7%
2474
16.1%
R = 99 G = 99 B = 101
9MFY22
9MFY23
9MFY22
9MFY23
9MFY22
9MFY23
1. Revenue for 9MFY23 was higher by 20% YoY. It was led by both Fabrics and Garment. Fabrics constituted
74% , followed by Garments constituting 19% of Total Revenue.
2. EBITDA for 9MFY23 increased by 14% YoY and EBITDA margins decreased by 86bps YoY to 16.1% in
9MFY23.
3. PAT increased by 21% YoY and PAT margins increased by 5bps YoY to 10.7% in 9MFY23
26
9MFY23- Result Highlights
Revenue Mix (₹ Mn)
Volumes
11314
10254
68.6
65.9
Share of Premium Products
26%
25%
2861
1864
590
1081
Fabrics
Garment
Yarn / Knitting
9MFY22
9MFY23
R = 225 G = 34 B = 38
Fabrics Mn Mtrs
3.0
4.6
2.0
R = 99 G = 99 2.5 B = 101
Yarn/Knitting Mn Kgs
Garment Nos Mn
9MFY22
9MFY23
1. Fabrics Revenue was up 10% YoY, Garment Revenue up by 53% YoY 2. Fabrics Volume was lower by 4% YoY, Garment volume was higher 55% YoY 3. Realisations for Fabrics were higher 15% YoY, Garment realisations were lower by 1% YoY
9MFY22
9MFY23
27
Q3 & 9MFY23- Profit & Loss Statement
Particulars (In ₹ Mn)
Q3FY23
Q3FY22
Revenue
COGS
Gross Profit
Gross Margin %
Employee Expenses
Other Expenses
EBIDTA
EBIDTA Margin %
Depreciation
Financial Cost
Other Income
Profit Before Tax (PBT)
Tax
Profit After Tax (PAT)
Earning Per Share (EPS) in ₹
R = 225 G = 34 B = 38
5011.1
2891.1
2120.0
42.3%
439.8
921.7
758.5
15.1%
151.3
55.7
131.6
683.1
163.2
519.9
11.09
5624.9
3085.1
2539.8
45.2%
425.1
1093.4
1021.3
18.2%
141.0
46.5
86.5
920.3
229.7
690.6
14.73
YoY %
-10.9%
-6.3%
-16.5%
(285bps)
3.5%
-15.7%
-25.7%
R = 99 G = 99 B = 101
(302bps)
7.3%
19.8%
52.1%
-25.8%
-29.0%
-24.7%
-24.7%
8737.1
6608.3
43.1%
1280.1
2853.8
2474.4
16.1%
440.2
148.8
298.6
2184.0
549.1
1634.9
34.88
9MFY23
9MFY22
15345.4
12750.6
6958.5
5792.1
YoY%
20.4%
25.6%
14.1%
45.4%
(236bps)
1141.1
2485.6
2165.4
17.0%
441.9
141.1
227.4
1809.8
457.6
1352.2
28.85
12.2%
14.8%
14.3%
(86bps)
-0.4%
5.5%
31.3%
20.7%
20.0%
20.9%
20.9%
28
Consolidated Balance Sheet
Liabilities (In ₹ Mn)
Equity
Equity Share Capital
Other Equity
Total Equity
Liabilities
Non-Current Liabilities
Financial Liabilities
Borrowings
Lease Liability Other Financial Laibilities Provisions Deferred Tax Laibilities (Net) Other Non-Current Liabilities Total Non-Current Liabilities Current Liabilities
Financial Liabilities
Borrowings
Lease Liability
Trade Payables
Other Financial Liabilities
Other Current Liabilities
Provisions
Total Current Liabilities
Total Liabilities
FY22
H1FY23
93.7
10206.5
10300.2
240.8
R = 225 G = 34 B = 38
66.5 416.8 75.6 108.8 82.2 990.7
2196
21.2
2086.6
15.5
735.2
41.3
5095.8
16386.7
93.7
9246.1
9339.8
368.2
72.6 416.6 99.5 107.3 113.4 1177.6
1747
39.4
2134.9
16.4
639.3
34.6
4611.6
15129
Asset (In ₹ Mn) Non-Current Assets Property, Plant & Equipments Capital Work in Progress Investment Properties Goodwill Other In tangible Assets Right of use assets Financial Assets: Investments Loans Other Non-Current Financial Assets Other Non-Current Assets Total Non-Current Assets Current Assets Inventories Financial Assets: Current Investment Trade Receivables Cash & Cash Equivalents Bank Balance Other than Cash & Cash Equivalent Loans Other Current Financial Assets Current Tax Assets
R = 99 G = 99 B = 101
Other Current Assets Total - Current Assets Total Assets
FY22
H1FY23
4460.9 202.2 141.2
30.6 79.6
170 20.6 114.3 41.2 5260.6
4730.3 23.8 149.6
32.3 95.8
170 18.4 123.7 31.4 5375.3
5015.2
4049.9
422.8 3828 43.7 10 95.1 43.7 340.2
1327.4
11126.1 16386.7
206.5 3863.9 49.3 10.3 11.3 58.6 306.9
1197
9753.7 15129
29
Financials- At a Glance
Revenue
EBITDA (₹ Mn) & EBITDA (%)
PAT (₹ Mn) & PAT (%)
17328
18147
16982
19031
10875
15.7%
14.9%
2724
2695
12.0%
2034
FY18
FY19
FY20
19.1%
8.8%
3634
6.4%
5.6%
1116
1012
956
FY21
FY22
FY18
FY19
FY18
FY19
FY20
FY21
FY22
EPS (₹)
45
R = 225 G = 34 B = 38
EBITDA
EBITDA Margin
Book Value Per Share (₹)
R = 99 G = 99 B = 101
200
162
164
165
145
4.2%
717
FY20
0.5% 53
FY21
PAT
PAT Margin (%)
Dividend (%)
430
24
22
210
220
230
11.2%
2125
FY22
460
15
1
FY18
FY19
FY20
FY21
FY22
FY18
FY19
FY20
FY21
FY22
FY18
FY19
FY20
FY21
FY22
30
Thank You!
William Fernandes Company Secretary
Manoj Saha Managing Director
Email id: William.fernandes@siyaram.com
Surendra Shetty CFO
Email id: Surendra.shetty@siyaram.com SIYARAM SILK MILLS LIMITED www.siyaram.com
Cell No. 9819860835 Email id: siyaram@dickensonworld.com
DICKENSON IR www.dickensonworld.com
31