Ethnic wear retailer Sai Silks Kalamandir reported an 88 percent decline in net profit to Rs 2 crore ($2,38,200) for the April-June quarter, as against Rs 17 crore in the year-ago quarter.
The company’s revenue for the quarter was down by 12 percent to Rs 267 crore, as against Rs 305 crore in the corresponding quarter of the previous fiscal year.
“Q1 of FY 2024-25 was one of a kind of exceptional period in the last decade, with extremely low / negligible wedding dates throughout the quarter nationally, resulting it to behave like a non-wedding quarter. Because of this reason, company’s performance in Q1 of FY 2024-25 was severely impacted. However, the company have been able to effectively maintain strong gross margins,” Sai Silks said in its investor presentation.
Currently, Sai Silks has 60 stores across the country with a strong presence in south Indian markets of Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu.
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