Siyaram Silk Mills, an India based fabric manufacturing firm which forayed into readymade garments with the brand ‘Oxemberg’, saw an exceptional rise of 169.3 per cent in net sales at its garments division during last five fiscals, according to the company’s annual reports.
Net sales reported for the fiscal 2010-11 at the readymade garments division of Siyaram Silk Mills was Rs 898.915 million, which increased to Rs 2420.793 million in fiscal 2014-15.
Net sales at the readymade garments division increased by 29.75 per cent year-on-year during 2011-12 to Rs 1166.372 million, by 17.88 per cent during 2012-13 to Rs 1374.985 million, by 42.96 per cent during 2013-14 to Rs 1965.683 million, and by 76.05 per cent during 2014-15 to Rs 2420.793 million.
The company sold 1.923 million pieces of readymade garments in fiscal 2010-11, 2.484 million pieces in 2011-12, 2.544 million pieces in 2012-13, 3.328 million pieces in 2013-14 and 3.883 million pieces in 2014-15.
The exceptional growth in this division is due to high profit margin in the segment which caters to mass markets. Usually, demand for such goods is not affected by changes in market conditions, according to analysts.
