Indian textile company Sai Silks (Kalamandir) Ltd has reported a significant rise in net profits and revenue for the financial year 2023. The company’s net profits increased by 69.1% and its revenue saw a 19.7% increase. Sai Silks raised INR 1,201 crore through an initial public offering (IPO) supported by global marquee investors. The funds from the IPO will be used to open 30 new stores and clear a debt of INR 50 crore. Despite its strong financial performance, market analysts are predicting a flat market debut.
Sai Silks’ IPO success and planned expansion demonstrate the company’s strategic move towards growth and reducing its debt. The company’s strong operational performance, including a 60% increase in EBITDA, reflects its commitment to enhancing profitability. However, market analysts remain skeptical about how the company will perform in the market, expecting a subdued entry.
It remains to be seen how the market will respond to Sai Silks’ IPO and expansion plans. Investors and industry experts are eagerly awaiting the company’s performance in the coming days to gauge its success in executing its growth strategy while clearing its debt.
