Siyaram Silk Mills Ltd. — Annual Report 2024

May 11, 2024

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11[th] May, 2024

To, BSE Limited, National Stock Exchange of India Ltd. Phiroze Jijibhoy Tower, Exchange Plaza, 5[th] Floor, Dalal Street, Plot No. C/1, G Block, Mumbai-400 001 Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Scrip Code: 503811 Company Symbol: SIYSIL

Dear Sir/ Madam,

Sub: Outcome of Board Meeting.

This is to inform you that our Board at its meeting held on 11[th] May, 2024, has inter alia taken the following decisions:

1. Approved Audited Financial Results (Standalone and Consolidated) of the Company for the quarter/ year ended 31[st] March, 2024.

We are enclosing herewith duly signed Results for the quarter/year ended 31[st] March, 2024 as approved by the Board along with Auditor’s Report issued by Statutory Auditors, M/s. Jayantilal Thakkar & Co., Chartered Accountants (Firm Reg No. 104133W).

Declaration for unmodified opinion in respect of Audited Standalone and Consolidated Financial Results of the Company for the financial year ended 31[st] March, 2024 is also enclosed.

1. The Board has recommended payment of Final Dividend of Rs. 4/- per Equity Share (200%) on the Equity Shares of Rs. 2/- each (face value) for the year ended 31[st] March, 2024, subject to the approval of the Shareholders of the Company at the ensuing Annual General Meeting.

2. Approved on the recommendation of the Nomination and Remuneration Committee the re-appointment of Shri. Sachindra N. Chaturvedi (DIN : 00553459) as an Independent Director of the Company, whose term is expiring on 31[st] July, 2024 for a second term of 5(five) consecutive years with effect from 1[st] August, 2024, subject to approval of the Members.

3. Approved on the recommendation of the Nomination and Remuneration Committee the re-appointment of Shri. Deepak R. Shah (DIN : 06954206) as an Independent Director of the Company, whose term is expiring on 31[st] July, 2024 for a second term of 5(five) consecutive years years with effect from 1[st] August, 2024, subject to approval of the Members.

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, Thane – 401 506 (Mah.)

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1. Approved on the recommendation of the Nomination and Remuneration Committee the re-appointment of Shri. Ashok N. Desai (DIN : 03609419) as an Independent Director of the Company, whose term is expiring on 31[st] July, 2024 for a second term of 5(five) consecutive years years with effect from 1[st] August, 2024, subject to approval of the Members.

2. Approved on the recommendation of the Nomination and Remuneration Committee the re-appointment of Shri. Chetan S. Thakkar (DIN : 03273267) as an Independent Director of the Company, whose term is expiring on 31[st] July, 2024 for a second term of 5(five) consecutive years years with effect from 1[st] August, 2024, subject to approval of the Members.

3. Approved on the recommendation of the Nomination and Remuneration Committee the re-appointment of Shri. Pawan D. Poddar (DIN : 00090521) as Joint Managing Director of the Company, whose term is expiring on 31[st] July, 2024 for a further period of five(5) years with effect from 1[st] August, 2024, subject to approval of the Members.

4. Approved on the recommendation of the Nomination and Remuneration Committee the re-appointment of Shri. Ashok M. Jalan (DIN : 00456869) as Senior President and Director of the Company, whose term is expiring on 29[th] January, 2025 for a further period of five(5) years with effect from 30[th] January, 2025, subject to approval of the Members.

5. Re-appointed M/s. K.M. Garg & Co., Chartered Accountants as Internal Auditors for the financial year 2024-25.

6. 10.Appointed M/s. K. G. Goyal & Associates, as Cost Auditors of the Company for the financial year 2024-25.

7. 11.Re-appointed M/s. GMJ & Associates, Company Secretaries as Secretarial Auditors for the financial year 2024-25.

The meeting commenced at 4.30 p.m. and concluded at 7.30 p.m.

Please take the same on record and oblige.

Thanking you,

Yours faithfully,

For Siyaram Silk Mills Limited

WILLIAM Digitally signed by WILLIAM VINCENT VINCENT FERNANDES FERNANDES Date: 2024.05.11 19:40:02 +05'30' William Fernandes

Company Secretary and Compliance Officer

Encl.: As Above

Internet : www.siyaram.com CIN : L17116MH1978PLC020451

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

: H – 3/2, MIDC, A – Road, Tarapur, Boisar, Thane – 401 506 (Mah.)

SIYARAM SILK MILLS LIMITED Regd.[Office:] H-3/2,[MIDC][‘A’] Road, Tarapur, Boisar,[Dist.] Palghar,[PIN][401] 506 (M.S.), Phone - 02525-329910. CIN : L17116MH1978PLC020451, Email sharedept@siyaram.com, Website - www.siyaram.com STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2024 { @ In Lakhs) Sr PARTICULARS Quarter Ended Year Ended 31.03.2024 31.03.2023 (Audited (Unecatted) (Audited 31.03.2024 31.03.2023 refer note 3} refer note[3)|_] (Audited) (Audited) 1 [Income : a) Revenue[from] Operations 64,637 50,185 69,478 2,08,718 2,22,932 b) Other Income 641 1,109 1,033 3,755 4,019 Total Income 65,278 51,294 70,511 2,12,473 2,26,951 2 jExpenses : la) Cost of Materials Consumed 23,993 22,366 21,385 84,905 93,191 b) Purchases of Stock-In-Trade 4,960 4,158 6,543 16,887 18,648 c) Changes in Inventories of[Finished] Goods, Stock-in-Trade and Work-in-Progress 2,737 (3,586), 9,099 (2,499) (3,793) d) Employee[Benefits] Expense 4,495 4,293 5,106 17,227 17,907 @) Processing and Labour Charges 6,936 5,849 5,309 21,770 21,661 f) Finance Costs 513 561 486 2,029 1,974 g) Depreciation and[Amortisation] Expense 1,402 4,394 1,374 5,503 5,776 h} Other Expenses 40,925 10,255 9,890 41,943 38,428 Total Expenses 55,961 45,290 59,192 1,87,765 4,93,792 3 |Profit before Tax (1-2) 9,317 6,004 11,319 24,708 33,159 4 |Tax Expenses - Current Tax 2,405 1,546 2,905 6,310 8,410 ~ Deferred Tax 28 31 4 (55)! (10) - Income Tax of Earlier Years. (15) - (423) (15) (423) Total Tax Expenses 2,418 1,577 2,486 6,240 7,977 5 |Profit for the Period (3-4) 6,899 4,427 8,833 18,468 25,182 6 |Other Comprehensive Income (Net of Tax) a) i) Itemsthat will not be reclassified to Profit & Loss i7 (10)| (79) (14) (41) ii) Tax (expenses)/benefit on items that[will] not be feclassified to Profit[&] Loss {5)| 3 10 3 1 b) i) Items[that] will be[reclassified] to[Profit][&] Loss : : : : : ii) Tax (expenses)/benefit on items that[will] be reclassified to Profit[&] Loss : - = : : Total Other Comprehensive Income (Net of Tax) 12 {7) (69) (11) (40) 7 |Total Comprehensive Income (5+6) 6,911 4,420 8,764 18,457 25,142 8 |Paid up Equity Share Capital (Face Value of ¥ 2/- Each) 907 907 937 907 937 9 |Other Equity Excluding Revaluation Reserves - - - 1,13,188 1,13,153 10|Eamings Per Share of[ ¢][2/-][Each:] Not Annuallsed Basic[&] Diluted (2) 14.93 9.58 18.85 39.98 53.73

SIYARAM SILK MIILLS LTD. STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS AT 31ST MARCH, 2024 (& In Lakhs) Particulars As At As At 31.03.24 31.03.23 (Audited) (Audited) A) ASSETS :

1. Non-Current Assets (a) Property, Plant and Equipment 45,215 45,117

(b) Capital Work-in-Progress 1,870 541 (c) Investment Properties 1,271 1,360 (d)[Goodwill] - |

(@) Other Intangible Assets 40 41

(f) Right-of-use Assets 923 1,193 (g) Investment in Subsidiary . 1,094 1,094 {h) Financial Assets :

i) Investments 1,807 1,800 ii) Loans 445 220 iti) Other Financial Assets 1,053 1,102 (i) Other Non-Current Assets 190 1,745 Total - Non-Current Assets 53,908 54,213

1. Current Assets

{a} Inventories 46,565 42,225 {b) Financial Assets : {i} Current Investments 4,169 10,611 (ii) Trade Receivables 46,770 42,716 (iii) Cash and Cash Equivalents 573 350 (iv) Bank Balance Other than Cash and Cash Equivalents 124 121 (v) Loans 226 211 (vi) Other[Financial] Assets 19 21 {c) Current Tax Assets (Net) 1,751 2,210 (d) Other[Current] Assets 9,454 11,297 Total - Current Assets 1,06,648 1,09,762 TOTAL - ASSETS 1,60,556 1,63,975 B) EQUITY AND LIABILITIES :

1. Equity : (a) Equity Share Capital 907 937 (b) Other Equity 1,13,188 1,139,153 Total Equity 1,14,095 1,14,090

2. Liabilities Non Current Liabilities (a)[Financial][Liabilities]

(i) Borrowings 119 921 (i) Lease[Liabilities] . 766 958 (iii) Other Financial Liabilities 4,015 4,132

{b) Provisions 993 941 (c) Deferred[Tax] Liabilities (net) 1,003 1,061 (d) Other[Non-Current] Liabilities 360 563 Total - Non-Current Liabilities 7,256 8,576

Currant Liabilities (a)[Financial][ Liabilities]

(i) Borrowings 16,309 14,041 (i)[Lease] Liabilities 300 354 (iii) Trade Payables -[Total] outstanding dues[of][Micro] Enterprises and Small Enterprises 2,877 803 - Total outstanding dues of Creditors other than Micro Enterprises and[Small] Enterprises 13,543 18,399 (iv) Other[Financial] Liabilities ~ : 531 492 (b) Other[Current] Liabilities 5,287 6,817 (c) Provisions 358 403 Total - Current Liabilities 39,205 41,309 ITOTAL- EQUITY AND LIABILITIES 1,60,556 1,63,975

SIYARAMSILK MILLS LTD (® in Lakhs) STATEMENT OF STANDALONE CASH FLOW FOR THE YEAR ENDED 31ST MARCH, 2024 Year Ended Year Ended 31.03.2024 31.03.2023 Particulars (Audited) (Audited)

A]Cash flow from Operating Activities

Profit Before Tax as per Statement of Profit and loss 24,708 33,159 Adjustment for : Depreciation[and][Amortisation] expenses 5,503 5,776 Foreign Exchange[Gain] (Net) . (242) (447) Loss(Gain) on Disposal/Discarded[of] Property,[Plants][&] Equipments (Net) 113 {496)|

(Gain on Assets transferred under Compulsory Acquisition (316) -

Net Gain on Sale / Fair Valuation of Investments (478) (242) Loss/(Gain) on Extinguishment of[Lease] Liabilities 1 (123)

Bad Debt Irrecoverable Balances written off 78 8 Reversal of Impairment provision[in] respect of Investment Properties (29) (10) Finance Costs 2,029 1,974 interest Income (1,570) (1,441) Apportioned Income[from][Government] Grant (246) (290) Provision for Expected credit !oss/doubtful debts (Net) 4 9 4,884 4,718 OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 29,592 37,877 Trade and other Receivables (3,001) (3,471) Inventories {4,340)| {1,925)| Trade and other Payables (3,622) {1,807)| CASH GENERATED FROM OPERATIONS 18,629 30,674

Direct Tax Paid (Net) (5,836) (7,137) NET CASH GENERATED FROM OPERATIONS 42,793 23,537 B|CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property Plant and Equipment, Work[in] progress[and] Intangible Assets (5,885) (5,744); Purchase of Current Investments (2,700) (9,353) Purchase of Non-Current Investments . (100) Sale of Current Investments 12,613 1,049 Sale Proceeds of Property, Plant and Equipments 896 4,412 Compensation received on[Assets][Transferred][under] compulsory Acquisition 326 - Interest Received 1,569 1,450 NET CASH USED IN INVESTING ACTIVITIES. 6,819 (11,286) ¢|CASH FLOW FROM[FINANCING] ACTIVITIES Repayment of Long[Term] Borrowings (2,454) (3,293)

Proceeds of Short Term Borrowings (Net) 3,889 (2,981) Buy-back[of] Equity[Shares] (10,800) - Tax on Buy-back of Equity Shares (2,509)| - Expenses for Buy-back[of] Equity Shares (92)| - Finance Costs (1,942), (844) Payment of[Lease] Liabilities (434) (373)

Dividend Paid (5,047) (4,762) "NET CASH GENERATED/ (USED)IN FINANCING ACTIVITIES. (19,389) (12,253) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS. 223 (2) ‘ CASH AND CASH EQUIVALENTS - AT THE BEGINNING OF THE PERIOD 350 352 CASH AND CASH EQUIVALENTS - AT THE END OF THE PERIOD 573 350 Note : The above statement of Cash Flow Statement has been prepared[under] the[‘Indirect][Method’] as set out[in][Ind][AS7] ‘Statement[of][Cash][Flows']

Notes:

• 1) The above Standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 11, 2024.[These] financial results have been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (as amended)(Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other accounting practices[and] policies to the extent applicable.

• 2) The Statutory Auditors have conducted the audit of the Standalone financial results of the Company for the quarter and year ended March 31, 2024,[in] accordance with Regulation 33 of the[SEBI] (Listing Obligation and Disclosure Requirements) Regulation, 2015.

• 3) The figures oflast quarter for the current year and for the previous year are the balancing figures between the audited figures in respect of the full financial year ended 31st March and the unaudited published year-to-date figures upto the third quarter ended 31st December, which were subjectedto limited review by the statutory auditor.

• 4) The Company is engaged only in Textile business and there are no separate reportable segments as per[Ind][AS][108.]

• 5) The Board of Directors at its meeting held on August 12, 2023 had approved a proposal to buy-back upto 14,99,992 equity shares of the Company for an aggregate amount not exceeding % 10,799.94 Lakhs, being 3.20% of the total paid up equity share capital at = 720 per equity share. The Company bought back 14,99,992 equity shares out of the shares that were tendered by eligible shareholders and extinguished the equity shares on October 19, 2023. Capital redemption reserve[was] created to the extent of share capital extinguished ( % 29.99 lakhs). The excess cost[of] buy-back amounting to % 10,892.29 Lakhs { including % 92.35 Lakhs towards transaction cost of buy-back) over the par value of shares and corresponding tax on buy-back of % 2,508.97 Lakhs have been adjusted against the retained earnings.

• 6) The Board has recommended Final Dividend of[X] 4/- (200%) per equity share of 2/- each, subject to approval of Shareholders at ensuing Annual General Meeting.

• 7) The previous period’s/year's figures have been regrouped/rearranged wherever necessary.

For Siyaram Silk Mills Ltd

A Kort aan (Ramesh Poddar) Chairman & Managing Directo!

Din No. 00090104

Place[:] Mumbai Date : 11/05/2024

JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS

111 (A), MAHATMA GANDHI ROAD, FORT, MUMBAI - 400 023. TELEPHONES 2265 8800 : 2265 8900 FAX: (91-22)[2265][8989] E-MAIL : jtco23@jtco.co.in

Independent Auditor's Report on Audit of Quarterly and Annual Standalone Financial Results of Siyaram Silk Mills Limited ("the Company") pursuantto the requirements of Regulations 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as amended

To

The Boardof Directors of Siyaram Silk[Mills] Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and annual standalone financial results of Siyaram Silk Mills Limited (the “Company”) for the quarter ended 31% March, 2024 and for the year ended 31% March, 2024 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

Tn our opinion and to the best of our information and according to the explanations given to us, the Statement:

• i. is presented in accordance with the requirements of Regulations 33 of the Listing Regulations[in] this regard; and

• ii. gives a true[and] fair view[in] conformity with the applicable accounting standards and other accounting principles generally acceptedin India, of the profit and other comprehensive income and[other] financial information of the Company for the quarter ended 31% March, 2024 and for the year ended 31% March, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together[with] the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained byusis sufficient and appropriate to provide a basis for our opinion.

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CHARTERED LO
ACCOUNTANTS
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Continuation Sheet No.__

Date.

» JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS

Management's Responsibilities for the standalone Financial Results

This Statement is the responsibility of the Company's Board of Directors, and has been approved by them for the issuance. The Statement has been compiled from the related audited standalone financial information for the quarter and year ended 31st March, 2024. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income/(loss) and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules

issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments

and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s

ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either

intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor's Responsibilities for the Audit of the standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee[that] an[audit] conducted in accordance with SAs will always detect a material misstatement[when] it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatementof the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as[fraud] may[involve] collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we

Continuation Sheet No..-_

Date.

• JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS

are[also] responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directorsin

termsof the requirements specified under Regulations 33 of the Listing Regulations.

~ Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the Company’s ability to

continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause[the][Company] to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a

manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the

planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Wealso provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Other Matter

The Statement includes the results for the quarter ended 31% March, 2024 being the balancing figure between the audited figures in respect of the full financial year ended 31% March, 2024

and the published unaudited year-to-date figures up to the third quarter of the current financial year,[which] were subjected[to] a[limited] review by us, as required under the Listing Regulations. —_—Our opinion on the Statement is not modified in respect of this matter.

PLACE: Mumbai DATE: 11% May,2024

For JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS (FIRM REG. NO. 104133W) TSTVIRAL A. MERCHANT PARTNER MEMBERSHIP NO. 116279 UDIN: 24116279BKDOAJ4227

SIYARAM SILK MILLS LIMITED Regd.[Office:][H-3/2,][MIDC][‘A’] Road, Tarapur,[Boisar,][Dist.] Palghar,[PIN][401][506][(M.S.),][Phone][-][02525-329910.] CIN : L17116MH1978PLC020451, Email sharedept@siyaram.com, Website - www.siyaram.com STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2024. (%[In] Lakhs} Sr PARTICULARS Quarter Ended Year Ended

No 31.03.2024 31.03.2023 (Audited (Uneudlted) (Audited 31.03.2024 31.03.2023 refer note 3) refer note 3)|__ (Audited) (Audited) 4 [Income: a) Revenue[from] Operations 64,777 50,337 69,543 2,09,205 2,23,251 b) Other Income 641 1,109 1,034 3,760 4,026 Total Income 65,418 51,446 70,577 2,12,965 2,277,277 2 |Expenses: a)[Cost] of Materials[Consumed] 24,021 22,381 21,391 84,997 93,237 b) Purchases of Stock-In-Trade 4,991 4,160 6,549 16,948 18,685 ¢) Changes in Inventories[of] Finished Goods, Stock-in-Trade and Work-in-Progress 2,739 (3,574) 9,110 (2,504)| (3,791)

id) Employee Benefits Expense 4,512 4,311 5,118 17,290 17,982 e) Processing[and][Labour] Charges 6,957 5,892 5,320 21,880 21,745 f) Finance Costs 513 561 486 2,029 1,974

g) Depreciation and[Amortisation] Expense 1,412 1,403 1,383 5,540 5,819 h) Other Expenses 10,952 10,291 9,920 42,070 38,550

Total Expenses 56,097 45,425 59,277 1,88,250 1,94,201 3 |Profit before Tax (1-2) 9,321 6,021 11,300 24,715 33,076 4 |Tax Expenses - Current Tax 2,405 1,546 2,905 6,310 8,410 - Deferred Tax 28 31 4 (55) (10)| - Income Tax of[Earlier] Years (15)| - (423) (15) (423) Total Tax Expenses 2,418 1,577 2,486 6,240 7,977 5 |Profit for the Period (3-4) 6,903 4,444 8,814 18,475 25,099

6 {Other Comprehensive Income (Net of Tax) a)[i)] Items that will not be reclassified to Profit & Loss 17 (10) (79)| (14) (41) Tax (expenses)/benefit on[items] thatwill not be reclassified to Profit[&] Loss {5) 3 10 3 41

b)i) items that will be reclassified to Profit & Loss (5) 10 1 2 43 ii) Tax (expenses)/benefit on[items] that will be reclassified to Profit & Loss - - - : - Total Other Comprehensive Income (Net of Tax) 7 3 (68)| (9) (27)

T |Total Comprehensive Income (5+6) 6,910 4,447 8,746 18,466 25,072 8 |Net Profit attributable to :

|- Owners. 6,903 4,444 8,814 18,475 25,099 - Non Controlling Interests - - - : -

9 |Other Comprehensive Income attributable to : - Owners 7 3 (68) (9) (27) - Non Controlling Interests - . - - . 10|Total Comprehensive Income attributable to : - Owners 6,910 4,447 8,746 18,466 25,072 -[Non] Controlling Interests - - - - - 11)Paid up Equity Share Capital (Face Value of[=] 2/- Each) 907 907 937 907 937 12|Other Equity Excluding Revaluation Reserves - - + 41,12,796 112,752 13|Eamings Per Share[of][¢][2/-][Each:] Not Annualised Basic[&] Diluted (2) 14.94 9.62 18.81 39.99 53.55

SIYARAMSILK MIILLS LTD.
STATEMENT OF CONSOLIDATED Particulars		ASSETS	AND LIABILITIES AS AT 31ST MARCH, 2024	As At	(& In Lakhs) AS At
				31.03.24	31.03.23
A) ASSETS:				{Audited}	(Audited)
1. Non-Current Assets
(a) Property, Plant and Equipment				45,223	45,133
(b) Capital Work-in-Progress				1,870	541
{c) Investment Properties				1,271	1,360
(d) Goodwill				-		-
(e) Other intangible Assets				264	290
(f} Right-of-use Assets				923	1,193
(g) Financial Assets:
i) Investments				1,807	1,800
ii) Loans				445	220
iii) Other Financial Assets				1,058	1,107
(h) Other Non-CurrentAssets Total - Non-Current Assets 2. Current Assets				190 53,051	4,745 53,389
(a) Inventories (b) Financial Assets :				46,767	42,436
(i) CurrentInvestments				1,169	10,611
(il) Trade Receivables				46,770	42,716
(iii) Cash and Cash Equivalents				767	484
(iv) Bank Balance Otherthan Cash and Cash Equivalents				124	121
(v) Loans				226	2t1
(vi) Other Financial Assets				19	21
(c) Current Tax Assets (Net)				1,751	2,221
{d) Other CurrentAssets Total - Current Assets				9,590 1,07,183	11,463 1,140,284
TOTAL -ASSETS				1,60,234	1,63,673
B) EQUITY AND LIABILITIES	:
1. Equity :
(a) Equity Share Capital				907	937
{b) Other Equity Total Equity 2. Liabilities				1,12,796 1,13,703	1,142,752 1,13,689
Non-CurrentLiabilities
(a) FinancialLiabilities
(i) Borrowings				119	921
(ii) Lease Liabilities				766	958
(iii) Olher Financial Liabilities				4,015	4,132
(b) Provisions				993	941
(c) Deferred Tax Liabilities (net)				1,003	1,061
(d) Other Non-Current Liabilities Total - Non-Current Liabilities				360 7,256	564 8,577
CurrentLiabilities
(a) Financial Liabilities
{i) Borrowings				16,309	14,044
(ii) LeaseLiabilities				300	354
(iii) Trade Payables
- Total outstanding dues	of Micro Enterprises and Small Enterprises			2,877	803
- Total outstanding dues	ofCreditors other than Micro Enterprises and Small Enterprises			13,577	18,421
(iv) Other FinancialLiabilities				531	492
(b) Other CurrentLiabilities				5,323	6,893
(c) Provisions Total - Current Liabilities				358 39,275	403 41,407
TOTAL- EQUITY AND LIABILITIES				1,60,224	1,63,673

‘ @ in Lakhs

SIYARAM SILK MILLS LTD

STATEMENT OF CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31ST[MARCH,] 2024

			As At	As At
			31.03.2024	31.03.2023
Particulars			(Audited)	(Audited)
Al	Cashflow from Operating Activities
Profit Before Taxas per Statement of Profit and loss			24,715	33,076
Adjustment for:
Depreciation and Amortisation expenses			5,540	5,819
Foreign Exchange Gain (Net)			(242)	(447)
Loss/(Gain) on Disposal/Discarded of Property, Plants	&	Equipments (Net)	113	(496)
Gain on Assetstransferred under Compulsory Acquisition			(316)	-
Net Gain on Sale / Fair Valuation of Investments			{478)	(242)
Loss/(Gain) on Extinguishmentof Lease Liabilities			1	{124)
Bad Debt/ Irrecoverable Balances Written off			78	8
Reversalof Impairment provision in respect of Investment Properties			(29)	(10)
Finance Costs			2,029	1,974
Interest Income			(1,570);	(1,440);
Apportioned Income from Government Grant			(246)	(290)
Provision for expected Credit Loss/doubtful debts (Net)			4	9
			4,921	4,761
OPERATING PROFIT BEFORE WORKING CAPITAL	CHANGES		29,636	37,837
Trade and other Receivables			(3,018),	(3,430),
Inventories			(4,331)	(1,937)
Trade and other Payables			(3,606)	(1,800),
CASH GENERATED FROM OPERATIONS			18,681	30,670
Direct Tax Paid (Net)			(5,825)
NET CASH GENERATED FROM OPERATIONS			12,856	23,532
BICASH FLOW FROM INVESTING ACTIVITIES
_\Purchase of Property Plant and Equipment, Work in progress and Intangible Assets ‘			(5,888)}	(5,755)
Purchase of Current Investments			(2,700)	(9,353)
Purchase of Non-Current Investment			:	(100)
Sale of Current Investments			12,613	1,049
Sale Proceeds of Property, Plant and Equipments			896	4,413
Compensation received on Assets Transferred under compulsory Acquisition ,			326	-
Interest Received			1,569	1,450
NET CASH USEDIN INVESTING ACTIVITIES.			6,816	{11,296)
C]CASH FLOW FROM FINANCING ACTIVITIES
Repaymentof Long Term Borrowings			(2,455)
Proceedsof Short Term Borrowings (Net)			3,889	(2,981)
Buy-back of Equity Shares			(10,800))	-
‘Tax on Buy-back of Equity Shares			(2,509)	-
Expenses for Buy-back of Equity Shares			(92)	-
Finance Costs			(1,942)	(844)
Paymentof Lease Liabilities			(434)	(373)
Dividend Paid			(5,047)	{4,762)
NET CASH (USED) /GENERATEDIN FINANCING ACTIVITIES.			(19,390)	(12,253)
NET (DECREASE)/ INCREASE IN CASH AND CASH ExchangeDifference on Cash & Cash Equivalents		EQUIVALENTS.	282 1	(17) 8
CASH AND CASH EQUIVALENTS- AT THE BEGINNING OF THE PERIOD			484	493
GASH AND CASH EQUIVALENTS- AT THE END OF	THE PERIOD		767	4a4

Note : The above statement of Cash Flow Statement has been prepared under the ‘Indirect Mathod' as satout in Ind AS7 ‘Statement of Cash Flows’

Notes:

• 1) The above Consolidated financial results were reviewed by the Audit Committee and approved by the[Board] of Directors at their respective meetings held on May 11,[2024.These] financial results have been preparedin[accordance][with][ the][Companies] (Indian Accounting[Standard)][Rules,][2015] (as amended)(Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other accounting practices[and] policies to[the] extent applicable.

• 2) The Statutory Auditors have conducted the audit of the Consolidated financial results of the Group for the quarter and year ended March 31, 2024,[in] accordance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015.

• 3) The figures of last quarter for the current year and for the previous year are the balancing figures between the audited figures in respect of the full financial year ended 31st March and the unaudited published year-to-date figures upto the third quarter ended 31st December, which were subjectedto[limited][review] by[the] statutory[auditor.]

• 4) The Groupis engaged onlyin Textile business and there are no separate reportable segments as per[Ind][AS][108.]

,

• 5) The Board of Directors at its meeting held on August 12, 2023 had approved a proposal to buy-back upto 14,99,992 equity[shares][of] the Company[for] an aggregate amount not exceeding % 10,799.94 Lakhs, being 3.20% ofthe total paid up equity share capital at = 720 per equity share. The Company bought back 14,99,992 equity shares out of the shares that were tendered by eligible shareholders and extinguished the equity[shares] on October 19, 2023. Capital redemption reserve.was[created] to the extent[of][share] capital extinguished[(][%][29.99] lakhs).[The] excess cost’[of] buy-back amounting to[=] 10,892.29[Lakhs] (including % 92.35 Lakhs towards transaction cost of buy-back} over the par value of shares and corresponding tax on buy-back of % 2,508.97 Lakhs have been adjusted against the retained earnings.

• 6) The Board has recommended Final Dividend of 3 4/- (200%) per equity share of[%] 2/- each, subject to approval of[Shareholders] at ensuing[Annual][General] Meeting.

• 7) The previous period's/year's figures have been regrouped/rearranged wherever necessary.

For Siyaram Silk Mills Ltd (Ramesh Paddar) A Chairman & Managing Director

Din No. 00090104

Place : Mumbai Date : 11/05/2024

JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS

111 (A), MAHATMA GANDHI ROAD, FORT, MUMBAI - 400 023. TELEPHONES : 2265 8800 2265 8900 FAX: (91-22)[2265][8989] E-MAIL : jtco23@jtco.co.in

Independent Auditor's Report on Audit of Quarterly and Annual Consolidated Financial Results of Siyaram Silk Mills Limited ("the Holding ") pursuant to the requirements of Regulations 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015, as amended

To The Board of Directors of Siyaram Silk[Mills] Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and Annual consolidated financial results of Siyaram Silk Mills Limited (“Holding Company”) andits subsidiary (the Holding Company andits subsidiary together referred to as “the Group”) for the quarter ended 31% March, 2024 and for the year ended 31% March, 2024 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended CListing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate audited financial statements/[financial] results/financial information of the subsidiary, the Statement:

• i. includes the results of the following entity; Foreign Subsidiary (audited by another auditor): - CADINI SRL

• ii. are presented in accordance with the requirements of Regulations 33 of the Listing Regulations in this regard; and

• ili. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter[ended][31%] March, 2024 and for the year ended 315 March, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together[with] the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics, We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below,is sufficient and appropriate to provide a basis for our opinion.

Continuation Sheet No._—____

Date.

JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS

Management's Responsibilities for the Consolidated Financial Results

This Statementis the responsibility of the Holding Company's Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited consolidated annual financial information for the quarter and year ended 31% March 2024. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and consolidated other comprehensive loss and other financial information of the Group in accordance with the recognition and measurement principles[laid] down[in] the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generaily accepted[in] India and[in] compliance with Regulations 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the[Statement] by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has norealistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financia! Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as[fraud] mayinvolve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

ffx,([CHARTERED] 2LO SCERI(ACCOUNTANTS[OMB] A[gs] ) 7; J CR ROSY

Continuation Sheet No._

JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS

Date.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are[also] responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board ofDirectors.

• Evaluate the appropriateness and reasonablenessof disclosures made by the Board of Directors in terms of the requirements specified under Regulations 33 of the Listing Regulations. .

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt on the ability of the Group to

continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such

disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause[the][Group] to ceaseto continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a

manner that achievesfair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors to express an opinion[on][the] Statement.[We] are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company regarding, among[other] matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficienciesin internal control that we identify during our audit.

Wealso provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

feNESa((ACCOUN)CHAEpgTHAK,saapreREO ~TANTS‘at VO* e{aeLENa 10813 8a)x SIE[ROSS] ey

Continuation Sheet No.___

Date.

JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS

Other Matter

The accompanying Statement includes the audited financial results and other financial information, in respect of a foreign subsidiary, whose financial results include total assets of Rs. 773 lakhs as at 31% March, 2024, total revenues of Rs. 141 lakhs and Rs.488 lakhs for the quarter[and] year ended[31%] March, 2024 respectively, total profit after tax of Rs. 6 Lakhs and Rs.9 Jakhs for the quarter and year ended 31% March, 2024 respectively, total comprehensive profit of[Rs.] 1 fakh and Rs. 11 lakhs for the quarter and year ended 31% March, 2024 respectively, and net cash inflow of Rs. 59 lakhs for the year ended 31% March, 2024, as considered in the Statement which have been audited by another auditor. The independent auditor's report on the financial results of the subsidiary has been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of the subsidiary is based solely on the report of another auditor and the procedures performed byus as stated in paragraph above. Our opinion on the Statementis not modified in respect of the above matter with respect to our reliance on the work done and the report of another auditor.

The Statement includes the results for the quarter ended 31%* March, 2024 being the balancing figures between the audited figures in respect of the full financial year ended 31% March, 2024

and the published unaudited year-to-date figures up to the end ofthe third quarter of the current financial year, which were subjected to a limited review by us, as required under the

Listing Regulations.

Our opinion on the Statementis not modified in respect of the above matter.

PLACE: Mumbai

DATE: 11th May,2024

For JAYANTILAL THAKKAR & CO. CHARTERED ACCOUNTANTS (FIRM[REG.] NO. 104133W) VIRAL A. MERCHANT PARTNER MEMBERSHIP NO. 116279 UDIN: 24116279BKDOAK3268

SIYARAM SILK MILLS LIMITED

11 May,[2024]

To, BSE Limited, National Stock Exchangeof India Ltd. Phiroze Jijibhoy Tower, Exchange Plaza, 5Floor, Dalal Street, Plot No. C/1, G Block, Mumbai-400 001 Bandra Kurla Complex, Bandra (East), Mumbai —- 400 051 Scrip[Code:] 503811 Company Symbol:[SIYSIL] Sub: Declaration for unmodified opinion in respect of Audited Standalone and Consolidated Financial Results of the Company for the year ended 31st March, 2024. Dear Sir/ Madam, Pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI Notification No. SEBI/LADNRO/GN/201617/001 dated[25th] May, 2016 and SEBI Circular No. CIR/CFD/CMD/56/2016 dated 27% May, 2016, the Company herein declares unmodified opinion in respect of Audit Reports[of] M/s. Jayantilal Thakkar[&] Co., Chartered Accountants on the Standalone and Consolidated Financial Results of the Company for the year ended 31st March, 2024. This is for information and records. your Thanking you. Yours faithfully, =For Siyaram Silk Mills Limited Surerdfa[S.] Shetty Chief Financial Officer Corporate office:Phone[B][-] 5,: Trade3040 World,0500,[Kamala] Fax: City,3040Senapati0599 BapatEmail:Marg,william.fernandes@siyaram.comLower Parel, Mumbai - 400[013] (India) Internet; www.siyaram.com CIN : L17116MH1978PLC020451 Registered[Office:][H] —- 3/2, MIDC, A- Road, Tarapur, Boisar, Thane — 401 506 (Mah.}