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Results
28-May-22
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Analysis
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Singer India
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Sales and OPM declines
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Net
sales (including other operating income) of Singer India has declined 4.07% to
Rs 124.78 crore in the quarter ended March 2022. Operating profit margin has
declined from 4.97% to 2.66%, leading to 48.61% decline in operating profit to
Rs 3.32 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 2.09% to 2.20%. Purchase of finished goods cost
fell from 77.35% to 76.18%. Employee cost increased from 4.86% to 6.19%. Other
expenses rose from 11.40% to 12.81%.
Other
income fell 95.65% to Rs 0.04 crore. PBIDT fell 54.47% to Rs 3.36 crore. Provision
for interest fell 61.11% to Rs 0.14 crore.
Loan
funds rose to Rs 2.89 crore as of 31 March 2022 from Rs 1.82 crore as of 31
March 2021. Inventories declined from Rs 80.20 crore as of 31 March 2021 to Rs
73.06 crore as of 31 March 2022. Sundry debtors were higher at Rs 49.84 crore
as of 31 March 2022 compared to Rs 47.67 crore as of 31 March 2021. Cash and
bank balance rose to Rs 24.27 crore as of 31 March 2022 from Rs 15.78 crore as
of 31 March 2021. Investments rose to Rs 1.92 crore as of 31 March 2022 from Rs
1.84 crore as of 31 March 2021.
PBDT
fell 54.13% to Rs 3.22 crore. Provision for depreciation declined 39.29% to Rs
0.51 crore. Fixed assets declined from Rs 10.76 crore as of 31 March 2021 to Rs
8.54 crore as of 31 March 2022. Intangible assets declined from Rs 0.30 crore
to Rs 0.18 crore.
Profit
before tax slipped 56.15% to Rs 2.71 crore. Provision for tax was expense of Rs
0.33 crore, compared to Rs 1.26 crore. Effective tax rate was 12.18% compared
to 20.39%.
Profit
after tax declined 51.63% to Rs 2.38 crore.
Equity
capital stood at Rs 10.74 crore as of 31 March 2022 to Rs 10.74 crore as of 31
March 2021. Per share face Value remained same at Rs 2.00.
Promoters’
stake was 57.65% as of 31 March 2022, compared to 58.99% as of 31 March 2021
The Q4
sales were adversely impacted due to inflationary challenges in the raw
material and supply related issues faced by the Company. These challenges were
partially mitigated by increased sale prices to keep the gross margins at
desired levels, but did however still result in slightly lower profitability. Q4
revenue was recorded at Rs 124.8 crore against Rs 130.1 crore last year. The
profits after tax from operations fell from Rs 4.9 crore in Q4 2020-21 to Rs
2.3 crore in Q4 2021-22.
The
Company however maintained its expenses within the reduced budgetary limits and
also continued operations with zero borrowings and a cash surplus at the year
ending as March 2022. The interest cost reduced by almost 50% from the previous
year.
The
Board recommends a final dividend of Rs 1.00 per equity share of Rs 2.00 each
(50% on the paid up capital) out of the profits of the FY 2021-22, which has
been maintained from the prior year.
Rajeev
Bajaj, Managing Director, Singer India Limited commented that: “The Year under
review has been a challenging year in many respects. Now we see the rebound in
supplies of Zig Zag sewing machines, which were badly hit in the past due to
Covid restrictions and had impacted our business significantly. The Zig Zag
sewing machines business has been an important and profitable business for the
Company in sewing machines segment. Once the inflationary trends are contained
and prices which had increased significantly are stabilized, we expect demand
to pickup in our home appliances business, which we are seeking to expand with
considerable vigour.
We are
sincerely grateful to all employees and all other associates who stood with us
during this unusual and testing Covid period”.
Financial performance FY2022
Net
sales (including other operating income) of Singer India has increased 9.28% to
Rs 452.98 crore in FY2022. Operating profit margin has declined from 4.36% to
2.19%, leading to 45.18% decline in operating profit to Rs 9.90 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
2.12% to 2.71%. Purchase of finished goods cost fell from 74.63% to 74.59%. Employee
cost increased from 5.70% to 6.33%. Other expenses rose from 13.25% to 14.15%.
Other
income up 1.81% to Rs 2.82 crore. PBIDT fell 38.93% to Rs 12.72 crore. Provision
for interest fell 53.66% to Rs 0.76 crore.
PBDT
fell 37.68% to Rs 11.96 crore. Provision for depreciation eased 26.45% to Rs
2.28 crore. Profit before tax dipped 39.84% to Rs 9.68 crore. Provision for tax
was expense of Rs 2 crore, compared to Rs 5.47 crore. Effective tax rate was
20.66% compared to 34.00%.
Profit
after tax declined 27.68% to Rs 7.68 crore.
Singer India:
Standalone Results
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Sales
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124.78
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130.07
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-4
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452.98
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414.53
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9
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OPM (%)
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2.66
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4.97
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2.19
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4.36
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OP
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3.32
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6.46
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-49
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9.90
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18.06
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-45
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Other inc.
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0.04
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0.92
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-96
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2.82
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2.77
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2
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PBIDT
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3.36
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7.38
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-54
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12.72
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20.83
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-39
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Interest
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0.14
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0.36
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-61
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0.76
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1.64
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-54
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PBDT
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3.22
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7.02
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-54
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11.96
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19.19
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-38
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Dep.
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0.51
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0.84
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-39
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2.28
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3.10
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-26
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PBT
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2.71
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6.18
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-56
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9.68
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16.09
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-40
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Tax
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0.33
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1.26
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-74
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2.00
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5.47
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-63
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PAT
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2.38
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4.92
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-52
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7.68
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10.62
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-28
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EPS (Rs) *
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1.8
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3.7
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1.4
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2.0
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* Annualized On
current Equity of Rs 10.74 crore of face value of Rs 2 each, Figures in Rs
crore, Source: Capitaline Corporate Database
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