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Results
13-Nov-21
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Analysis
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Singer India
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Sales rise 20%, focus on accelerating business growth
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Singer India has recorded strong 20% growth in
sales to Rs 127.71 crore in Q2FY22 compared to Q2FY21. The company operating
margins declined 276 bps yoy to 2.70% leading to 41% increase in operating
profits to Rs 3.45 crore.
Other income declined 21% to Rs 0.48 crore
compared to Rs 0.61 crore. Interest cost fell 19% to Rs 0.17 crore. Depreciation
dipped 26% to Rs 0.55 crore. PBT declined 41% to Rs 3.21 crore.
Effective rate of taxes was down 1566 bps to 25.55%.
PAT reported fell 26% to Rs 1.78 crore.
Loan funds rose to Rs 3.33 crore as of 30 September 2021
from Rs 1.96 crore as of 30 September 2020. Inventories rose to Rs 80.43 crore
as of 30 September 2021 from Rs 47.35 crore as of 30 September 2020. Sundry
debtors were higher at Rs 52.28 crore as of 30 September 2021 compared to Rs
39.13 crore as of 30 September 2020. Cash and bank balance declined from Rs
32.88 crore as of 30 September 2020 to Rs 8.67 crore as of 30 September 2021. Investments
rose to Rs 1.89 crore as of 30 September 2021 from Rs 1.79 crore as of 30
September 2020.
Promoters’ stake was 58.99% as of 30
September 2021 compared to 58.99% as of 30 September 2020 .
The
trend of input and other related cost increases continued even in the current
quarter. This impacted the variable margins but was partly offset by other cost
saving initiatives elsewhere in the business.
The
Company has zero bank borrowings end September 2021.
Rajeev
Bajaj, Managing Director, Singer India Limited commented that: “In view of the
improved consumer sentiments seen post Covid, the management is aggressively
working on accelerating the growth rate of the Company’s businesses both in
sewing machines and home applainces with greater investment in key products,
organization strengthening, marketing activities and streamlining the product
lines keeping emphasis on improving the working capital ratios and the profitability.
The challenges of increasing commodity prices remains, recent and further price
increases are being taken to offset the cost increases which were being
withheld until Diwali Festival. We remain thankful to all employees and all
other associates who stood with us during this difficult period.”
Performance H1FY2022
or half year ended September 2021 (H1FY2022),
sales increased 28% to Rs 200.99 crore. The operating margins of the company declined
142 bps to 1.4%. As a result operating profits fell 36% to Rs 2.86 crore.
Other income jumped 130% to Rs 2.32 crore. Interest
cost was down 72% to Rs 0.35 crore. Depreciation declined 19% to Rs 1.24 crore.
PBT surged 33% to Rs 3.59 crore.
Effective tax rate was down
1824 bps to 25.63%. PAT reported has moved up 77% to Rs 0.99 crore in H1FY2022.
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Singer India:
Standalone Results
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2109 (3)
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2009 (3)
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Var %
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2109 (6)
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2009 (6)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Sales
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127.71
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106.19
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20
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200.99
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157.14
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28
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414.53
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451.17
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-8
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OPM (%)
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2.70
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5.46
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1.42
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2.84
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4.36
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3.30
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OP
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3.45
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5.80
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-41
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2.86
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4.46
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-36
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18.06
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14.87
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21
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Other inc.
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0.48
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0.61
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-21
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2.32
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1.01
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130
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2.77
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3.58
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-23
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PBIDT
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3.93
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6.41
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-39
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5.18
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5.47
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-5
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20.83
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18.45
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13
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Interest
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0.17
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0.21
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-19
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0.35
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1.24
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-72
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1.64
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2.22
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-26
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PBDT
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3.76
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6.20
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-39
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4.83
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4.23
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14
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19.19
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16.23
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18
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Dep.
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0.55
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0.74
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-26
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1.24
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1.54
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-19
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3.10
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3.78
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-18
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PBT
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3.21
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5.46
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-41
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3.59
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2.69
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33
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16.09
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12.45
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29
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Tax
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0.82
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2.25
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-64
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0.92
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1.18
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-22
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5.47
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4.33
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26
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PAT
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2.39
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3.21
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-26
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2.67
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1.51
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77
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10.62
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8.12
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31
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EPS (Rs) *
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1.8
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2.4
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1.0
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0.6
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2.0
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1.5
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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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