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Stock Report
Singer India Ltd announces FY22 results
Posted On : 2022-05-29 11:20:42( TIMEZONE : IST )
The 2021-22 financial year registered total revenue growth of 9% over the last year. The sewing machines business grew by an impressive 15%, whereas the home appliances business remained at the similar levels. The net profits after tax for the FY 2021-22 was Rs 7.68 crores.
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 crores against Rs. 130.1 crores last year. The profits after tax from operations fell from Rs. 4.9 crores in Q4 2020-21 to Rs. 2.3 crores 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 at 31%t 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 expanding 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".
Shares of SINGER INDIA LTD. was last trading in BSE at Rs. 44.15 as compared to the previous close of Rs. 42.40. The total number of shares traded during the day was 35290 in over 257 trades.
The stock hit an intraday high of Rs. 44.90 and intraday low of 42.80. The net turnover during the day was Rs. 1543378.00.
