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Singer India Limited announces Q2, H1 FY20 results

Posted On: 2019-11-14 22:15:07

Standalone Financial Results - Quarter and Half Year ended 30th September, 2019

- In HY 19, Home Appliances revenue up by 28% with total revenue at Rs. 225.4 Crores

- Total revenue in HY 19 remained higher by 4.4 % compared to the Prior Year

Financial Highlights:

The continued growth in the home appliances category has resulted in this segment comprising 36% of revenue during the period versus 30% in the prior year. This growth occurred despite the backdrop of the tough economic environment that has impacted the consumer durabies industry countrywide.

The sewing category was more acutely impacted by this general economic slowdown as well as floods in certain parts of the country. In particular, the government aided sewing business was much reduced.

The Company has continued to focus on maintaining gross margins and simultaneously placing additional emphasis on cost reductions and working capital management. During the quarter ended 30 September 2019, the profits remained at the same level as last year due to these measures. With the continued growth in the home appliance revenue, this channel is expected to reach critical mass in the near future, thereby contributing to and enhancing overall profitability.

Commenting on the business, Rajeev Bajaj, Managing Director, Singer India Limited noted "We continue to see significant growth in our E-Commerce business which bodes well for our brand strength and future success in the crucial channel. Our immediate emphasis is on reviving the South India markets for sewing machines, which has been somewhat depressed ever since late 2016 and then the consecutive severe floods in some states in the subsequent years. We expect that the recent measures implemented by the Government will gradually reverse the slowdown in the economy and Singer will witness an accelerated rate of growth. We thank the Singer management and staff for their hard work".

Shares of SINGER INDIA LTD. was last trading in BSE at Rs.33.1 as compared to the previous close of Rs. 32.6. The total number of shares traded during the day was 16106 in over 93 trades.

The stock hit an intraday high of Rs. 33.5 and intraday low of 32.25. The net turnover during the day was Rs. 532058.

Source: Equity Bulls

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