Singer India Ltd Announces Fiscal Year 22 Results
The 2021-22 financial year saw total revenue growth of 9% compared to last year. The sewing machine business grew by an impressive 15%, while the home appliance business remained at similar levels. Net profit after tax for the financial year 2021-22 was Rs 7.68 crore.
Fourth quarter sales were negatively impacted due to raw material inflation issues and supply issues the company is facing. These challenges were partially mitigated by increasing selling prices to maintain gross margins at desired levels, but still resulted in slightly lower profitability. Fourth quarter revenue was recorded at Rs. 124.8 crores against Rs. 130.1 crores last year. After-tax profit from operations fell from Rs. 4.9 crore in Q4 2020-21 to Rs. 2.3 crore in Q4 2021-22.
The Company, however, kept its expenses within the reduced budget limits and also continued its operations with zero borrowings and excess cash for the year ending at 31% in March 2022. Interest expenses decreased by almost 50 % compared to the previous year.
The board recommends a final dividend of Rs. 1.00 per share of Rs. 2.00 each (50% on paid-up capital) on profit for the financial year 2021-22, which was maintained from the year former.
Rajeev Bajaj, Managing Director of Singer India Limited, said, “The year under review was a challenging year in many ways. We are now seeing the rebound in Zig Zag sewing machine supplies, which have been hit hard in the past due to Covid restrictions. and had a significant impact on our business. The Zig Zag sewing machine business has been a large and profitable business for the company in the sewing machine segment. Once inflationary trends are contained and the prices which have risen significantly are stabilized, we expect a recovery in demand in our household appliances, which we seek to develop with considerable vigor.
We are sincerely grateful to all employees and all other associates who have supported us during this unusual and challenging Covid time.”
Shares of SINGER INDIA LTD. was BSE’s last trade at Rs. 44.15 from the previous close of Rs. 42.40. The total number of shares traded during the day was 35,290 in over 257 trades.
The stock hit an intraday high of Rs. 44.90 and intraday low of 42.80. Net turnover during the day was Rs. 1543378.00.
Source: Stock market bulls
FISCAL YEAR 2022