SINGER – Q3 NET INCOME SOARS 33% OVER PRIOR YEAR
February 2018, India: Singer India Limited (“Singer” or the “Company”) reported strong revenue growth in Q3 2017 of 28% to Rs 118.42 crore. The company said trading conditions had gradually improved following the demonetization initiatives in late 2016 and implementation of GST in mid 2017. The other highlights include:
- Q3 EBITDA increased by 50%, with EBITDA margins at 3.4%, versus the prior year of 2.9%.
Profit after tax increased by 33% to Rs. 2.34 crore, with earnings per share increasing at the same rate to Rs.0.44 per share.
The company benefited from strong growth in the home appliance segment of 39%, which now contributed 37% of revenue during the quarter.
Managing Director’s Comments
Commenting on the 2017 Q3 results, Rajeev Bajaj, Singer India Managing Director, noted, “It is fabulous that Singer can report strong revenue growth, this was achieved despite the tough trading conditions following the implementation of GST earlier in the year. We thank the Singer management and staff for their massive effort and commitment to achieve these great results. The 50% increase in Q3 EBITDA is most commendable with improved margins and lower costs”.
“The strategy remains to pursue aggressive growth in the home appliance segment, which should contribute 50% of sales in the coming years, whilst also continuing to increasing share in the sewing market. We expect further EBITDA improvement as we increase gross margins and capitalize on cost savings opportunities.”
About Singer India
Singer is a long-standing leader in the sewing machine industry in India, under the renowned “Singer “and “Merritt” brands. Singer commenced operations in India more than a century ago. Today Singer also sells many categories of home appliances with over 10,000 sales points including showrooms, a wide wholesale distribution network and a very strong after sales service network Pan India. Singer India is 60.8% owned by Singer India B.V. (The Netherlands) and the shares of the company are publicly traded in BSE. Singer is an ISO 9001:2008 certified company.