INVC NEWS
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.”
