SINGER INDIA 2023-24 Annual Report Analysis

Thu, 27 Jun

SINGER INDIA has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

SINGER INDIA Income Statement Analysis

• Operating income during the year fell 7.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 82.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 0.4% in FY24 as against 2.0% in FY23.
• Depreciation charges increased by 30.3% and finance costs decreased by 35.5% YoY, respectively.
• Other income grew by 71.9% YoY.
• Net profit for the year declined by 45.9% YoY.
• Net profit margins during the year declined from 1.8% in FY23 to 1.1% in FY24.

SINGER INDIA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,603	4,254	-7.6%
Other income	Rs m	45	77	71.9%
Total Revenues	Rs m	4,648	4,331	-6.8%
Gross profit	Rs m	94	17	-82.3%
Depreciation	Rs m	20	26	30.3%
Interest	Rs m	9	6	-35.5%
Profit before tax	Rs m	110	61	-44.1%
Tax	Rs m	26	16	-38.1%
Profit after tax	Rs m	83	45	-45.9%
Gross profit margin	%	2.0	0.4
Effective tax rate	%	24.1	26.6
Net profit margin	%	1.8	1.1

Don't Miss: Key Information for Long-term Investors

SINGER INDIA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 996 million as compared to Rs 831 million in FY23, thereby witnessing an increase of 19.9%.
• Current assets rose 13% and stood at Rs 2 billion, while fixed assets fell 18% and stood at Rs 80 million in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 2 billion as against Rs 2 billion during FY23, thereby witnessing a growth of 11%.

SINGER INDIA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	1,360	1,404	3.3
Current Liabilities	Rs m	831	996	19.9
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	2,187	2,433	11.2
Current assets	Rs m	2,089	2,352	12.6
Fixed Assets	Rs m	98	80	-18.0
Total Assets	Rs m	2,187	2,433	11.2

SINGER INDIA Cash Flow Statement Analysis

• SINGER INDIA's cash flow from operating activities (CFO) during FY24 stood at Rs 14 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs 195 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -17 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 191 million from the Rs 20 million net cash flows seen during FY23.

SINGER INDIA Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	-6	14	-
Cash Flow from Investing Activities	Rs m	-466	195	-
Cash Flow from Financing Activities	Rs m	491	-17	-
Net Cash Flow	Rs m	20	191	846.1%

Current Valuations for SINGER INDIA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.7, an decline from the EPS of Rs 1.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 92.5, stands at 125.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.0 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 86.4 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	75.2	69.5
TTM Earnings per share	Rs	1.4	0.7
Diluted earnings per share	Rs	1.4	0.7
Price to Cash Flow	x	39.2	86.4
TTM P/E ratio	x	48.7	125.7
Price / Book Value ratio	x	2.9	4.4
Market Cap	Rs m	3,939	6,162
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SINGER INDIA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.4x during FY24, from 2.5x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 12.0x during FY24, from 13.6x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 3.2% during FY24, from 6.1% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company declined and down at 4.8% during FY24, from 8.7% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 2.1% during FY24, from 4.2% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	2.5	2.4
Debtors’ Days	Days	315	302
Interest coverage	x	13.6	12.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	4.2	2.1
Return on equity	%	6.1	3.2
Return on capital employed	%	8.7	4.8

To see how SINGER INDIA has performed over the last 5 years, please visit here.

SINGER INDIA Share Price Performance

Over the last one year, SINGER INDIA share price has moved up from Rs 74.9 to Rs 92.5, registering a gain of Rs 17.6 or around 23.5%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 58,738.3 (down 0.0%). Over the last one year it has moved up from 42,340.6 to 58,738.3, a gain of 16,398 points (up 38.7%).

Overall, the S&P BSE SENSEX is up 24.8% over the year.

(To know more, check out historical annual results for SINGER INDIA and quarterly results for SINGER INDIA)