Singer India Limited's 46th AGM: Approval of Financial Statements and Appointments

In an exciting update for shareholders and industry watchers, Singer India Limited has officially scheduled its 46th Annual General Meeting (AGM) to be held on Wednesday, July 17, 2024, at 1:30 P.M. IST. The AGM will be conducted virtually via Video Conferencing (VC) and Other Audio-Visual Means (OAVM), ensuring broad accessibility and compliance with current regulations.

AGM Agenda

Ordinary Business:

Adoption of Financial Statements:

• To receive, consider, and adopt the Audited Financial Statements for the financial year ended March 31, 2024, along with the reports of the Board of Directors and Auditors.

Re-appointment of Mr. Hetal Madhukant Gandhi:

• To re-appoint Mr. Hetal Madhukant Gandhi, who retires by rotation and, being eligible, offers himself for re-appointment as Director.

Special Business:

Appointment of Mr. Sunil Duggal as Non-Executive Independent Director:

• To approve the appointment of Mr. Sunil Duggal as a Non-Executive Independent Director, not liable to retire by rotation, for a term of five years commencing from May 23, 2024, to May 22, 2029.

Resolutions

Ordinary Resolutions:

• Adoption of Audited Financial Statements for the year ending March 31, 2024.
• Re-appointment of Mr. Hetal Madhukant Gandhi as Director.

Special Resolution:

• Appointment of Mr. Sunil Duggal as Non-Executive Independent Director for a term of five years.

Read the full notice here.

Singer India Limited Financial report 2023 -24 

Singer India Limited has demonstrated remarkable financial performance in the fiscal year 2023-24. The company's strategic initiatives and robust governance have contributed to its sustained growth and market presence.

Revenue from Operations

• FY 2023-24: INR 425 crore
• Change: Decreased by 7.6% compared to FY 2022-23

Profit Before Tax (PBT) and Exceptional Items

• FY 2023-24: INR 6.1 crore
• Growth: Increased by 65% compared to INR 3.7 crore in FY 2022-23

Profit After Tax (PAT)

• FY 2023-24 (excluding exceptional items): INR 4.5 crore
• Growth: Increased by 51.2% compared to INR 3.0 crore in FY 2022-23
• Including exceptional items: INR 4.5 crore (compared to INR 8.3 crore in FY 2022-23, which included INR 5.3 crore from the sale of idle land and buildings in Jammu)

Overall Product Gross Margins

• Improvement: 2.9% in FY 2023-24
• Drivers: Better sales price realisation, product mix enhancements, and cost optimisation initiatives

Sewing Machine Business Revenue

• FY 2023-24: INR 308.2 crore
• Change: Slight decrease from INR 312.8 crore in FY 2022-23
• Challenges: Cancellation of Zig Zag Sewing machine license by the BIS, suspension of certain products by the Canteen Store Department (CSD)
• Mitigating Factors: Growth in Industrial and Artisan Sewing Machine categories, subsequent BIS approval to import through NOC, resolution of CSD suspensions in Q4

Home Appliances Business Revenue

• FY 2023-24: INR 117.2 crore
• Change: Decreased by 20.5% from INR 147.5 crore in FY 2022-23
• Strategic Focus: Reducing operating loss by discontinuing unprofitable products, prioritising high-margin products and channels

Future Plans

• Product Innovation: Focus on enhancing consumer experiences in the black household sewing machine range, expanding Zig Zag category with high-tech electronic and state-of-the-art embroidery machines
• Growth Strategies: Enhance dealer engagement, implement targeted marketing strategies, boost brand visibility
• Home Appliances Segment: Focus on selected categories for growth, develop innovative premium products with unique selling propositions

Outlook

• Economic Stability: Supported by political stability, increased government and private capital expenditure, growing credit demand, and a robust banking and financial services sector
• Manufacturing Hub: India is increasingly viewed as a viable alternative to China, projected to become the world's third-largest economy by 2027

Industry Overview

Sewing Machine Industry

• Global Market Growth: Projected CAGR of over 4.6% from 2023 to 2032, expected to grow from USD 6.8 billion in 2023 to USD 10.3 billion by 2032
• Domestic Market Growth: Household sewing machines sector projected to grow at a CAGR of 5.5% from 2022 to 2030
• Key Drivers: Increasing demand for electronic sewing machines, rising disposable incomes, and the Asia Pacific region, particularly India, expected to see the highest growth rate
• Government Initiatives: Empowering women economically through skill development, the 'Make in India' initiative promoting local manufacturing and production

Trends and Strategies

• Technological Advancements: Incorporating best-in-class technologies, leveraging digital communication and marketing channels
• Consumer Interest: Renewed interest in sewing and crafts, growing demand for Auto Zig Zag models
• After-Sales Service: Emphasis on digitisation to enhance consumer experience

Consumer Durables Industry

• Growth Factors: Demographic shifts, macroeconomic trends, growing middle-economic class, evolving lifestyle
• Market Trends: Urbanisation, rising disposable incomes, trend towards premiumisation, demand for high-quality, durable appliances

Financial Performance Summary

About Singer India Limited

Singer India Limited, a renowned name in the home appliance industry, is recognized for its high-quality sewing machines and diversified range of consumer products. With a rich history dating back to the 19th century.

The company specializing in sewing machines and appliances. It operates in the consumer goods sector, providing a range of products such as sewing machines, steam irons, and home appliances. Singer India's services include manufacturing high-quality sewing machines and offering after-sales support for their products, catering to both domestic and international markets.