Shares of Singer India witnessed a massive slump on Tuesday morning going down over 6.5% to hit an intraday low of ₹101.80.
What Happened: The company posted its results for the quarter ended September on Monday evening. The company’s net profits took an 81% hit in the September quarter going down to ₹1.21 crore from the ₹6.60 crore profit posted in the year-ago period.
The company’s revenue for the quarter was at ₹104.86 crore, down 8.6% from the ₹114.79 crore posted in the same quarter last year. The company’s sewing machines segment’s revenue stood at ₹79.16 crore up marginally from the ₹77.07 crore posted in the same period last year.
The domestic appliances segment, on the other hand, saw a decline of 31% at ₹2,570. The results saw the company’s share slump back in the red on Tuesday after the stock closed higher on Monday ahead of the earnings.
Rekha Jhunjhunwala owns a 6.95% stake in the company, whereas Porinju Veliyath owns a 1.02% stake.
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Price Action: Singer India’s share price was down 2.25% to trade at ₹106.40 in the early hours of trading on Tuesday.
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