Singer India Ltd — Q3 FY26

Singer India Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=5Zz7RANBUOE Published: 3 months ago

0:01 1 second Uh good afternoon ladies and gentlemen. 0:04 4 seconds On behalf of MK Global Financial Services Limited, we are pleased to welcome you all to the Q3 FY2526 investor conference call of Singer India Limited. Today we have with us Mr. 0:13 13 seconds Rakkesh Kana, vice chairman and managing director, Singer India Limited and Mr. 0:17 17 seconds Subhas Chan Nagpal, Chief Financial Officer, Singer India Limited. We'll begin the session with opening remarks from the management followed by a Q&A session. Over to you, sir. 0:29 29 seconds Thank you, May, and a very warm welcome to everyone joining us today. 0:35 35 seconds We sincerely appreciate your continued interest in our company. 0:40 40 seconds I trust most of you would have reviewed our quarterly financial results and investor presentation. 0:48 48 seconds I'm pleased to share that we have sustained our strong growth momentum. 0:54 54 seconds In quarter three, the revenue grew by 53% to rupees 161 crores while Abita 1:02 1 minute, 2 seconds increased by 234% to rupees 8.7 crores. 1:07 1 minute, 7 seconds The PBT increased by 265% to 7.3 cr. 1:13 1 minute, 13 seconds This includes a one-time exceptional cost of rupees 91 lakhs arising from the change in labor code. 1:21 1 minute, 21 seconds Adjusted for this, Abita stands at rupees 9.6 crores reflecting 269% 1:29 1 minute, 29 seconds and PBT stands at rupees 8.2 crores reflecting a growth of 310%. 1:37 1 minute, 37 seconds For a year-to- date period, revenue stands at 395 391 cr 26% higher than last year. Abita 1:47 1 minute, 47 seconds before exceptional item is rupees 13.1 cr a grow of 105%. 1:54 1 minute, 54 seconds PBT before exceptional items is 10.2 cr representing a growth of 132% over last year. 2:04 2 minutes, 4 seconds All sales channels delivered strong growth across swing machine categories. 2:10 2 minutes, 10 seconds Conventional black machines, zigzag machines and industrial swing machines. 2:16 2 minutes, 16 seconds This performance clearly reflects the sustained initiatives we have undertaken. 2:22 2 minutes, 22 seconds Consistently exciting the market with innovative products. Deep engagement with dealers. Training sales teams to 2:30 2 minutes, 30 seconds focus on value selling rather than priceless selling. 2:34 2 minutes, 34 seconds Capability building for dealers and their technicians. 2:38 2 minutes, 38 seconds improving service levels by reducing turnaround time through solutions like live assist and ensuring spares availability at dealer points. 2:48 2 minutes, 48 seconds These focused efforts are now translating into a clear preference shift towards singing in the sewing machines category. 2:57 2 minutes, 57 seconds The appliances segment continued to remain under pressure due to unfavorable weather conditions, blocked inventory 3:04 3 minutes, 4 seconds trade and overall muted demand. We are cautiously working to reduce our dependence on high-cost channel such as 3:11 3 minutes, 11 seconds modern trade while strengthening our presence in the fast growing e-commerce channel. 3:17 3 minutes, 17 seconds Product designed with e-commerce first approach are gaining good acceptance. 3:23 3 minutes, 23 seconds The newly introduced stimulatorinator, our premium steam iron, is seeing strong traction. Our exhaust fans have also 3:33 3 minutes, 33 seconds been wellreceived on e-commerce platforms and we are in the process of listing several additional products to enhance brand visibility and drive growth in the appliances segment. 3:47 3 minutes, 47 seconds I'm also happy to share that we have moved into our new office at the ISID campus in Vasant Delhi. 3:55 3 minutes, 55 seconds This workspace has been designed to promote openness, a growth mindset and digital enablement while helping us attract bright young talent. 4:05 4 minutes, 5 seconds This marks an important step in strengthening our organizational capabilities. 4:11 4 minutes, 11 seconds Our sustained focus on building team capability and validating our progress through external assessments continues to yield positive outcomes. 4:21 4 minutes, 21 seconds We have been certified as a great place to work for the third consecutive year with consistent improvement across parameters. 4:31 4 minutes, 31 seconds Let me now take you through the category highlights. 4:35 4 minutes, 35 seconds In swing machines, we recorded a robust growth of 75% in quarter 3. The trade channel itself grew by 34%. 4:46 4 minutes, 46 seconds Zigzag machines which represent the future household swing machines continued their strong performance with 30% YTD growth. 4:56 4 minutes, 56 seconds Industrial swing machines a large opportunity area for Singer grew by over 65% in the quarter and 24% by 5:06 5 minutes, 6 seconds this is particularly noteworthy given the muted industry growth caused by US T impacting Indian government 5:13 5 minutes, 13 seconds manufacturers. Our growth indicates clear market share gains with the recent conclusion of the 5:21 5 minutes, 21 seconds Indo-US trade deal. We expect sentiment to improve and demand in industrial sewing machines to revive. 5:32 5 minutes, 32 seconds Castar and machines recorded impressive growth of 33% in Q3 with the trade channel. 5:39 5 minutes, 39 seconds The newly introduced mechanis machine which I spoke about last quarter has quickly gained acceptance as a superior household swing machine. 5:50 5 minutes, 50 seconds To reiterate, the link model is inspired by superior link mechanism used in high-speed and zigzag machines for 5:58 5 minutes, 58 seconds smoother operation and higher durability. 6:01 6 minutes, 1 second We have now incorporated this feature into domestic straight street. 6:09 6 minutes, 9 seconds Our DSBB and SLBB models have received the best innovation award from the highly credible CI. 6:20 6 minutes, 20 seconds Our newly launched embroidery machines in both single needle and multi- needle categories continue to deliver encouraging results and are 6:28 6 minutes, 28 seconds strengthening our trade presence and brand visibility. 6:32 6 minutes, 32 seconds We have also introduced tailor made a modern motorized straight stitch 6:40 6 minutes, 40 seconds machine positioned as an alternative to the conventional cast iron machine at a similar price point. 6:48 6 minutes, 48 seconds This model has also gained good acceptance. 6:51 6 minutes, 51 seconds Our e-commerce business continues to perform strongly, delivering over 24% YTD growth in swing machines, led by DSBB, Tailor Mate, and the Zigzag Rich. 7:03 7 minutes, 3 seconds I'm pleased to share that we are clearly number one in the swing machines category on e-commerce. 7:12 7 minutes, 12 seconds We continued supplies of straight stitch swing machines and the artisan swing machines and 7:20 7 minutes, 20 seconds accessories under the Pradhan mantri vishwakarma rogar yojana as per delivery instructions received. The pending court 7:29 7 minutes, 29 seconds case challenging the fairness of the tender evaluation has been dismissed by the honorable high court on the grounds that it lacked material basis. 7:38 7 minutes, 38 seconds Overall swing machine revenue grew by 75% in Q3 driven by broad-based strength across segments and channels. 7:48 7 minutes, 48 seconds In the appliances business performance was impacted by muted demand, block trade inventory, rising commodity costs 7:56 7 minutes, 56 seconds leading to price increases and tight dealer cash flows which also affected other categories. 8:03 8 minutes, 3 seconds Revenue in appliances declined by 7% and gross margins contracted by 120 basis points primarily due to an unfavorable 8:11 8 minutes, 11 seconds product mix with lower sales of high margin products. 8:15 8 minutes, 15 seconds That said, our efforts in the fan category are beginning to show results. 8:20 8 minutes, 20 seconds We have introduced a comprehensive range covering economy, base, decorative, BLC, TPW and exhaust fans and the trade response has been encouraging. 8:32 8 minutes, 32 seconds Initial traction is positive and strong distributors are partnering with us. 8:38 8 minutes, 38 seconds Despite pricing disruptions due to the BE rating transition, we achieved 38% 8:44 8 minutes, 44 seconds growth in fans during Q3. We are well prepared to further strengthen our position in the upcoming summer season. 8:54 8 minutes, 54 seconds Some other updates regarding BIS license front for zigzag machines. We maintain adequate stock levels and are confident of ensuring uninterrupted supplies. 9:07 9 minutes, 7 seconds Having secured manufacturing rights for zigzag machines, we have commenced assembly in India and are actively working toward manufacturing critical and high value components locally. 9:20 9 minutes, 20 seconds To summarize, this quarter reflects strong momentum in the swing machine business and continued headwinds in appliances. 9:28 9 minutes, 28 seconds We believe the challenges in appliances are temporary and the long-term opportunities in this segment remain significant. Our initiatives in new 9:36 9 minutes, 36 seconds categories and products along with our renewed focus on e-commerce to strengthen appliances are beginning to deliver results. 9:45 9 minutes, 45 seconds We remain firmly committed to making India. 9:50 9 minutes, 50 seconds Thank you all for your attention. We will now be happy to take your questions. 9:58 9 minutes, 58 seconds Thank you. Participants are now requested to use the raise hand option to ask their question. We will wait a minute as the question queue assembles. 10:15 10 minutes, 15 seconds The first question is from Mr. Lux. Kindly go ahead. 10:27 10 minutes, 27 seconds Hello. Yes, you're audible. Yes, sir. 10:35 10 minutes, 35 seconds Just a minute sir. Yeah. Uh first of all good afternoon sir and congratulations for great set of numbers. Uh my first question sir. 10:46 10 minutes, 46 seconds So article dated 27th Jan 2026 by Girat Singh G titled sewing machine effect 10:54 10 minutes, 54 seconds mentioned that 61 lakh sewing machines got imported in India in FI25 highest ever. Sir uh we are unable to 11:03 11 minutes, 3 seconds put a number as to how big is the sewing machine opportunity. Can you please throw some light on these numbers sir? 11:12 11 minutes, 12 seconds Uh okay. 11:15 11 minutes, 15 seconds So although there are no uh clear uh documented numbers summarized anywhere 11:22 11 minutes, 22 seconds my assessment and putting together the numbers in the area where we are present 11:29 11 minutes, 29 seconds which is the household swing machines and the single needle highspeed machine. 11:38 11 minutes, 38 seconds The total quantity is approximately 40 one lakh per year 11:44 11 minutes, 44 seconds and broadly these numbers are 31 lakh includes the household and the artisan machines and around 10 lakh is the industrial sewing machines. 12:02 12 minutes, 2 seconds Okay. Okay sir. 12:05 12 minutes, 5 seconds Okay. Uh my next question sir. Sir uh are we seeing demand for just new industrial sewing machines or is it also 12:13 12 minutes, 13 seconds replacement demand happening because of better productive machines? Sir, of course there is a lot of replacement 12:22 12 minutes, 22 seconds demand but very difficult to tell you any percentage in that. uh the the 12:28 12 minutes, 28 seconds garment manufacturers typically replace their machines in anywhere between 5 years to uh 8 years depending on the 12:37 12 minutes, 37 seconds kind of use and the kind of quality requirements that they have. Uh there is upgrade happening at the tailor level 12:45 12 minutes, 45 seconds where tailor are moving from the straight stitch machine to artisan or from artisan machine to uh the 12:53 12 minutes, 53 seconds high-speed uh machine. So there is replacement happening and there is a lot of new demand also. 13:02 13 minutes, 2 seconds Okay sir. Okay. So my next question sir on 20th January 2026 QCO on all textile 13:10 13 minutes, 10 seconds machinery was removed is it a threat for us sir? 13:16 13 minutes, 16 seconds Uh the textile machinery that you are referring to on which the QCO was there was largely the category in which we are not present today. 13:27 13 minutes, 27 seconds Okay. So that doesn't include sewing machine and the embroidery machine. 13:30 13 minutes, 30 seconds It does not include the single needle uh because for that till now the BIS has still not come in. It does not include 13:38 13 minutes, 38 seconds the zigzag where the QCO continues to be there and does not include the household and artisan machines uh the state stitch 13:48 13 minutes, 48 seconds household and artisan machines in which the BIS is there but the QCO is not there. 13:54 13 minutes, 54 seconds Okay. And what about industrial and embroidery sir? Is that included? 13:58 13 minutes, 58 seconds So in embroidery currently there is no uh no BIS. Uh and on the industrial uh 14:05 14 minutes, 5 seconds single needle highspeed lock stitch machine there is no BIS. Okay. Okay. 14:14 14 minutes, 14 seconds Uh my uh last question sir. Sir uh uh by when are we supposed to uh 14:20 14 minutes, 20 seconds complete this 200 cr government's PMKY order? Sir, so we have uh after this uh after March 14:29 14 minutes, 29 seconds we will have another 6 months technically speaking but we definitely aim to close it much before that before that by June we should be able to 14:38 14 minutes, 38 seconds complete June of 2026 in in 6 months like approximately absolutely 14:46 14 minutes, 46 seconds okay okay uh I believe there is one more tender of the same size which is yet to uh Yes. 14:55 14 minutes, 55 seconds And when will that be allotted sir? 14:58 14 minutes, 58 seconds Uh actually it was a single tender and uh as of now 50% of that was allotted. 15:05 15 minutes, 5 seconds The balance 50% has to still come. Uh we do not have a visibility on that but essentially it'll happen as we are able 15:13 15 minutes, 13 seconds to complete the supplies of the first certain stage the government will uh tell us when the new order will come. 15:21 15 minutes, 21 seconds Okay. Okay. And sir, are we confident of uh maintaining the same winning ratio of 70% if not more? 15:30 15 minutes, 30 seconds Uh it's very difficult to say in uh any situation where uh the files may open up 15:36 15 minutes, 36 seconds again. Uh we will do our best. Uh we have uh clearly convinced ourselves and 15:45 15 minutes, 45 seconds the government that we are the best suited partner. uh our performance delivery continues to be one of the best 15:52 15 minutes, 52 seconds uh but as you know it depends on many other factors like pricing etc. uh we will see at that time but we are on a strong wicket in terms of our delivery. 16:04 16 minutes, 4 seconds Okay. Okay. So just one last question sorry uh sir on the export side how big is this opportunity sir uh how much does SVP sell globally? 16:15 16 minutes, 15 seconds Oh, SVP is large, very large. Uh, but currently we are seeing it as an opportunity to be developed in some time 16:24 16 minutes, 24 seconds because the biggest challenge will be our ability to compete with the global prices and that will take time because 16:31 16 minutes, 31 seconds we will have to really build scale to uh to start competing with the global suppliers and I do not see it earlier than the next two years, three years. 16:43 16 minutes, 43 seconds Okay. Okay. Okay. Okay. Okay. Thank you sir. These are my questions sir. Thank you so much sir. All the best sir. Thank you. 16:50 16 minutes, 50 seconds Thank you l for your question. Yeah sir. Thank you. 16:54 16 minutes, 54 seconds Thank you. Uh we will take the next question from Mr. Dilip Ashok Jen. Prior to that may I request all participants to please limit their questions to two at a time and rejoin in the queue later. 17:04 17 minutes, 4 seconds Mr. Dilip Jen please go ahead. Uh am I audible sir? 17:11 17 minutes, 11 seconds Hi Dip. Yes you are audible. Uh hello sir heartiest congratulations outstanding performance very nice sir 17:19 17 minutes, 19 seconds was very happy uh sir my first question uh any more vishwaga orders in the pipeline I know you have alluded to it 17:26 17 minutes, 26 seconds but I'll just go ahead with my question as this scheme is quite large are we losing to any of our competitors if yes 17:36 17 minutes, 36 seconds how do we tackle it sir uh you will have to repeat I have not understood your question it's about the 17:42 17 minutes, 42 seconds PM vision karma's game. So, uh any any more PM Visharma orders in the pipeline? 17:50 17 minutes, 50 seconds Yes, as I explained the total order size was 8 lakhs out of which four lakh was awarded another four lakh is likely to come in. 18:01 18 minutes, 1 second Okay. Okay. So, uh as this uh 8 lakh machine order is quite large in size, 18:08 18 minutes, 8 seconds are we losing to any of our competitors here? 18:13 18 minutes, 13 seconds See in the first part we were L1 and we got 70% of the total order that was awarded. Uh for the second we will have 18:23 18 minutes, 23 seconds to wait uh the government's announcement as to how do they want to handle that. 18:28 18 minutes, 28 seconds uh and if they want to retender it'll be a once again an open chapter and if they 18:35 18 minutes, 35 seconds want to just extend the previous one uh then they will allocate in the same manner as they allocated earlier. So 18:44 18 minutes, 44 seconds okay so in case they in case they extend then uh we stand to get it without any competition but if they open it as a new 18:52 18 minutes, 52 seconds chapter then we have to compete with uh the other people. Is is that how it goes? Perfectly well said D. 18:59 18 minutes, 59 seconds Okay. All right. All right. Okay. Great. 19:01 19 minutes, 1 second Uh so how far have we reached for putting up our green field plant? Sir 19:09 19 minutes, 9 seconds uh as of now we are still exploring. Uh uh we we have started assembly in Jamu 19:16 19 minutes, 16 seconds plant. Uh but uh we should soon come out with a complete proposal for the new uh setup. 19:25 19 minutes, 25 seconds Okay. Okay. So, uh uh probably uh this calendar year we finalize our plans. Uh is that uh how the timeline would move? 19:36 19 minutes, 36 seconds Uh any any idea? 19:38 19 minutes, 38 seconds Yes, it should be earlier than end of this calendar year. Much earlier. Great. Great. Great. Very nice, sir. 19:44 19 minutes, 44 seconds Sir, and as far as our sales product mix goes, uh could you uh uh uh kindly let 19:51 19 minutes, 51 seconds us know the percentages of sales between the black zigzag, the industrial machines and the sewing accessories? 20:03 20 minutes, 3 seconds Uh for this quarter, sir. 20:08 20 minutes, 8 seconds Okay. Can we move to next question that I can come back to you? I'll just keep No problem. 20:14 20 minutes, 14 seconds Okay. No, no problem sir. No problem. 20:21 20 minutes, 21 seconds Thank you. We will take the next question from the line of Mr. Viraj Matthani. Hi. 20:30 20 minutes, 30 seconds Yes sir. 20:31 20 minutes, 31 seconds Yeah. My question is you know sales how much sales is from the government and how much is from the private? 20:39 20 minutes, 39 seconds That's the first question. How much is from the government and how much is in the private? Yeah. 20:44 20 minutes, 44 seconds Uh so apart from the PMY our government sale is uh approximately 10 to 12% is 20:52 20 minutes, 52 seconds our government sale but it is little difficult to say because a lot of government sale also happens 21:00 21 minutes through the trade channel itself where we do not have a 100% visibility of how much goes to government. 21:08 21 minutes, 8 seconds Yeah. Answer my next question is uh the appliance business do we manufacture or we just have we outside and couldn't 21:18 21 minutes, 18 seconds sell it that the appliance business is how we so in appliances we outsource all the 21:27 21 minutes, 27 seconds products. In some products we have our own molds and our own design 21:34 21 minutes, 34 seconds but in many of them we actually outsource the entire product. 21:39 21 minutes, 39 seconds We just put a label on it. It's just a branding of the Is that correct? 21:45 21 minutes, 45 seconds Yes, it's a production outsource. Okay. 21:50 21 minutes, 50 seconds Okay. What's your guidance for the next year would be in terms of sewing machine and building? 21:58 21 minutes, 58 seconds So we are continuously growing and if you see our trends uh we are now uh 22:05 22 minutes, 5 seconds clearly on a growth path. Our YTD growth across channels and categories in swing machines is good and we hope to maintain 22:14 22 minutes, 14 seconds the momentum and continue to strengthen our position in appliances. We understand that we are under a pressure. 22:22 22 minutes, 22 seconds Uh uh also the season has not been supporting and when the season doesn't support the smaller players like us they 22:30 22 minutes, 30 seconds face bigger headwinds uh because the bigger players are pushing the channel harder than normal. 22:38 22 minutes, 38 seconds Uh having said that our efforts are very clearly becoming visible. The entire range for fans which has been set up now 22:47 22 minutes, 47 seconds and introduced in the market has received a lot of appreciation from the trade channel and to that extent many 22:55 22 minutes, 55 seconds good distributors have uh decided to join hands with us which is a very positive news. Our efforts on creating 23:03 23 minutes, 3 seconds portfolios for e-commerce with unique products some of them which are already there have also started giving us 23:11 23 minutes, 11 seconds confidence that we should be able to recover well in appliances side also. So uh that's what I can say about the 23:19 23 minutes, 19 seconds coming year. We will recover in appliances and we will continue a strong growth momentum across all categories in sewing machines and across all channels. 23:31 23 minutes, 31 seconds So is it correct to think we have a double digit sales group and uh will be double digit? Yes, it should be double digit. 23:40 23 minutes, 40 seconds You can't quantify the numbers right now. Is it possible to quantify some numbers or uh currently? No, I will not be able to state formally any any numbers. 23:49 23 minutes, 49 seconds Okay. Thank you and all the best. Thank you. 23:54 23 minutes, 54 seconds Thank you. Our next question is from the line of Mr. Hershett. Mr. Hersh, please go ahead. 24:04 24 minutes, 4 seconds Hello. Hi Harshed. 24:06 24 minutes, 6 seconds Hello sir. Good evening. How are you sir? Good. Thank you Har. How are you? Hi. I'm good sir. Thanks a lot sir. 24:14 24 minutes, 14 seconds Yeah. Yeah. I'll just come to the questions quickly sir. Uh sir what was the revenue split? Okay 24:23 24 minutes, 23 seconds that question was asked by someone else also. Uh another shareholder. I'll go to other question. Sir, are we hopeful of 24:29 24 minutes, 29 seconds break even in consumer durable in Q4 as the season this time looks quite hot 24:37 24 minutes, 37 seconds or this time again the raw meter will play the spoil sport. 24:44 24 minutes, 44 seconds So Harit you you hit on the nail uh clearly the prices have moved up. Okay. uh there 24:53 24 minutes, 53 seconds is a lot of pressure and many of the big players are still holding the prices whereas the cost prices have moved up tremendously. 25:01 25 minutes, 1 second Uh so it is there is likely to be a margin pressure that's one part. Okay. 25:08 25 minutes, 8 seconds However uh we are all ready to uh expand our base in coolers and fans both the 25:16 25 minutes, 16 seconds cooling products. Uh our new products are getting listed. uh we will start seeing the trend beginning the growth 25:24 25 minutes, 24 seconds trend beginning in March and hopefully by the next quarter uh we will really start seeing the the advantage of all the new listings that we are bringing. 25:35 25 minutes, 35 seconds Okay. Okay. Okay sir. No problem. Okay sir. 25:41 25 minutes, 41 seconds Sir the next question. So the cash flow generated in the first half of two uh first half is 20 cr was was just 25:49 25 minutes, 49 seconds remarkable sir. How much did we generate in this quarter and what is our current cash balance in the bank sir? 25:58 25 minutes, 58 seconds So in this quarter we generated 13 cr operating cash flow 26:05 26 minutes, 5 seconds and we have around 100 crores sitting in our cash and bank balances. 26:11 26 minutes, 11 seconds as 31st December as on 31st December. Okay. Yes. 26:19 26 minutes, 19 seconds Okay. Okay. Okay sir. So I'll just go to the next question. Sir the revenue of 161 cr looks high sir because of the 26:29 26 minutes, 29 seconds government order excluding that how much will be the revenue sir? Like luck what what will be the amount sir? I will not 26:36 26 minutes, 36 seconds be able to put that but what I can tell you is that uh therefore I address one one thing straight away my trade skills 26:46 26 minutes, 46 seconds where we have grown so much is of course without PMY the zigzag machines where we have grown so much is without PMY the 26:54 26 minutes, 54 seconds industrial machine where we have grown by more than 65% is without PMY so our growth across e the channels that is in 27:02 27 minutes, 2 seconds e-commerce in trade across all the categy increase is very high. That's what I can tell you. 27:13 27 minutes, 13 seconds Okay. So, can I expect can I assume 50/50 sir? PMKY and normal? No. 27:19 27 minutes, 19 seconds No, it won't be like that. No. 27:22 27 minutes, 22 seconds So, no. So, your your concern if I can understand is how are we growing in other channels and other product categories. Correct. 27:29 27 minutes, 29 seconds Perfectly sir. 27:30 27 minutes, 30 seconds So, that's exactly what I addressed right in the beginning. industrial machines which is nonPMY a large segment 27:37 27 minutes, 37 seconds which I have always maintained is is a potential segment we've grown by more than 65%. Okay. 27:45 27 minutes, 45 seconds Thank you sir. 27:46 27 minutes, 46 seconds In uh trade channel we have grown phenomenally well in zigzag in zigzag uh we continuing to grow very 27:55 27 minutes, 55 seconds well. We we grown YTD around 30% we have grown in that segment. Okay. 28:00 28 minutes So we are growing across and not limited to only PMY. PMY is one part but we are growing across. 28:08 28 minutes, 8 seconds So but this quarter white white machine how much sir did we grow? uh this quarter the white machine growth was uh 28:15 28 minutes, 15 seconds in the range in singledigit growth but whit the growth has been high basically last year last year this particular 28:22 28 minutes, 22 seconds quarter was high for this this category it's 21% growth 28:37 28 minutes, 37 seconds you're cutting off sorry sir you're cutting off her Can you hear me sir? 28:48 28 minutes, 48 seconds I just missed it. No sir. Hello. 28:56 28 minutes, 56 seconds Hello. 28:58 28 minutes, 58 seconds Yes sir. I can hear you sir. Am I am I audible? 29:02 29 minutes, 2 seconds Yes. So uh the Z machine in the quarter we have grown by 22%. 29:08 29 minutes, 8 seconds and for the YTD have grown by 31%. 29:12 29 minutes, 12 seconds Okay sir. Okay sir. My last question sir. Uh so what will be our dividend payout policy sir 29:21 29 minutes, 21 seconds in as of now? As of now uh we are not giving any dividend and uh the board is 29:29 29 minutes, 29 seconds clear that we have to be on the growth path and we have to conserve resources for uh planning for investment for growth. 29:43 29 minutes, 43 seconds Okay sir. So the last last question sir I'm sorry to interrupt you but please can you rejoin the queue? Yeah, thank you. Thank 29:52 29 minutes, 52 seconds uh we'll take the next question from the line of Mr. Santosh Kumar. Can you please unmute yourself? 29:57 29 minutes, 57 seconds Uh Dip, I have to still answer Dip for his question. 30:01 30 minutes, 1 second Uh sir, we will take him in the queue later on. All right. He's in the queue. 30:06 30 minutes, 6 seconds All right. Can you hear me? I'm Santo here. Hi Santos. 30:10 30 minutes, 10 seconds Hi sir. Good afternoon and congratulations for the great numbers and outstanding quarter that that you had this quarter. 30:18 30 minutes, 18 seconds Uh you may have answered this question already. Uh not sure like if you have answered it but like can you share the expected revenue contribution from the zigzag machines in FI27? 30:32 30 minutes, 32 seconds Okay. So the contribution from in the machine category the zigzag contribution is 16%. 30:43 30 minutes, 43 seconds Straight stitch is 30%. Artis is 24%. 30:47 30 minutes, 47 seconds Industrial is 30 cent and other attachment and accessories is 17%. 30:55 30 minutes, 55 seconds And for FI27 is this for FI27? You're saying this is for the quarter three. Okay. 31:03 31 minutes, 3 seconds And you plan to export these machines right now. You have the BI certifications resolved. So you plan to export this to other countries as well 31:11 31 minutes, 11 seconds once the production ramps up. Santos currently we are going to focus made in India for India. Okay, India is a very 31:21 31 minutes, 21 seconds large market and we want to first of all explore India market. However, we now have the right to export to SVP. uh but 31:30 31 minutes, 30 seconds it is dependent on our ability to produce at a cost comparable to other 31:37 31 minutes, 37 seconds manufacturers outside India and I believe it's going to take us some time at least 2 to 3 years by the time we can 31:44 31 minutes, 44 seconds reach that scale and start competing with international manufacturers. Okay, thank you. One last question sir. 31:54 31 minutes, 54 seconds On the appliance side, uh do you anticipate we can hit like a break even sometime next year? Uh 32:02 32 minutes, 2 seconds we have to we have to Okay. Thank you and all the best. 32:10 32 minutes, 10 seconds Thank you. 32:12 32 minutes, 12 seconds You we'll take the next question from the line of Mr. Ashok Jen. 32:20 32 minutes, 20 seconds Hello. Am I audible sir? Yes. 32:25 32 minutes, 25 seconds Yeah. Congratulations uh team singer for the great self members. 32:32 32 minutes, 32 seconds Sir you spoke about uh FTAs and lot of FDA news uh in the media and India has 32:39 32 minutes, 39 seconds done uh many FDAs and we are on the track to do some more FTAs but uh even after this the Indian government 32:47 32 minutes, 47 seconds capacity is assumed to be just onethird of what Bangladesh is producing every year. 32:54 32 minutes, 54 seconds Sir in case uh there is a demand for large quantity of industrial machines 33:02 33 minutes, 2 seconds can single uh supply against the heavy weights like the Juki 33:11 33 minutes, 11 seconds jack etc in terms of value and volume also 33:19 33 minutes, 19 seconds as of now we are focusing on what lies ahead of us and as of now what lies is a 33:26 33 minutes, 26 seconds very strong market within India available within this market as we are addressing 33:33 33 minutes, 33 seconds we are making very good progress as I said in quarter 3 we have grown by more 33:40 33 minutes, 40 seconds than 65% in this particular segment we are fairly confident of singer's ability 33:47 33 minutes, 47 seconds to rise up to this expand further in this and compete with other international brands in the market. 33:56 33 minutes, 56 seconds Going forward as we stabilize with higher scale in India, we will definitely develop capability to also 34:04 34 minutes, 4 seconds start meeting international requirements. 34:09 34 minutes, 9 seconds That is we intend to export also the industrial machines. 34:15 34 minutes, 15 seconds Yes. But I do not see it coming in the near future. It will take a little time. 34:22 34 minutes, 22 seconds But uh uh you're ready to uh say uh cater to demand whatever it comes up. 34:30 34 minutes, 30 seconds Yes. Yes. That's great. 34:32 34 minutes, 32 seconds As as Subas explained, we have enough cash lying with us. We are ready. Our uh board and investors are very clear about 34:41 34 minutes, 41 seconds it that wherever the opportunity is, we have the capability to expand both in terms of financial resources and human skill resources. 34:55 34 minutes, 55 seconds Great. 34:57 34 minutes, 57 seconds Swinging accessories global market is quite large. Any plans for a meaningful entry into it? 35:04 35 minutes, 4 seconds Uh currently we are not getting into uh the categories in swing machines beyond where we are playing. uh within the 35:12 35 minutes, 12 seconds categories where we are playing uh we are going to be looking at the accessories uh which are limited to the 35:20 35 minutes, 20 seconds tables, the motors, uh scissors and some related accessories. That's the space where we are playing as of now. 35:28 35 minutes, 28 seconds So what about swing needles? 35:31 35 minutes, 31 seconds Uh swing needles is a very specialized category. Uh we also purchase from outside. 35:37 35 minutes, 37 seconds We don't intend to manufacture the near future. not in the near future, not in the foreseeable future. It is not on the table for discussions. 35:48 35 minutes, 48 seconds So we have introduced many interesting products like you mentioned about steam station. 35:54 35 minutes, 54 seconds The commercial cooler was recently put upon Instagram and uh around 6 months back it was cloudex van. So this 36:02 36 minutes, 2 seconds products are really of a global category. Can we export these items to global markets sir say in the Europe 36:10 36 minutes, 10 seconds with the help of valaris other markets with the help of SVP is it possible to export these products? 36:18 36 minutes, 18 seconds Yes, it is possible. But our focus remains on Indian market as of now. With the bandwidth that we have, we would 36:25 36 minutes, 25 seconds like to deploy most of the bandwidth on India as of now because the opportunity is very large here. Uh but wherever 36:33 36 minutes, 33 seconds there's an opportunity for export market, we will definitely be open and explore that. 36:40 36 minutes, 40 seconds I'm basically asking about this new products like steam station. uh Amazon it's putting around uh uh 7,000 around 36:48 36 minutes, 48 seconds 8,000 rupees the cloudex van was something uh in the beginning it was around 10 11,000 rupees Indian customers 36:55 36 minutes, 55 seconds uh they they'll think thrice to uh spend this kind of money where if you convert in euro or dollars it's very cheap so 37:05 37 minutes, 5 seconds from that angle was asking s definitely uh so we are not closed on that but that's not our top agenda our 37:12 37 minutes, 12 seconds top agenda is to develop the Indian market and I can only say this that Indian market is not shy of spending 37:21 37 minutes, 21 seconds money on very good products and we can see it uh from all the product categories the the high-end premium 37:29 37 minutes, 29 seconds categories are growing the fastest across all segments and in Indian market Indian consumer is 37:37 37 minutes, 37 seconds very fast gaining that awareness about quality and is willing to spend more money for high quality product. We're confident we will be able to develop 37:45 37 minutes, 45 seconds market for such products in India and that's a big opportunity. We don't want to miss that. 37:52 37 minutes, 52 seconds Yes. I'm very happy to see your optimism but otherwise the piggies in the market 37:57 37 minutes, 57 seconds like Bajage LG everyone is uh down Scott and they're not very sure that in fact 38:04 38 minutes, 4 seconds the Baj is diversify into cables and wires they can't sell their uh consumers in spite of being in the market for last 38:12 38 minutes, 12 seconds seven decades but uh let's keep our fingers crossed uh sir can you give the break up what has asked about the 38:20 38 minutes, 20 seconds machines Yeah. So I'll repeat once again. 38:26 38 minutes, 26 seconds He asked the breakout of all the different kind of machines. Yeah. 38:29 38 minutes, 29 seconds So uh in the quarter the zigzag machines were 16%, straight stitch were 30%, 38:35 38 minutes, 35 seconds artisan was 24%, industrial was 13% and attachments and the accessories was 17%. 38:43 38 minutes, 43 seconds Great. Thanks a lot. All the best for the rest of the years. Thank you so much. 38:53 38 minutes, 53 seconds Thank you everyone. As there are no more questions, we will take that as the last question. Uh may I request the management for closing remarks. 39:05 39 minutes, 5 seconds Thank you very much. Uh once again, thank you Mayang uh for hosting and thank you all for your continued 39:13 39 minutes, 13 seconds interest in Singer. uh we are committed to growth in India and we'll continue to 39:21 39 minutes, 21 seconds grow. Our current traction is very good and we are very confident that in the coming future Singer will be one of the 39:29 39 minutes, 29 seconds main uh players in appliances category and a clear leader in the swing machine category. Thank you for your good wishes. All the best to you. 39:41 39 minutes, 41 seconds Thank you ladies and gentlemen. On behalf of NK Global we will now end the conference. Thank you everyone for joining me. You can exit it.