Signify Innovations Ltd. has released its financial results for FY24

22 August 2024

Key Highlights from the Annual Report for FY24:

• Revenue- The company's revenue fell from Rs. 3,106 cr to Rs. 3,069 cr, primarily due to a Rs. 112 cr decline in product sales. This reduction is mainly seen in domestic market sales within India, while revenue from international markets increased by 15%.
• Profitability- Despite the decrease in revenue, the company managed to sustain its profitability at Rs. 269 cr with a slight decline of 1% in overall expenses of the company, leading to an increase in earnings per share (EPS) from Rs. 46 in FY23 to Rs. 47 in FY24.
• Financial position- The company's total asset base has also declined, with cash and cash equivalents reducing by almost 16%. Also, the company's total equity decreased from Rs. 642 cr in FY23 to Rs. 549 cr in FY24, largely due to a reduction in retained earnings. This was driven by a dividend payout of Rs. 62.5 per share, amounting to Rs. 360 cr in FY24, compared to Rs. 37.5 per share, totaling Rs. 216 cr the previous year.
• Recognition- The company was once again recognized with top independent ratings, including S&P's Global Corporate Sustainability Assessment and the EcoVadis Platinum Medal, placing it in the top 1% of all companies assessed. It was also included in the Dow Jones Sustainability World Index for the seventh consecutive year and was featured again in CDP's Climate A List for its leadership in environmental performance.
• Future Prospects- Overall, the lighting sector faced multiple challenges in FY24, including significant value loss due to price reductions, a resurgence of imports in the unorganized sector, and the entry of new competitors into the market.
  Despite this, looking forward to FY25, the company expects volume demand to grow, driven by a resurgence in real estate and the full resumption of professional projects following the general elections. Prices and costs are anticipated to continue decreasing as more products transition to driver-on-board technology, with this trend likely to persist until Q3/Q4 of the fiscal year.