Signify Innovations India Ltd

Signify Innovations India Ltd

Fundamentals

Quick Insights

  • Leading market position: The company is a market leader in home, commercial, and professional lighting despite competition from Havells and Bajaj Electricals. It holds the highest market share among organized players and has capitalized on the growth of digital and professional lighting products. Healthy financial risk profile: With no debt, steady operating performance, and cost-cutting measures, the company’s EBITDA margin improved to 13.6% in fiscal 2023. Minimal gearing and strong interest coverage are expected to continue. Strong support from parent: The parent company, Signify NV, provides technical and operational support, with India being a key market in its global growth strategy. New products are launched simultaneously in India to drive growth. Dividend payouts and liquidity: Despite expected dividend payouts of Rs 350 crore in fiscal 2024, the company’s liquidity remains comfortable, with no impact on its capital structure anticipated.
Market Cap₹7,621.03 Cr
PE Ratio28.33
EPS₹46.77
Dividend Yield-
Book Value₹95.45 Cr
Debt/Equity-
Price/Book13.88
Price/Sales-
Industry PE-
Sales₹3,068.7 Cr
Profit After Tax₹269 Cr
Share Capital₹549 Cr
Shares Outstanding-
ISININE045U01015
SectorLighting
Symbol-
About Company

Signify Innovations India Limited (SIIL), originally incorporated as Philips Lighting India Limited (PLIL) on April 22, 2015, was established as part of Koninklijke Philips NV's (KPNV) plan to separate its lighting business from its health-tech division. On December 13, 2018, the company changed its name from PLIL to SIIL.

Latest News
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Strengths & Weaknesses

Strengths

Leading market position: The company is a market leader in home, commercial, and professional lighting despite competition from Havells and Bajaj Electricals. It holds the highest market share among organized players and has capitalized on the growth of digital and professional lighting products.
Healthy financial risk profile: With no debt, steady operating performance, and cost-cutting measures, the company’s EBITDA margin improved to 13.6% in fiscal 2023. Minimal gearing and strong interest coverage are expected to continue.
Strong support from parent: The parent company, Signify NV, provides technical and operational support, with India being a key market in its global growth strategy. New products are launched simultaneously in India to drive growth.
Dividend payouts and liquidity: Despite expected dividend payouts of Rs 350 crore in fiscal 2024, the company’s liquidity remains comfortable, with no impact on its capital structure anticipated.

Weaknesses

Technological shifts: Rapid transition from traditional lighting to LED affects the company, but growth in LED and professional segments helps balance the decline.
High competition: Strong competition, including from Chinese imports, has lowered LED prices, but the company’s leadership and efficiency offer a competitive edge.
Annual Reports
FY 2021FY 2022FY 2023FY 2024
Balance SheetFY2024FY2023FY2022FY2021FY2020
Equity Capital57.557.557.557.5257.52
Reserves491.5584.9535.2663.4442
Total Equity549.0642.4592.7720.9499.8
Borrowings00000
Other Non-Current Liabilities127.6124.9122.7132.6110.1
Total NC Liabilities127.6124.9122.7133110.1
Borrowings00000
Other Current Liabilities926.3943.3875.81,011.8721.8
Total Current Liabilities926.3943.3875.81,012721.78
Equity + Liabilities1,602.91,710.61,591.21,865.31,331.7
Fixed Assets (incl. WIP)298.6321.7288.9289.5265.5
Other Non Current Assets134.2122.141.546.865.2
Total NC Assets432.8443.8330.4336.3330.7
Trade Receivables242.4268.8232.8228250.2
Cash & Cash Equivalents484.4565.5576.4876.6276.8
Other Current Assets443.3432.5451.6424.4453.2
Total Current Assets1170.11266.81260.81,529980.2
Assets classified as held for sale000020.8
Total Assets1,602.91,710.61,591.21,865.31,331.7
Profit & LossFY2024FY2023FY2022FY2021FY2020
Revenue from Operations3068.73106.32794.62500.82898.4
Growth %-1%11%12%-14%0
Operating Expenses26212674.92420.12191.52575.8
Growth %-2%11%10%-15%0
Operating Profit447.7431.4374.5309.3322.6
Op. Profit Margin %14.6%13.9%13.4%12.4%11.1%
Other Income29.223.329.814.821.1
Finance Costs10.78.88.86.46.3
Depreciation96.179.760.663.560.8
Exception Items5.51319.988.3-0.6
Profit Before Tax364.6353.2315.0342.5276.0
Tax95.686.583.17594.3
Tax %26%24%26%22%34%
Profit After Tax269.0266.7231.9267.5181.7
Growth %0.9%15.0%-13.3%47.2%0
PAT %9%9%8%11%6%
Diluted EPS46.7746.3640.3246.531.6
Shareholding Pattern
ColorShareholderHolding
Indian Farmers Fertilisers Cooperative Ltd 96.13%
Others 3.87%
Board of Directors
Mr. Vinayak Kashinath DeshpandeChairman and Independent & Non-Executive Director
Mr. Sumit Padmakar JoshiVice- Chairman, Managing Director & CEO
Mr. Vikas MalhotraWhole-Time Directors
Mr. Dibyendu Raychaudhury (CFO)Whole-Time Directors
Ms. Sangeeta TanwaniIndependent & Non-Executive Directors
Mr. Dilip Jose PuthiyidathuIndependent & Non-Executive Directors
Senior Management
Mr. Sumit Padmakar JoshiManaging Director & CEO
Mr. Dibyendu Raychaudhury CFO
Mr. Nitin MittalHead of Legal & Company Secretary
Mr. Harvinder KumarDeputy Company Secretary

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