Symphony Ltd share Price Today

Symphony is the world’s largest manufacturer of air coolers with a presence in over 60 countries and provides air cooling products in the residential, industrial and commercial segments.

• Symphony is the market leader in the air-cooling business with a strong distribution network of ~30,000+ dealers, ~1000+ distributors and ~1000+ authorised service centres across the country
• Asset light business model with strong RoE and RoCE of ~20% and ~21%, respectively (average in the past three years)

The company reported a mixed bag performance in Q4FY22 with revenue growth partially offset by lower EBITDA margin.

• Revenue increased ~13% YoY to Rs. 384 crore supported by 18% revenue growth in the standalone business to Rs. 251 crore
• Gross margin declined ~200 bps YoY (up 170 bps QoQ) due to higher raw material costs and limited price hikes. This, coupled with higher ad costs dragged EBITDA margin down by 342 bps YoY to 21.4%
• PAT was flat at Rs. 64 crore YoY tracking lower EBITDA margin

Consumer Electronics company Symphony announced Q2FY24 results:

• Revenue from operations:
  • Consolidated: Rs 275 crore ( 0.4% YoY)
  • Standalone: Rs 196 crore (-9% YoY)
    • India domestic sales: Rs 191 crore (Q2FY23: Rs 191 crore), despite erratic summer season.
• Gross Margin improved on a YoY basis:
  • Standalone: 49.9% ( 330 bps)
    • Due to the launch of new products and a favorable product mix.
    • Softening of input costs.
    • Value engineering.
  • Consolidated: 46.1% ( 130 bps)
• EBITDA Margin improved on a YoY basis, despite negative operating leverage:
  • Standalone: 26.8% ( 520 bps)
  • Consolidated: 15.5% ( 210 bps)
• Subsidiaries’ performance: A mixed bag
  • CT, Australia: Performance impacted badly on account of demand headwinds.
  • IMPCO, Mexico: Highest ever Q2 revenues.
  • GSK, China: Steady performance YoY.
• Large Space Venti Cooling (LSV) business continues to deliver robust performance.

Result PDF