Symphony Ltd share Price

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

FY23 Annual Result Announced for Symphony Ltd.

Consumer durables company Symphony announced FY23 results:

• Highest ever standalone and domestic sales surpassing pre-Covid historical high
  • 24% and 21% growth respectively vis-à-vis FY20.
• The undisputed market leader with a market share of ~ 50% in India 
  • Accelerated product offtake across model
• Robust domestic sales growth across the channel
  •  Share of modern trade (LFS, RCS, e-Com and D2C) increased to 33%, up from 21% in FY20
  •  3 Years CAGR of modern trade: 23%
• Global headwinds severely impacted the performance of CT Australia (USA & Australia domestic both)
  •  Impacting consolidated profitability for the year
  • Medium to long-term viability and profitability of USA and Australian markets remain intact
•  Standalone Gross Margin: 47.9% ( 290 bps YoY)
  • Aided by price hike and softening of input cost (still higher than pre-Covid level)
• Standalone EBITDA Margin: 20% ( 210 bps YoY) 
• Standalone PAT: Rs 165 crore ( 49% YoY) 
• Consolidated PAT: Rs 116 crore (-5% YoY)
• In addition, the Board of Directors have recommended a final dividend of Rs 1/- (50%) per equity share of Rs 2/- each amounting to Rs 6.90 crore for FY23. The total dividend for FY23 aggregates to Rs 5/- (250%) per equity share amounting to Rs 34.88 cr. including two interim dividends of Rs 4/- (200%) per equity share.

Result PDF