Companies

Symphony Q3 standalone net down 40% YoY

Our Bureau Ahmedabad | Updated on January 22, 2021 Published on January 22, 2021

Symphony

The company posts strong quarterly recovery with a 30% rise in profits QoQ

Air-cooler maker, Symphony Limited on Friday posted a standalone net profit of ₹35 crore, for the quarter ended December 31, 2020, about 40 per cent lower than ₹58 crore recorded in the same quarter last year - primarily attributed to the Covid-19 market disruptions. However, profits during December quarter were about 30 per cent higher than ₹27 crore recorded in the previous quarter ended in September 2020.

The company has reported substantial recovery quarterly from the Covid-19 crisis. The standalone revenues from operations for the quarter stood at ₹124 crore as against ₹112 crore reported in the September quarter, but lower than ₹207 crore in the corresponding quarter last year.

Interim dividend

The Board of Directors have declared an interim dividend of 50% or Re one per equity share of rupees two each. The record date for theinterim dividend payment is February 02, 2021, company informed in a regulatory filing.

In its results note, the company informed that the worldwide outbreak of Covid-19 has severely affected the company’s sales since it hit during peak summer months in India and most other countries to which the company exports.

"Despite strong summer temperatures generating high demand for the company’s products and despite adequate availability of products with the channel, the lockdown prevented sales from taking place. Due to this unsold channel inventory which will only get liquidated in the next summer, purchases by the channel from the company during the year so far has been affected," it said adding that the management expects to recover full amount of the carrying value of receivables, inventories, assets and investments.

On a consolidated basis, company's net profit for the quarter under review stood at ₹27 crore as against ₹15 crore in the previous quarter ended September 2020, while sharply lower from ₹51 crore reported in the corresponding quarter a year ago.

 

Consolidated revenues from operations for December quarter stood at ₹216 crore as against ₹191 crore in the previous quarter and ₹290 crore in the same quarter last year.

The company's shares lost over 5 per cent to end at ₹988 on Friday on BSE.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on January 22, 2021
This article is closed for comments.
Please Email the Editor