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Air cooler maker Symphony Limited recorded a standalone net profit of ₹43 crore for the quarter ended March 31, 2023, unchanged from the corresponding quarter a year ago.
Standalone revenues from operations stood at ₹239 crore for the quarter under review as against ₹251 crore in the same quarter last year. The company’s total expenses for the quarter were reduced to ₹194 crore, down from ₹205 crore in the year-ago period.
For the financial year 2022-23, Symphony’s standalone net profits jumped 49 per cent to ₹165 crore (₹111 crore last year). Revenues from operations grew by 38 per cent to ₹885 crore (₹641 crore) for the quarter.
The Board of directors has recommended final dividend of ₹1 i.e. 50% per equity share having face value of ₹2 each for the fiscal 2022-23. The total dividend for FY23 aggregates to ₹5 or 250% per equity share including two interim dividends amounting to ₹4 per equity share.
After the meeting of Board of directors on Friday, Symphony stated that it will complete the buyback of its shares amounting to 1.43 per cent of paid-up equity at ₹2,000 per share by the end of May 2023, amounting to ₹249 crore. The buyback window opened on May 3, 2023 and will close on May 17, 2023.
The outlook
Commenting on the results, Nrupesh Shah, Executive Director, Symphony Limited informed that the company registered, “Highest ever standalone and domestic sales surpassing pre-Covid historical high and established the company as an undisputed market leader with a market share of 50% in India.”
The company stated that global headwinds severely impacted performance of CT Australia (USA & Australia domestic both) thereby impacting consolidated profitability for the year. However, the medium to long-term viability and profitability of USA and Australian markets remain intact.
On the outlook, Shah stated that the curtailment of orders by large retailers in the USA and Australia is mostly a one-time phenomenon. Going forward the company looks at “Innovative value-added products; calibrated price hikes; softening of material, labour and freight cost,” he said.
Symphony shares traded down by 4 per cent on BSE at ₹954.80 Friday.
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