Air cooler maker Symphony Limited on Thursday posted second quarter profit at Rs 35 crore, up 45.8 per cent as against Rs 24 crore during the second quarter of FY23. It posted revenue from operations for the quarter ended September 2023 at Rs 275, down 8.9 per cent in comparison to Rs 302 crore during the corresponding quarter of FY23. The company’s domestic sales were recorded at Rs 191 crore despite ‘erratic summer season’. The company EBITDA stood at Rs 41 crore, up 10.8 per cent on-year. While the total income for the quarter in review was at Rs 286 crore, total expenses for the period stood at Rs 243 crore.
Symphony also declared a second interim dividend of Rs 2 (100 per cent) per equity share having a face value of Rs 2 each for the financial year 2023‐24. “The said interim dividend shall be payable to the shareholders on or before November 25, 2023,” the company said in a regulatory filing.
It said that the company is working towards major business transformation at CT, Australia currently underway through, substantial reduction in cost of doing business, revamping product categories to increase profitability margin, iIn-house manufacturing to outsourced business model, and leveraging retail distribution channel.
The company said that it is maintaining a ‘numero uno’ status in the air cooler industry through continuous thrust on innovative value-added products ahead of competition, calibrated price hikes coupled with value engineering, continuous thrust on semi-urban and rural markets, and growth through alternate sales channels.
Meanwhile, Symphony also announced the elevation and re-designation of Nrupesh Shah, Executive Director of the Company as Managing Director – Corporate Affairs with effect from October 26, 2023, and also revision in remuneration for his current term, i.e., upto October 31, 2026.
