Symphony tumbles after Q3 PAT slips 22% YoY to Rs 21 cr

Symphony fell 3.49% to Rs 987.25 after the company's consolidated net profit declined 22.22% to Rs 21 crore on 5.09% fall in net sales to Rs 205 crore in Q3 December 2021 over Q3 December 2020.

On a consolidated basis, profit before tax (PBT) fell 17.65% year-on-year to Rs 28 crore in Q3 FY22.

EBITDA fell 12% to Rs 37 crore in Q3 FY22 over Q3 FY21. EBITDA margin of gross revenue stood at 17% in Q3 FY22 compared with 19% in Q3 FY21 and 21% in Q2 FY22.

Symphony has recommended 2nd interim dividend of Re 1 per equity share.

Nrupesh Shah, executive director of Symphony commented, "Standalone Gross Profit and EBITDA margin % during quarter are lower due to Large revenue expenses incurred for various initiatives related to Direct to Consumer Sales (D2C), Large Space ventilated air cooler (LSV), exports to USA and new upcoming air cooler models. The Company initiated various measures to support the trade partners to take care of their inventory and better sales performance in subsequent quarters. March, 2022 quarter Consolidated Gross Profit and EBITDA % are expected in line with previous year."

In its outlook, the company said that it is quite optimistic for a growth and performance in medium to long term period that remains intact.

Sympony is a world leader in evaporative air coolers for domestic, commercial and industrial customers in 60 countries across the globe.

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