Symphony Q4 net profit falls 75% to Rs 16 crore; revenue down 19.7%

Air cooler and appliances maker Symphony Ltd on Friday reported a decline of 75 per cent in its consolidated net profit at Rs 16 crore for the March quarter.

The company had posted a net profit of Rs 64 crore in the January-March quarter a year ago, Symphony said in a BSE filing.

Its revenue from operations was also down 19.79 per cent to Rs 308 crore during the quarter under review, as against Rs 384 crore in the year-ago period.

Its total expenses in Q4FY23 were down 4.83 per cent to Rs 295 crore as against Rs 310 crore of the corresponding quarter a year ago.

Its total revenue in the March quarter was down 20.5 per cent to Rs 318 crore.

For the financial year ended March 2023, Symphony's net profit was down 4.13 per cent to Rs 116 crore against Rs 121 crore in FY22.

However, its consolidated revenue from operations in FY23 increased 14.34 per cent to Rs 1,188 crore from Rs 1,039 crore a year ago.

Meanwhile, in a separate filing, Symphony informed its board in a meeting held on Friday recommended a final dividend of 50 per cent, which is Re 1 per equity share having a face value of Rs 2 each for the financial year 2022-23.

Shares of Symphony Ltd on Friday afternoon were trading 5.53 per cent lower at Rs 940.20 apiece on the BSE.