Symphony's net profit falls 94% to Rs 2 cr in Q1 as Covid-19 bites

Air cooler maker Symphony Ltd on Tuesday reported a 93.93 per cent decline in consolidated net profit at Rs 2 crore for the quarter ended June, impacted by the coronavirus lockdown.

The company had posted a net profit of Rs 33 crore in the April-June period a year ago, Symphony said in a BSE filing.

Revenue from operations dropped 47.26 per cent to Rs 154 crore during the quarter, as against Rs 292 crore earlier.

"The demand has taken a hit in Q1 of FY 2020-21 due to nationwide lockdown due to Covid-19 pandemic," it said. Total expenses stood at