Symphony turns around Mexican subsidiary; bets on industrial cooling

Impco adds 18% to parent's top line; 65% of its sales come from centralised & heavy-duty air coolers

Leading air cooler maker Symphony Ltd has managed to turn around its Mexican subsidiary Impco, a company it had acquired in 2009 to get into the industrial cooler business, a segment on which it bets heavily at the moment. Besides, losses at its Chinese subsidiary Guangdong Symphony Keruilai Air Coolers (GSK) have also been halved.

As such, revenues from overseas markets were Rs 171.16 crore for FY17, up 39 per cent. ICICI Securities expects export volumes for Symphony to grow at 27 per cent CAGR between FY15 ti FY19, while the domestic volumes would grow at 19 per cent CAGR from