Symphony dips 5% on disappointing Q1 results

The management expects gross margin on domestic sales for FY22 to be back to normal margin of around 50 per cent

Shares of Symphony were down 5 per cent at Rs 1,020.65 on the BSE in intra-day trade on Monday after it reported disappointing June quarter earnings (Q1FY22), with Ebitda (earnings before interest, taxes, depreciation, and amortization) margin down to 8 per cent from 26 per cent in the March quarter (Q4FY21).

The company, engaged in air cooler’s business, reported a 48.7 per cent year-on-year (YoY) growth in its consolidated sales at Rs 229 crore against Rs 154 crore in the year-ago quarter. Its consolidated net profit jumped three-fold to Rs 6 crore from Rs 2 crore in Q1FY21. Consolidated gross margins