Symphony tanks 20% on weak Q1 results

The stock tanked 20% to Rs 1,125, also its 52-week low on the NSE after the company's consolidated net profit almost halved to Rs 200 million in June 2018 quarter.

Shares of Symphony tanked 20% to Rs 1,125 per share, also their 52-week low on the National Stock Exchange (NSE) in early morning trade after the company’s consolidated net profit almost halved to Rs 200 million in June 2018 quarter (Q1FY19), on account of lower sales.

Symphony, a world leader in evaporative air coolers, had a profit of Rs 390 million during the same quarter in the previous fiscal.

Net sales during the quarter was down 23% at Rs 1,460 million against Rs 1,900 million in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, taxes, depreciation and