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 amortization) margin declined to 15.75% in Q1FY19 from 24.7% in Q1FY18.

At 09:24 am; the stock was trading 17% lower at Rs 1,168 on the NSE, as compared to a marginal 0.03% decline in the Nifty 50 index. A combined 191,458 equity shares changed hands on the counter on the NSE and BSE so far.