Symphony Ltd consolidated Q3FY23 PAT jumps 86% y-o-y to Rs 39 crores

Air cooler and appliances maker Symphony on Wednesday reported 85.71 per cent jump in consolidated net profit at Rs 39 crore for the third quarter ended December 2022.

The company had logged a net profit of Rs 21 crore in October-December period a year ago, Symphony said in a regulatory filing.

Revenue from operations rose 35.12 per cent to Rs 277 crore during the quarter under review against Rs 205 crore in the year-ago period.

This was led by robust off-season sales and quite positive and buoyant trade sentiment during the quarter, Symphony said in its earnings statement.

The company's revenue from the Indian market was at Rs 198 crore, while the global markets contributed Rs 79 crore.

Total expenses in the quarter were Rs 243 crore, up 32.06 per cent as compared to the year-ago period.

Symphony also said its board, in a meeting held on Wednesday, approved a share buyback of Rs 200 crore, buying back up to 10,00,000 equity shares at Rs 2,000 per scrip, subject to shareholders' approval.

Symphony Ltd stock on Wednesday settled at Rs 1,047, up 8.47 per cent, on the BSE.