Symphony rises after strong Q1 performance

Symphony advanced 2.33% to Rs 950 after the company's consolidated net profit surged to Rs 29 crore in Q1 FY23 from Rs 6 crore in Q1 FY22.

Revenue from operations increased by 43% YoY to Rs 329 crore during the quarter.

Gross margin was 45.6% in Q1 FY23 as against 43.5% in Q1 FY22. Profit before tax in Q1 FY23 stood at Rs 38 crore, which is significantly higher as compared with Rs 10 crore recorded in Q1 FY22.

As compared with Q4 FY22, the company's net profit and revenue are lower by 54.7% and 14.3%, respectively.

Nrupesh Shah, executive director of Symphony, commented: The channel inventory across the country is now normal and negligible. All channels viz. general trade, modern trade, regional chain formats, D2C & E-Commerce, and rural markets posted strong performance.

Newer channels namely D2C and E-Commerce continued to deliver robust incremental sales growth. D2C and E-Commerce platforms were initiated globally viz. in the USA, Mexico and Australia. They are having huge potential due to ground presence through fully operational subsidiaries, and local as well as global models.

Large Space Venti-Cooling (LSV) business has been generating a strong position traction driven by new models, wider distribution network and indigenization of product manufacturing.

There is a decent visibility of consumer sales in the domestic market, with complete normalization of trade inventory and demand picking up.

Symphony manufactures evaporative air coolers for domestic, commercial, and industrial customers in 60 countries across the globe.

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