Symphony reports 24% drop in Q1 net profit

Ahmedabad: Air cooler company Symphony Limited has reported a 24% decline in 2018 Q1 net profit. The company’s net profit for 2018 Q1 stood at Rs. 24.04 crore as against Rs. 31.56 crore in the corresponding quarter ended June 2016.

Sales were Rs. 129.26 crore for the quarter ended June 2017 as against Rs. 152.15 crore in the corresponding quarter ended June 2016. EPS for the quarter ended June 2017 stood at Rs. 3.44 as against Rs. 4.51 in the corresponding quarter ended June 2016.

The Company has declared 1st interim dividend of 50% i.e. Rs. 1/- per equity share of Rs. 2/- each amounting to Rs. 842 lacs including dividend distribution tax.

Nrupesh Shah, Executive Director of Symphony Limited said that degrowth in sales is on account of erratic summer in most parts of the country. On account of introductory prices of touch range, profitability is impacted temporarily. However, compared to other players in the Industry, Symphony was not only least affected, but maintained its absolute market leadership with more than 50% market share in organised market, he claimed. Further, profitability margin and sales growth are expected to be robust for September as well as December quarter.