Symphony Limited — Annual Report 2019

May 22, 2019

M ay 22, 20 1 9

To, Security Code - 517385 Symbol -

— t 35! Limited National Stock Exchange of India Limited SYMPHONY

Sub: Outcome of Board Meeting

Dea r Sir,

We are pleased to inform you that the Board of Directors has considered and approved the following in their meeting held today:

• 1. Audited Standalone and Consolidated Financial Results, Auditor's Report and Data sheet explaining the performance analysis of the Company for the fourth quarter and financial year ended on March 31, 2019.
• 1. Recommended Final Dividend of R51 1,50/- (75%) per equity share having face value of Rs, 2/ each for the financial year 2018-19.
• 1. The Board of Directors has expressed its intention of Buyback of equity shares amounting upto Rs. 165.00 crores (upto 25% of eligible net worth of Symphony Limited) preferably by March 31, 2020. The price, exact quantum and all other relevant details shall be decided by the board in the ensuing meetingis) of board of directors as per applicable laws and regulations/guidelines. This is as per Shareholders' Reward Policy as adopted by the board and articulated in annual reports of the company from time to time.

Further, We hereby confirm that Deloitte Haskins and Sells, Statutory Auditors of the Company have issued Audit Report on Standalone and Consolidated annual financial results of the Company for the year ended March 31, 2019, with unmodified opinion.

Kindly consider this as due compliance of Regulation 30, 33 and other applicable provisions, if any of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,

The meeting was commenced at 10:45 hours (IST) and concluded at '3: IS hours (lST).

Kindly take note of the same and oblige.

Yours Truly,

For, Symphony Limited

(Eu—IE

Mayur Barvadlya Company Secretary

Encl: (i) Audited Financial Results, Audit Reports (ii) Data Sheet

Email: companysecretary@symphonylimited'com

I Ch d A Del0itte smegma" h a a a. no 5 Haskms & Sells 3" '

s a Highway

Yei .91 7a 5532 7300 Fax ~9i 79 5682 7400

INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

• 1. We have audited the accompanying Statement of Standalone Financial Results of SYMPHONY LIMITED ("the Company"), for the year ended 31 March, 2019 ("the Statement"), being submitted by the Company pursuant to the reqmrement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July, 2016.
• This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been compiled from the related standalone financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read With relevant rules issued thereunder ('Ind AS') and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such standalone financial statements.
• We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or errort In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion,

• In our opinion and to the best of our information and according to the explanations given to us, the Statement:
  • (i) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July, 2016; and
  • (ii) gives a true and fair view in conformity With the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year ended 31 March, 2019.

It"

Chartered Atmuntants DeIOItte s G Highway Haskms & Sells gmffimm

Tet '91 79 6682 7300 Fax, m 79 6632 7400

S. The Statement includes the results for the quarter ended 31 March, 2019 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current finanCIal year Wthh were subject to limited review by us.

For DELOITTE HASKINS 8t SELLS Chartered Accountants (Firm's Registration No. 11736SW)

Gaurav J Shah Partner (Membership No.35701)

Ahmedabad,92 May, 2019

WORLD LEADER IN AIR COOLING

SYMPHONY LIMITED

	Quarter Ended			Statement of Standalone Audited Financial Results for the Quarter and Year Ended on March 31, 2019	Year Ended
	31-Mar-19 31-Mar-18 31-Dec-18		Sr.		31-Mar-19	31-Mar-18
(Refer Note		(Refer Note (Unaudited)	No.	Particulars	(Audited)	(Audited)
No.6	No.6
			1	Income
138	155	159		Revenue from operationsa.	524	687
10	10	10		Other Incomeb.	33	40
148	165	169		Total Revenue	557	727
			$\overline{2}$	Expenses
1271	1577	959		Cost of Materials consumeda.Purchase of stock-in-tradeb.	30220	31289
(12)	(21)	13		Changes in inventories of finished goods, work-in-progressc.	11	0
				and stock-in-trade
13	13	14		Employee benefits expensed.	53	52
	0	0		Finance costsе.
	1			f.Depreciation and amortisation expense		4
	7			Advertisement and sales promotion expenseg.	25	31
9	15	15		Other expensesh.	50	64
98	107	112		Total expenses	393	472
50	58	57	3	Profit before exceptional items and tax (1-2)	164	255
20			4	Exceptional Items (Refer note no. 4)	24
30	58	57	5	Profit before tax (3-4)	140	255
			6	Tax Expense
12	15	14		Current Taxa.	43	68
$\circ$	$\theta$	(0)		Excess Provision of tax relating to previous yearsb.	(0)	(1)
12	15	14		Net Current TaxC.	43	67
(1)	1	(0)		d.Deferred Tax	(4)	5
11	16	14		Net Tax Expense (6)	39	72
19	42	43	$\overline{7}$	Net Profit for the period (5-6)	101	183
			8	Other comprehensive income
				Items that will not to be reclassified to profit or loss :
(0)		(0)		Re-measurement gains/(losses) on defined benefit plans(0)	(0)
$\Omega$	(0)	$\mathbf{0}$		Income tax effect on above$(\mathbf{H})$		0
				Items that will be reclassified to profit or loss :
6	(1)	(1)		Net fair value gain/(loss) on debt instruments(1)	o	(3)
		$\Omega$		Income tax effect on above(ii)		O
(1)	(0)	42	9	Total comprehensive income (7+8)	(0)101	180
24	42
14	14	14	10	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14
			11	Reserves excluding Revaluation Reserve	655	589
			12	Earning Per Share (of ₹ 2/- each)*
2.76	5.99	6.02		Basic & diluted $(\overline{\mathbf{z}})$	14.44	26.15

* EPS is not annualised for the quarters ended March 31, 2019, March 31, 2018 and December 31, 2018.

NOTES:

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 22, 2019.

2. The Board of Directors has recommended, subject to approval of shareholders, a final dividend of ₹1,50/- per equity share of ₹2/- each for the year ended March 31, 2019. Further, three interim dividends aggregating ₹ 3.00/- per equity share were paid during the year. Total Dividend proposed/paid is ₹ 4.50/- per equity share (225%) (previous year ₹ 4.50/- per equity share (225%)). The total dividend appropriation for the year ended March 31, 2019 amounts to ₹ 37.95 crores including dividend distribution tax of ₹ 6.47 crores.

3. Pursuant to Share Sale Agreement entered on June 22, 2018 the Company acquired effectively 95% equity stake in Climate Technologies Pty Limited, Australia at a consideration of AUD 40 Mn. to AUD 44 Mn. through a newly incorporated Subsidiary Company viz. Symphony AU Pty Limited, Australia. The ecquisition was completed on June 30, 2018 (end of day) subject to other customary closing conditions.

$(9)$ in Crores)

4.(a) The Company's investments of ₹ 21.50 crores in Non-Convertible Redeemable Cumulative Preference Shares of Infrastructure Leasing & Financial Services Limited (IL&FS) are redeemable between March, 2021 to October, 2022. During the year, considering the prevailing uncertainty as regards recovery of these investments, the Company has provided for the loss allowance of entire investment amount of ₹ 21.50 crores.

(b) As reported in Annual Report of FY 2016-17, some serious irregularities were observed in certain transactions executed by erstwhile Registrar & Transfer Agent M/s. Sharepro Services India Limited (Sharepro). The Company has filed FIR against Sharepro, their employees and others in this matter which is pending before Hon'ble Metropolitan Magistrate Court, Ahmedabad.

The matter of two cases of the alleged fraudulent transfers is pending before the Hon'ble Supreme Court of India for which the Company has made a provision of ₹ 2.55 crores towards likely compensation payable.

1. From the Quarter ended on June 30, 2018, the Company has changed presentation denomination from "₹ in Lacs" to "₹ in Crores". Accordingly, the figures for the corresponding quarter and previous year end have been re-presented in "? in Crores".

2. The figures for the quarter ended March 31, 2019 and March 31, 2018 are balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year.

7. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segment, the Company has identified only one operating segment i.e. Air Cooling and Other Appliances Business. However substantial portion of Corporate Funds remained invested in various financial instruments. The Company has considered Corporate Funds as a separate segment so as to provide better understanding of performance of Air Cooling and Other Appliances Business

Quarter Ended				Year Ended
$31-Mar-19$	31-Mar-18	31-Dec-18	Sr.	Particulars	31-Mar-19	31-Mar-18
(Refer Note)No.6	$No.6$ )	(Refer Note (Unaudited)	No.		(Audited)	(Audited)
				Segment Revenue
140	158	159		a. Air Cooling and Other Appliances	527	690
8		10 1		b. Corporate Funds	30 1	37
148	165	169		Segment Total	557	727
				2 Segment Results (Profit before Interest and Taxes - PBIT)
39	51	48		a. Air Cooling and Other Appliances	132	219
(9)	7	9		b. Corporate Funds	8	37
30	58	57		Segment Total	140	256
$\mathbf{0}$	$\Omega$	$\Omega$		Less: Finance Costs	$\Omega$
11	16	14		Less: Taxes	39	72
19	42	43		Total Profit After Tax	101	183
				3 Segment Assets
288	263	243		a. Air Cooling and Other Appliances	288	263
481	422	529		b. Corporate Funds	481	422
769	685	772		Segment Total	769	685
				Segment Liabilities
100	82	120		a. Air Cooling and Other Appliances	100	82
				b. Corporate Funds
100	82	120		Segment Total	100	82
				5 Capital Employed (As at period end)
188	181	123		a. Air Cooling and Other Appliances	188	181
481	422	529		b. Corporate Funds	481	422
669	603	652		Segment Total	669	603
	8. Geographical Segment
	Quarter Ended				Year Ended
		31 Mar. 19 31 Mar. 18 31 Dec. 18	Sr.		$31$ -Mar $19$	$31$ -Mar-18

Quarter Ended				rear Ended
	31-Mar-19 31-Mar-18 31-Dec-18		Sr.	Particulars	$31-Mar-19$	31-Mar-18
No.6	No.6	(Refer Note (Refer Note (Unaudited)	No.		(Audited)	(Audited)
				Seament Revenue
120	123	140		Indiaa.	467	621
18	32	19		Rest of the worldÐ.	57	66
138	155	159		Revenue from operations	524	687
				2 Segment Results (Profit before Interest and Taxes - PBIT)
23	45	51		Indiaa.	121	233
	13			Rest of the worldb.	19	23
30	58	57		Segment Total	140	256
				Less: Finance Costs
11	16	14		Less: Taxes	39	72
19 1	42	43		Total Profit After Tax	101	183

NOTE:

Secondary Segment Capital Employed:

Fixed assets used in the Company's business and liabilities contracted have not been identified with any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The Company believes that it is not practical to provide secondary segment disclosures relating to Capital employed.

		As At	(₹ in Crores)As At
Sr. No.	Particulars	$31 - 03 - 19$(Audited)	$31 - 03 - 18$(Audited)
А	ASSETS
1	Non-current assets
	(a) Property, plant and equipment	63	62
	(b) Capital work - in - Progress
	(c) Other Intangible Assets
	(d) Financial Assets
	(i) Investments
	a) Investments in subsidiaries	88
	b) Other investments	186	172
	(ii) Other financial assets
	(e) Other non-current assets
	Total - Non-current assets	344	243
$\overline{2}$	Current assets
	(a) Inventories	38	51
	(b) Financial assets
	(i) Other investments	271	250
	(ii) Trade receivables	42
	(iii) Cash and Bank Balances	13
	(iv) Bank balances other than (iii) above	27
	(v) Other financial assets	$\overline{c}$
	(c) Other Current Assets	30
		423	442
	Assets classified as held for sale
	Total - Current assets	425	442
	Total Assets	769	685
в	EQUITY AND LIABILITIES
1	Equity
	(a) Equity Share Capital	14	14
	(b) Other Equity	655	589
	Total - Equity	669	603
2	Non-Current Liabilities
	(a) Deferred Tax Liabilities (Net)	6
	Total - Non-current liabilities	6
3	Current Liabilities
	(a) Financial liabilities
	(i) Trade payables
	- Due to Micro and Small Enterprises
	- Due to Others	41
	(ii) Other Financial Liabilities
	(b) Provisions
	(c) Current tax liabilities (Net)
	(d) Other Current Liabilities	34
	Total - Current liabilities	94	$\overline{73}$82
	Total - Liabilities	100
	Total Equity and Liabilities	769	685
		By Order Of The Board
		For Symphony Limited
	AHASDABAD
	is en	Achal Bakeri
	QPlace: Ahmedabad	Chairman & Managing Director
	Date: May 22, 2019	DIN-00397573
			Sympheny
	World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries.
	Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India.
	CIN: L32201GJ1988PLC010331 Web: www.symphonylimited.com Email: corporate@symphonylimited.com Phone: +91-79-66211111 Fax: +91-79-66211139

De'°'tte assassin" I Haskms & Sells maxim

SCiH h Guiarat, India

Tel. '91 79 5552 7300 Fax 'Ql 79 5532 7400

INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

• 1. We have audited the accompanying Statement of Consolidated Financial Results of SYMPHONY LIMITED ("the Parent") and its subsidiaries (the Parent and its subSIdiaries together referred to as "the Group") for the year ended 31 March, 2019 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) lzlggulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July, 16.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Board of Directors, has been compiled from the related consolidated financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder ("Ind AS") and other accounting principles generally accepted in lndia. Our responsibility is to express an opinion on the Statement based on our audit of such consolidated financial statements.
• 1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor conSIders internal control relevant to the Parent's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Parent's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to iri paragraph 5 below is suffictent and appropriate to provide a basis for our audit opinion.

• 1. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements and the other financial information of sub5idiaries referred to in paragraph 5 below, the Statement:
  • a. includes the results of the following entities:
    • i) Symphony Limited Parent
    • S b 'd' ii IMPCO S DE RL DE C V., Mexico u SI iary ,
    • , iii)) Guangdong Symphony Keruilai Air Coolers Co., Ltd, China - SubSIdiary
    • iv) Symphony AU Pty. Ltd., Australia A Subsidiary

D I .tt Chartered Atcounrants e OI e i9' Floor, Shapath . Haskins & sells Ahmedabad-SSU m5

v s 6 Highway Gwaraz, lndia

Tel: cal 79 6532 7300 Fax' 'QI 79 $682 7400

• v) Climate Technologies Pty. Ltd., Australia Subsidiary
• vi) Bonaire USA LLC, USA Subsidiary
• b. is presented In accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July, 2016; and
• c. gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, Total comprehensive income and other financial information of the Group for the year ended 31 March, 2019.
• S. We did not audit the financial statements of five subsidiaries included in the consolidated financial results, whose financial statements reflect total assets of Rs. 399 crores as at 31 March, 2019, total revenues of R5357 crores, total net loss after tax of Rs. 9 crores and total comprehensive loss of Rs. 9 crores for the year ended on that date, as conSIdered in the consolidated financial results. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated Financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditorsi Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
• 1. The Statement includes the results for the quarter ended 31 March, 2019 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
• 1. We draw attention to note 2 of the Statement. Since the Company has opted to publish consolidated financial results for the first time from the current year, corresponding figures for the quarter ended 31 March, 2018 are presented based on accounts prepared by the management and the same have not been audited / reviewed by us.

Our report is not modified in respect of this matter.

For DELOITTE HASKINS 8i SELLS Chartered Accountants (Firm's Registration No. 117365W)

we

Gaurav J Shah Partner (Membership No.35701)

Ahmedabad,22"AMay, 2019

SYMPHONY LIMITED

				Statement of Consolidated Audited Financial Results for the Quarter and Year Ended on March 31, 2019	Year Ended
	Quarter Ended
31-Mar-19(Refer NoteNo.7)	31-Mar-18(Refer Note)No.2)	31-Dec-18(Unaudited)	Sr.No.	Particulars	31-Mar-19(Audited)	31-Mar-18(Audited)
			$\mathbf{1}$	Income
235	177	240		Revenue from operationsa.	844	798
11	8	13		Other Incomeb.	39	54
246	185	253		Total Revenue	883	852
			$\overline{2}$	Expenses
77	30	81		Cost of Materials consumeda.	248	94
74	79	44		Purchase of stock-in-tradeb.	221	293
(16)	(25)			Changes in inventories of finished goods, work-in-progressC.and stock-in-trade	(16)	(2)
28	17	29		Employee benefits expensed.	103	72
3		3		Finance costse.		$\overline{c}$
3	2	$\overline{\mathbf{c}}$		f.Depreciation and amortisation expense	10	$\overline{7}$
$6\phantom{.}6$		4		Advertisement and sales promotion expenseg.	33	33
37	19	35		h.Other expenses	123	88
212	130	202		Total expenses	729	587
34	55	51	3	Profit before exceptional items and tax (1-2)	15424	265
20			45	Exceptional Items (Refer note no. 5)	130	265
14	55	51	6	Profit before tax (3-4)Tax Expense
10	15	14		Current Taxa.	40	68
$\overline{0}$	$\theta$	(0)		Excess Provision of tax relating to previous yearsb.	(0)	(1)
10	15	14		C.Net Current Tax	40	67
$\mathbf{1}$		(0)		Deferred Taxd.	(1)	5
11	16	14		Net Tax Expense (6)	39	72
$\mathbf{3}$	39	37	7	Net Profit for the period (5-6)	91	193
4	39	37		Attributable to: Owners of the Company	92	193
(1)		$\Omega$		Non Controlling Interests	(1)
			8	Other comprehensive income
				Items that will not to be reclassified to profit or loss :
$\Omega$		(0)		Re-measurement gains/(losses) on defined benefit plans(i)	(0)
$\bf{0}$	(0)	$\theta$		Income tax effect on above(ii)
				Items that will be reclassified to profit or loss :
6	(1)	(1)		(i)Net fair value gain/(loss) on debt instruments		(3)
(1)	(0)	$\mathbf{0}$		Income tax effect on above(ii)	(0)
8	39	36	9	Total comprehensive income (7+8)	91	190
9	39	36		Attributable to: Owners of the Company	92	190
(1)		$\mathbf{0}$		Non Controlling Interests
14	14	14	10	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	(1)
			11		14	14
				Reserves excluding Revaluation Reserve	652	598
			12	Earning Per Share (of ₹ 2/- each )*
0.49	5.55	5.29		Basic & diluted (₹)	13.09	27.52

EPS is not annualised for the quarters ended March 31, 2019, March 31, 2018 and December 31, 2018.

NOTES:

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 22, 2019.

2. The statutory auditors have conducted Audit of the consolidated financial results of the Group for the year ended March 31, 2019. From current financial year, the Group has opted to submit consolidated financial results for each quarter. Accordingly, the figures for the corresponding quarter ended March 31, 2018 are presented based on accounts prepared by the management and the same have not been audited/reviewed by the statutory auditors.

3. Pursuant to Share Sale Agreement entered on June 22, 2018 the Group acquired effectively 95% equity stake in Climate Technologies Pty Limited, Australia, through a newly incorporated Subsidiary Company viz. Symphony AU Pty Limited, Australia. The acquisition was completed on June 30, 2018 (end of day) subject to other customary closing conditions. Accordingly, w.e.f. July 01, 2018 Climate Technologies Pty Limited, Australia has become subsidiary of the Group and the financial results of the subsidiary company have been consolidated with the Group w.e.f. July 01, 2018. In view thereof, the figures for the current quarter/period are not comparable with figures for the corresponding previous quarter/period and previous year. Since the initial accounting for the acquisition is undergoing as at the end of the reporting period, adhering to the concept of measurement period as per Ind AS 103 - Business Combinations, the Group has prepared the Statement based on the provisional amounts available and shall adjust the provisional amounts when the accounting for the acquisition gets completed.

4. The Board of Directors has recommended, subject to approval of shareholders, a final dividend of ₹1.50/- per equity share of ₹2/- each for the year ended March 31, 2019. Further, three interim dividends aggregating ₹ 3.00/- per equity share were paid during the year. Total Dividend proposed/paid is ₹ 4.50/- per equity share (225%) (previous year ₹ 4.50/- per equity share (225%)). The total dividend appropriation for the year ended March 31, 2019 amounts to ₹ 37.95 crores including dividend distribution tax of ₹ 6.47 crores.

1. (a) The Group's investments of ₹ 21.50 crores in Non-Convertible Redeemable Cumulative Preference Shares of Infrastructure Leasing & Financial Services Limited (IL&FS) are redeemable between March, 2021 to October, 2022. During the year, considering the prevailing uncertainty as regards recovery of these investments, the Group has provided for the loss allowance of entire investment amount of ₹ 21.50 crores.

(b) As reported in Annual Report of F Y 2016-17, some serious irregularities were observed in certain transactions executed by erstwhile Registrar & Transfer Agent M/s. Sharepro Services India Limited (Sharepro). The Group has filed FIR against Sharepro, their employees and others in this matter which is pending before Hon'ble Metropolitan Magistrate Court, Ahmedabad.

The matter of two cases of the alleged fraudulent transfers is pending before the Hon'ble Supreme Court of India for which the Group has made a provision of ₹ 2.55 crores towards likely compensation payable.

1. From the Quarter ended on June 30, 2018, the Group has changed presentation denomination from "₹ in Lacs" to "₹ in Crores". Accordingly, the figures for the corresponding quarter and previous year end have been re-presented in "" in Crores".

2. The figures for the quarter ended March 31, 2019 are balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year.

8. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segment, the Group has identified only one operating segment i.e. Air Cooling and Other Appliances Business. However substantial portion of Corporate Funds remained invested in various financial instruments. The Group has considered Corporate Funds as a separate segment so as to provide better understanding of performance of Air Cooling and Other Appliances Business.

Quarter Ended				(₹ in Crores)Year Ended
31-Mar-19	31-Mar-18	31-Dec-18	Sr.		31-Mar-19	31-Mar-18
(Refer NoteNo.7)	(Refer Note)No.2)	(Unaudited)	No.	Particulars	(Audited)	(Audited)
				1 Segment Revenue
238	178	243		a. Air Cooling and Other Appliances	853	814
8		10		b. Corporate Funds	30	38
246	185	253		Segment Total	883	852
				2 Segment Results (Profit before Interest and Taxes - PBIT)
26	49	45		a. Air Cooling and Other Appliances	129	229
(9)		9		b. Corporate Funds	8	38
17	56	54		Segment Total	137	267
3		3		Less: Finance Costs		$\overline{a}$
11	16	14		Less: Taxes	39	72
$\overline{3}$	39	37		Total Profit After Tax	91	193
				3 Segment Assets
590	335	539		a. Air Cooling and Other Appliances	590	335
481	422	529		b. Corporate Funds	481	422
1,071	757	1.068		Segment Total	1,071	757
				4 Segment Liabilities
401	145	399		a. Air Cooling and Other Appliances	401	145
				b. Corporate Funds
401	145	399		Segment Total	401	145
				5 Capital Employed (As at period end)
189	190	140		a. Air Cooling and Other Appliances	189
481	422	529		b. Corporate Funds	481	190422
670	612	669		Segment Total	670
9. Geographical Segment						612(₹ in Crores)
	Quarter Ended				Year Ended
31-Mar-19	31-Mar-18	31-Dec-18	Sr.		31-Mar-19
(Refer Note)	(Refer Note	(Unaudited)	No.	Particulars	(Audited)	31-Mar-18(Audited)
No.7)	No.2
				Segment Revenue
120	123	140		Indiaa.	467	622
115	54	100		Rest of the worldb.	377	176
235	177	240		Revenue from operations	844	798
				2 Segment Results (Profit before Interest and Taxes - PBIT)
23	45	51		a. India	121	234
(6)	11	3		Rest of the worldb.	16	33
17	56	54		Segment Total	137	267
$\mathbf{3}$		$\overline{3}$		Less: Finance Costs		$\overline{2}$
113 l	16	14		Less: Taxes	39	72
NOTF:	39	37		Total Profit After Tax	91	193

Secondary Segment Capital Employed:

Fixed assets used in the Group's business and liabilities contracted have not been identified with any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The Group believes that it is not practical to provide secondary segment disclosures relating to Capital employed.

			(₹ in Crores)
Sr. No.	Particulars	As At31-03-19(Audited)	As At$31 - 03 - 18$(Audited)
А	ASSETS
1	Non-current assets
	(a) Property, plant and equipment	90
	(b) Capital work - in - Progress	6
	(c) Goodwill	143
	(d) Other Intangible Assets
	(e) Financial Assets
	(i) Investments
	a) Other investments		172
	(ii) Other financial assets	186
	(f) Deferred Tax Assets (Net)	19
	(g) Other non-current assets
	Total - Non-current assets	457
$\overline{2}$	Current assets
	(a) Inventories	119
	(b) Financial assets
	(i) Other investments	272
	(ii) Trade receivables	105
	(iii) Cash and Bank Balances
		26
	(iv) Bank balances other than (iii) above	28
	(v) Other financial assets
	(c) Other Current Assets	60
		612
	Assets classified as held for sale
	Total - Current assets	614
	Total Assets	1,071
B	EQUITY AND LIABILITIES
$\mathbf{1}$	Equity
	(a) Equity Share Capital
		14
	(b) Other Equity	652
	Equity attributable to owners of the Company	666
	Non-controlling interests
	Total - Equity	670
$\overline{\mathbf{2}}$	Non-Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	123
	(b) Provisions
	(c) Deferred Tax Liabilities (Net)
	Total - Non-current liabilities	136
3	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	64
	(ii) Trade payables
	- Due to Micro and Small Enterprises
	- Due to Others	127
	(iii) Others Financial Liabilities
	(b) Provisions	13
	(c) Current tax liabilities (Net)
	(d) Other Current Liabilities	47
	Total - Current liabilities	265
	Total - Liabilities	401
	Total Equity and Liabilities
		1,071
		By Order Of The Board
	NAMEDABADAHMEDABAIŔPlace : AhmedabadDate: May 22, 2019	For Symphony LimitedAchal BakeriChairman & Managing DirectorDIN-00397573
			Sympheny
	World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries.Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India.

(A) Standalone Performance Analysis

i) Sales & Profitability		(# in Crores)
	Standalone			Standalone
	Quarter Ended			Year Ended
31-Mar-19	$31-Mar-18$		31-Dec-18 Particulars	31-Mar-19	31-Mar-18
No.3	(Refer Note (Refer Note No.3	(Unaudited)		(Audited)	(Audited)
137	154		159 Sales	522	685
$-11%$		$-27%$	Growth % Y-O-Y	$-24%$
			0 Other Operating income
138	155		159 Revenue from operations	524	687
$-11%$		$-27%$	Growth % Y-O-Y	$-24%$
10	10		10 Other Income	33	40
148	165		169 Gross Revenue	557	727
$-10%$		$-25%$	Growth % Y-O-Y	$-23%$
66	83		78 Gross Margin (Sales - Material Cost) Value	261	365
51	59		58 EBITDA (Excluding Exceptional Items)	168	260
20			Exceptional Items (Refer note no. 2)	24
31	59		58 EBITDA (After Exceptional Items)	144	260
50	58		57 PBT (Excluding Exceptional Items)	164	255
$-13%$		$-39%$	Growth % Y-O-Y	$-36%$
30	58		57 PBT (After Exceptional Items)	140	255
$-48%$		$-39%$	Growth % Y-O-Y	$-45%$
19	42		43 PAT	101	183
$-55%$		$-36%$	Growth % Y-O-Y	$-45%$

Margins
48%	54%	49% Gross margin % of Sales	50%	53%
35%	36%	34% EBITDA (Excluding Exceptional Items) %of Gross Revenue	30%	36%
21%	36%	34% EBITDA (After Exceptional Items) % of GrossRevenue	26%	36%
34%	35%	34% PBT (Excluding Exceptional Items) Margin% of Gross Revenue	29%	35%
20%	35%	34% PBT (After Exceptional Items) Margin % ofGross Revenue	25%	35%
13%	25%	25% PAT Margin % of Gross Revenue	18%	25%

			iii) Segment-wise capital employed and ROCE (PBIT)		$(F \in C \cap C)$
	Standalone			Standalone
	Quarter Ended			Year Ended
$31-Mar-19$	$31-Mar-18$		31-Dec-18 Particulars	31-Mar-19	$31 -$ Mar $-18$
No.3	No.3	(Refer Note (Refer Note (Unaudited)			(Audited)	(Audited)
			Capital employed (Monthly Average)
150	127	75	Air Cooling and Other Appliances	114	31
506	449	551	Corporate Funds	512	490
			ROCE(PBIT) - Not Annualised
26%	40%	63%	Air Cooling and Other Appliances	116%	699%
2%	2%	2%	Corporate Funds*	6%	8%

* PBIT % of corporate funds is calculated excluding exceptional items

iv) Treasury Investment:
458	422	453 a) Treasury Investment (excludinglinvestments	458	4221
545	424	540 b) Treasury Investment (includinglinvestmentsin subsidiaries)	545	424

v) Geographical Segment-wise Revenue
			Segment Revenue
120	123	140	India	467	621
18	32	19	Rest of the world	57	66
138	155	159	Total	524	687

NY MAG AHMEDABAD

(B) Consolidated Performance Analysis

i) Sales & Profitability					(# in Crores)
Consolidated					Consolidated
Quarter Ended				Year Ended
31-Mar-19	31-Mar-18	$31 - Dec - 18$	Particulars	31-Mar-19	31-Mar-18
	(Refer Note (Refer Note)	(Unaudited)		(Audited)	(Audited)
No.3	No.3
234	176		240 Sales	842	796
33%		10%	Growth % Y-O-Y	6%
			0 Other Operating income		$\overline{2}$
235	177		240 Revenue from operations	844	798
32%		10%	Growth % Y-O-Y	6%
11	8		13 Other Income	39	54
246	185		253 Gross Revenue	883	852
32%		8%	Growth % Y-O-Y	4%
99	92		111 Gross Margin (Sales - Material Cost) Value	389	411
47	58		56 EBITDA (Excluding Exceptional Items andInventory adjustments)	178	274
20			Exceptional Items (Refer note no. 2)	24
20	57		56 EBITDA (After Exceptional Items)	147	274
43	55		53 PBT (Excluding Exceptional Items,Inventory adjustments and finance coston Acquisition term loan)	165	265
$-22%$		$-43%$	Growth % Y-O-Y	$-38%$
14	55		51 PBT (After Exceptional Items)	130	265
$-74%$		$-45%$	Growth % Y-O-Y	$-51%$
	39		37 PAT	91	193
$-93%$		$-44%$	Growth % Y-O-Y	$-53%$

ii) Margins
42%	52%	46% Gross margin % of Sales	46%	52%
19%	31%	22% EBITDA (Excluding Exceptional Items andInventory adjustments) % of GrossRevenue	20%	32%
8%	31%	22% EBITDA (After Exceptional Items) % of GrossRevenue	17%	32%
17%	30%	21% PBT (Excluding Exceptional Items,Inventory adjustments and finance coston Acquisition term loan) Margin % ofGross Revenue	19%	31%
6%	30%	20% PBT (After Exceptional Items) Margin % ofGross Revenue	15%	31%
1%	21%	14% PAT Margin % of Gross Revenue	10%	23%

			iii) Segment-wise capital employed and ROCE (PBIT)
			Capital employed (Monthly Average)
165	135	98	Air Cooling and Other Appliances	133	39
506	449	551	Corporate Funds	512	490
			ROCE(PBIT) - Not Annualised
16%	36%	46%	Air Cooling and Other Appliances	97%	581%
2%	2%	2%	Corporate Funds*	6%	8%

* PBIT % of corporate funds is calculated excluding exceptional items

iv) Treasury Investment
458	4ZZ.		457 Treasury Investment	458	422

	v) Geographical Segment-wise Revenue		$(F \in \text{C} \cap \text{C} \cap F)$
	Consolidated				ConsolidatedYear Ended
	Quarter Ended
31-Mar-19 31-Mar-18 31-Dec-18 Particulars				$31-Mar-19$	31-Mar-18
No.3	No.3	(Refer Note (Refer Note (Unaudited)		(Audited)	(Audited)
			Segment Revenue
120	123	140	India	467	622
115	54	100	Rest of the world	377	176
235	177	240	Total	844	798

(C) Shareholders' Payout

			Dividend per share $\ast$ (on Face value $\ast$ 2)
		1.00	Interim Dividends	3.00	3.00
1.50	1.50		Final Dividends	1.50	1.50
			Dividend (%)
		50%	Interim Dividends	150%	150%
75%	75%		Final Dividends	75%	75%

Note:

1. The Company has acquired effectively 95% equity stake in Climate Technologies Pty Limited, Australia (CT), through a newly incorporated subsidiary company viz. Symphony AU Pty Limited, Australia. The financial results of these companies have been consolidated with the Group w.e.f. July 01, 2018. The financials of CT has following implications:

a) The inventory of CT has been revalued from ₹ 37 crores (7,231 '000 AUD) to ₹ 44 crores (8,619 '000AUD) as per Ind AS 103- Business Combinations. This has lad to reduction in PAT of CT and Consolidated PAT amounting to ₹ 7 crores for nine months ended March 31, 2019.

b) Standalone and Consolidated profitability is post accounting for ₹ 4 crores (772 '000 AUD) finance cost on Acquisition term loan amounting to ₹123 crores (25,180 '000AUD).

The summarised table of above two items is as under:

(# in Crores)

Vastimity

AHMEDABAD

InventoryRevaluation cost onAmount	FinanceAcquisitionterm loan	(Profit)	Total impact Symphony AU Consolidated PAT (postaccounting for Inventory Revaluation &reduced by) finance cost on Acgisition term loan)	Symphony AU ConsolidatedPAT(excludingInventoryfinance costlonAcquisitionterm loan)	PAT (excludingInventoryRevaluation &Revaluation & finance cost onAcquisition termloan)
$-7$	-4	$-11$	$-14$	$-3$	102

1. (a) The Company's investments of ₹ 21.50 crores in Non-Convertible Redeemable Cumulative Preference Shares of Infrastructure Leasing & Financial Services Limited (IL&FS) are redeemable between March, 2021 to October, 2022. During the year, considering the prevailing uncertainty as regards recovery of these investments, the Company has provided for the loss allowance of entire investment amount of ₹ 21.50 crores.

(b) As reported in Annual Report of F Y 2016-17, some serious irregularities were observed in certain transactions executed by erstwhile Registrar & Transfer Agent M/s. Sharepro Services India Limited (Sharepro). The Company has filed FIR against Sharepro, their employees and others in this matter which is pending before Hon'ble Metropolitan Magistrate Court, Ahmedabad.

The matter of two cases of the alleged fraudulent transfers is pending before the Hon'ble Supreme Court of India for which the Company has made a provision of # 2.55 crores towards likely compensation payable.

1. The figures for the quarter ended March 31, 2019 and March 31, 2018 are balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year.

World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries.Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India.CI Symphony Limited, Symphony House, FP-12 TP-5CIN: L32201GJ1988PLC010331 | Web: www.sympl mited.com | Phone: +91-79-66211111 | Fax: +91-79-66211139 TEUCH CLOUD Silver/ storm DIET MOOR winter SUMO JUMBO WHOOW AddeC KI COM AIR SONAIRE