Symphony Limited — Annual Report 2021

Apr 27, 2021

April 27, 2021

To, BSE Limited Security Code – 517385

National Stock Exchange of India Limited Symbol – SYMPHONY

Sub.: Data Sheet for the Financial Year ended on March 31, 2021

Dear Sir,

We are enclosing herewith Data Sheet for the Financial Year ended on March 31, 2021.

Kindly take note of the same and oblige.

Thanking you,

Yours Truly, For, Symphony Limited

MAYUR C BARVADIYA

Digitally signed by MAYUR C BARVADIYA DN: cn=MAYUR C BARVADIYA c=IN o=Personal Reason: I am the author of this document Location: Date: 2021-04-27 15:14+05:30

Mayur Barvadiya Company Secretary

Encl: as above

(A) Standalone Performance Analysis

I) sales a Profitability		I) Sales & Profitability			(# in Crores)
Standalone					Standalone
	Quarter Ended				Year Ended
31-Mar-21	31-Mar-20	31-Dec-20	Particulars	$31-Mar-21$	31-Mar-20
(Refer Note No.2	(Refer Note (Unaudited) No.2		(Audited)	(Audited)
211	154		123 Sales	486	714
			1 Other Operating income		$\overline{2}$
212	154		124 Revenue from operations	488	716
37%		$-40%$	Growth % Y-O-Y	$-32%$
8	14		10 Other Income	36	47
220	168		134 Gross Revenue	524	763
31%		$-39%$	Growth % Y-O-Y	$-31%$
102	86		60 Gross Margin (Sales - Material Cost) Value	234	358
68	63		45 EBITDA (excluding exceptional Items)	152	248
67	59		44 PBT	147	240
12%		$-43%$	Growth % Y-O-Y	$-39%$
49	45		35 PAT	112	186
9%		$-40%$	Growth % Y-O-Y	$-40%$

Revenue from operations during quarter ended March, 2021 is up by 37% due to buoyancy in demand and sentiments across the models and geographies. However, for the year it is down by 32% due to substantial reduction in sales in Q1 because of nation wide lockdown and lower off take by trade during Q2 & Q3 as a spill over effect.

Mr. Achal Bakeri, Chairman and Managing Director of the Company has waived his remuneration (fixed and variable) entirely for FY 2020-21 due to Covid19 pandemic (Previous year ₹ 2.36 cr.)

Mr. Nrupesh Shah, Executive Director has drawn one third (1/3rd) lower remuneration (fixed and variable) of ₹ 1.08 cr. in FY 2020-21 v/s ₹ 1.63 cr. in FY 2019-20 on account of Covid19 pandemic impact.

The figures for the quarter ended March 31, 2021 and March 31, 2020 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.

ii) Financial ratios					(# in Crores)
	Standalone				Standalone
Quarter Ended					Year Ended
31-Mar-21	31-Mar-20	31-Dec-20	Particulars	31-Mar-21	31-Mar-20 (Audited)
(Refer Note No.2	(Refer Note) No.2	(Unaudited)		(Audited)
			Profitability ratios
48.11%	56%		49.15% Gross margin % of Sales	48.14%	50.16%
31%	36%		34% EBITDA % of Gross Revenue	29%	32%
22%	27%		26% PAT Margin % of Gross Revenue	21%	24%
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
84	67	(3)	Air Cooling and Other Appliances	50	(16)
508	530	557	Corporate Funds	505	628
			ROCE(PBIT) % - Not Annualised
75%	77%	Infinite	Air Cooling and Other Appliances	237%	Infinite
1%	2%	2%	Corporate Funds	5%	6%
16%	28%		15% Return on Networth (PAT TTM/AVG Networth)	16%	28%
			Debtors and Inventory ratios
61	31		6 Debtor Days (Debtors/TTM Sales)	61	31
37	21		31 Inventory Days (Inventory/TTM Sales)	37	21

Gross margin % of for FY 20-21 has been reduced by @ 2% due to substantial reduction in sales in Q1 which was the main season for Company's products and increase in material and freight cost in second half of the year. Fo

iii) Treasury Investment
503	408		556 a) Treasury including Cash & Cash equivalents (excluding (loans/investments in subsidiaries)	503	408
600	506		653 b) Treasury including Cash & Cash equivalents (including loans/investments in subsidiaries)	600	506
iv) Geographical Segment-wise Revenue
			Segment Revenue
174	136	118	India	431	651
38	18		Rest of the world	57	65
212	154	124	Total	488	716
			$\Box$ Downton of Doot of the world of $\Delta t$ is increased wright for such that $\Box t$ . $\Box t$	$\sim$

Revenue of Rest of the world of Q4 is increased mainly for export to subsidiaries i.e. Impco, Climate Technologies and Bonaire.

(B) Consolidated Performance Analysis

i) Sales & Profitability		i) Sales & Profitability			(# in Crores)
	Consolidated				Consolidated
	Quarter Ended			Year Ended
$31-Mar-21$	31-Mar-20	31-Dec-20	Particulars	31-Mar-21	$31-Mar-20$
(Refer Note No.2	(Refer Note No.2	(Unaudited)		(Audited)	(Audited)
337	248		216 Sales	897	1,100
2			0 Other Operating income		3
339	249		216 Revenue from operations	900	1.103
36%		$-25%$	Growth % Y-O-Y	$-18%$
6.	21		9 Other Income	31	54
345	270		225 Gross Revenue	931	1.157
28%		$-25%$	Growth % Y-O-Y	$-20%$
161	118		96 Gross Margin (Sales - Material Cost) Value	400	517
90	64		42 EBITDA (excluding exceptional Items)	170	266
82	55		34 PBT (excluding exceptional Items)	138	234
48%		$-53%$	Growth % Y-O-Y	$-41%$
$\Omega$			Exceptional Items		4
82	51		34 PBT	131	230
60%		$-53%$	Growth % Y-O-Y	$-43%$
63	40		27 PAT	107	182
58%		$-47%$	Growth % Y-O-Y	$-41%$

Consolidated sales is reduced by 18% due to lower sales in Symphony India, Impco Mexico and GSK China due to Covid19.

Consolidated PAT is down by 41% against reduction in sales by 18% as cost is increased mainly in Climate Technologies & Symphony India, lower sales volume in India and provision for doubtful debts in Impco of ₹7.2 cr. (

ii) Financial ratios					(₹ in Crores)
	Consolidated				Consolidated
	Quarter Ended 31-Mar-20 31-Dec-20 (Refer Note (Unaudited) No. 2) 47.66% 48% 22% 26% 18% 15%			Year Ended
$31-Mar-21$			Particulars	31-Mar-21	31-Mar-20
(Refer Note No.2				(Audited)	(Audited)
			Profitability ratios
			44.24% Gross margin % of Sales	44.57%	46.98%
			19% EBITDA % of Gross Revenue	18%	23%
			12% PAT Margin % of Gross Revenue	12%	16%
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
358	269	257	Air Cooling and Other Appliances	282	197
508	530	557	Corporate Funds	505	628
			ROCE(PBIT) - Not Annualised
22%	18%	11%	Air Cooling and Other Appliances	41%	104%
1%	2%	2%	Corporate Funds	5%	6%
15%	28%		11% Return on Networth	15%	28%
			(PAT TTM/AVG Networth)
			Debtors and Inventory ratios
68	40		33 Debtor Days (Debtors/TTM Sales)	68	40
48	39		45 Inventory Days (Inventory/TTM Sales)	48	39

Consolidated Gross Margin % is reduced by 2% is mainly due to increase in cost in Climate Technologies and lower sales in Q1 in India which is the main season for Company's product.

519	433		519	433
iii) Treasury Investment 574 Treasury including Cash & Cash equivalents iv) Geographical Segment-wise Revenue Segment Revenue 431 174 India 136 118 469 165 Rest of the world 98 113 900 339 216 Total 249
				651
				452
				1,103

The Board of Directors have recommended a final dividend of ₹ 4/- (200%) per equity share of ₹ 2/- each amounting to ₹ 27.98 cr. for FY 20-21. The total dividend for FY 20-21 aggregates to ₹ 5/- (250%) per equity share of ₹ 2/- each amounting to ₹ 34.98 cr. which includes one interim dividend of ₹ 1/- (50%) per equity share paid during the year.

>Outlook:

• Having a premium brand with various path breaking models for household, commercial and industrial needs and being a market leader, we are quite optimistic for a growth and performance in medium to long term period. The recovery is delayed but not derailed.

(C) Overseas subsidiaries performance

		Consolidated	(7 in Cross) Consolidated
	Ouarter Ended		Year Ended
Particulars	$31-Mar-21$	$31-Mar-20$	$31-Mar-21$	$31-Mar-20$
	(Unaudited)	(Unaudited)	(Audited)	(Audited)
Sales	122	66	336	278
Other Operating income		(0)		1
Revenue from operations	122	66	337	279
Other Income	$\Omega$			-8
Gross revenue	122	74	337	287
Gross Margin (Sales - Material Cost) Value	48	19	122	116
EBITDA	21	(1)	15	19
Depreciation			10	9
Interest-Others				$\overline{c}$
PBT from Operations	17	(5)		8
Less: Interest on Acquisition Term Loan				6
Guarantee Charges on Acquisition Term Loan
PBT	16	(7)	(6)
PAT	16	(3)		6
Cash Profit (Excluding Interest and Guarantee Charges on Acquisition Term Loan)	18	(3)		12
Cash Profit	17	(4)	(3)	5
Profitability ratios
Gross margin % of Sales	40%	29%	36%	42%
EBITDA % of Gross Revenue	17%	$-1%$	4%	6%
PBT Margin % of Gross Revenue	13.07%	$-8.86%$	$-1.68%$	0.24%

2.22%

$(7 in Cross)$

Consolidated sales for the year is up by 10% in AUD i.e. in local currency and 21% in ₹ despite Covid19 impact. However, its profitability is impacted on account of higher input costs, local purchases instead of imports, increased freight (mainly use of air-freight) and increased labour costs mainly on account of impact of Covid19.

13.17%

$-4.64%$

$0.22%$

IMPCO, Mexico

PAT Margin % of Gross Revenue

Standalone Standalone Quarter Ended Year Ended Particulars $31-Mar-21$ $31-Mar-20$ $31-Mar-21$ 31-Mar-20 (Unaudited) (Unaudited) (Audited) (Audited) Sales 25 32 74 99 Other Operating income Revenue from operations 25 32 $74$ 99 Other Income $\circ$ $\theta$ $\mathbf{1}$ $\mathbf{1}$ Gross revenue 25 32 100 75 Gross Margin (Sales - Material Cost) Value 10 10 28 30 EBITDA (excluding exceptional Items) $\vert$ 4 $\overline{7}$ 6 Depreciation $\mathbf{1}$ $\mathbf 1$ $\overline{c}$ 3 Finance costs $\circ$ $\theta$ $\mathbf{0}$ $\circ$ PBT (excluding exceptional Items) $\overline{\mathbf{3}}$ $\overline{3}$ 5 $\overline{\mathbf{3}}$ Exceptional Items (Provision for doubtful debts) $\overline{7}$ PAT 3 $\overline{\mathbf{3}}$ $\overline{2}$ $\overline{3}$ Cash Profit 3 3 $(2)$ $\overline{\mathbf{4}}$ Profitability ratios Gross margin % of Sales 38% 31% 38% 30% EBITDA (excluding exceptional items) % of Gross 16% 12% 98 6% Revenue PBT (excluding exceptional items) Margin % of 14% 9% 6% 38 Gross Revenue PAT Margin % of Gross Revenue 10% 98 $2⁸$ 38

Sales for the year is impacted due to Covid19.

Gross margin and Contribution Margin have improved due to various initiatives. The Company has provided for doubtful debts amounting to $\bar{\tau}$ 7.2 cr. during the year against the outstanding receivable from one of the large organised retailer which has applied for bankruptcy in Mexican Court and the same has been shown as exceptional item.

				(₹ in Crores)
GSK, China		Standalone
	Quarter Ended			Year Ended
Particulars	$31-Mar-21$	$31-Mar-20$	Standalone $31-Mar-21$ (Audited) 39 39 39 14 (3) (9) (9) (7) 35% $-8%$ $-22%$ $-22%$	$31-Mar-20$
	(Unaudited)	(Unaudited)		(Audited)
	10
Sales
Other Operating income	10			42
Revenue from operations
Other Income	10			42
Gross revenue				15
Gross Margin (Sales - Material Cost) Value	(1)	(2)		(3)
EBITDA
Depreciation
Finance costs	(3)	(4)		(8)
PBT	(3)	(4)		(8)
PAT	(2)	(4)		(6)
Cash Profit
Profitability ratios	28%	34%		36%
Gross margin % of Sales	$-14%$	$-50%$		$-7%$
EBITDA % of Gross Revenue	$-30%$	$-80%$		$-18%$
PBT Margin % of Gross Revenue	$-30%$	$-80%$		$-18%$
PAT Margin % of Gross Revenue

Sales for the year is impacted due to Covid19.

Gross margin and Contribution Margin have been maintained.

> Symphony Climatizadores Ltda, Brazil

The Company was incorporated as wholly owned subsidiary on June 10, 2019 essentially for export
from India and trading in Brazil. The volume during the quarter/year ended March, 2021 is negligible so figures of standalone result are not given.

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 380059, India

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CIN: L32201GJ1988PLC010331 | Web: www.symphonylimited.com | Email: corporate@symphonylimited.com |Phone: +91-79-66211111

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