April 27, 2021

To, BSE Limited Security Code - 517385

National Stock Exchange of India Limited Symbol – SYMPHONY

Sub: Outcome of Board Meeting

Dear 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, 2021.
1. Recommended final dividend of Rs. 4/- (200%) per equity share having face value of Rs. 2/- each for the financial year 2020-21.
1. Re-appointment of Mr. Nrupesh Shah as an Executive Director for a further period of five years w.e.f. November 1, 2021. A brief profile of Mr. Shah is enclosed.

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 financial year ended March 31, 2021, 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 10:40 A.M. (IST) and concluded at 2:30 P.M. (IST).

Kindly take note of the same and oblige.

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 14:48+05:30

Mayur Barvadiya Company Secretary

Encl: as above.

Email: [email protected]

Brief profile of Mr. Nrupesh Shah

Mr. Nrupesh Shah is B.com, FCA and CS.

Mr. Nrupesh Shah heads the company's Corporate Affairs functions. He is responsible for corporate affairs, growth, performance, strategies, merger & acquisitions, finance, M.I.S., secretarial, legal, treasury etc. He has been with the Company since 1993. He played a key role in turnaround of the Company and putting on growth trajectory.

Chartered Accountants 19* Floor, Shapath - V S G Highway Ahmedabad - 380 015 Gujarat, India

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INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2021 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial Results for the Quarter and Year Ended March 31, 2021" of SYMPHONY LIMITED ("the Company"), ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2021:

i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the 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 then ended.

Conclusion on Unaudited Standalone Financial Results for the quarter $(b)$ ended March 31, 2021

With respect to the Standalone Financial Results for the quarter ended March 31, 2021, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Chartered Accountants 19* Floor, Shapath - V S G Highway Ahmedabad - 380 015 Gujarat, India

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Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2021 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

Audit of the Standalone Financial Results for the year ended March 31, $(a)$ 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2021 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that

Chartered Accountants 19" Floor, Shapath - V S G Highway Ahmedabad - 380 015 Gujarat, India

Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

includes our opinion. Reasonable assurance is a high level of assurance, but is not a quarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
. Obtain an understanding of internal control relevant to the audit 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.
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
. Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
. Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
. Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
. Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Standalone Financial Results.

Chartered Accountants 19n Floor, Shapath - V S G Highway Ahmedabad - 380 015 Gujarat, India

Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safequards.

$(b)$ Review of the Standalone Financial Results for the quarter ended March 31, 2021

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2021 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with SAs specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Other Matters

ä The Statement includes the results for the Quarter ended March 31, 2021 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.

Our report on the Statement is not modified in respect of this matter.

For Deloitte Haskins & Sells Chartered Accountants (Firm's Registration No. 117365W)

Kartikeya Kaval

Kartikeya Raval (Partner) Membership No. 106189) (UDIN:21106189AAAADN4078)

WORLD LEADER IN AIR COOLING

SYMPHONY LIMITED

		Statement of Standalone Financial Results for the Quarter and Year Ended on March 31, 2021	Year Ended
ded31-Mar-21 31-Ma$\begin{array}{ c c c c }\n\hline\n\text{0} & \text{31-Dec-20} & \text{Sr.} \ \hline\n\text{0} & \text{(Unaudited)} & \text{No.}\n\end{array}$ Particulars

			(Audited) (Audi

(t in Crores) С.

$r - 20$

$\frac{1}{2}$ or $\frac{1}{2}$

$31$ -Mar-21(Refer NoteNo.6	21-Mai-Th(Refer NoteNo.6	$21 - 100 - 20$(Unaudited)	No.	Particulars	(Audited)	(Audited)
			1	Income	488	716
212	154	124		Revenue from operationsa.	36	47
$\mathbf{8}$	14	10		Other incomeb.	524	763
220	168	134		Total Revenue
			$\overline{\mathbf{2}}$	ExpensesCost of materials consumed		31
(0)	9	(0)70		a.Purchase of stock-in-tradeb.	258	330
122	69(10)	(7)		Changes in inventories of finished goods, work-in-progressC.	(10)	(5)
(13)				and stock-in-trade
12	13	13		Employee benefits expensed.	51	55$\mathbf 0$
$\bf{0}$	0	$\mathbf{0}$		Finance costse.	0	6
				Depreciation and amortisation expensef.	22	39
14	$\frac{2}{7}$			Advertisement and sales promotion expenseg.	47	65
17	17	12		Other expensesh	377	521
153	107	90		Total expenses	147	242
67	61	44	3	Profit before exceptional items and tax (1-2)Exceptional Items (Refer note no. 4)		$\overline{2}$
	2		4	Profit before tax (3-4)	147	240
67	59	44	56	Tax expense
		9		Current taxa.	35	56
18	16	(1)		Excess provision of tax relating to previous yearsb.	(1)	SING
	16		8	Net current taxC.	34	56(2)
18	(2)			Deferred taxd.		54
(0)18	14		69	Net tax expense (6)	35	186
49	45	35	7	Net Profit for the year/period (5-6)	112
			8	Other comprehensive income
				Items that will not to be reclassified to profit or loss :
				Re-measurement gains/(losses) on defined benefit plans(i)		(0)
	(0)	(0)		Income tax effect on above	(0)
(0)		O	0	(n)Items that will be reclassified to profit or loss :
					5
(2)			6	Net fair value gain/(loss) on debt instruments$\left( i\right)$	(1)	(0)
	$\mathbf{0}$(0)		(1)	Income tax effect on above(n)
			5	Total other comprehensive income/(loss), net of tax	$\mathbf{5}$
(1)		46	940	Total comprehensive income for the year/period (7+8)	117	18
	48		1014	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	1.
	14	14	11	Reserves excluding Revaluation Reserve	747	63
			12	Earnings Per Share (of ₹ 2/- each)*
				Basic & diluted (₹)	16.06	26.5
7.09	6.48	4.92

0 represents amount less than ₹ 50 lacs.

Quarter Ended

* EPS is not annualised for the quarter ended March 31, 2021, March 31, 2020 and December 31, 2020.

NOTES:

The above financial results have been reviewed by the Audit Committee in its meeting held on April 26, 2021 and approved by the Board of Directors in their meeting held on April 27, 2021.
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 or. which includes one interim dividend of ₹ 1/- (50%) per equity share paid during the year. The final dividend is subject to approval by shareholders at the ensuing Annual General Meeting of the Company.
The Company has considered the possible effects that may result from Covid19 in the preparation of these financial results including the recoverability of Apmic conditions carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the because of Covid19, the Company has, at the date of approval of the financial results, used internal and external sources of information and experience of Covid19, the Company has, at the date of approval of the financial ects that the e date of approval of the same.
The Gompany has provided an amount of ₹1.55 crores towards diminution (impairment) in carrying cost of the equity investment (for 100% equity stake) acquired during the year 2015-16) in wholly owned subsidiary namely, Guangdong Symphony Keruilai Air Coolers Co. Limited, China and the same is shown as an exceptional item for the quarter and year ended March 31, 2020.
The Code on Wages, 2019 and Code on Social Security, 2020 (the "Codes") relating to employee compensation and post-employment benefits that received Presidential assent have not been notified. Further, the related rules for quantifying the financial impact have not been notified. The Company will assess the impact of the Codes when the rules are notified and will record any related impact in the periods the Codes becomes effective.
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, which were subjected to limited review.

7. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segments, the Company has identified Air Cooling and Other Appliances Business as operating segment. 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	(7 in Crores)
31-Mar-21	31-Mar-20	31-Dec-20	Sr.		31-Mar-21	31-Mar-20
(Refer Note)No.6	(Refer Note)No.6	(Unaudited)	No.	Particulars	(Audited)	(Audited)
			1	Segment Revenue
215	156	124		a. Air Cooling and Other Appliances	495	719
	11			b. Corporate Funds	27	43
٥				c. Un-allocable
220	168	134		Segment Total	524	763
			2	Segment Results (Profit before Interest and Taxes - PBIT)
63	51	34		a. Air Cooling and Other Appliances	119	201
4	9			b. Corporate Funds.	26	40
٥	(1)			c. Un-allocable	2	(1)
67	59	44		Segment Total	147	240
o	Đ	Ű		Less: Finance Costs	o	۵I
18	14	9		Less: Taxes	35	54
49	45	35		Total Profit After Tax	112	186
			3.	Segment Assets
258	221	182		a. Air Cooling and Other Appliances	258	221
481	406	537		b. Corporate Funds	481	406
143	119	143		c. Un-allocable	143	119
882	746	862		Segment Total	882	746
			ă.	Segment Liabilities
121	97	142		a. Air Cooling and Other Appliances	121	97
				b. Corporate Funds
				c. Un-allocable
121	97	142		Segment Total	121	97
			5	Capital Employed (As at year/period end)
137	124	40		a. Air Cooling and Other Appliances	137	124
481	406	537		b. Corporate Funds	481	406
143	119	143		c. Un-allocable	143	119
761	649	720		Segment Total	761	649
8. Geographical Segment						(# in Crores)
	Quarter Ended				Year Ended
31-Mar-21	31-Mar-20	31-Dec-20	Sr.		31-Mar-21	31-Mar-20

Quarter Ended					Year Ended
31-Mar-21	31-Mar-20	31-Dec-20	Sr.	Particulars	31-Mar-21	31-Mar-20
(Refer Note)No.6)	(Refer NoteNo.6	Unaudited)	No.		(Audited)	(Audited)
				Segment Revenue
174	136	118		Indiaa.	431	651
38	18			Rest of the worldь.	57	65
212	154	124		Revenue from operations	488	716
			2	Segment Results (Profit before Interest and Taxes - PBIT)
65	52	43		India夜.	131	217
12				Rest of the worldь.	16	23
67	59	44		Segment Total	147	240
				Less: Finance Costs
18 1	14			Less: Taxes	35	54
49	45	35		Total Profit After Tax	112	186

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:

			(₹ in Crores)
Sr. No.	Particulars	As At	As At
		31-03-21	31-03-20
А	ASSETS	(Audited)	(Audited)
٠	Non- current assets
	(a) Property, plant and equipment	70	67
	(b) Right-of-use asset
	(c) Capital work - in - Progress	0
	(d) Other intangible assets	$\overline{z}$
	(e) Intangible assets under development
	(f) Financial Assets
	(i) investments
	a) Investments in subsidiaries
	b) Other investments	98	98
	(ii) Loans	159	113
	(iii) Other financial assets	44
	(g) Other non-current assets	0
	Total - Non-current assets
2	Current assets	377	285
	(a) inventories
	(b) Financial assets	49	41
	(i) Other investments
	(8) Trade receivables	322	292
	(iii) Cash and Bank Balances	81	60
	(iv) Bank balances other than (iii) above	21
	(v) Loans
	(vi) Other financial assets		19
	(c) Current tax assets (Net)
	(d) Other Current Assets
	Total - Current assets	25	39
	Total Assets	505	481
	EQUITY AND LIABILITIES	882	746
1	Equity
	(a) Equity Share Capital
в	(b) Other Equity	14	14
	Total - Equity	747	635
	Non-Current Liabilities	761	649
	(a) Deferred Tax Liabilities (Net)
	Total - Non-current liabilities.	6
з	Current Liabilities	6
	(a) Financial liabilities
	(i) Trade payables
	- Due to Micro and Small Enterprises
$\boldsymbol{z}$	- Due to Others	2
	(ii) Lease liabilities.	46)	38
	(iii) Other financial liabilities		$\frac{1}{2}$
	(b) Other Current Liabilities
	(c) Provisions	54
	(d) Current tax liabilities (Net)	5	$rac{5}{38}$
	Total - Current liabilities	3	$\frac{1}{2}$
	Total - Liabilities	115	93
	Total Equity and Liabilities	121	ST
		882	746

rel

Particulars31-Mar-21(Audited)Cash flow from operating activitiesProfit for the year112Adjustments For:Income tax expenses recognised in profit or lossDepreciation and Amortization ExpensesFinance costs recognised in profit or lossInterest Income recognised in profit or loss(10)Dividend Income recognised in profit or lossNet (gain)/loss on disposal of instruments designated at FVTOCI	(? in Crores)Year Ended31-Mar-20(Audited)1863554650o(14)(8)(0)2(9)(16)(9)(6)











Net gain on disposal of instruments designated at FVTPL
Net gain on financial assets mandatorily measured at FVTPL
Loss on disposal of instruments measured at amortised cost	o
Impairment of investments	2
Unrealised foreign exchange (gain)/loss	(1)(0)
Allowances for credit losses on trade receivables
Provisions / Liabilities no longer required written back	(4)(1)
Receivables / Advances written off	oō
(Gain)/Loss on disposal of property, plant and equipment	(0)α
Operating Profit Before Working Capital Changes121	205
Movements in working capital:
(Increase) in trade and other receivables.(21)	(17)
(Increase) in inventories.	(3)(3)
(Increase)/Decrease in other assets	15(9)
Increase/(Decrease) in trade payablesIncrease in other liabilities	12(4)
Increase/(Decrease) in provisions	17
Cash Generated from Operations	(1)
135Income taxes paid	174
(34)A. Net Cash generated by Operating Activities	(57)
101CASH FLOW FROM INVESTING ACTIVITIES	117
Payments for property, plant and equipment, intangible assets, capital advances and creditors
(8)Proceeds from disposal of property, plant and equipment	(8)02
Interest Received	9
Dividend Received	ğ
Net (payments to)/proceeds from mutual funds(78)	19
Payments to acquire financial assets(69)	(109)
Proceeds on sale of financial assets97	188
Investment in Subsidiary	(11)
Loan given to Subsidiaries(43)	(20)
Loan received back from Subsidiaries	19
B. Net Cash (Used) / generated from Investing Activities(73)	79
CASH FLOW FROM FINANCING ACTIVITIES
Finance Cost paid(0)	(0)
Payments on lease labilities(0)Dividend paid on equity shares	(1)
(8)Dividend Distribution Tax Paid	(171)
C. Net Cash used in Financing Activities	(35)
(8)	(207)
Net Increase in Cash & Cash Equivalents (A+B+C)	20(11)
Cash & Cash Equivalents at the beginning of the year	13
Cash & Cash Equivalents at the end of the year	22
For Symphony LimitedQ,ww.naeabAdhal BakeriźPlace : AhmedabadDate: April 27, 2021DIN-00397573	Chairman & Managing Director

Sympheny
World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries
Symphony Limited, Syntheny House, 49-12 79-50. Bodakder, Off SG Highway, Animatiabad 380059, India.
CIN: L32201GJ1989PLC0103311Web: www.tymphonylimited.com Email: corporatedrumphonylimited.com Phone: v91.79.66211111. Fax: v91.79.66211111
WOODLE EYP TOUCH CLOUD LEVEL DIET HOOL WINTER SUMB JUMBER WHERE AND CITIE MERE CALL TO FOR ANY RISONAIRE

Chartered Accountants 19th Floor, Shapath - V 5 G Highway Ahmedabad - 380 015 Guiarat, India

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INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2021 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2021 of Symphony Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), ("the Statement), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

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 audit reports of other auditors on separate financial statements / financial information of the subsidiaries referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2021:

i. includes the results of the following entities:
- ì. Symphony Limited (Parent)
- Symphony AU Pty Limited, Australia (Subsidiary) ii.
- Symphony Climatizadores Ltda, Brazil (Subsidiary) iii.
- Guangdong Symphony Keruilai Air Coolers Co. Limited, China (Subsidiary) iv.
- IMPCO S. de. R.L. De. C.V., Mexico (Subsidiary) v.
- vi. Climate Technologies Pty. Ltd., Australia (Subsidiary)
- vii. Bonaire USA LLC, USA (Subsidiary)
ii. is presented in accordance with the requirements of Requlation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015, as amended; and
iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the year ended March 31, 2021.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2021

With respect to the Consolidated Financial Results for the quarter ended March 31, 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below and based on the consideration of the audit reports for the year ended on March 31, 2021 of the other auditors referred to in Other Matters

Chartered Accountants 19" Floor, Shapath - V S G Highway Ahmedabad - 380 015 Gujarat, India

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section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of

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Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.