Symphony Limited — Audit Report / Information 2020

May 29, 2020

May 29, 2020

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 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, 2020.

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, 2020, 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 13:00 hours (IST) and concluded at 14:35 hours (IST).

Kindly take note of the same and oblige.

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: 2020-05-29 14:39+05:30

Yours Truly, For, Symphony Limited

MAYUR C BARVADIYA

Mayur Barvadiya Company Secretary

Encl: as above.

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

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

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF OUARTERLY 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, 2020 and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2020 (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, 2020" 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 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, 2020:

• 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.

$(b)$ Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2020

With respect to the Standalone Financial Results for the quarter ended March 31, 2020, 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, 2020, 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 Standalone Financial Results for the year ended March 31, 2020

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, 2020 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, 2020 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, 2020 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, $(a)$ 2020

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2020 as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that 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 Requlation 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 $\bullet$ 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.

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 safeguards.

$(b)$ Review of the Standalone Financial Results for the quarter ended March 31, 2020

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2020 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

• On account of the COVID-19 related lockdown restrictions, management was able to perform year end physical verification of inventories, only at one location, subsequent to the year-end. Also, we were not able to physically observe the stock verification, where carried out by the management. Consequently, we have performed alternate procedures to audit the existence of inventory as per the guidance provided in SA 501 "Audit Evidence - Specific Considerations for Selected Items", which includes inspection of supporting documentation relating to purchases, sales, results of cyclical count performed by the management through the year and such other third party evidences where applicable, and have obtained sufficient appropriate audit evidence to issue our unmodified opinion on these Standalone Financial Results. Our report on the Statement is not modified in respect of this matter.
• As stated in Note 6 of the Statement, the figures for the corresponding quarter ended March 31, 2019 are the balancing figures between the annual audited figures for the year then ended and the year to date figures for the 9 months period ended December 31, 2018. We have not issued a separate limited review report on the results and figures for the guarter ended March 31, 2019. Our report on the Statement is not modified in respect of this matter.

The Statement includes the results for the Quarter ended March 31, 2020 being the $\bullet$ 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)

Varsha A. Fadte Partner (Membership No. 103999) (UDIN: 20103999AAAACN6500)

Chicalim, Goa, May 29, 2020

WORLD LEADER IN AIR COOLING

DESEWOFF

SYMPHONY LIMITED

(7 in Crores)

m

				Statement of Standalone Financial Results for the Quarter and Year Ended on March 31, 2020	Year Ended
	Quarter Ended				31-Mar-20	31-Mar-19
	31-Mar-20 31-Mar-19 31-Dec-19		Sr.	Particulars	(Audited)	(Audited)
	Refer Note (Refer Note (Unaudited)		No.
No.6	No. 6
			$\overline{1}$	Income Revenue from operations	716	524
154	138	207		a. Other income	47	33
14	10	11		b. Total Revenue	763	557
168	148	218
		15	$\overline{2}$	Expenses Cost of materials consumed a.	31	30
9	12 71	84		Purchase of stock-in-trade b.	330	220 11
69	(12)	6		Changes in inventories of finished goods, work-in- c.	(5)
(10)				progress and stock-in-trade	55	53
13	13	14		Employee benefits expense d.	٥	$\Omega$
	$\overline{0}$ $\Omega$		o	Finance costs le.	6
	2		1	Depreciation and amortisation expense	39	25
	7 4		3	Advertisement and sales promotion expense g	65	50
17		18 9		Other expenses h.	521	393
107	98	141		Total expenses Profit before exceptional items and tax (1-2)	242	164
61	50	77	3 4	Exceptional Items (Refer note no. 4)		24
	20 30	77	5	Profit before tax (3-4)	240	140
	59		6	Tax expense	56	43
	16	12	18	Current tax la.		(0)
		$\circ$		Excess provision of tax relating to previous years b.	56	43
	16	12	18	Net current tax $\overline{c}$	(2)	(4)
	(2)	(1)	$\mathbf{1}$	Deferred tax ld.	54	39
	14	11	6 19	Net tax expense (6) (Refer note no. 3)	186	101
	45	19	58 $\overline{7}$	Net Profit for the year/perlod (5-6) Other comprehensive income
			8
				Items that will not to be reclassified to profit or loss :	$\langle 0 \rangle$	(0)
	(0)	(0)	(0)	Re-measurement gains/(losses) on defined benefit plans (i)	0
	O	O		Income tax effect on above (i)
				Items that will be reclassified to profit or loss :
			2	Net fair value gain/(loss) on debt instruments (i)
		6		Income tax effect on above (ii)	$\left( 0 \right)$	(0)
	(0)	(1)	(0)	Total other comprehensive income/(loss), net of tax	n
	٦	5	$\overline{2}$	Total comprehensive income for the year/period (7+8)	186	101
	46	24	60	9	14	14
	14	14	14	Paid-up Equity Share Capital (Face Value ₹ 2/- per share) 10	635	655
				Reserves excluding Revaluation Reserve 11
				Earnings Per Share (of ₹ 2/- each)* 12	26.57	14.44
	6.48	2.76	8.31	Basic & diluted (₹)

0 represents amount less than ₹ 50 lacs

* EPS is not annualised for the quarter ended March 31, 2020, March 31, 2019 and December 31, 2019

NOTES:

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings

2. The Company has paid three interim dividends aggregating ₹ 23/- (including Special dividend ₹ 18/-) per equity share during the year. The total dividend appropriation for the year ended on March 31,2020 amounts to ₹ 193.97 crores including dividend distribution tax of ₹ 33.07

3 The Government of India, on September 20, 2019 vide the Taxation Laws (Amendment) ordinance, 2019, inserted a new Section 115BAA in the Income Tax Act, 1961, which provides an option to the Indian companies for paying tax at lower tax rate of 25.17% (inclusive of surcharge and cess as per the provisions/conditions defined in the said section. The Company has decided to exercise the option permitted surcharge and cess as per the provisions/conditions defined in the said section. Th remeasurement of deferred tax liability position as at March 31, 2019

4 (a) The Company has invested ₹ 1.55 crores as equity investment (for 100% equity stake) in wholly owned subsidiary namely. Guangdong Symphony Keruilai Air Coolers Co. Limited, China in FY 2015-16. Considering COVID-19 Pandemic, its implications in China and consequent likely impact on the financial position of the subsidiary, the Company has provided an amount of ₹1.55 crores towards diminution (imparment) In carrying cost of the investment and the same is shown as an exceptional item for the quarter and year ended March 31, 2020.

(b) Exceptional items for the quarter and year ended March 31, 2019 of ₹ 20 crores and ₹ 24 crores respectively is related to provision made for (i) impairment of investment in redeemable cumulative preference shares of infrastructure Leasing & Financial Services Limited (IL&FS) it The croces for the quarter and ₹ 21.50 crores for the year) and (ii) compensation payable (₹ 2.55 crores for the quarter and year) for the matter of two cases of the fraudulent transfers made by erstwhile Registral & Transfer Agent M/s. Sharepro Services India Private Limited

1. The outbreak of Coronavirus disease (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown d economic activity. The operations of the Company were impacted particularly in last fortnight of FY 2019-20 due to nationwide lockdown ordered by the Government of India. The management has considered the possible effects in FY 20-21 that may result from the pandemic on the Company's operations including the impact on carrying amount of receivables, inventories, assets and investments as on March 31, 2020. Based on the current indicators of future economic conditions, the management expects to recover the carrying amount of these assets in toto without any loss. However, the management will continue to closely monitor any material changes to future economic conditions

2. The figures for the quarter ended March 31, 2020 and 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, which were subjected to limited review

7. Adoption of Ind AS 116- Leases

On April 01, 2019, the Company has adopted Ind AS 116, Leases, using modified retrospective method. Accordingly, the comparatives have not been retrospectively adjusted. The effect of this adoption is insignificant on the profit for the period and earning per share.

As per recognition criteria mentioned in Ind AS-108, Operating Segments, 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 inancial 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 IB in Crossell

					Year Ended
	Quarter Ended		Sr.		31-Mar-20	31-Mar-19
31-Mar-20		31-Mar-19 31-Dec-19	No.	Particulars	(Audited)	(Audited)
No. 6)	No.6	(Refer Note (Refer Note (Unaudited)
			1	Segment Revenue	719	526
156	139	207		a Air Cooling and Other Appliances	43	30
11	8	11		b. Corporate Funds
		$\overline{0}$		c Un-allocable	763	557
168	148	218		Segment Total
				Segment Results (Profit before Interest and Taxes - PBIT) $\overline{c}$		131
51	38	66		a. Air Cooling and Other Appliances	201
	(9)	11		b. Corporate Funds	40
(1)		$\overline{0}$		c Un-allocable	(1)	140
59	30	77		Segment Total	240
$\Omega$	$\overline{0}$		$\overline{O}$	Less: Finance Costs		39
14	11	19		Less: Taxes	54	101
45	19	58		Total Profit After Tax	186
				Segment Assets		199
221	199	160		a. Air Cooling and Other Appliances	221 406	481
406	481	645		b. Corporate Funds	119	89
119	89	110		c. Un-allocable	746	769
746	769	915		Segment Total
				4 Segment Liabilities	97	100
97	100	144		a. Air Cooling and Other Appliances
				b Corporate Funds
				c. Un-allocable	97	100
	100 97	144		Segment Total
				5 Capital Employed (As at year/period end) (See Note)	124	99
124		99	16	a. Air Cooling and Other Appliances	406	481
406	481	645		b Corporate Funds	530	580
	530	580	661	Segment Total

Segment Results of Air Cooling and Other Appliances Segment have been calculated excluding investment, loans and other receivable of subsidiaries for quarter and year ended March 31, 2020. The figures for the previous period's have been regrouped/reclassified to conform to the current period's classification.

	9. Geographical Segment				Year Ended
	Quarter Ended				31-Mar-20	31-Mar-19
		31-Mar-20 31-Mar-19 31-Dec-19	Sr.	Particulars	(Audited	(Audited)
No.6)	No. 6	Refer Note (Unaudited)	No.
				Segment Revenue	651	467
136	120	178		India a.	65	57
18	18	29		Rest of the world b.	716	524
154	138	207		Revenue from operations 2 Segment Results (Profit before Interest and Taxes - PBIT)
					217	121
52	23	66		India a.	23	19
				Rest of the world b.	240	140
59	30	77		Segment Total
				Less: Finance Costs	54	39
		19 col		Less: Taxes Total Profit After Tax	186	101

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

	10. Standalone Statement of Assets & Liabilities		(₹ in Crores)
Sr. No.	Particulars	As At 31-03-20 (Audited)	As At $31 - 03 - 19$ (Audited)
A	ASSETS
$\mathbf{1}$	Non- current assets	67	63
	(a) Property, plant and equipment
	(b) Right-of-use asset
	(c) Capital work - in - Progress	3
	(d) Other intangible assets
	(e) Financial Assets
	(i) investments	98	88
	a) Investments in subsidiaries	113	186
	b) Other investments
	(ii) Loans (iii) Other financial assets	O
	(f) Other non-current assets		344
	Total - Non-current assets	285
$\overline{2}$	Current assets	41	38
	(a) Inventories
	(b) Financial assets	292	271
	(i) Other investments	60	42
	(ii) Trade receivables	2	13
	(iii) Cash and cash equivalents	4	27
	(iv) Bank balances other than (iii) above	19
	$(v)$ Loans	A
	(vi) Other financial assets	39	30
	(c) Other current assets	461	423
	Assets classified as held for sale		425
	Total - Current assets	461 746	769
	Total Assets
в	EQUITY AND LIABILITIES
1	Equity	14	14
	(a) Equity share capital	635	655
	(b) Other equity	649	669
	Total Equity
2	Non-current liabilities	A
	(a) Deferred tax liabilities (Net)	4
	Total - Non-current liabilities
3	Current liabilities (a) Financial liabilities
	(i) Trade payables
	- total outstanding dues of micro enterprises and small enterprises	38
	- total outstanding dues of creditors other than micro enterprises and small enterprises
	(ii) Lease liabilities		5
	(iii) Other financial liabilities	38
	(b) Other current liabilities		7
	(c) Provisions		3
	(d) Current tax liabilities (Net)	93
	Total - Current liabilities	97	10
	Total - Liabilities	746
	Total Equity and Liabilities

$\mathbb{L}$

0 SKON LA

	Year Ended
Particulars	31-Mar-20	31-Mar-19
	(Audited)	(Audited)
Cash flow from operating activities	186	101
Profit for the year
Adjustments For:	54	39
Income tax expenses recognised in profit or loss	6
Depreciation and amortization expenses	o
Finance costs recognised in profit or loss	(14)	(13)
Interest Income recognised in profit or loss	(8)	(10)
Dividend Income recognised in profit or loss Net (gain)/loss on disposal of instruments designated at FVTOCI		(0)
Net gain on disposal of instruments designated at FVTPL	(16)	(2)
Net gain on financial assets mandatorily measured at FVTPL	(6)	(5)
Impairment of investments	p	22
Compensation expense
Unrealised foreign exchange (gain)/loss	(1)
Allowances for credit losses on trade receivables	٦	(2)
Provisions / Liabilities no longer required written back	(1) о
Receivables / Advances written off	(0)
(Gain)/Loss on disposal of property, plant and equipment	205	137
Operating Profit Before Working Capital Changes
Movements in working capital:	(17)
(Increase)/Decrease in trade and other receivables	(3)	14
(Increase)/Decrease in inventories (Increase)/Decrease in other assets	(9)	47
Increase/(Decrease) in trade payables	(4)
Increase in other liabilities		19
Increase/(Decrease) in provisions		(4) 222
Cash Generated from Operations	174 (57)	(44)
Income taxes paid	117	178
A. Net Cash generated by Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES	(8)	(8)
Payments for property, plant and equipment, intangible assets and capital advances	2
Proceeds from disposal of property, plant and equipment	9
Interest received	9
Dividend received Net proceeds on sale of mutual funds	19
Payments to acquire financial assets	(109)	(286)
Proceeds on sale of financial assets	188	174
Investment in Subsidiary	(11)	(86)
Advances and Loans to Subsidiaries	(20) 79	(142)
B. Net Cash generated / (Used) in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES	(0)
Finance cost paid	(1)
Payments on lease liabilities	(171)	(31)
Dividend paid on equity shares	(35)
Dividend distribution tax paid	(207)	(38)
C. Net Cash used in Financing Activities	(11)
Net Decrease in Cash & Cash Equivalents (A+B+C)	13
Cash & Cash Equivalents at the beginning of the year
Cash & Cash Equivalents at the end of the year	For Symphony Limited
AIRMEDASAD 40 Place Ahmedabad	Achal Bakeri Chairman & Managing Director DIN-00397573
Date: May 29, 2020		Vimpheny
Weil in Largest manufacture of Residential, Commercial and Industrial Air Contert. Available in mine than 60 is unitries Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 580019. Indiv CIN 132203C31989PLC01D3311Web www.symphony.com/allion=1Email.com/olect.processive.com/Phone +917710020111114ac-19179-60201139

Chartered Accountants 19th Floor, Shapath V S. G. Highway Ahmedabad $-380015$ Gujarat, India

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

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF OUARTERLY 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, 2020 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2020 (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, 2020" 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 the other auditors on separate financial statements of subsidiaries referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2020:

• includes the results of the following entities; $(i)$
• Symphony Limited (Parent) i.
• ii. Symphony AU Pty Limited, Australia (Subsidiary)
• iii. Symphony Climatizadores Ltda, Brazil (Subsidiary)
• iv. Guangdong Symphony Keruilai Air Coolers Co. Limited, China (Subsidiary)
• IMPCO S. de. R.L. De. C.V., Mexico (Subsidiary) $V_{\bullet}$
• vi. Climate Technologies Pty. Ltd., Australia (Subsidiary)
• vii. Bonaire USA LLC, USA (Subsidiary)
• $(ii)$ is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 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, 2020.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2020

With respect to the Consolidated Financial Results for the quarter ended March 31, 2020, 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, 2020 of the other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2020, 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, 2020

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, 2020 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 the audit evidence obtained by the 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, 2020, 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, 2020 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 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 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.

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2020

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2020 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that 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 Consolidated 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 Consolidated 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 such controls.
• 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 Group 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 Consolidated Financial

Results 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 Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the entities within the Group to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Annual Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit oninion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated 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 Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors 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 safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2020

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2020 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 SA 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.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.

As part of our annual audit we also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Other Matters

On account of the COVID-19 related lockdown restrictions, management of Parent was able to perform year end physical verification of inventories, only at one location, subsequent to the year-end. Also, we were not able to physically observe the stock verification, where carried out by the management. Consequently, we have performed alternate procedures to audit the existence of inventory as per the guidance provided in SA 501 "Audit Evidence - Specific Considerations for Selected Items", which includes inspection of supporting documentation relating to purchases, sales, results of cyclical count performed by the management through the year and such other third party evidences where applicable. Further, in respect of one of the subsidiary company, where the physical verification of inventories was done much prior to the vear-end and duly observed by the Other Auditors, alternate audit procedures have been performed by the Other auditors, to test the existence of inventories as at the year-end.

Based on the above, we have obtained sufficient appropriate audit evidence to issue our unmodified opinion on these Consolidated Financial Results.

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

• Attention is drawn to Note 7 to the Statement which states that the consolidated figures for the corresponding quarter ended March 31, 2019, as reported in the accompanying Statement have been approved by the Parent's Board of Directors, but have not been subjected to review. Our report is not modified in respect of this matter.
• The Statement includes the results for the Quarter ended March 31, 2020 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 is not modified in respect of this matter.
• We did not audit the financial information of 5 subsidiaries included in the consolidated financial results, whose financial information reflect total assets of Rs, 464.71 crore as at March 31, 2020 and total revenues of Rs. 419.56 crore, total net profit after tax of Rs. 1.56 crore, total comprehensive income of Rs. 1.06 crore and net cash flows (net inflow) of Rs. 4.82 crore for the year ended March 31, 2020 as considered in the Statement. These financial information have been audited, by other auditors whose reports have been furnished to us, and our opinion and conclusion on the Statement, 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 auditors and the procedures performed by us as stated under Auditor's Responsibilities section above. Our report on the Statement is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

The consolidated financial results includes the unaudited financial information of a subsidiary, whose financial information reflect total assets of Rs. 1.05 crore as at March 31, 2020 and total revenues of Rs. (0.01) crore and Rs. 0.17 crore for the quarter and year ended March 31, 2020 respectively, total net loss after tax of Rs. 0.29 crore and Rs. 0.33 crore for the quarter and year ended March 31, 2020 respectively and total comprehensive loss of Rs. 0.29 crore and Rs. 0.33 crore for the quarter and year ended March 31, 2020 respectively and net cash flows (net inflow) of Rs. 0.12 crore for the year ended March 31, 2020, as considered in the Statement. These financial statements are unaudited and have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial statements are not material to the Group. Our report on the Statement is not modified in respect of the above matter with respect to our reliance on the financial information certified by the Board of the Directors.

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

Varsha A. Fadte Partner (Membership No. 103999) (UDIN: 20103999AAAACO9219)

Chicalim, Goa, May 29, 2020

SYMPHONY LIMITED

La Crores

				Statement of Consolidated Financial Results for the Quarter and Year Ended on March 31, 2020	Year Ended
	Quarter Ended				31-Mar-20	31-Mar-19
$31-Mar-20$	31-Mar-19 31-Dec-19		Sr.	Particulars	(Audited)	(Audited)
	(Refer Note (Refer Note (Unaudited)		No.
No.7	No.7
			$\mathbf{1}$	Income Revenue from operations a.	1,103	844
249	235	290		Other income b.	54	39
21	11	10 300		Total Revenue	1,157	883
270	246		$\overline{2}$	Expenses		248
71	77	94		Cost of materials consumed a.	262 328	221
73	74	65		Purchase of stock-in-trade b.	(7)	(16)
(14)	(16)	(8)		Changes in inventories of finished goods, work-in-progress C.
				and stock-in-trade	113	103
29	28	27		Employee benefits expense ld. Finance costs	11
з	з	$\frac{2}{3}$		e. Depreciation and amortisation expense f.	21	10
6	3 $6\phantom{a}$	$\overline{4}$		Advertisement and sales promotion expense g.	45	33 123
39	8 37	40		Other expenses h.	150	729
215	212	227		Total expenses	923 234	154
55	34	73	3	Profit before exceptional items and tax (1-2)		24
	20 4		4	Exceptional Items (Refer note no. 5)	230	130
51	14	73	5	Profit before tax (3-4)
			6	Tax expense Current tax a.	56	40
16	10	18		Excess provision of tax relating to previous years b.		(0)
	16 10	$\overline{0}$ 18		Net current tax c.	56	40 (1)
(5)			$\overline{4}$	Deferred tax d.	(8)	39
	11 11	22	6	Net tax expense (6)	48	91
	40	51 3	$\overline{7}$	Net Profit for the period/year (5-6)	182 182	92
	40	51 4		Attributable to: Owners of the Company		(1)
	(1) (0)		$\overline{0}$	Non Controlling Interests
			8	Other comprehensive income
				Items that will not to be reclassified to profit or loss :	(1)	(0)
	(1)		(0)	Re-measurement gains/(losses) on defined benefit plans (i)	$\Omega$	$\overline{0}$
	$\overline{0}$	C	$\Omega$	Income tax effect on above (i)
				Items that will be reclassified to profit or loss :
		6		Net fair value gain/(loss) on debt instruments (i)	$\Omega$	O
		(1)	(0)	Income tax effect on above (ii)	(0)	(0)
	(0)		$\overline{2}$	Total other comprehensive income/(loss), net of tax	(1)
	$\theta$	5	$\boldsymbol{9}$	Total comprehensive income for the year/period (7+8)	181	91
	40	8	53	Attributable to: Owners of the Company	181	92
	40	9	53	Non Controlling Interests	$\overline{0}$	(1)
	(0)	(1)	$\Omega$		14	14
	14	14	10 14	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	625	652
				Reserves excluding Revaluation Reserve 11
				Earnings Per Share (of ₹ 2/- each)* 12	25.98	13.09
	$\sim$		7.34	Basic & diluted $(3)$

100.C

0 represents amount less than ₹ 50 lacs. * EPS is not annualised for the quarter ended March 31, 2020. March 31, 2019 and December 31, 2019.

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

2. The Group has paid three interim dividends aggregating ₹ 23/- (including Special dividend ₹ 18/-) per equity share during the year. The total d vidend appropriation for the year ended on March 31,2020 amounts to ₹ 193.97 crores including dividend distribution tax of ₹ 33.07 crores.

3 Symphony AU Pty Limited Australia, a subsidiary of the Group, acquired 100% equity capital of Climate Technologies Pty Limited, Australia effective from July 01, 2018 and in accordance with the requirements of Ind AS 103- Business Combination", the Group consolidated the financial figures on provisional basis effective from the quarter ended on September 30, 2018 and for the period thereafter. The determination of the purchase price consideration of ₹ 203.26 crores (A\$ 41.408 Million) of the acquired company have been validated by an Independent agency Accordingly, the Company has accounted for the said acquisition in its books at fair values as on the date of acquisition. In pursuant to the above the figures for year ended March 31, 2019 include the figures of the business of Symphony AU Pty, Limited. Australia only for the period from July 01 2018 to March 31, 2019 Le, 9 months and hence, the figures of year ended on March 31, 2020 are not comparable with the figures of

corresponding year ended on March 31, 2019, 4. The financial results of newly incorporated wholly owned subsidiary company on June 10, 2019, "Symphony Climatizadores Ltda", Brazil was consolidated with the Group for the first time during quarter ended September 30, 2019 and hence, the figures of year ended on March 31, 2020 are not comparable with the figures of corresponding year ended on March 31, 2019

nel NHIEDASAD

1. (a) The Group has assessed the recoverable amount of Goodwill of ₹4 crores of wholly owned subsidiary namely Guangdong Symphony Keruilal Air Coolers Co, Limited, China which represent a single cash-generating unit (CGU), as at March 31, 2020, due to change in market conditions especially in China, and considering the financial position of the subsidiary. This has resulted in Impairment charges of ₹4 crores being recognised as exceptional charge for the quarter and year ended March 31, 2020.

(b) Exceptional items for the quarter and year ended March 31, 2019 of ₹ 20 crores and ₹ 24 crores respectively is related to provision made for (i) impairment of investment in redeemable cumulative preference shares of Infrastructure Leasing & Financial Services Limited (IL&FS) (₹ 17.40 crores for the quarter and ₹ 21.50 crores for the year) and (ii) compensation payable (₹ 2.55 crores for the quarter and year) for the matter of two cases of the fraudulent transfers made by erstwhile Registrar & Transfer Agent M/s. Sharepro Services India Private Limited.

1. The outbreak of Coronavirus disease (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The operations of the Group was impacted due to country to country lockdowns ordered by the Governments of respective countries, in which the respective entities of the Group operate. The management has considered the possible effects in FY 20-21 that may result from the pandemic on the Group's operations including the impact on carrying amount of receivables, inventories, assets and investments as on March 31, 2020. Based on the current indicators of future economic conditions, the management expects to recover the carrying amount of these assets in toto without any loss. However, the management will continue to closely monitor any material changes to future economic conditions.

7 The figures for the quarter ended March 31, 2020 and 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, which were subjected to limited review

On April 01, 2019, the Group has adopted Ind AS 116, Leases, using modified retrospective method. Accordingly, the comparatives have not been retrospectively adjusted. The effect of this adoption is insignificant on the profit for the period and earning per share.

As per recognition criteria mentioned in Ind AS-108, Operating Segments, 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 (₹ in Crores) Ruginess

				Year Ended
	Quarter Ended			31-Mar-20	31-Mar-19
31-Mar-20	$31-Mar-19$	31-Dec-19	Sr. Particulars	(Audited)	(Audited)
No.7	No.7	(Refer Note (Refer Note (Unaudited)	No.
			Segment Revenue	1,114	853
259	238	289	a. Air Cooling and Other Appliances	43	30
11		11	b. Corporate Funds	1,157	883
270	246	300	Segment Total
			Segment Results (Profit before Interest and Taxes - PBIT)	205	129
49	26	64	a. Air Cooling and Other Appliances	40
9	(9)	11	b. Corporate Funds	(4)
(4)			c. Un-allocable	241	137
54	17	75	Segment Total	11
3			Less: Finance Costs	48	39
11		22	Less: Taxes	182	91
40		51	Total Profit After Tax
			3 Segment Assets	658	590
658	590	619	a. Air Cooling and Other Appliances	406	481
406	481	645	b. Corporate Funds	1,064	1,071
1,064	1.071	1,264	Segment Total
			4 Segment Liabilities a. Air Cooling and Other Appliances	421	401
421	401	483	b. Corporate Funds
				421	401
421	401	483	Segment Total 5 Capital Employed (As at year/period end)*
			a. Air Cooling and Other Appliances	309	312
309	312	220	b. Corporate Funds	406	481
406	481	645	Segment Total	715	793
715	793	865	* including non-current borrowings w.e.f. previous quarter previous periods are restated.
					₹ in Crores

	10. Geographical Segment				Year Ended
	Quarter Ended				31-Mar-20	31-Mar-19
	31-Mar-20 31-Mar-19	31-Dec-19	Sr.	Particulars	(Audited)	(Audited)
No.7	No.7)	(Refer Note Refer Note (Unaudited)	No.
136 113 249 52 54 $A \cap I$	120 115 235 23 (6) 17	178 112 290 66 $\overline{9}$ 75 22 51		1 Segment Revenue a India Rest of the world b. Revenue from operations 2 Segment Results (Profit before Interest and Taxes - PBIT) India а. Rest of the world b. Segment Total Less: Finance Costs Less: Taxes Total Profit After Tax	651 452 1,103 217 24 241 11 48 182	467 377 844 121 16 137 $\overline{7}$ 39 91

NOTE

40

Secondary Segment Capital Employed :

$3¹$

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.

	11. Consolidated Statement of Assets & Liabilities	As At	(₹ in Crores) As At
Sr. No.	Particulars	$31 - 03 - 20$ (Audited)	$31 - 03 - 19$ (Audited)
$\overline{A}$	ASSETS
$\mathbf{1}$	Non- current assets	100	90
	(a) Property, plant and equipment	35
	(b) Right-of-use asset	$\overline{2}$
	(c) Capital work - in - Progress	136	143
	(d) Goodwill	47
	(e) Other intangible assets
	(f) Financial Assets
	(i) Investments	113	186
	a) Other investments
	(ii) Other financial assets		19
	(g) Deferred Tax Assets (Net)
	(h) Other non-current assets	438	457
	Total - Non-current assets
$\overline{2}$	Current assets	118	119
	(a) Inventories
	(b) Financial assets	299	272
	(i) Other investments	121	105
	(ii) Trade receivables (iii) Cash and cash equivalents	21
	(iv) Bank balances other than (iii) above
	(v) Other financial assets
	(c) Other current assets	61	612
		626
	Assets classified as held for sale	626	614
	Total - Current assets	1,064	1071
	Total Assets
$\overline{B}$	EQUITY AND LIABILITIES
1	Equity	14
	(a) Equity share capital	625	652
	(b) Other equity	639
	Equity attributable to owners of the Company
	Non-controlling interests	643
	Total - Equity
$\overline{2}$	Non-current liabilities (a) Financial liabilities
	(i) Borrowings	72
	(ii) Lease liabilities	28
	(b) Provisions
	(c) Deferred tax liabilities (Net)	116
	Total - Non-current liabilities
3	Current liabilities
	(a) Financial liabilities	102
	(i) Borrowings
	(ii) Trade payables
	- total outstanding dues of micro enterprises and small enterprises	114
	- total outstanding dues of creditors other than micro enterprises and small enterprises
	(iii) Lease liabilities
	(iv) Other financial liabilities	55
	(b) Other current liabilities	12
	(c) Provisions
	d) Current tax liabilities (Net) Total - Current liabilities	305
		421
	Total - Liabilities	1,064	1,071

Qu.

SE AMERICA

12. Consolidated Statement of Cash Flows
	Year Ended 31-Mar-20	31-Mar-19
Particulars	(Audited)	(Audited)
Cash flow from operating activities	182	92
Profit for the year
Adjustments For:	49	39
Income tax expenses recognised in profit or loss Depreciation and amortization expenses	21	10
Finance costs recognised in profit or loss	11
Mark to Market Loss	(14)	(13)
Interest Income recognised in profit or loss	(8)	(10)
Dividend Income recognised in profit or loss		(0)
Net (gain)/loss on disposal of instruments designated at FVTOCI	(16)	(2)
Net gain on disposal of instruments designated at FVTPL	(6)	(5)
Net gain on financial assets mandatorily measured at FVTPL		21
Impairment of Goodwill Impairment of investments		3
Compensation expense		(3)
Adjustment on Foreign Currency Translation	(3)
Unrealised foreign exchange (gain)/loss		(0)
Allowances for credit losses on trade receivables	(1)	(4)
Provisions / Liabilities no longer required written back	$\Omega$
Receivables / Advances written off	(1)	(1)
Gain on disposal of property, plant and equipment Operating Profit Before Working Capital Changes	229	134
Movements in working capital:	(15)	16
(Increase)/Decrease in trade and other receivables
Decrease in inventories		19
Decrease in other assets	(12)	(1)
(Decrease) in trade payables		18
Increase in other liabilities		(8)
Increase/(Decrease) in provisions	214	183
Cash Generated from Operations Income taxes paid	(57) 157	(44) 139
A. Net Cash generated by Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES	(20)	(12)
Payments for property, plant and equipment, intangible assets and capital advances
Proceeds from disposal of property, plant and equipment	10
Interest received		$\overline{9}$
Dividend received		13
Net proceeds on sale of mutual funds Payments to acquire financial assets	(109)	(286) 174
Proceeds on sale of financial assets	188 (16)	(193)
Net payment for the acquisition of Subsidiaries		(250) 78
B. Net Cash generated / (Used) in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES	(171)	(31)
Dividend paid on equity shares	(35)
Dividend distribution tax paid		(9)
Payments on lease liabilities	(14)	162
Proceeds from/ (Repayment of) borrowings	(11)	118
Finance Cost paid C. Net Cash generated (Used) in Financing Activities	(240)
		(5)
Net Increase / (Decrease) in Cash & Cash Equivalents (A+B+C) Cash & Cash Equivalents at the beginning of the year		26
Cash & Cash Equivalents at the end of the year		21
đ٦ Place ; Ahmedabad	For Symphony Limited ANNEDABAD Achal Bakeri DIN-00397573	Chairman & Managing Directo
Date: May 29, 2020		Sympheny
world's Largest manufacture of Fesidential. Commercial and industrial Air Coolers, Available in mare than 60 choosites
Symphony Limited, fymphony House, FP-17 TP-50, Booakdry, Off TG Righway, Ahmedebad 380059, India CIALL12201GJ1988PLC010331 Web. www.symphonylimited.com Email: conjointed symphonylimited.com Phone 191-79-66211111 Fax: +91-79-66211112

' ieee ita Standalone Standalone Year Ended 31-Mar-20 31-Mar-19 Quarter Ended Particulars 3isMar-20 31-Mar-19 31-Dec-19 (Audited) (Audited) (Unaudited) (Refer Note (Refer Note No.2) S22) No.2) 714 206 Sales 137 2 154 ljother Operating income a 0 524 716 from operations 207 Revenue 138 154 37% Growth % Y-O-Y¥ - 30%], 47 12% Income 1ijother 10 557 14 763 218 Gross Revenue 148 37% 168 : Bes Growth % ¥-0-¥ 29% [eae 13% 261 358 101)Gross Margin(Sales - Material Cost) Value 66 86 168 248 (Excluding Exceptional Items} JO EBITDA 51 63 164 242 Items) (Excluding Exceptional q1 ppr 50 61 aT Growth % Y-O-¥ i 35% 21% 2 Items - Exceptional 20 2 240 77/PBT 30 aE) 72% Growth % Y-O-¥ z 35% 95% 186 58] PAT 19 45) 84% Growth % ¥-0-¥ 36% e 136% 190 60 Cash Profit 36 46 due 2019 March, a vis vis 37% up by is 2020 ended March, the year during overwhelming response to new models and positive trade sentiments despite negative impact of COVID-19 in from operations > Revenue last fortnight of the year. between figures balancing are 2019 31, and March 2020 31, ended March quarter the third quarter of the for figures >» The to date figures upto financial year and year tha full audited figures in respect of the relevant financial year. related is 2020 31, March ended year and quarter the for crores 1.55 of & Item >» Exceptional China. Investment in GSK, impairment of	Standalone (A)	: Data Sheet Performance Analysis	Quarter and year ended on March 31,	{% in Crores)
	i) Sales

Financial				(% tandalone 5	in Crores)
	Standalone Quarter Ended			Year Ended Si-Mar-20 31-Mar-19
(Refer Note	3i-Mar-20 31-Mar-19 31-Dec-19 (Refer Note	(Unaudited)	Particulars	(fodi ted)	(Audited)
No.2)	No.2)		Profitability ratios		50%
56%	48%		Sales 49% Grogss margin * of Revenue of Gross 363/EBITDA %	503 32%	26%
363	21%		of Gross Revenue 35% PBT Margin %	31%	25%
35%	20%		of Gross Revenue %	24%
27%	133		27% PAT Margin
			{Menthly Average) Capital employed Air Cooling and Other Appliances	(16)
67 530	63 506	(56) 701	Punds Corporate	628
			% - Not Annualised ROCE(PBIT)	Infinite
71% 2%	62% -2%	Infinite 2%	Air Cooling and Other Appliances Funds Corporate	6%	18% 45 pity 292% 24
28%	16%		22% Return on Networth	288	16%
			(PAT TTM/AVG Networth)
	30		Debtors and Inventory ratios {Debtors/TTM Sales) 11 Debtor Days	31
ai Za	26		Sales) (Inventory/TT™ Days 17 Inventory March, 48% in	ail quarter 2019	26 49% and

iii)		Teéasury Investment:	ees ate texcluding	406	491
	406)	481	Treasury Investment 645]a) in subsidiaries) investments		569
	503	569	(including Treasury Investment 744)b) in subsidiaries) investments	503

503	569	744)b)	(including Treasury Investment in subsidiaries) investments	503	569
iv) Geographical Segment
136 18 154	120 18 138	178 29 207	India Rest of the world Total	651 65 716	467 Da 524

(B) Consolidated Performance Analysis

Consolidated Performance Analysis in Crores) (% profitability _ & Sales Consolidated Consolidated Year Endad 31-Mar-20 31-Mar-19 Quarter Ended Particulars 31-Mar-19 31-Dec-19 Jicwar-20] (Audi ted) (Audited) (Refer Note (Unaudited) No.2) No.2) 842 4,100 289 Sales 234 248 3 llother Operating income 1 1 1,103 from operations 290 Revenue 235 249 31% Growth % ¥-O0-¥ 21% 6% 54 Income 10}other en 2a LST, Revenue 300 Gross 246 270 31% Growth % Y-O-¥ 19% 10% my - Material Cost) Value 136 cross Margin(Sales 99 118 266 (Excluding Exceptional Items) 78 EBITDA 40 64 234 Items) (Excluding Exceptional 73)ppr 34 55 52% Growth * Y-O-¥ 44% 62% 4 Items - Exceptional 20 4 230 73/PBT 14 ol 17% Growth % Y-O-¥ 44% 264% 182 SL) PAT 3 40 99% Growth % Y-O-¥ 39% 1216% 188 56 Cash Profit 24 42 figures consolidated the includes 2019 ended March 31, year for figures consolidated Group's i.e. 2019 31, March to 2018 01, July from period the for only Australia Limited., Pty. AU figures the with comparable not are 2020 31, March on ended year of figures the hence, and 2019. corresponding year ended on March 31, related 2020 is 31, March ended year and quarter the for crores 4 of ®% Items Exceptional China. impairmant of Goodwill of GSK,
	(B)
	(Refer Note
					844
7 F	> The Symphony months >» ii)	Financial "ratios	:	Bet	2 39 883 389 171 154 24 130 on V2 of of to

	20		Items - Exceptional	4	24
4
ol	14	73/PBT		230	130
264%		44%	Growth % Y-O-¥	17%
				182	on
40	3	SL) PAT		99%
1216%		39%	Growth % Y-O-¥
42	24		56 Cash Profit	188 figures	V2 of
and months Exceptional >»	figures the hence, corresponding year ended on March 31, ®% of Items impairmant of Goodwill of GSK,	year of crores 4 China.	comparable not are 2020 March 31, on ended 2019. March ended year and quarter the for	related is 2020 31,	to
ii)	Financial "ratios :		Bet 7 F
			48% Gross margin % of Sales	47%	AGE
48%	42%		Revenue of Gross 26%)EBITDA %	23%	17%
22%	8%
15%	1s		Revenue Gross of 17%]PAT Margin %	16%	10%
			and ROCE employed Segment-wise capital
			(Monthly Average) Capital employed
269	292	168	Air Cooling and Other Appliances	197	226
530	506	FOL	Funds Corporate	628	512
			~ Not Annualised ROCE(PBIT) Air Cooling and Other Appliances	104%	57%
18%	9%	3B%	Funds Corporate	6%	23
2%	-2%	23
28%	14%		20%]Return on Networth (PAT TTM/AVG Networth)	28%	14%
					45
40	45		(Debtors/TIM Sales) Days 27 Debtor	40
			{Inventory/TIM Sales) 35 /Inventory Days	39	52
39 Treasury iii)	52 Investment	_

Treasury	Investment _	e54jrreasury Investment	4i2 f\
412	482

iv) Geographical Segment-wise Revenue					(5 in Crores)
	Consolidated			Consolidated Year Ended
	Quarter Ended			$31-Mar-20$	$31$ -Mar-19
$31-Mar-20$	$31-Mar-19$		31-Dec-19 Particulars	(Audited)	(Audited)
(Refer Note) No.2)	(Refer Note) No. 2)	(Unaudited)
136 113 249	120 115 235	178 112 290	Segment Revenue India Rest of the world Total	651 452 1,103	467 377 844

1.50 MET	Dividend per share $\bar{\tau}$ (on Face value $\bar{\tau}$ 2) Special Dividend 18.00 Interim Dividend 2.00 Final Dividend	18,00 5.00	3.00 1.50
75%	(8) Dividend Special Dividend 900% Interim Dividend 100% Final Dividend	900% 250%	150% 75%

CONTRACTOR

(C) Overseas subsidiaries performance

performance subsidiaries Overseas (C)
IMPCO-Mexico	(%	Crores) in
	Standalone
Particulars	zeae Ended 31-Mar-20	31-Mar-19
	{Audited)	(Audited)
Sales	99 re	88 S
income Operating Other	99	88
operations from Revenue	&	4
Income Other Gross revenue	100	92
Cost) Value Material — Margin(Sales Gross	30	30
	6	8
	3)	1
		0
costs	0
	3
	3
	4
Fitabili :
Sales of % margin	30%
Revenue Gross of %	6%
EBITDA Depreciation Finance PBT
PAT Cash Profit
Revenue Gross % of Margin	3% 3%
Revenue Gross of Margin %
up by is 2020 ended March the year for > Sales March ended year the during profit However the increased material raw Cost of 3 Cr. to % Cr. which Dollar US Peso to of Mexican devaluation	Cr. #99 13% to reduced 2020 is substantial to due the profit. impacted	% 88 v/s & from
Gross EBITDA PBT PAT		7 a 8 34% 8% 7% 7% Cr. 7 currency Crores) in {2
GSK-China		Standalone
		Year Ended
	31-Mar-20	31-Mar-19
Particulars	{Audited)	(Audited)

up by is 2020 ended March the year for > Sales March ended year the during profit the However increased material raw of Cost Cr. % 3 to Cr. which Dollar to US Peso of Mexican devaluation	Cr. #99 to 13% reduced is 2020 substantial due to the profit. impacted {2	88 Cr. % v/s 7 from & currency Crores) in
GSK-China	Standalone
	Year Ended
	31-Mar-20	31-Mar-19
Particulars	{Audited)	(Audited)
	42	56
Sales income Operating	=	=
Other operations from Revenue	42	56
Income Other	0	2;
Gross revenue	42	58
Cost) Value Material - Margin(Sales Gross	15	20
EBITDA	(3)	1
Depreciation	3	2
costs Finance	2	1
PBT	(8)	(2)
PAT	(8) (6)	(2) 0
Cash Profit Fitabili fi
	36%	36%
Sales of margin % Gross	She	2%
Revenue Gross of % EBITDA	-18%	-3%
Revenue Gross of % PBT Margin	-18%	-3%
Revenue Gross of % Margin PAT

^>Sales for the year ended March 2020 is down by 25% to 42 Cr. v/s % ⁵⁶ Cr. due to US-China trade war and effect of COVID-19 related issues in last quarter. The loss during the year ended March 2020 is increased from 2 25Gr.. to. € 18) Cr.

Technologies ,Australia	Bonaire, +	USA
Climate AU + Symphony	(%	Crores) in
	Consolidated Year Ended Nine Months
Particulars		Ended
	31-Mar-20 (Audited)	31-Mar-19 {Audited)
Sales	278	206
income Operating Other	J; 279	0 206
operations from Revenue Income Other	8	0
Gross revenue	287	206
Cost) Value Material - Margin(Sales Gross	116	TT
EBITDA	19 9	(6) 3
Depreciation Term Loan Acquisition Interest on	6
Loan Capital Working Interest on	1
Interest-Other	1
PBT from Operations	8	(9)
Loan Term Acquisition on Charges Guarantee Less: Loan Term	1 6	5
Acquisition Interest on Less: PBT	a	(15)
PAT (Excluding Interest and Guarantee Charges on Acquisition	13	(9)
Term Loan)
PAT	6 12	(14) (4)
Cash Profit (Excluding Interest and Guarantee Charges on Acquisition Term Loan) Cash Profit	5	(9)
Profitabili
Sales % of margin Gross	42% 6%	37% -3%
Revenue Gross of EBITDA % Revenue Gross % of Margin PBT	0% 2%	-71% -7%8

^>Sales for FY 2019-20 is * 278 Cr. (Previous year nine months ended March, 2019 % 206 Cr.) and Profit for FY 2019-20 is % 6 Cr. (Previous year nine months ended March, 2019 loss of @ 14 Cr.}. PAT of 26 Cx. (of FY 19- ²⁰is after accounting for interest on acquisition loan of % 6 Cr.

• The figures of FY 2018-19 include the consolidated figures of Symphony AU Pty. Limited., Australia only for the period from July 01, 2018 to March 31, 2019 i.e. 9 months and hence, the figures of FY 2019-20 are not comparable with the figures of FY 2018-19.

>» 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 period ended March, 2020 is negligible so figures of standalone result are not given.

Dutlook:

A. Symphony Standalone:

The demand has taken a hit in Q1 of FY 2020-21 due to nationwide lock down due to COVID-19 pandemic. There are uncertainties about the performance in FY 2020-21. However, Company is quite confident and optimistic of its medium to long term prospects due to following factors :

• 1. Path Breaking Models
• 1. Continuous Innovation
• 1. Continuous Value Engineering
• 1. Market leader in Dealer and Distribution Network,
• 1. Variety of Initiatives related to sales and marketing distribution.

B. Overseas Subsidiaries:

The pandemic of COVID-19 has not materially impacted the business of subsidiaries companies particularly Climate Technologies, Australia and IMPCO, Mexico in April to June 2021 quarter so far. However, we are closely monitoring and tracking the situation and development.

Sympheny

World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 80 countries.
Symphony Limited, Symphony House, FP-12 TP-50, Bodakder, Off SG Highway, Ahmedabad 380059. India.
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