Symphony Limited — Earnings Release 2023

Feb 8, 2023

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February 8, 2023

To, To, National Stock Exchange of India Limited BSE Limited Symbol – Symphony Security Code – 517385

Sub.: Media Release - Standalone and Consolidated Unaudited Financial Results for the quarter / nine months ended December 31, 2022

Dear Sir / Madam,

This is in reference to the above captioned subject line and in continuation with our today’s announcement, we are enclosing herewith media release titled “HIGHEST EVER THIRD QUARTER STANDALONE SALES”.

Kindly consider this in due Compliance of Regulation 30 and other applicable provisions, if any of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Kindly take note of the same and oblige.

Thanking you,

Yours Truly, For, Symphony Limited MAYUR Digitally signed by MAYUR CHIMANBHAI CHIMANBHAI BARVADIYA Date: 2023.02.08 BARVADIYA 14:13:35 +05'30' Mayur Barvadiya Company Secretary and Head - Legal

Encl: as above

Regd. Off.: Symphony Limited, “Symphony House”, FP-12, TP-50, Off S.G. Highway, Bodakdev, Ahmedabad -380 059, India T: +91-79-66211111, F: +91-79-66211139-40 l Email – companysecretary@symphonylimited.com I www.symphonylimited.com CIN - L32201GJ1988PLC010331

Media Release (Q3 FY23 Results)

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Financial Highlights:

HIGHEST EVER THIRD QUARTER STANDALONE SALES

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(₹ Crores)
Standalone Consolidated
Quarter Quarter Quarter Quarter
YoY YoY
Particulars ended ended ended ended
Growth Growth
December December December December
(%) (%)
2022 2021 2022 2021
Revenue from Operations 223 146 52% 277 205 35%
Gross Margin (%) 45.4% 44.0% +140 bps 43.7% 44.3% -60bps
EBITDA Margin% (Including 29.2% 25.9% +330 bps 19.8% 17.2% +260bps
Other Income)
Profit After Tax 52 29 78% 39 21 84%
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The Board of Directors at its meeting held on February 08, 2023, has approved a proposal to buy-back of shares at ₹ 2,000 per share upto 10,00,000 equity shares for an aggregate amount upto ₹200 crores (plus buyback tax and expenses in all amounting to approx. ₹250 cr.) subject to shareholders approval by way of postal ballot.

February 08, 2023 : Mr. Nrupesh Shah, Executive Director of Symphony Limited has commented:

“ Performance Highlights for December, 2022 quarter:

1. Q3 FY23 recorded the highest ever third quarter Standalone sales vis-à-vis previous historical high.

2. Robust off-season sales

• Trade sentiment quite positive and buoyant.

3. Gross Margin on YoY basis

• Standalone Gross Margin : 45.4% (+140 bps)

• Consolidated Gross Margin : 43.7% (-60 bps)

4. EBITDA Margin improved on YoY basis

• Standalone EBITDA Margin: 25.0% (+300 bps)

• Consolidated EBITDA Margin: 15.8% (+140 bps)

  • Price hike

  • Value accretive product upgradation

  • Softening of input cost

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Outlook:

1. Decent visibility of consumer sales in the domestic market.

2. Innovative value-added products, Price hike & Softening of input cost.

3. Current global economic situation has led to demand headwinds especially in Australia and USA.

4. Optimizing product innovation and cost through

• Leveraging Indian and Global operations and manufacturing facilities

• Agile supply chain opportunities

5. Committed to pursue growth with a focused sense of purpose and responsibility towards the society – cooling spaces without harming the earth.”

ABOUT SYMPONY LIMITED:

A world leader in evaporative air coolers, Symphony focuses on innovative design to create better and eco-friendly products for domestic, commercial, and industrial customers in over 60 countries across the globe. At Symphony, design-driven innovation and green engineering are sustainable competitive advantages. The Company delivers market-leading products with engineering and design innovation, improved energy conservation, distinctive styling, and customer-centric design.

Established in 1988, Symphony leverages a unique and successful asset-light business model for its residential coolers in India and in-house lean manufacturing for its industrial coolers in Mexico to achieve sustainable and profitable growth.

Headquartered in Ahmedabad, Gujarat, India, Symphony is a global company committed to develop sustainable and responsible products. The Company leads the air-cooling industry's efforts to develop breakthrough green technologies to combat climate change. A publicly traded company in India having fully operational subsidiary companies in Mexico, China, Australia, USA and Brazil offering products in over 60 countries, Symphony continuously delivers value to its stakeholders in a profitable and predictable way.

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