Symphony Limited — Earnings Release 2024

Jan 30, 2024

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January 30, 2024

To, National Stock Exchange of India Limited Symbol – Symphony

To, BSE Limited Security Code – 517385

Sub.: Media Release

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 “Media Release - 9M & Q3FY24 Results”.

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 C. Digitally signed by MAYUR C. BARVADIYA BARVADIYA Date: 2024.01.30 13:21:50 +05'30'

Mayur Barvadiya Company Secretary and Head - Legal

Encl: as above

Registered Office: Symphony Limited, “Symphony House”, Third Floor, 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

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Media Release (9M & Q3FY24 Results)

Financial Highlights:

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(₹ Crores)
Consolidated Consolidated
Nine Months Nine Months Quarter Quarter
YoY YoY
Particulars ended ended ended ended
Growth Growth
December December December December
(%) (%)
2023 2022 2023 2022
Revenue from Operations 824 880 -6% 247 277 -11%
Gross Margin (%) 47.9% 44.7% +320 bps 47.5% 43.7% +380 bps
EBITDA Margin % 13.5% 13.1% +40 bps 17.6% 15.7% +190 bps
(Excluding Other Income
and Foreign Exchange Loss)
Profit After Tax 100 100 +0.3% 41 39 +6%
(₹ Crores)₹ Crores))
Standalone Standalone
Nine Months Nine Months Quarter Quarter
YoY YoY
Particulars ended ended ended ended
Growth Growth
December December December December
(%) (%)
2023 2022 2023 2022
Revenue from Operations perations erations 545 646 -16% 177 223 -21%
Gross Margin (%)gin (%)in (%)(%)%)) 49.3% 47.5% +180 bpspss 46.3% 45.4% +90 bps ps s
EBITDA Margin% (Excluding 18.0% 19.9% -190 bps 23.3% 25.0% -170 bps
Other Income and Foreign
Exchange Loss)ge Loss)e Loss))
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(₹ Crores)₹ Crores))
Standalone Standalone
Nine Months Nine Months Quarter Quarter
YoY YoY
Particulars ended ended ended ended
Growth Growth
December December December December
(%) (%)
2023 2022 2023 2022
Revenue from Operations perations erations 545 646 -16% 177 223 -21%
Gross Margin (%)gin (%)in (%)(%)%)) 49.3% 47.5% +180 bpspss 46.3% 45.4% +90 bps ps s
EBITDA Margin% (Excluding 18.0% 19.9% -190 bps 23.3% 25.0% -170 bps
Other Income and Foreign
Exchange Loss)ge Loss)e Loss))
Profit After Tax 107 122 -12% 43 52 -17%
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The Board of Directors have approved 3[rd] interim dividend of ₹ 2/- (100%) per equity share of ₹ 2 each, amounting to ₹ 13.79 crores for FY 2023-24.

January 30, 2024: Mr. Nrupesh Shah, Managing Director (Corporate Affairs), Symphony Limited has commented:

“ Performance Highlights for Nine months & quarter ended on December 31, 2023:

1. December, 2023 quarter consolidated PAT improved despite challenging environment on account of last summer end inventory of cooling products (A.C. plus Aircoolers inventory of peers)

2. Consolidated Gross & EBITDA Margins improved due to:

• Tactical pricing

• Value engineering

• Softening of input costs

• Leverage of complimentary strengths of international business

3. LSV: Robust performance and growth

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Outlook:

1. “Numero Uno” in air cooler industry through:

• Continuous thrust on Innovative value-added products ahead of competition

• Calibrated price hikes coupled with value engineering

• Continuous thrust on semi-urban and rural markets

• Growth through alternate sales channels

2. Leveraging complementary strengths of international business

• Normalization of international sea freight

• Outsourced manufacturing to India and China (Shift from CT and IMPCO)

3. Long-term structural drivers in overseas markets for air coolers remain intact

• Intensified heatwave and climate change

• Strong tailwinds for air coolers being witnessed around the world

4. Major business transformation at CT, Australia currently underway through

• Substantial rationalization of gross margin and Cost of Doing Business (CODB)

• Revamping product categories to increase profitability margin

• In-house manufacturing to outsourced business model

• Leveraging retail distribution channel

5. Committed to pursue growth with a focus on ESG.”

ABOUT SYMPONY LIMITED:

Symphony, an Indian Multi-National Company with presence in over 60 countries is the world’s largest air cooler company. From inventions to innovations, energy responsibility to environment stewardship, Symphony is a market leader which has been providing comfort cooling to its customers for generations. The massive supremacy of Symphony coolers in the residential, industrial and commercial segments has made the brand synonymous with ‘cooling’.

Founded in 1988, in Gujarat, India, Symphony Limited established a new category of evaporative air-cooling in India, taking it to the globe. As a disruptor of a highly unorganized sector, the company has set high benchmarks by defining the golden standard of air cooling.

At Symphony, research and development and engineering technology provide sustainable competitive advantages. The company delivers market-leading products that comprise of design innovation, energy efficiency, distinctive styling, and customer-centricity.

As a pioneer in the air-cooling industry, Symphony develops breakthrough technologies to combat climate change. It provides solutions for affordable cooling and comfortable environments for maximum efficiency, productivity, and well-being.

Symphony Limited is a publicly traded company delivering value to its stakeholders in the most profitable and effective way.

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