Symphony Limited — Interim / Quarterly Report 2018

Oct 30, 2018

October 30, 2018

To, BSE Limited Security Code - 517385

National Stock Ex.hange of lndia Limited Symbol- SYMPHONY

Sub.: Outcome of Board Meeting

DearSir,

We are pleased to inform you that the Board of Directors has considered and approved the following in their meeting held today:

• 1 Unaudited Consolidated and Stendelone Financial Results alonS with [imited Review Reports issued by the Statutory Aud itors for the second quarter / half year ended on September 30, 2018. Copies of lJnaudited Financial Results, Limited Review Reports and Data sheet showinS performance analysis of lJnaudited financial results are attached herewith.
• Declared 2nd lnterim Dividendofl 1.00/- (50%)per equity share having face value of12/- each for the financial year 2018-19.

Kindly consider this as due Compliance of Re8ulations 30, 33 and other applicable Re8ulations of Securities and Exchan8e Board of lndia (ListinS Obligations and Disclosure Requirements) Regulatjons, 2015 and any other applicable provisions, if any.

The meeting was commenced at 11.00 a. m. and €oncluded at ,l . l) o p. m

Kindlytake note ofthe same and oblige.

Thanking You,

Yours Truly,

For, Symphony Limited

Mayur Barvadiya Company Secretary

Enclr (i) Unaudited Financial Results & Limited Review Report (ii)Datasheet

Email: companysecretary@symphonylimited.com

Deloitte Haskins & Sells

tar: +91 (079) 5632 7c0O

INDEPENDENT AUDITOR,S REVIEW REPORT ON REVIEW OF INTERIIiI FIf{ANCIAL RESULTS TO THE AOARD OF DIRECTORS OF SYMPHONY LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of SYIIIPHONY LIMITED for the Quarter and Half Year Ended 30 September, 2018 (..the Statement"), being submitted by the Company pursuant to the requirement of Requtation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FACl62/2016 dated 5 July, 2016.

This Statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement pnnciples laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("lnd AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in lndia. Our responsibility is to rssue a report on the Stafement based on our revrew.

• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial lnformation Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of lndia. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to tnqutries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated above nothing has come to our attention that causes us to beleve that the accompanying Statement, prepared in accordance with the aforesaid Indran 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 (Listinq Obligatrons and Disclosure Requrrements) Regulatrons, 2015, as modified by Crrcular No. CIR/CFD/FAC/62/2016 dated 5 July, 2016, including the manner in which it is to be disclosed, or that it contains any material masstatement.

For DELOITTE HASKINS & SELLS

Chartered Accountants ( Firm's Registratron No. 117365W)

Gaurav J. Shah Partner ( Membershrp No. 35701)

AHMEDABAD, 3\$ octooer, zora

WORLD LEADER IN AIR COOLING

SYMPHONY LIMITED

		$(5)$ in Crores

	Quarter Ended			Statement of Unaudited Standalone Financial Results for the Quarter and Half Year ended September 30, 2018
	30-Sep-18 30-Sep-17 30-Jun-18		Sr.	Particulars		Half Year Ended	Year Ended
	(Unaudited) (Unaudited)	(Unaudited)	No.		30-Sep-18 (Unaudited)	30-Sep-17 (Unaudited)	31-Mar-18 (Audited)
			1	Income
148	184	79		Revenue from operations a.	227	314	687
	11	6		Other Income b.	13	23	40
155	195	85		Total Revenue	240	337	727
			2	Expenses
		6		Cost of Materials consumed a.		13	31
58	66	32		Purchase of stock-in-trade b.	90	116	289
12	18	(2)		C. Changes in inventories of finished goods, work-in-progress and stock-in-trade	10	21	$\Omega$
15	15	11		ld. Employee benefits expense	26	25	52
				Finance costs e.	$\Omega$		$\vert$
				Depreciation and amortisation expense			$\vert$
14	17	19		Advertisement and sales promotion expense g.	20	23	31
104	122	12 79		Other expenses h. Total expenses	26	32	64
51	73	6	3	Profit before exceptional items and tax (1-2)	183 57	233	472
			4	Exceptional Items (Refer note no. 4)		104	255
47	73	6	5	Profit before tax (3-4)	53	104	255
13	22		6	Tax Expense	14	29	72
34	51		$\overline{7}$	Net Profit for the period (5-6)	39	75	183
			8	Other comprehensive income
				Items that will not to be reclassified to profit or loss :
(0)	(1)			Re-measurement gains/(losses) on defined benefit plans (i)	(0)	(1)
	O			Income tax effect on above (ii)
				Items that will be reclassified to profit or loss :
(5)	(0)			Net fair value gain/(loss) on debt instruments (i)	(5)	(1)	(3)
	$\theta$			Income tax effect on above (ii)			0
30	50		9	Total comprehensive income (7+8)	35	73	180
14	14	14	10	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14
			11	Reserves excluding Revaluation Reserve			589
			12	Earning Per Share (of ₹ 2/- each) (not annualised)
4.90	7.24	0.76		Basic & diluted	5.66	10.68	26.15

NOTES:

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 30, 2. The Statutory auditors of the company have carried out limited review of the financial results for the quarter and half year ended September 30, 2018

2. The Board of Directors in their meeting held on October 30, 2018 declared 2nd interim dividend of 50% i.e. ₹ 1/- per equity share of ₹ 2/- each amounting to ₹ 8.43 crores including dividend distribution tax. The record date for the payment of interim dividend is November 09, 2018. The interim dividend will be paid on or before November 25, 2018.

3. As at September 30, 2018, the Company holds Non-Convertible Redeemable Cumulative Preference Shares of ₹ 21.01 crores of Infrastructure Leasing & Financial Services Ltd (IL&FS Ltd), redeemable between March 2021 and October 2022. In view of the recent significant downgrade of the credit ratings of IL&FS Ltd. and the intervention by the Government of India and various regulators in the matter, based on the accounting policy of the Company and as per the facts and circumstances prevailing as on September 30, 2018, the Company has provided ₹ 4.10 crores as an impairment loss for these investments in the Statement of Profit and Loss and has also stopped recognition of dividend w.e.f. April 1, 2018.

4. From the Quarter ended on June 30, 2018, the Company has changed presentation denomination from "₹ in Lacs" to "₹ in Crores". Accordingly, the figures for the corresponding quarter and half year ended of the previous year and previous year end have been re-presented in "₹ in Crores".

5. Previous period figures have been rearranged/regrouped wherever necessary to make them comparable with the figures of the current period.

7. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segment, the Company has identified only one operating segment i.e. Air Coolers Business, 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 Cooler Business.

	Quarter Ended					Half Year Ended	Year Ended
	30-Sep-18 30-Sep-17	$30 - Jun - 18$	Sr. No.	Particulars	30-Sep-18	30-Sep-17	31-Mar-18
	(Unaudited) (Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)	(Audited)
				Segment Revenue
148	184	80		a. Air Coolers	228	314	690
	11	5		b. Corporate Funds	12	23	37
155	195	85		Segment Total	240	337	727
				2 Segment Results (Profit before Interest and Taxes - PBIT)
44	63			a. Air Coolers	45	82	219
3	11			b. Corporate Funds	8	23	37
47	74			Segment Total	53	105	256
$\mathbf{0}$				Less: Finance Costs	$\Omega$		11
13	22			Less: Taxes	14	29	72
34	51	5		Total Profit After Tax	39	75	183
				3 Segment Assets
259	204	304		a. Air Coolers	259	204	263
581	604	365		b. Corporate Funds	581	604	422
840	808	669		Segment Total	840	808	685
				4 Segment Liabilities
221	295	60		a. Air Coolers	221	295	82
				b. Corporate Funds
221	295	60		Segment Total	221	295	82
				Capital Employed (As at period end)
38	(91)	244		a. Air Coolers	38	(91)	181
581	604	365		b. Corporate Funds	581	604	422
619	513	609		Segment Total	619	513	603
	8. Geographical Segment						(१ in Crores)
	Quarter Ended		Sr.			Half Year Ended	Year Ended
	30-Sep-18 30-Sep-17	30-Jun-18	No.	Particulars	30-Sep-18	30-Sep-17	31-Mar-18
(Unaudited)	(Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)	(Audited)
				Segment Revenue
142	180	65		India a.	207	290	621
6 148	Δ 184	14 79		Rest of the world b.	20 227	24	66
				Revenue from operations Segment Results (Profit before Interest and Taxes - PBIT)		314	687
46	74			a. India	47	99	233
	(0)			Rest of the world b.	6	6	23
47	74			Segment Total	53	105	256
$\circ$				Less: Finance Costs	$\Omega$		11
13	22			Less: Taxes	14	29	72
34	51			Total Profit After Tax	39	75	183

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.

AHMEDABAD ő.

	9. Standalone Statement of Assets & Liabilities		(₹ in Crores)
Sr. No.	Particulars	As At 30-09-18 (Unaudited)	As At $31 - 03 - 18$ (Audited)
А	ASSETS
$\mathbf{1}$	Non-current assets
	(a) Property, plant and equipment	60	62
	(b) Other Intangible Assets
	(c) Financial Assets
	(i) Investments
	a) Investments in subsidiaries	88
	b) Other investments	158	172
	(ii) Other financial assets
	(d) Other non-current assets
	Total - Non-current assets	315	243
$\overline{2}$	Current assets
	(a) Inventories	41	51
	(b) Financial assets
	(i) Other investments	423	250
	(ii) Trade receivables	0	44
	(iii) Cash and Bank Balances		15
	(iv) Bank balances other than (iii) above		4
	(v) Other financial assets	2	3
	(c) Other Current Assets	50	75
	Total - Current assets	525	442
	Total Assets EQUITY AND LIABILITIES	840	685
в 1	Equity
	(a) Equity Share Capital
	(b) Other Equity	14 605	14 589
	Total - Equity	619	603
2	Non-Current Liabilities
	(a) Deferred Tax Liabilities (Net)		9
	Total - Non-current liabilities	6	9
3	Current Liabilities
	(a) Financial liabilities
	(i) Trade payables	28	38
	(ii) Other Financial Liabilities		5
	(b) Provisions	9	9
	(c) Current tax liabilities (Net)	5	6
	(d) Other Current Liabilities	168	15
	Total - Current liabilities	215	73
	Total - Liabilities	221	82
	Total Equity and Liabilities	840	685
		By Order Of The Board
	ONY	For Symphony Limited
	AHMEDABAD ×
	cn.	Achal Bakeri Chairman & Managing Director
	Place : Ahmedabad Date: October 30, 2018	DIN-00397573
			Sympheny
	World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries. Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India.
	CIN: L32201GJ1988PLC010331 Web: www.symphonylimited.com Email: corporate@symphonylimited.com Phone: +91-79-66211111 Fax: +91-79-66211139
Our Global Brands	(Sense DIAMOND TOUCH CLOUD STVER/ Storm DIET HOOD winter SUMO JUMBO WINDOW Arctic Circle Master Cool HI COMELAIRE

W AHMEDABAD $D$ $\Delta$

Deloitte Haskins & Sells

tar .9r (079)6S2 7.oo

INOEPENDENT AUDITOR'S REVIEW REPORT ON REVICW OF INTERIM FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of SYIiIPHONY Lll,ltTED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"). for the Quarter and Half Year ended 30 September, 2018 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Oblagataons and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFDIFAC/62/2016 dated 5luly, 2016.

This Statement, which is the responsibility of the Parent's lYanagement and approved by the Eoard of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "lnterim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibilrty is to rssue a report on the Statement based on our review.

• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of lnterim Financial Information Performed by the Independent Auditor of the Entity", issued by the lnstitute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Parent's personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
• 1. The Statement includes the results of the following entities
• i. Symphony Limited Parent
• ii. II4PCO S DE RL DE Cv subsidiary
• iii. Guangdong Symphony Kerulai Air Coolers Co. Subsidiary
• iv. Symphony AU Pty Limited Subsidiary
• v. Climate Technologies fty Lirnited Subsidaary
• vi. Bonaire USA LLC Subsidiary
• 1. Based on our review conducted as stated above and based on the consideration of the review reports of the other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accountrng principles generally accepted in India, has not disclosed the informatron required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFDIFACI6212016 dated 5luly, 2016, incloding the manner ln which it is to be disclosed, or that it contains any material mlsstatement.
• 1. we did not review the interim financial information of 5 subsidlarles included in the consolidated Lrnaudited financial results. whose intenm financial information reflect total revenLles of Rs. 150 crores for the HalfYear ended 30 September, 2018, and total profit after tax of Rs. 8 Crores and total comprehensive income of Rs. 8 Crores for the Half Year ended 30 September, 2018, as

Deloitte Haskins & Sells

tax +91(079)6632 7!00

consrdered in the consolidated unaudited financial results. These interim financial information have been revaewed by other auditors whose reports have been furnished to us by the Management and our report on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsadiaries, rs based solely on the reports of the other auditors.

Our report on the Statement is not modified in respect of these matters

1. we draw attention to note 2 of the Statement. Since the Company has opted to publish consolidated unaudited financial results for the first time from the current quarter, corresponding figures for the quarter and half year ended 30 September, 2017 are presented based on accounts prepared by the management and the same have not been reviewed by us.

Our report is not modifaed rn respect of this matter

For DELOITTE HASXINS & SELLS

Chartered Accountants (Firm's Registration No. 117365W)

{.,r.",.\gd -J:.

Gaurav J. Shah Partner (llembership No. 35701)

AHMEDABAD, Bi octobet, 2o 3

SYMPHONY LIMITED

							(र in Crores)
				Statement of Unaudited Consolidated Financial Results for the Quarter and Half Year ended September 30, 2018
	Quarter Ended					Half Year Ended	Year Ended
30-Sep-18 (Unaudited)	30-Sep-17 (Unaudited) (Refer Note No.2	30-Jun-18 (Unaudited)	Sr. No.	Particulars	30-Sep-18 (Unaudited)	30-Sep-17 (Unaudited) (Refer Note No.2	31-Mar-18 (Audited)
			1	Income
223	212	146		a. Revenue from operations	369	402	798
9	11	6		Other Income b.	15	31	54
232	223	152		Total Revenue	384	433	852
			$\overline{\mathbf{2}}$	Expenses
64 60	22 67	26		Cost of Materials consumed a.	90	49	94
(9)	15	43 5		Purchase of stock-in-trade b. C.	103	128	293
				Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4)	25	(2)
29	20	17		d. Employee benefits expense	46	36	72
	1	0		e. Finance costs			$\overline{\mathbf{c}}$
3				Depreciation and amortisation expense	5		$\overline{7}$
	$\overline{\mathbf{c}}$	19		Advertisement and sales promotion expense g.	23	25	33
32 184	23 151	19 131		h. Other expenses	51	48	88
48	72	21	3	Total expenses Profit before exceptional items and tax (1-2)	315	315	587
			4	Exceptional Items (Refer note no. 5)	69	118	265
44	72	21	5	Profit before tax (3-4)	$\overline{A}$ 65	118	265
13	22		6	Tax Expense	14	29	72
31	50	20	7	Net Profit for the period (5-6)	51	89	193
31	50	20		Attributable to: Owners of the Company	51	89	193
$\Omega$				Non Controlling Interests	$\Omega$
			8	Other comprehensive income
				Items that will not to be reclassified to profit or loss :
(0)	(1)	0		(i) Re-measurement gains/(losses) on defined benefit plans	(0)	(1)
	$\Omega$			$(\mathbf{ii})$ Income tax effect on above	$\Omega$
				Items that will be reclassified to profit or loss :
(5)	(0)	0		(i) Net fair value gain/(loss) on debt instruments	(5)	(1)	(3)
	0	0		(ii) Income tax effect on above		$\Omega$
27	49	20	9	Total comprehensive income (7+8)	47	87	190
27	49	20		Attributable to: Owners of the Company	47	87	190
$\theta$				Non Controlling Interests	$\Omega$
14	14	14	10	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14
			11 12	Reserves excluding Revaluation Reserve			598
4.39	7.04	2.91		Earning Per Share (of ₹ 2/- each) (not annualised) Basic & diluted
$107 - 107$					7.30	12.65	27.52

NOTES

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 30, 2018.

2. The Statutory auditors have conducted a limited review of the consolidated financial results of the Group for the quarter and half year ended September 30, 2018. For current financial year, the Group has opted to submit consolidated financial results for each quarter. Accordingly, the corresponding figure for the quarter and half year ended September 30, 2017 are presented based on accounts prepared by the management and the same have not been reviewed by the statutory auditors.

3. Pursuant to Share Sale Agreement entered on June 22, 2018 the Group acquired effectively 95% equity stake in Climate Technologies Pty Limited, Australia, through a newly incorporated Subsidiary Company viz. Symphony AU Pty Limited, Australia. The acquisition was completed on June 30, 2018 (end of day) subject to other customary closing conditions. Accordingly, w.e.f. July 01, 2018 Climate Technologies Pty Limited, Australia has become subsidiary of the Group and the financial results of the subsidiary company have been consolidated with the Group for the first time in the quarter ended on September 30, 2018. In view thereof, the figures for the current quarter/period are not comparable with figures for the corresponding previous quarter/period. Since the initial accounting for the acquisition is undergoing as at the end of the reporting period, adhering to the concept of measurement period as per Ind AS 103 - Business Combinations, the Group has prepared the Statement based on the provisional amounts available and shall adjust the provisional amounts when the accounting for the acquisition gets completed.

4. The Board of Directors in their meeting held on October 30, 2018 declared 2nd interim dividend of 50% i.e. ₹1/- per equity share of ₹2/- each amounting to ₹ 8.43 crores including dividend distribution tax. The record date for the payment of interim dividend is November 09, 2018. The interim dividend will be paid on or before November 25, 2018.

5. As at September 30, 2018, the Group holds Non-Convertible Redeemable Cumulative Preference Shares of ₹ 21.01 crores of Infrastructure Leasing & Financial Services Ltd (IL&FS Ltd), redeemable between March 2021 and October 2022. In view of the recent significant downgrade of the credit ratings of IL&FS Ltd. and the intervention by the Government of India and various regulators in the matter, based on the accounting policy of the Group and as per the facts and circumstances prevailing as on September 30, 2018, the Group has provided ₹ 4.10 crores as an impairment loss for these investments in the Statement of Profit and Loss and has also stopped recognition of dividend w.e.f. April 1, 2018.

6. From the Quarter ended on June 30, 2018, the Group has changed presentation denomination from ""in Lacs" to "" in Crores". Accordingly, the figures for the corresponding quarter and half year ended of the previous year and previous year end have been re-presented in "* in Crores".

7. Previous period figures have been rearranged/regrouped wherever necessary to make them comparable with the figures of the current period

8. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segment, the Group has identified only one operating segment i.e. Air Coolers 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 Cooler Business.

	Half Year Ended				(₹ in Crores)
	Quarter Ended						Year Ended
30-Sep-18	30-Sep-17	30-Jun-18	Sr.		30-Sep-18	30-Sep-17	31-Mar-18
(Unaudited)	(Unaudited) (Refer Note) No.2	(Unaudited)	No.	Particulars	(Unaudited)	(Unaudited) (Refer Note) No.2)	(Audited)
				Segment Revenue
225	212	147		a. Air Coolers	372	410	814
	11			b. Corporate Funds	12	23	38
232	223	152		Segment Total	384	433	852
				2 Segment Results (Profit before Interest and Taxes - PBIT)
42	62	16		a. Air Coolers	58	96	229
3	11	5		b. Corporate Funds	8	23	38
45	73	21		Segment Total	66	119	267
	1	$\circ$		Less: Finance Costs			$\overline{\mathbf{c}}$
13	22			Less: Taxes	14	29	72
31	50	20		Total Profit After Tax	51	89	193
				Segment Assets
552	265	394		a. Air Coolers	552	265	335
581	604	364		b. Corporate Funds	581	604	422
1,133	869	758		Segment Total	1,133	869	757
				Segment Liabilities
484	342	127		a. Air Coolers	484	342	145
				b. Corporate Funds
484	342	127		Segment Total	484	342	145
				5 Capital Employed (As at period end)
68	(77)	267		a. Air Coolers	68	(77)	190
581	604	364		b. Corporate Funds	581	604	422
649	527	631		Segment Total	649	527	612
	9. Geographical Segment						(₹ in Crores)
	Quarter Ended				Half Year Ended		Year Ended
30-Sep-18	30-Sep-17	30-Jun-18	Sr.		30-Sep-18	30-Sep-17	31-Mar-18
(Unaudited)	(Unaudited) (Refer Note No.2	(Unaudited)	No.	Particulars	(Unaudited)	(Unaudited) (Refer Note No.2	(Audited)
				1 Segment Revenue
141	181	66		India a.	207	291	622
82 223	31 212	80 146		Rest of the world b.	162 369	111 402	176 798
				Revenue from operations

82	31	80		Rest of the world	162	111	176
223	212	146		Revenue from operations	369	402	798
				2 Segment Results (Profit before Interest and Taxes - PBIT)
46	741		a	India	47	99	234
	(1)	20	D	Rest of the world	19	20	33
45	73	21		Segment Total	66	119	267
				Less: Finance Costs			2
13 1	22			ess: Taxes	$\Delta$	29	72
31	50	20 1		Total Profit After Tax	51	89	193
TE:

Secondary Segment Capital Employed:

NO

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.

AMMEDABAD

Sr. No.	Particulars	As At 30-09-18 (Unaudited)	As At 31-03-18 (Audited)
А	ASSETS
1	Non-current assets
	(a) Property, plant and equipment	92	72
	(b) Capital work - in - Progress
	(c) Goodwill	141
	(d) Other Intangible Assets	12
	(e) Financial Assets
	(i) Investments
	a) Other investments	158	172
	(ii) Other financial assets
	(f) Deferred Tax Assets (Net)	22
	(g) Other non-current assets Total - Non-current assets
2	Current assets	437	260
	(a) Inventories	106	80
	(b) Financial assets
	(i) Other investments	429	250
	(ii) Trade receivables	61	62
	(iii) Cash and Bank Balances	22	19
	(iv) Bank balances other than (iii) above		4
	(v) Other financial assets	$\overline{a}$	3
	(c) Other Current Assets	72	79
	Total - Current assets	696	497
	Total Assets	1,133	757
В	EQUITY AND LIABILITIES
1	Equity
	(a) Equity Share Capital	14	14
	(b) Other Equity Equity attributable to owners of the Company	631	598
	Non-controlling interests	645	612
	Total - Equity	649	612
$\overline{2}$	Non-Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	132
	(b) Provisions	3	2
	(c) Deferred Tax Liabilities (Net)	6	9
	Total - Non-current liabilities	141	11
3	Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	39	26
	(ii) Trade payables	97	58
	(iii) Other Financial Liabilities	$\sqrt{5}$	5
	(b) Provisions	23	11
	(c) Current tax liabilities (Net)	5	5
	(d) Other Current Liabilities Total - Current liabilities	174	29
		343	134
	Total - Liabilities	484	145
	Total Equity and Liabilities	1,133	757
	ONY	By Order Of The Board
	AHMEDABAD × ch	For Symphony Limited Achal Bakeri
	Place: Ahmedabad	Chairman & Managing Director
	Date: October 30, 2018	DIN-00397573
			Sympheny
	World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries.
	Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India.
		CIN: L32201GJ1988PLC010331 Web: www.symphonylimited.com Email: corporate@symphonylimited.com Phone: +91-79-66211111 Fax: +91-79-66211139

EHASKI AHMEDABAD) DE $\mathcal{P}$ ä DACC

(A) Standalone Performance Analysis

÷

i) Sales & Profitability						(₹ in Crores)
	Standalone				Standalone
	Quarter Ended		Particulars	Half year Ended		Year Ended
		30-Sep-18 30-Sep-17 30-Jun-18			30-Sep-18 30-Sep-17	$31-Mar-18$
		(Unaudited) (Unaudited) (Unaudited)		(Unaudited) (Unaudited)		(Audited)
147	183		79 Sales	226	313	685
$-19.9%$		$-39.0%$	Growth % Y-O-Y	$-27.9%$
			Other Operating income
148	184		79 Revenue from operations	227	314	687
$-19.8%$		$-39.0%$	Growth % Y-O-Y	$-27.9%$
	11		Other Income	13	23	40
155	195		85 Gross Revenue	240	337	727
$-20.4%$		$-40.2%$	Growth % Y-O-Y	$-28.8%$
74	97		43 Gross Margin (Sales - Material Cost) Value	117	164	365
48	75		7 EBITDA	55	107	260
51	73		6 PBT (Before Exceptional Items)	57	104	255
$-30.2%$		$-81.4%$	Growth % Y-O-Y	$-45.2%$
			Exceptional Items (Refer note no. 2)
47	73		6 PBT	53	104	255
$-35.8%$		$-81.4%$	Growth % Y-O-Y	$-49.1%$
34	51		PAT	39	75	183
$-32.4%$		$-80.0%$	Growth % Y-O-Y	$-47.3%$

ii) Margins
50.3%	53.0%	53.9% Gross margin % of Sales	51.6%	52.3%	53.2%
30.9%	38.3%	8.0% EBITDA % of Gross Revenue	22.9%	31.7%	35.8%
30.2%	37.4%	6.8% PBT Margin % of Gross Revenue	22.0%	30.9%	35.1%
22.1%	26.0%	5.6% PAT Margin % of Gross Revenue	16.4%	22.2%	25.1%

NY AHMEDABAD

			iii) Segment-wise capital employed and ROCE (PBIT)			$($ in Crores)
	Standalone				Standalone
	Quarter Ended				Half year Ended Year Ended
	30-Sep-18 30-Sep-17 30-Jun-18		Particulars		30-Sep-18 30-Sep-17 31-Mar-18
		(Unaudited) (Unaudited) (Unaudited)			(Unaudited) (Unaudited)	(Audited)
			Capital employed (Monthly Average)
56	(132)	174	Air Coolers	115	8	31
559	626	432	Corporate Funds	495	480	490
			ROCE(PBIT) - Not Annualised
77.8%	Infinite	0.7%	Air Coolers	38.9%	1080.2%	699.4%
0.5%	1.6%	1.2%	Corporate Funds	1.6%	4.7%	7.6%

k,

604	365 Treasury Investment	581	604	422
		iv) Treasury Investment (excluding investments in subsidiaries)

v) Geographical Segment-wise Revenue
			Segment Revenue
142	180	65	India	207	290	621
		14	Rest of the world	20	24	66
148	184	7Q 1	Total	227	314	687

ONY AHMEDABAD ¥

(B) Consolidated Performance Analysis

t

i) Sales & Profitability						( $\overline{\epsilon}$ in Crores)
	Consolidated				Consolidated
	Quarter Ended				Half year Ended	Year Ended
	30-Sep-18 30-Sep-17 30-Jun-18		Particulars		30-Sep-18 30-Sep-17	$31-Mar-18$
		(Unaudited) (Unaudited) (Unaudited)			(Unaudited) (Unaudited)	(Audited)
222	211		146 Sales	368	401	796
5.2%		$-23.3%$	Growth % Y-O-Y	$-8.2%$
			Other Operating income
223	212		146 Revenue from operations	369	402	798
5.3%		$-23.3%$	Growth % Y-O-Y	$-8.1%$
9	11		6 Other Income	15	31	54
232	223		152 Gross Revenue	384	433	852
107	108		72 Gross Margin (Sales - Material Cost) Value	179	199	411
48	74		23 EBITDA	71	122	274
48	72		21 PBT (Before Exceptional Items)	69	118	265
$-33.4%$		$-53.9%$	Growth % Y-O-Y	$-41.6%$
			Exceptional Items (Refer note no. 2)
44	72		21 PBT	65	118	265
$-39.1%$		$-53.9%$	Growth % Y-O-Y	$-45.0%$
31	50		20 PAT	51	89	193
$-37.3%$		$-48.0%$	Growth % Y-O-Y	$-42.2%$

ii) Margins
47.9%	51.1%	49.7% Gross margin % of Sales	48.6%	49.7%	51.6%
20.5%	33.4%	15.1% EBITDA % of Gross Revenue	18.4%	28.2%	32.1%
18.9%	32.2%	13.9% PBT Margin % of Gross Revenue	16.9%	27.2%	31.1%
13.5%	22.3%	13.2% PAT Margin % of Gross Revenue	13.3%	20.5%	22.6%

			iii) Segment-wise capital employed and ROCE (PBIT)
			Capital employed (Monthly Average)
78	(118)	189	Air Coolers	134	17	39
559	626	432	Corporate Funds	495	480	490
			ROCE(PBIT) - Not Annualised
51.8%	Infinitel	8.7%	Air Coolers	42.6%	579.5%	581.3%
0.5%	1.6%	2%	Corporate Funds	1.6%	4.7%	7.6%

iv) Treasury Investment
587	607	367 Treasury Investment	587	607	422

SNY PHAS AHMEDABAD

v) Geographical Segment-wise Revenue					$(F \in C \cap C)$
Consolidated Quarter Ended					Consolidated
					Year Ended Half year Ended
	30-Sep-18 30-Sep-17 30-Jun-18		Particulars		30-Sep-18 30-Sep-17 31-Mar-18
(Unaudited) (Unaudited) (Unaudited)				(Unaudited) (Unaudited) (Audited)
			Segment Revenue
141	181	66	India	207	291	622
82	31	80	Rest of the world	162	111	176
223	212	146	Total	369	402	798

(C) Shareholders' Payout

			Dividend per share $\overline{\epsilon}$ (on Face value $\overline{\epsilon}$ 2)
1.00	1.00	1.00	Interim Dividends	2.00	2.00	3.00
			Final Dividends			1.50
			Dividend (%)
50%	50%	50%	Interim Dividend	100%	100%	150%
			Final Dividends			75%

Note:

1. Pursuant to Share Sale Agreement entered on June 22, 2018 the Group acquired effectively 95% equity stake in Climate Technologies Pty Limited, Australia, through a newly incorporated Subsidiary Company viz. Symphony AU Pty Limited, Australia. The acquisition was completed on June 30, 2018 (end of day) subject to other customary closing conditions. Accordingly, w.e.f. July 01, 2018 Climate Technologies Pty Limited, Australia has become subsidiary of the Group and the financial results of the subsidiary company have been consolidated with the Group for the first time in the quarter ended on September 30, 2018. In view thereof, the figures for the current quarter/period are not comparable with figures for the corresponding previous quarter/period. Since the initial accounting for the acquisition is undergoing as at the end of the reporting period, adhering to the concept of measurement period as per Ind AS 103 - Business Combinations, the Group has prepared the Statement based on the provisional amounts available and shall adjust the provisional amounts when the accounting for the acquisition gets completed.

2. As at September 30, 2018, the Group holds Non-Convertible Redeemable Cumulative Preference Shares of ₹ 21.01 crores of Infrastructure Leasing & Financial Services Ltd (IL&FS Ltd), redeemable between March 2021 and October 2022. In view of the recent significant downgrade of the credit ratings of IL&FS Ltd. and the intervention by the Government of India and various regulators in the matter, based on the accounting policy of the Group and as per the facts and circumstances prevailing as on September 30, 2018, the Group has provided $\overline{\epsilon}$ 4.10 crores as an impairment loss for these investments in the Statement of Profit and Loss and has also stopped recognition of dividend w.e.f. April 1, 2018.

World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380054, India CIN: L32201GJ1988PLC010331 | Web: www.symphonylimited.com | Email: corporate@symphonylimited.com | Phone: +91-79-66211111 | Fax: +91-79-66211139 (Sense DIANONO TOUCH CLOUD SIVER/ STOTH DIET MOOR WINTER SUMO JUMBO WINDOW Archic Circle Mouter Cool HI (CHELAIRE

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