Symphony Limited — Interim / Quarterly Report 2020

Nov 13, 2019

Sub.: Outcome of Board Meeting

• 1. Unaudited Consolidated and Standalone Financial Results along with Limited Review Re ports issued by the Statutory Auditors for the second quarter /half year ended on September 30, 2019. Copies of Unaudited Financial Results, Limited Review Reports and Data sheet showing performance analysis of Unaudited financial results are attached herewith.
• for the financial year 2019-20. Declared 2nd Interim Dividend of 2/- (100%) per equity share having face value of % 2/- each
• Reconstitution of following committees of the Board.

Audit Committee:

				November 12, 2019
To,BSE LimitedSecurity Code - 517385			National Stock Exchange of India LimitedSymbol - SYMPHONY
Sub.: Outcome of Board Meeting
Dear Sir,
their meeting held today:				We are pleased to inform you that the Board of Directors has considered and approved the following in
1.Copies of	Unaudited Consolidated and Standalone Financial Results along with Limited Review Re portsissued by the Statutory Auditors for the second quarter /half year ended on September 30, 2019.UnauditedReview Reportssheet showingLimitedandDataFinancialResults,performance analysis of Unaudited financial results are attached herewith.
	Declared 2nd Interim Dividend offor the financial year 2019-20.			2/- (100%) per equity share having face value of % 2/- each
	Reconstitution of following committees of the Board.
	Audit Committee:
Sr. No.	Name of Member		Category	Position heldin theCommittee
1	Mr. Naishadh Parikh		Independent Director	Chairman
2	Mr. Ashish Deshpande		Independent Director	Member
3	Ms. Reena Bhagwati		Independent Director	Member
4	Mr. Santosh Nema		Independent Director	Member
ii.	Nomination and Remuneration Committee:
Sr. No.	Name of Member		Category	Position heldin theCommittee
a	Ms. Reena Bhagwati		Independent Director	Chairperson
2	Mr. Ashish Deshpande		Independent Director	Member
3	Mr. Naishadh Parikh		Independent Director	Member

ii. Nomination and Remuneration Committee:

Sub.: Outcome of Board Meeting
Dear Sir,
their meeting held today:	We are pleased to inform you that the Board of Directors has considered and approved the following in
1.Copies of	Unaudited Consolidated and Standalone Financial Results along with Limited Review Re portsissued by the Statutory Auditors for the second quarter /half year ended on September 30, 2019.UnauditedFinancialResults,performance analysis of Unaudited financial results are attached herewith.	Review ReportsLimited	sheet showingandData
	Declared 2nd Interim Dividend of2/- (100%) per equity share having face value of % 2/- eachfor the financial year 2019-20.
	Reconstitution of following committees of the Board.
	Audit Committee:
Sr. No.	Name of Member	Category	Position heldin the
			Committee
1	Mr. Naishadh Parikh	Independent Director	Chairman
2	Mr. Ashish Deshpande	Independent Director	Member
3	Ms. Reena Bhagwati	Independent Director	Member
4	Mr. Santosh Nema	Independent Director	Member
ii.	Nomination and Remuneration Committee:
Sr. No.	Name of Member	Category	Position heldin theCommittee
a	Ms. Reena Bhagwati	Independent Director	Chairperson
2	Mr. Ashish Deshpande	Independent Director	Member
3	Mr. Naishadh Parikh	Independent Director	Member
4	Mr. Santosh Nema	Independent Director	Member

Email: companysecretary@symphonylimited.com

Kindly consider this as due Compliance of Regulations 30, 33 and other applicable Regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and any other applicable provisions, if any.

The meeting was commenced at 15:30 hours (IST) and concluded at 21:00 hours (IST).

Kindly take note of the same and oblige.

Thanking You,

Yours Truly,

For, Symphony Limited

Sct

Mayur Barvadiya Company Secretary

Email: companysecretary@symphonylimited.com

Deloitte 19" Floor, Shapath - V aS G Highway Haskins & Sells pred 36001

Chartered Accountants

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

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of SYMPHONY LIMITED ("the Company") for the (quarter and six months ended September 30, 2019 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim 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 responsibility is to express a conclusion 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 Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (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 Standards on Auditing specified under section 143(10) of the Companies Act, 2013 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.

Attention is drawn to Note 6 of the Statement which states that the statement of cash flows for the corresponding six months ended September 30, 2018, as reported in the accompanying Statement have been approved by the Company's Board of Directors, but have not been subjected to review.

1. Based on our review conducted as stated in paragraph 3 above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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.

For DELOITTE HASKINS & SELLS Chartered Accountants

(Firm's Registration No. 117365W) —

Gaurav J Shah (Partner) (Membership No. 35701) (UDIN: 19035701AAAAGK2094)

Place: Ahmedabad Date: November 12, 2019

e}; D> 'yD 5 m § Ke ele

	awe a	e};	D>	'yDm §5KeonaW@-«	ele
				=o
							(® in Crores
	Quarter Ended		Sr	Ons=6	p6)Half Year Ended		Year Ended
:	18	30-Jun-19 4),		[Particulars	30-Sep-19	30-Sep-18	34-Mar-
	(Unaudited) (Unaudited) (Unaudited)		Ce	{Income	(Unaudited) (Unaudited)		(Audited)
195	148	160)	1	Revenue from operationsa.	a5	227
1206)	7	1		Other Incomeb.Total Revenue	22	13
	155)	171	2	JExpenses	377	240
2105	358]	5]72		Cost of Materials consumeda,Purchase of stock-in-trade	7	9
(4)	12	3		b.Changes in inventories of finished goods, work-in-progress]¢,	177(1)	9010
		13		and stock-in-tradeEmployee benefits expensed.
		0		Finance costse.	280	260
150	150
2	1	'		Depreciation and amortisation expensef.	3	2
115	114	2815		Advertisement and sales promotion expenseg.Other expensesh.	2930	2026
136	104	137		Total expenses	273	183
70-	514	34]-	34	[Profit before exceptional items and tax (1-2) Exceptional Items (Refer note no. 5)	104-	574
7013	47	34]		5 Profit before tax (3-4)	104	53
57	13}34	8]26]	67	Tax Expense Net Profit for the period (5-6)	21	14
			8	Other comprehensive income	83	39
				jltems that will not to be reclassified to profit or loss :
00	(0)0	(0)o}		Re-measurement gains/(losses) on defined benefit plans(i)Income tax effect on above(ii)	(0)	(0)
				items that will be reclassified to profit or loss :	0	0
(1)	(5)	(2)		Net fair value gain/(loss) on debt instruments(i)	(3)	5)
0	4	0		Income tax effect on above(ii)	o	4
(1)56	a30	al24]	9	Total other comprehensive income/(loss), net of tax	(3)	(4)
14	14	14]	10	Total comprehensive income (7+8) Paid-up Equity Share Capital (Face Value & 2/- per share)	80414	**)14
			11	Reserves excluding Revaluation Reserve
8.02	4,90	3.76	12	Earnings Per Share (of & 2/- each )*Basic & diluted (2)	11.78	5.66

We A ML ! Q

, rd - if

'6. The standalone statement of cash flow for the half year ended September 30, 2018 as reported in these financial results have been approved by the Company's Board of Directors, but have not been subjected to review/audit by the auditors.

7. Adoption of Ind AS 116- Leases

8. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segment, the Company has identified only one operating segment |.e. Air Cooling and Other Appliances Business. However substantial portlon of Corporate Funds remained invested in various financial instruments. The Company has considered Corporate Funds as 4 Separate segment so as to provide better understanding of performance of Air Cooling and Other Appliances Business.

				'6. The standalone statement of cash flow for the half year ended September 30, 2018 as reported in these financial results have been approved by the Company'sBoard of Directors, but have not been subjected to review/audit by the auditors.
	7. Adoption of Ind AS 116- Leases
				fon April 01, 2019, the Company has adopted Ind AS 116, Leases, using modified retrospective method. Accordingly, the comparatives have not been retrospectivelyadjusted. The effect of this adoption is insignificant on the profit for the period and earning per share.
8. Segment Results
				As per recognition criteria mentioned in Ind AS-108, Operating Segment, the Company has identified only one operating segment .e. Air Cooling and Other AppliancesBusiness. However substantial portlon of Corporate Funds remained invested in various financial instruments. The Company has considered Corporate Funds as 4
				Separate segment so as to provide better understanding of performance of Air Cooling and Other Appliances Business.
							(@ in Crores)
30-Sep-19	Quarter Ended30-Sep-18	30-Jun-19	va	Particulars	30-Sep-19	Half Year Ended30-Sep-18	Year Ended
(Unaudited)		(Unaudited) (Unaudited)	i			(Unaudited) (Unaudited)	31-Mar-19(Audited)
				1]Segment Revenue
19514	148i	16110]		a. Air Cooling and Other Appliancesb. Corporate Funds	3]	228
206	155	171		Segment Total	21377	12za)
				2{Segment Results (Profit before Interest and Taxes - PBIT)
6040	443	2410}		a. Air Cooling and Other Appliancesb. Corporate Funds	6420]	458
70	47	34)		Segment Total	104)	53
o}13	013	08		Less: Finance CostsLess: Taxes	0	'
57	34	*		Total Profit After Tax	2183)	4439
248	259	249		3]Segment Assetsa. Air Cooling and Other Appliances
757)	581	526]		b. Corporate Funds	248757	259581
1,005	840	776		Segment Total4} Segment Liabilities	1,005	840
277	221	82		a. Air Cooling and Other Appliances	277	221
:277	221	-82		b. Corporate Funds	4	i
				Segment Total5] Capital Employed (As at period end)	277	221
(29)	38	167		a. Air Cooling and Other Appliances	(29)	38
757728	581619	526693		b. Corporate FundsSegment Total	757728	581619
	9. Geographical Segment
	Quarter Ended30-Sep-18	30-Jun-19		a Particulars	Half Year Ended30-Sep-19
	(Unaudited) (Unaudited)		i		(Unaudited) (Unaudited)	30-Sep-18
189}				1 ]Segment Revenue
6	1426	aed12		a.Indiab.Rest of the world	33718	20720
195	148	160		Revenue from operations	355	227
ea]	46	30)		2]Segment Results (Profit before Interest and Taxes - PBIT)a.India	99	47
30-Sep-19(Unaudited)470	147	434		b.Rest of the worldSegment Total	5104	6	(€ in Crores)Year Ended31-Mar-19(Audited)
91357	0'334	0826		Less: Finance CostsLess: Taxes	021	53014

	10. Standalone Statement of Assets & Liabilities		(@ in Crores)
Sr. No.	ParticularsASSETS	As At30-09-19(Unaudited)	As At31-03-19(Audited)
A1	Non- current assets(a) Property, plant and equipment(b) Capital work - in - Progress(c) Other Intangible Assets	67 13	6344
	(d) Financial Assets(i) Investmentsa) Investments in subsidiariesb) Other investments(ii) Other financial assets	99132)1	881861
2	d) Other non-current assetsTotal - Non-current assetsCurrent assets(a) Inventories(b) Financial assets(i) Other investments	i30444	134438
	(ii) Trade receivables(ii) Cash and Bank Balances(iv) Bank balances other than (iii) above(v) Other financial assets(c) Other Current Assets	59433342	2714213272
	Assets classified as held for saleTotal - Current assets	24701:	304232
B	Total AssetsEQUITY AND LIABILITIES	7011,008]	425)769
	Equity(a) Equity Share Capital	14714	14655
1	b) Other Equity
2	Total - EquityNon-Current Liabilities(a) Deferred Tax Liabilities (Net)	_7285	6696
3	Total - Non-current liabilitiesCurrent Liabilities(a) Financial liabilities(i) Trade payables~ Due to Micro and Small Enterprises	§0	63}
	- Due to Others(ii) Other Financial Liabilities(b) Other Current Liabilities(c) Provisions(a) Current tax liabilities (Net)	476213§	418345
	Total - Current liabilitiesTotal - Liabilities	1272	394
	Total Equity and Liabilities11. Standalone cash flow information	2771,005)	100}769}
		For the Half Year Ended30-Sep-19(Unaudited) (Unaudited)	(® in Crores)30-Sep-18
ParticularsProfit for the period	Cash flow from operating activities		(Refer NoteNo.6)
	Operating Profit Before Working Capital ChangesA. Net Cash generated by Operating ActivitiesB. Net Cash used in Investing ActivitiesC. Net Cash used in Financing Activities	8285282(270)	4047253(242)
	Net Increase in Cash & Cash Equivalents (A+B+C)Cash & Cash EquivalentsAt the beginning of the periodAt the end of the period	a(10)133	(21)(10)}155]

Deloitte 19" Floor, Shapath - V Haskins & Sells oe ea 380 015

Chartered Accountants S G Highway

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

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of SYMPHONY LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter and six months ended September 30, 2019 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim 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 responsibility is to express a conclusion on the Statement based on our review.
• We conducted our review of the Statement 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 Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent'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 Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 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.

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.

Attention is drawn to Note 7 to the Statement which states the statement of consolidated cash flows for the corresponding six months ended September 30, 2018, as reported in the accompanying Statement have been approved by the Parent's Board of Directors, but have not been subjected to review.

• 1. The Statement includes the results of the following entities:
  • i. Symphony Limited(Parent)
  • ii. Symphony AU Pty Limited(Subsidiary)
  • iii. Symphony Climatizadores Ltda, Brazil (Subsidiary)
  • iv. Guangdong Symphony Keruilai Air Coolers Co. Limited(Subsidiary)
  • V. IMPCO S. de. R.L. De. C.V., Mexico(Subsidiary)
  • vi. Climate Technologies Pty. Ltd., Australia (Subsidiary)
  • vii. Bonaire USA LLC, USA (Subsidiary)

Deloitte Haskins & Sells

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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.
• 1. We did not review the interim financial information of 5 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflect total assets of Rs. 392.63 Crores as at September 30, 2019, total revenues of Rs. 79.57 Crores and Rs. 215.34 Crores for the quarter and six months ended September 30, 2019 respectively, total net profit/(loss) after tax of Rs. (0.02) Crores and Rs. 4.46 Crores for the quarter and six months ended September 30, 2019 respectively and _ total comprehensive income of Rs. 0.02 Crores and Rs. 4.53 Crores for the quarter and six months ended September 30, 2019 respectively and net cash flows of Rs. 16.32 Crores for the six months ended September 30, 2019, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our 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 in paragraph 3 above.

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

1. The consolidated unaudited financial results includes the interim financial information of one subsidiary which has not been reviewed/audited by their auditors, whose interim financial information reflect total assets of Rs. 0.10 Crores as at September 30, 2019, total revenue of Nil and Nil for the quarter and six months ended September 30, 2019 respectively, total profit/(loss) after tax of Rs. (0.03) Crores and Rs (0.03) Crores for the quarter and six months ended September 30, 2019 respectively and Total comprehensive income / loss of Rs. (0.03 Crore) and Rs (0.03) Crores for the quarter and six months ended September 30, 2019 respectively and net cash flows (net) of Rs. 0.08 Crore for the six months ended September 30, 2019, as considered in the Statement. According to the information and explanations given to us by the Management, this interim financial information are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For DELOITTE HASKINS & SELLS Chartered Accountants , (Firm's Registratign No. 117365W) - = Gaurav J Shah (Partner) (Membership No. 35701) (UDIN: 19035701AAAAGL2804)

Place: Ahmedabad Date: November 12, 2019

SYMPHONY LIMITED

				SYMPHONYLIMITED			Crores< in
	StatementQuarter Ended		sr	of Unaudited Consolidated Financial Results for the Quarter and Half Year ended September 30, 2019	Half Year Ended
	(Unaudited) (Unaudited) (Unaudited)		No.				Year Ended
272)					(Unaudited) (Unaudited)		(Audited)
			1	[IncomeRevenue from operations	re	369	844
11283]	9232)	292)12304		Other IncomeTotal Revenue	23]587)	15384	39883
37410)	64]60	6080,	2	JExpensesCost of Materials consumedPurchase of stock-in-trade	97180	90103]	248221
(4)	(9)	19		Changes in inventories of finished goods, Worle: progreAe)and stock-in-trade	1557	(4)46)	(16)103]
303]6	2913	2736		Employee benefits expenseFinance costsDepreciation and amortisation expense	612	15	710
234	432	317		Advertisement and sales promotion expenseOther expenseslh.	33)71	2351	33123
218]65	18448	26341}		Total expenses3 Profit before exceptional items and tax (1-2)	431106	31669	729154
66]	444	- 41]	45	[xceptional Items (Refer note no. 6) Profit before tax (3-4)	106	465	24130
14	14	8	6	Tax Expense'a.Current Tax	22	16)-	40(a)
*14]	-14	-8		Excess Provision of tax relating to previous yearsb.Net Current Taxic.	22(7)	16)(2)	40(1)
(7)7	(1)13	(0)8]	6	Deferred Taxd.jTax Epense	15	14	3991
5858)0	31310	33]33(0)	78	[Net Profit for the perlod (5-6)Attributable to: Owners of the CompanyNon Controlling interests Other comprehensive income	9110	51510	92(1)
{0)}0	(0)0	(0)i)		items that will not to be reclassified to profit or loss : Re-measurement gains/(losses) on defined benefit plans(i)Income tax effect on above(ii)	(O)}0	(O)}0	(0)0
(1)	(5)	(2)		items that will be reclassified to profit or loss :Net fair value gain/(loss) on debt instruments(i)	(3)	(5)	0
oO	1	0		Income tax effect on above(ii)	0	4	(0)
(1)}57	(4)]27	(2)}31]	9	Total other comprehensive income/(loss), net of tax Total comprehensive income (7+8)	{3)88	(4)47	091
§7	27)	31(0)		Altributable to: Owners of the CompanyNon Controlling Interests	8B0	470	92(Ay
914]	14)	14]	101112	[Paid-up Equity Share Capital (Face Value % 2/- per share)[Reserves excluding Revaluation Reserve Earnings Per Share (of © 2/- each )*	14	14)	14652)

* EPS is not annualised for the quarter/half year ended September 30, 2019, September 30, 2018 and June 30, 2019.

NOTES:

4, The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 12, 2019,

2, The Statutory auditors of the Group have carried out limited review of the financial results for the quarter and half year ended September 30, 2019.

3, The Board of Directors in their meeting held on November 12, 2019 declared 2nd interim dividend of 100% i.e. % 2/- per equity share of & 2/- each amounting to & 16.87 crores including dividend distribution tax. The record date for the payment of interim dividend is November 22, 2019.

4, Symphony AU Pty Ltd, Australia, a subsidiary of the Group, acquired 100% equity capital of Climate Technologies Pty Ltd, Australia effective from July 01, 2018 and in laccordance 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 the half year ended September 30, 2019 include the figures of the business of Symphony AU Pty. Ltd., Australia and hence, the figures of half year ended on September 30, 2019 are not comparable with the figures of corresponding half year ended on September 30, 2018.

1. The financial results of newly incorporated on June 10, 2019 as wholly owned subsidiary company, "Symphony Climatizadores Lida', Brazil is consolidated with the Group for the first time during this quarter.

2. (a) The Group's investments of 2 21.50 crores in Non-Convertible Redeemable Cumulative Preference Shares of Infrastructure Leasing & Financia) Services Limited (IL&FS) are redeemable between March, 2021 to October, 2022. During the previous financial year 2018-19, considering the prevailing uncertainty as regards recovery of |(hese investments, the Group has provided for the loss allowance of entire investment amount of % 21.50 crores.

(b) As reported in Annual Report of F Y 2016-17, some serious irregularities were observed in certain ransactions executed by erstwhile Registrar & Transfer Agent Mis. Sharepro Services India Limited (Sharepro). The Group has filed FIR against Sharepro, their employees and others in this matter which is pending before Hon'ble} Metropolitan Magistrate Court, Ahmedabad.

The Group has provided % 2.55 crores during the previous financial year 2018-19 towards compensation payable for the matter of two cases of the alleged fraudulent transfers and the same has been paid during the quarter ended September 30, 2019.

1. The consolidated statement of cash flow for the half year ended September 30, 2018 as reported in these financial results have been approved by the Board of | Directors, but have not been subjected to review/audit by the auditors.

8. Adoption of Ind AS 116- Leases

On Aptil 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.

|9. Segment Results

9. Segment Results				As per recognition criteria mentioned in Ind AS-108, Operating Segment, 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 Business.
30-Sep-19	Quarter Ended				Half Year Ended		(fin Crores)}Year Ended
	30-Sep-18	30-Jun-19	rmCe	Particulars	(Unaudited) (Unaudited)	30-Sep-19 30-Sep-18 31-Mar-19	(Audited)
	(Unaudited) (Unaudited) (Unaudited)			1}]Segment Revenue
27211	2257	29410		a. Air Cooling and Other Appliancesb. Corporate Funds	566]21	372 12	853)30)
283)	232	304		Segment Total2}Segment Results (Profit before Interest and Taxes - PBIT)	687	384]	883]
5810	423	3410)		a, Air Cooling and Other Appliancesb. Corporate Funds	9220	588	1298
68]3	461	443		Segment TotalLess: Finance Costs	1126	66)1	1377
768)	13)31	833)		Less: TaxesTotal Profit After Tax	1591	1451	3991
551	582)	590		3] Segment Assetsa, Air Cooling and Other Appliances	551	552]	590)
7571,308]	5811,133	5261,116]		b. Corporate FundsSegment Total	7571,308	5811,133	4811,071
571	484)	415		4 Segment Liabilitiesa. Air Cooling and Other Appliances	$71	484	401
571	-"Aga)	-415}		b. Corporate FundsSegment Total	-871	"484]	-401
100}	201	297,		5 Capital Employed (As at period end)*a, Air Cooling and Other Appliances	100	201	312
75?857	581782	525822]		b. Corporate FundsSegment Total	757,887	581782}	481793)
	[10. Geographical Segment			"Including non-current borrowings w.e-f. this quarter, previous periods are restated.
	Quarter Ended					Half Year Ended	(€ in Crores)}Year Ended
	30-Sep-19 30-Sep-18 (Unaudited) (Unaudited) (Unaudited)	30-Jun-19		ik Frsticaiars		30-Sep-19 30-Sep-18 31-Mar-19(Unaudited) (Unaudited)	(Audited)
189)	144	148)		1] Segment RevenueIndiaa.	337	207	467
63)272	82223	144]292		Rest of the worldb.Revenue from operations	227864!	162369	3773844
69	46	30		2] Segment Results (Profit before Interest and Taxes - PBIT)Indiaa.	99	47	121
(1)68]3	(1)451	14443		Rest of the worldb.Segment TotalLess: Finance Costs	13)112]6	19664	161377

NOTE:

Secondary Segment Capltal Employed :

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 jinterchangeably between segments. The Group believes that it is not practical to provide secondary segment disclosures relating to Capital employed.

Sr.No.	11. Consolidated Statement of Assets & Liabilities Particulars	As At30-09-19	{Zin Crores)As At31-03-19
	ASSETSNon- current assets(a) Property, plant and equipment(b) Capital work - in - Progress(c) Goodwill	12910)143)	(Unaudited) _ (Audited) _ 906143
	(d) Other Intangible Assets(e) Financial Assets() Investmentsa) Other investments(ii) Other financial assets(f) Deferred Tax Assets (Net)	471321-	5186119
2	1(g) Other non-current assetsTotal - Non-current assetsCurrent assets(a) Inventories(b) Financial assets(i) Other investments	4}466]98607	i457119272)
	(it) Trade receivables(iii) Cash and Bank Balances(iv) Bank balances other than (iii) above(v) Other financial assets(c) Other Current Assets	571034)136)842	1052628260612)
B	Assets classified as held for saleTotal - Current assetsTotal Assets:EQUITY AND LIABILITIESEquity(a) Equity Share Capital	84241,308'al719	2614107114652
	(b) Other EquityEqulty attributable to owners of the CompanyNon-controlling interestsTotal - EquityNon-Current Liabilities(a) Financial liabilitiesBorrowings(i)	733]4737120	666 670}423
3	(ii), Other Financial Liabilities}(b) Provisions(c) Deferred Tax Liabilities (Net)Total - Non-current liabilitiesCurrent Liabilities(a) Financial liabilities	3266166]	-76136}64
	Borrowings(i)(ii) Trade payables- Due to Micro and Small Enterprises- Due to Others(iii) Other Financial Liabilities(b) Other Current Liabilities(c) Provisions	5209617225)a	312784713
	(d) Current tax liabilities (Net)Total - Current llabltitiesTotal - LiabilitlesTotal Equity and Liabilities12. Consolidated cash flow Information	1408}671]1,308)	265}4014,071
Particulars		[For the Half Year Ended _ 30-Sep-19 30-Sep-18	{% in Crores)(Unaudited) (Unaudited)(Refer NoteNo.7)
	Cash flow from operating activitiesProfit for the periodA. Net Cash generated by Operating ActivitiescE Net Cash used in Investing ActivitiesC. Net Cash used in Financing ActivitiesNet Increase In Cash & Cash Equivalents (A+B+C)	9S22)(291)(47)	51202(323)124
	Cash & Cash EquivalentsAt the beginning of the periodAt the end of the period
		Achat Baker!
	Place : AhmedabadDate: November 12, 2019	DIN-00397573	aaChairman & Managing Director

(A) Standalone Performance

Standalone
	30-Jun-19]	Particulars
	(Unaudited)
		Sales
		Other Operating income
	160]	Revenue from
	102%,
		Income
		Gross Revenue
	102%	SSS
		Gross Margin(Sales - Material Cost)Value
	35.47)	EBITDA
	34.41/PBT
	500%
	26.41]	PAT
	455%

			Income
		102%	Gross RevenueSSS
			Gross Margin(Sales - Material Cost)Value
		35.47)	EBITDA
		34.41/PBT
		500%
		26.41]	PAT
		455%
			Clee
			nsalesGross	48%	52%	50%
34%	31%		21%] EBITDA % of Gross Revenue	28%	23%	26%
34%)	30%		20%} PBT Margin % of Gross Revenue	28%	22%	25%
27%	22%		15% PAT Margin % of Gross Revenue	22%	16%	18%
(58)	56	161	Air Cooling and Other Appliances	52	115)	114
760	559	522	Corporate Funds	641	495	512)
Infinite	78%	15%	Air Cooling and Other Appliances	162%!	39%	116%)
1%	1%	2%	Corporate Funds	3%	2%	2%!
21%	26%		19% Return on Networth	21%	26%)	16%
			(PAT TTM / AVG Networth)
			Debtorsand Inventory ratios
2	oO		10] Debtor Days (Debtors/TTM Sales)	2	Q	30
	25		21} Inventory Days (Inventory/TTM Sales)	23	25)	26)

						(t in Crores)
	Standalone				Standatone
30-Sep-19	Quarter Ended 30-Sep-18	[30-Jun-19]	:Particulars	30-Sep-19	Half year Ended30-Sep-18	Year Ended31-Mar-19
	(Unaudited) (Unaudited) (Unaudited)				(Unaudited) (Unaudited)	(Audited)
757}	581		526]a) Treasury Investment (excluding investments in	757	581]	481)
			subsidiaries)
856	669)		613] b) Treasury Investment (including investments insubsidiaries)	856	669)	569)
1896	1426	148]12	indiaRest of the world	33718	20720	46757
195	148}	160	Total	355	227)	524!
Standalone					Standatone
	Quarter Ended				Half year Ended
30-Sep-19	30-Sep-19 (Unaudited) (Unaudited) Particulars	5			30-Sep-19(Unaudited)	30-Sep-19(Unaudited)
{As per	(As per Old				{As per Revised}	(As per Old
Revised rate)	rate)				rate)	rate)

			subsidiaries)
189	142	148]	india	337	207	467
6	6	12	Rest of the world	18	20	57
195	148}	160	Total	355	227)	524!
	Standalone				Standatone
	Quarter Ended				Half year Ended
30-Sep-19	30-Sep-19	5			30-Sep-19	30-Sep-19

						(t in Crores)
	Standalone				Standatone
	Quarter Ended		:		Half year Ended	Year Ended
30-Sep-19	30-Sep-18	[30-Jun-19]	Particulars	30-Sep-19	30-Sep-18	31-Mar-19
	(Unaudited) (Unaudited) (Unaudited)				(Unaudited) (Unaudited)	(Audited)
757}	581		526]a) Treasury Investment (excluding investments in	757	581]	481)
856	669)		subsidiaries)613] b) Treasury Investment (including investments in	856	669)
			subsidiaries)			569)
189	142	148]	india	337	207	467
6	6	12	Rest of the world	18	20	57
195	148}	160	Total	355	227)	524!
Standalone					Standatone
Quarter Ended					Half year Ended
30-Sep-19	30-Sep-19	5			30-Sep-19	30-Sep-19
		(Unaudited) (Unaudited) Particulars			(Unaudited)	(Unaudited)
{As perRevised rate)	(As per Oldrate)				{As per Revised}rate)	(As per Oldrate)
	69.64] PBT				104.15	104.15
69.64)		20.58} Income tax			2141)	28.58
13.11			-]Add : Reversal of excess tax of June quarter		ss	s
125)			- Add : Reversal of Deferred Tax Liability upto March 31, 2019		2.21	=
2.21			20.58}Tax as per revised rate without considering reversal		23.62	28.58
16.5723.80%	29.56%]				22.68%	27. 45%

rate of income tax for business income is reduced from 30% to 25.17% w.e.f April 01, 2019

(B) Consolidated Performance Analysis

	(B) Consolidated Performance Analysis
						(® in Crores)
	Consolid:				Consolidated
	Quarter Ended		Particulars		Half year Ended	Year Ended
30-Sep-19	30-Sep-18	30-Jun-19	cu	30-Sep-19 (Unaudited) (Unaudited)	30-Sep-18	31-Mar-19(Audited)
				$63)	368	842
0}	1		Y-O-¥ Hi%owth1) Other Operating income	53%1	y	2
272)	223)		292}Revenue from operations	564	369	844)
22%u	9	100%]	Growth %Y-O-Y12} Other Income	53%23	15	39
283	232			587]	384)	883
22%				53%
129	107}			261]	179)	389)
74.18	4759		49_57 EBITDA	123.34)	70.51)	146.83
65.02	43.72	40.94		105.96}	64.70	130.06;
49%		94x}		64%
57.56)	31.09)	33.41] PAT		90.57	5119	9145)

ii) Financial ratios

						(® in Crores)
	Consolid:				Consolidated
	Quarter Ended		Particulars	Half year Ended		Year Ended
30-Sep-19	30-Sep-18	30-Jun-19	cu	30-Sep-19	30-Sep-18	31-Mar-19
				(Unaudited) (Unaudited)		(Audited)
				$63)	368	842
			Y-O-¥ Hi%owth	53%
0}	1		1) Other Operating income	1	y	2
272)	223)		292}Revenue from operations	564	369	844)
22%		100%]	Growth %Y-O-Y	53%
u	9		12} Other Income	23	15	39
283	232			587]	384)	883
22%				53%
129	107}			261]	179)	389)
74.18	4759		49_57 EBITDA	123.34)	70.51)	146.83
		40.94
65.02	43.72			105.96}	64.70	130.06;
49%		94x}		64%
57.56)	31.09)	33.41] PAT		90.57	5119	9145)
85%		66%}	___	77%
47%	48%		CSS45% Gross margin%	46%	49%	46%
26%	21%		16%] EBITDA % ofRevenueGross	21%	18%	17%
23%	19%		13% PBT Margin % of Gross Revenue	18%	17%	15%
20%	13%		11%] PAT Margin % of Gross Revenue	15%	13%	10%
			and ROCEitalsP4
65)	188)	288)	Air Cooling and Other Appliances	176}	189	226)
760}	559}	522	Corporate Funds	641	495	512)
95%	22%	12%	Air Cooling and Other Appliances	54%	30%	57%)
1%	1%	2%)	Corporate Funds	3%	2%	2%
19%	26%		16% Return on Networth(PAT TTM / AVG Networth)	19%	26%	14%
			Debtorsand Inventory ratios
20)	29		39} Debtor Days (Debtors/TTMSales)	20	29	45
34	51]		36} Inventory Days (inventory/TTM Sales)	34)	51	52)
769	587		526] Treasury Investment	769}	587	482)

769	587	526] Treasury Investment	769}	587	482)

Half year EndedQuarter EndedYear EndedParticulars$30 - Jun - 19$30-Sep-1830-Sep-1930-Sep-18(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited)Segment Revenue189148India20714133783Rest of the world22782144162272223292564369Total(C) Shareholders' PayoutDividend per share ₹ (on Face value ₹ 2)2.001.00Interim Dividends3.002.001.00Final DividendsDividend (%)Interim Dividends100%50%50%150%100%Final Dividends75%SymphenyWorld'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: +91-79-66211139MOVIES DIETSP TOUCH CLOUD SILVER/ STOCK DIET ANDOCK WINTER SUNG JUMBO WINDOW AND CORP ANDWICOOL HI COMMAND SURVAILLYRAJOAHMEDABADG	iv) Geographical Segment-wise Revenue	Consolidated		Consolidated	(# in Crores)
	30-Sep-19				31-Mar-19
					467
					377844
					3.001.50
					150%

{C) Shareholders' Payout

			Segment Revenue
189	141	148	India	337	207	467
83	82	144	Rest of the world	227	162	377
272	223	292	Total	564	369	844
(C) Shareholders' Payout
			Dividend per share ₹ (on Face value ₹ 2)
2.00	1.00	1.00	Interim Dividends	3.00	2.00	3.00
			Final Dividends			1.50
			Dividend (%)
100%	50%	50%	Interim Dividends	150%	100%	150%
			Final Dividends			75%