Symphony Limited — Interim / Quarterly Report 2020

Nov 10, 2020

November 10, 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 of the Company has considered and approved Unaudited Consolidated and Standalone financial results along with limited review reports issued by the statutory auditors for the second quarter and half year ended on September 30, 2020. Copies of Unaudited Financial Results, Limited Review Reports and Data Sheet showing performance analysis of Unaudited Financial Results are attached herewith.

The meeting was commenced at 11:40 hours (IST) and concluded at 13:35 hours (IST).

Kindly take note of the same and oblige.

Yours Truly, For Symphony Limited

MAYUR C BARVADIYA 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: 2020-11-10 13:38+05:30

Mayur Barvadiya Company Secretary

Enc.: As Above

Deloitte Haskins & Sells

chanered AccountanG 19'^ Floor, Shapath - V S G Highway Ahmedabad - 380 015 Gujarat,lndaa

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

INDEPENDENT AUDITOR,S REVIEW REPORT ON REVIEW OF INTERI]I'I STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SYM PHONY 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 30,2O2O ("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 aud it opinion.
• 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.

FoT DELOITTE HASKINS & SELLS Charte red Accou ntants (Firm's Registration No. 117365W)

t( Q*^P

K rtikeya Raval (Partner) (Membership No. 106189) (UDIN : 20106189AAAA115822)

Place: Ahmedabad Date: November 10, 2020

WORLD LEADER IN AIR COOLING

SYMPHONY LIMITED

DESCRIPTION

	$(F$ in Crorgel

				Statement of Unaudited Standalone Financial Results for the Quarter and Half Year ended September 30, 2020			$\mathbf{r}$ in orders)
	Quarter Ended				Half Year Ended		Year Ended
	30-Sep-20 30-Sep-19	30-Jun-20	Sr. No.	Particulars		30-Sep-20 30-Sep-19	31-Mar-20
	(Unaudited) (Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)	(Audited)
			1	Income
112	195	40		Revenue from operations la.	152	355	716
8	11	10		Other income b.	18	22	47
120	206	50		Total Revenue	170	377	763
			$\overline{2}$	Expenses
		3		Cost of materials consumed a.			31
53	105	13		Purchase of stock-in-trade b.	66	177	330
	(4)			Changes in inventories of finished goods, work-in- C. progress and stock-in-trade	10	(1)	(5)
13	15	13		Employee benefits expense ld.	26	28	55
$\Omega$	0			Finance costs le.		$\Omega$	$\overline{0}$
				Depreciation and amortisation expense			$6 \mid$
				Advertisement and sales promotion expense		29	39
11	15			Other expenses	18	30	65
85	136	49		Total expenses	134	273	521
35	70		3	Profit/(Loss) before exceptional items and tax (1-2)	36	104	242
			4	Exceptional Items (Refer note no. 4)			$\mathbf{z}$
35	70		5	Profit/(Loss) before tax (3-4)	36	104	240
$\boldsymbol{8}$	13		6	Tax expense	8	21	54
27	57		$\overline{7}$ 8	Net Profit/(Loss) for the year/period (5-6) Other comprehensive income	28	83	186
				Items that will not to be reclassified to profit or loss :
(0)	(0)	(0)		Re-measurement gains/(losses) on defined benefit plans (i)	(0)	(0)	(0)
				(ii) Income tax effect on above
				Items that will be reclassified to profit or loss :
(1)	(1)			(i) Net fair value gain/(loss) on debt instruments		(3)
	$\Omega$	(0)		(ii) Income tax effect on above	(0)		(0)
(1)	(1)	$\mathbf{2}$		Total other comprehensive income/(loss), net of tax		(3)	0
26	56	3	9	Total comprehensive income for the year/period (7+8)	29	80	186
14	14	14	10	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14
			11	Reserves excluding Revaluation Reserve			635
			12	Earnings Per Share (of ₹ 2/- each)*
3.83 $\mu$ $\sim$	8.02	0.21		Basic & diluted $(\bar{\zeta})$	4.04	11.78	26.57

0 represents amount less than ₹ 50 lacs.
* EPS is not annualised for the quarter/half year ended September 30, 2020, September 30, 2019 and June 30, 2020. NOTES-

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 10, 2020.

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, 2020.

3. The worldwide outbreak of Covid19 has affected the sales of the company severely since it hit during peak summer months in India and most other countries to which the company exports. Despite strong summer temperatures generating high demand for the company's products and despite adequate availability of products with the channel, the lockdown prevented sales from taking place. Due to this unsold channel inventory which will only get liquidated in the next summer, purchases by the channel from the company in this quarter has been greatly affected and will remain muted for the rest of the year. However, the management expects to recover full amount of the carrying value of receivables, inventories, assets and investments.

4. 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 Covid19 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 (impairment) in carrying cost of the investment and the same is shown as an exceptional item for the quarter and year ended March 31, 2020.

5. The parliament of India has approved the Code on Social Security, 2020 ("the Code") which, inter alia, deals with employee benefits during employment and post employment. The Code has been published in the Gazette of India. Pending the issuance of Rules and the notification of effective date, the likely financial impact, if any, on the Company cannot be ascertained. It will be assessed and recognized post notification of the relevant provisions

AHMEDABAD

$\overline{10}$

As per recognition criteria mentioned in Ind AS-108, Operating Segments, the Company has identified only one operating segment i.e. Air Cooling and 6. Segment Results Other Appliances 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 Cooling and Other Appliances

Business.							(₹ in Crores)
					Half Year Ended		Year Ended
	Quarter Ended		Sr.		30-Sep-20	30-Sep-19	31-Mar-20
	30-Sep-20 30-Sep-19	30-Jun-20	No.	Particulars	(Unaudited)	(Unaudited)	(Audited)
	(Unaudited) (Unaudited)	(Unaudited)
			1	Segment Revenue	156	356	719
116	195	40		a. Air Cooling and Other Appliances	13	21	43
6	11			b. Corporate Funds
(2)		3		c. Un-allocable	170	377	763
120	206	50		Segment Total Segment Results (Profit before Interest and Taxes - PBIT)
			2		22	84	201
31	60	(9)		a. Air Cooling and Other Appliances	13	20	40
6	10 1			b. Corporate Funds			(1)
(2)				c. Un-allocable	36	104	240
35	70			Segment Total
	$\Omega$			Less: Finance Costs	8	21	54
8	13			Less: Taxes	28	83	186
27	57			Total Profit After Tax
			3	Segment Assets	161	149	221
161	149	204		a. Air Cooling and Other Appliances	600	757	406
600	757	385		b. Corporate Funds	116	99	119
116	99	128		c. Un-allocable	877	1,005	746
877	1,005	717		Segment Total
			4	Segment Liabilities	198	277	97
198	277	63		a. Air Cooling and Other Appliances
				b. Corporate Funds
				c. Un-allocable	198	277	97
198	277	63		Segment Total
			5	Capital Employed (As at year/period end) (See Note)
(37)	(128)	141		a. Air Cooling and Other Appliances	(37)	(128)	124
600	757	385		b. Corporate Funds	600	757	406
563	629	526		Segment Total	563	629	530

NOTE:

Segment Results of Air Cooling and Other Appliances Segment have been calculated excluding investment, loans and other receivable of subsidiaries for quarter/half year ended September 30, 2020. The figures for the quarter/half year ended September 30, 2019 have been regrouped/reclassified to conform to the current period's classification.

	7. Geographical Segment						(₹ in Crores)
	Quarter Ended				Half Year Ended	Year Ended
		30-Sep-20 30-Sep-19 30-Jun-20	Sr. No.	Particulars	30-Sep-20 30-Sep-19		31-Mar-20
		(Unaudited) (Unaudited) (Unaudited)			(Unaudited) (Unaudited)		(Audited)
				Seament Revenue
105	189	34		India a	139	337	651
				Rest of the world b.	13	18	65
112	195	40		Revenue from operations	152	355	716
			$\overline{2}$	Segment Results (Profit before Interest and Taxes - PBIT)
33	69			India a	33	99	217
				Rest of the world b.			23
35	70			Segment Total	36	104	240
				Less: Finance Costs
	13			Less: Taxes		21	54
27	57			Total Profit After Tax	28	83	186

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.

			(₹ in Crores)
Sr. No.	Particulars	As At 30-09-20	As At 31-03-20
		(Unaudited)	(Audited)
Α	ASSETS
1	Non-current assets
	(a) Property, plant and equipment	66	67
	(b) Right-of-use asset
	(c) Capital work - in - Progress	$\overline{c}$
	(d) Other intangible assets		3
	(e) Financial Assets
	(i) Investments
	a) Investments in subsidiaries.	98	98
	b) Other investments	146	113
	(ii) Loans	17	1
	(iii) Other financial assets	$\overline{0}$	0
	(f) Other non-current assets	334	285
$\overline{2}$	Total - Non-current assets Current assets
	(a) Inventories	29	41
	(b) Financial assets
	(i) Other investments	454	292
	(ii) Trade receivables		60
	(iii) Cash and Bank Balances	6	$\overline{c}$
	(iv) Bank balances other than (iii) above		$\overline{4}$
	$(v)$ Loans		19
	(vi) Other financial assets	$\overline{\mathbf{c}}$	4
	(c) Current tax assets (Net)	3
	(d) Other Current Assets	37	39
	Total - Current assets	543	461
	Total Assets	877	746
в	EQUITY AND LIABILITIES
1	Equity
	(a) Equity Share Capital	14	14
	(b) Other Equity	665	635
	Total - Equity	679	649
$\overline{2}$	Non-Current Liabilities
	(a) Deferred Tax Liabilities (Net)	5 5
3	Total - Non-current liabilities Current Liabilities
	(a) Financial liabilities
	(i) Trade payables
	- Due to Micro and Small Enterprises	$\Omega$	1
	- Due to Others	28	38
	(ii) Lease liabilities		1
	(iii) Other financial liabilities	6	5 1
	(b) Other Current Liabilities	151	38
	(c) Provisions	8	7
	(d) Current tax liabilities (Net)		3
	Total - Current liabilities	193	93
	Total - Liabilities	198	97
	Total Equity and Liabilities	877	746

AHMEDABAD

ī

		( in Crores)
Particulars	For the Half Year Ended
	30-Sep-20	30-Sep-19
Cash flow from operating activities	(Unaudited)	(Unaudited)
Profit for the period	28	82
Adjustments For:
Income tax expenses recognised in profit or loss	8	22
Depreciation and Amortization Expenses		3
Finance costs recognised in profit or loss	$\overline{0}$	$\mathbf{O}$
Interest Income recognised in profit or loss	(5)	(7)
Dividend Income recognised in profit or loss		(5)
Net (gain)/loss on disposal of instruments designated at FVTOCI	(0)
Net gain on disposal of instruments designated at FVTPL	(2)	(1)
Net gain on financial assets mandatorily measured at FVTPL	(6)	(8)
Unrealised foreign exchange (gain)/loss	$\Omega$
Allowances for credit losses on trade receivables		$\overline{0}$
Provisions / Liabilities no longer required written back	(2)	(0)
Receivables / Advances written off	$\mathbf 0$	$\circ$
(Gain)/Loss on disposal of property, plant and equipment		(1)
Operating Profit Before Working Capital Changes	24	85
Movements in working capital:
Decrease in trade and other receivables	53	39
(Increase)/Decrease in inventories	12	(3)
Decrease in other assets	3	6
Increase/(Decrease) in trade payables	(9)	3
Increase in other liabilities	113	176
Increase/(Decrease) in provisions		(0)
Cash Generated from Operations Income taxes paid	197	306
A. Net Cash generated by Operating Activities	(13)	(24)
CASH FLOW FROM INVESTING ACTIVITIES	184	282
Payments to acquire property, plant and equipment
Proceeds from disposal of property, plant and equipment	(4)	(4)
Interest Received		$\overline{a}$
Dividend Received		$\overline{c}$
Net payments to acquire mutual funds
Payments to acquire financial assets	(218)	(236)
Proceeds on sale of financial assets	(40)	(81)
Investment in Subsidiary	76	53
Advances and Loans to Subsidiaries		(11)
B. Net Cash used in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES	(180)	(270)
Finance Cost paid
Payments on lease liabilities	(0)	(0)
Dividend paid on equity shares	(0)	(0)
Dividend Distribution Tax Paid	(0)	(18)
C. Net Cash used in Financing Activities		(4)
	(0)	(22)
Net increase in Cash & Cash Equivalents (A+B+C)		(10)
Cash & Cash Equivalents at the beginning of the period		13
Cash & Cash Equivalents at the end of the period	6
	By Order Of The Board
	For Symphony Limited
		计外柜和电路点
	Achal Bakeri
Place: Ahmedabad	Chairman & Managing Director
Date: November 10, 2020	DIN-00397573
		Sympheny

MONGOLD IN THE TAUCH CLOUD STVERE STARE DIET HOOD, WINTER SUMPLE JUMBER WINDOW ACCIDE ASSOCIATED TO CHECK AND MONARHE

Deloitte Haskins & Sells

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 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 half year ended September 30, 2020 ("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.
• 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 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.

• 1. The Statement includes the results of the following entities:
• i. Symphony Limited (Parent)
• Symphony AU Pty Limited (Subsidiary) ii.
• 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)
• Climate Technologies Pty. Ltd., Australia (Subsidiary) vi.
• vii. Bonaire USA LLC, USA (Subsidiary)
• 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 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

Deloitte Haskins & Sells

Obligations and Disclosure Requirements) Regulataons, 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 / financial results of 5 subsidiaries included in the consolidated unaudited financial results, whose interim financial information / financial results reflect total assets of Rs. 389.02 Cr. as at September 30,2O2O and total revenues of Rs. 82.88 Cr. And Rs. 198.06 Cr. for the quarter and half year ended September 30,2O2O respectively, total net loss after tax of Rs. 12.02 Cr. And Rs. 15.15 Cr. for the quarter and half year ended September 30,2O2O respectively, and total comprehensive loss oF Rs. 12.10 Cr. And Rs. 15.31 Cr for the quarter and half year ended September 30,2O2O respectively and net cash outflows of Rs. 7.67 Cr. for the half year ended September 30,2020, as considered in the Statement. These interim financial information / financial results 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 the above matter with respect to our reliance on the work done and the reports of the other auditors.

1. The consolidated unaudited financial results includes the interim financial information/ financial results of a subsidiary which has not been reviewed/a udited by their auditors, whose interim financial information/ financial results reflect total assets of Rs. 1.15 Cr. as at September 30, 2020 and total revenue of Rs. 0.29 Cr. And Rs. 0.30 Cr. for the quarter and half year ended September 30,2O2O respectively, total loss after tax of Rs. 0.06 Cr. And Rs. 0.19 Cr. for the quarter and half year ended September 30,2O2O respectively, and Total comprehensive loss of Rs. 0.06 Cr. And Rs. 0.19 Cr. for the quarter and half year ended September 30,2020 respectively and net cash flows of Rs. 0.22 Cr. for the half year ended September 30,2O2O, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial information / financial results are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interam financia information / results certified by the Management.

For DELOITTE HASKINS & SETLS Chartered Accountants (Firm's Registration No. 1;.7365W)

i('nr*I4^'t)'*"*

KYrtikeya Raval Partner (Membership No. 105189) (UDIN: 2010618gAAAALM 745 5)

Place: Ahmedabad Date: November 70,2O2O

SYMPHONY LIMITED

KINGTOTES! Statement of Unaudited Consolidated Financial Results for the Quarter and Half Year ended September 30, 2020 Quarter Ended Half Year Ended Year Ended Sr. 30-Sep-20 30-Sep-19 30-Jun-20 Particulars 30-Sep-20 30-Sep-19 31-Mar-20 No. (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Revenue from operations $19'$ $272$ $154$ $345$ 56 1.103 Other income $\overline{2}$ 54 16 199 283 162 Total Revenue 361 587 1,157 $\overline{\mathbf{z}}$ Expenses $37$ 60 Cost of materials consumed 103 $Q₇$ 262 43 54 110 $13$ b. Purchase of stock-in-trade 67 190 328 10 $(4)$ $21$ c. Changes in inventories of finished goods, work-in-progress $31$ $15$ $(7)$ and stock-in-trade $\overline{26}$ 30 26 ł. Employee benefits expense 52 57 113 3 ź Finance costs 6 $11$ le. 5 $\overline{6}$ 5 f Depreciation and amortisation expense 10 $21$ $12$ $\overline{a}$ $10$ Advertisement and sales promotion expense 33 45 la. $28$ $34$ $\overline{32}$ $\overline{71}$ 150 Other expenses 60 173 218 166 Total expenses 339 $923$ 481 Profit/(Loss) before exceptional items and tax (1-2) 26 65 $(4)$ $\overline{3}$ $22$ 234 106 Exceptional Items (Refer note no. 3) 65 $(4)$ Profit/(Loss) before tax (3-4) 230 19 $\overline{5}$ $15$ 106 7 $(6)$ 6 Tax expense $(2)$ 48 15 $15$ 58 Net Profit for the period/year (5-6) $17$ $\overline{7}$ 91 182 16 58 Attributable to: Owners of the Company 18 91 182 Non Controlling Interests $(1)$ $\Omega$ $(0)$ $(1)$ 8 Other comprehensive income Items that will not to be reclassified to profit or loss : $(1)$ Re-measurement gains/(losses) on defined benefit plans $(0)$ $(0)$ $(i)$ $(1)$ $(0)$ $(1)$ $(ii)$ Income tax effect on above $\Omega$ ſ $\epsilon$ $\Omega$ Items that will be reclassified to profit or loss : $(1)$ $(1)$ $(n)$ Net fair value gain/(loss) on debt instruments $(3)$ $\Omega$ $(ii)$ Income tax effect on above $\epsilon$ $(0)$ $(0)$ $(0)$ $\epsilon$ $(2)$ $(1)$ Total other comprehensive income/(loss), net of tax $(3)$ $(1)$ $(0)$ $13$ 57 $\overline{9}$ Total comprehensive income for the year/period (7+8) 88 181 $17$ $14$ 57 Attributable to: Owners of the Company 18 88 181 $(1)$ Non Controlling Interests $\circ$ $(0)$ $(1)$ $\epsilon$ $\Omega$ $14$ 10 14 $14$ Paid-up Equity Share Capital (Face Value ₹ 2/- per share) 14 14 14 $11$ Reserves excluding Revaluation Reserve 625 Earnings Per Share (of ₹ 2/- each )* $12$ 8.18 Basic & diluted (₹) $2.17$ 12.99 25.98 .39

$\overline{\epsilon}$ 50 lace # 0 represents amount less than

* EPS is not annualised for the quarter/half year ended September 30, 2020. September 30, 2019 and June 30, 2020. 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 November 10, 2020.

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, 2020.

3. (a) IMPCO S. de. R L. de. C. V., Mexico has provided for doubtful debts during the quarter ended September 30, 2020 of ₹ 7.2 Cr., estimated at 80% of the outstanding receivable from one of its top customers which has applied for bankruptcy in Mexican Court and the same has been shown as exceptional item.

(b) The Group has assessed the recoverable amount of Goodwill of ₹ 4 crores of wholly owned subsidiary namely Guangdong Symphony Keruilai 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.

1. The worldwide outbreak of Covid19 has affected the sales of the Group severely since it hit during peak season locally and most other countries to which it exports. Despite strong summer temperatures generating high demand for the company's products and despite adequate availability of products with the channel, the lockdown prevented sales from taking place. Due to this unsold channel inventory which will only get liquidated in the next summer, purchases by the channel from the company in this quarter has been greatly affected and will remain muted for the rest of the year. However, the management expects to recover full amount of the carrying value of receivables, inventories, assets and investments.

2. The parliament of India has approved the Code on Social Security, 2020 ("the Code") which, inter alia, deals with employee benefits during employment and post employment. The Code has been published in the Gazette of India. Pending the issuance of Rules and the notification of effective date, the likely financial impact, if any, on the Group cannot be ascertained. It will be assessed and recognized post notification of the relevant provisions.

AHMEDARAT ä

6. Segment Results

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 re

	Quarter Ended					Half Year Ended	(₹ in Crores) Year Ended
30-Sep-20	30-Sep-19 30-Jun-20		Sr.	Particulars		30-Sep-20 30-Sep-19	31-Mar-20
(Unaudited)		(Unaudited) (Unaudited)	No.			(Unaudited) (Unaudited)	(Audited)
			1	Segment Revenue
193	272	155		a. Air Cooling and Other Appliances	348	566	1,114
6	11	$\overline{I}$		b. Corporate Funds	13	21	43
199	283	162		Segment Total	361	587	1,157
			$\overline{2}$	Segment Results (Profit/(Loss) before Interest and Taxes - PBIT)
17	58	(9)		a. Air Cooling and Other Appliances	8	92	205
6	10 1	7		b. Corporate Funds	13	20	40
				c. Un-allocable			(4)
23	68	(2)		Segment Total	21	112	241
4	$\overline{3}$	$\overline{2}$		Less: Finance Costs	6	6	11
4	$\overline{7}$	(6)		Less: Taxes	(2)	15	48
15	58	$\overline{\mathbf{2}}$		Total Profit After Tax	17	91	182
			3	Seament Assets
561	551	627		a. Air Cooling and Other Appliances	561	551	658
600	757	385		b. Corporate Funds	600	757	406
1,161	1,308	1,012		Segment Total	1,161	1,308	1,064
			4	Segment Liabilities
495	571	360		a. Air Cooling and Other Appliances	495	571	421
				b. Corporate Funds
495	571	360		Segment Total	495	571	421
			5	Capital Employed (As at year/period end)*
197	100	338		a. Air Cooling and Other Appliances	197	100	309
600	757	385		b. Corporate Funds	600	757	406
797	857	723		Segment Total	797	857	715
	7. Geographical Segment						(Win Crores)
	Quarter Ended		Sr.			Half Year Ended	Year Ended
(Unaudited)	30-Sep-20 30-Sep-19 30-Jun-20 (Unaudited) (Unaudited)		No.	Particulars		30-Sep-20 30-Sep-19	31-Mar-20
						(Unaudited) (Unaudited)	(Audited)
			1	Segment Revenue
105	189	34		India a.	139	337	651
86 191	83 272	120 154		Rest of the world b.	206	227	452
			$\overline{2}$	Revenue from operations	345	564	1,103
33	69	0		Segment Results (Profit/(Loss) before Interest and Taxes - PBIT) India a.
(10)	(1)	(2)		Rest of the world b.	33 (12)	99 13	217
23	68	(2)		Segment Total	21	112	24 241
	3	$\overline{2}$		Less: Finance Costs	6	6	11
	7	(6)		Less: Taxes	(2)	15	48
15	58	$\overline{2}$		Total Profit After Tax	17	91	182

NOTE:

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

AHMEDA8A

			( in Crores)
		As At	As At
Sr. No.	Particulars	30-09-20	31-03-20
		(Unaudited)	(Audited)
A	ASSETS
1	Non-current assets
	(a) Property, plant and equipment	101	100
	(b) Right-of-use asset	32	35
	(c) Capital work - in - Progress	$\overline{2}$	$\overline{2}$
	(d) Goodwill	152	136
	(e) Other intangible assets	52	47
	(f) Financial Assets
	(i) Investments
	a) Other investments	146	113
	(ii) Other financial assets
	(g) Deferred Tax Assets (Net)	8
	(h) Other non-current assets
	Total - Non-current assets	498	438
2	Current assets
	(a) Inventories	78	118
	(b) Financial assets
	(i) Other investments	462	299
	(ii) Trade receivables	53	121
	(iii) Cash and Bank Balances	17	21
	(iv) Bank balances other than (iii) above		5
	(v) Other financial assets	$\overline{c}$
	(c) Current tax assets (Net)	3
	(d) Other Current Assets	44	61
	Total - Current assets	663	626
	Total Assets	1.161	1064
B	EQUITY AND LIABILITIES
1	Equity
	(a) Equity Share Capital	14	14
	(b) Other Equity	648	625
	Equity attributable to owners of the Company	662	639
	Non-controlling interests
	Total - Equity	666	643
$\overline{\mathbf{2}}$	Non-Current Liabilities
	(a) Financial liabilities
	(i) Borrowings	131	72
	(ii) Lease liabilities	27	28
	(b) Provisions	11	9
	(c) Deferred Tax Liabilities (Net)	5	7
	Total - Non-current liabilities	174	116
3	Current Liabilities
	(a) Financial liabilities
		58	102
	(i) Borrowings
	(ii) Trade payables
	- Due to Micro and Small Enterprises	$\circ$
	- Due to Others	79	114
	(iii) Lease liabilities	8	9
	(iv) Other financial liabilities	5	9
	(b) Other Current Liabilities	159	55
	(c) Provisions	12	12
	(d) Current tax liabilities (Net)	$\Omega$	3
	Total - Current liabilities	321	305
	Total - Liabilities	495	421
	Total Equity and Liabilities	1,161	1,064

9. Consolidated Statement of Cash Flows		(₹ in Crores)
	For the Half Year
Particulars	30-Sep-20 30-Sep-19
	(Unaudited) (Unaudited)
Cash flow from operating activities
Profit for the period	17	91
Adjustments For:
Income tax expenses recognised in profit or loss	(2)	15
Depreciation and Amortization Expenses	10	12
Finance costs recognised in profit or loss	6	6
Mark to Market Loss	(0)	4
Interest Income recognised in profit or loss	(5)	(7)
Dividend Income recognised in profit or loss		(5)
Net gain on disposal of instruments designated at FVTOCI	(0)
Net gain on disposal of instruments designated at FVTPL	(2)	(1)
Net gain on financial assets mandatorily measured at FVTPL	(6)	(8)
Adjustment on Foreign Currency Translation	(20)	1
Allowances for credit losses on trade receivables	8	$\mathbf{0}$
Provisions / Liabilities no longer required written back	(2)	(1)
Receivables / Advances written off	0	$\circ$
(Gain)/Loss on disposal of property, plant and equipment	$\circ$	(1)
Operating Profit Before Working Capital Changes	4	106
Movements in working capital:
Decrease in trade and other receivables	59	48
Decrease in inventories	40	22
Decrease in other assets	18	27
Decrease in trade payables	(34)	(32)
Increase in other liabilities	104	175
Increase/(Decrease) in provisions		(0)
Cash Generated from Operations	192	346
Income taxes paid	(13)
A. Net Cash generated by Operating Activities	179	(24) 322
CASH FLOW FROM INVESTING ACTIVITIES
Payments to acquire property, plant and equipment	(6)	(9)
Proceeds from disposal of property, plant and equipment
Interest Received	2	2
Dividend Received		3 5
Net payments to acquire mutual funds	(220)	(247)
Payments to acquire financial assets		(81)
Proceeds on sale of financial assets	(40) 76
Net payment for the acquisition of Subsidiaries		52
B. Net Cash used in Investing Activities	(184)	(16) (291)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid on equity shares	(0)	(18)
Dividend Distribution Tax Paid
Payments on lease liabilities	(5)	(4) (4)
Proceeds from borrowings	12	(15)
Finance Cost paid	(6)	(6)
C. Net Cash used in Financing Activities	1	(47)
Net Increase in Cash & Cash Equivalents (A+B+C)
Cash & Cash Equivalents at the beginning of the period	(4)	(16)
Cash & Cash Equivalents at the end of the period	21 17	26 10
	By Order Of The Board For Symphony Limited
	Achal Bakeri
Place: Ahmedabad		Chairman & Managing Director
Date: November 10, 2020	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 19-50, Bodskdev, Off 50 Highway, Ahmedabad 380059, India
CIN: L32201GJ1988PLC010331 Web: www.symphonytimised.com Email: corporate@symphonytimited.com Phone: +91-79-66211111 Fax: +91- 9-662111139
HOWER DIET MOOR WINTER SUND WIND WHERE A Circle Missis Cool Hill Civics And MOORAIR

(A) Standalone Performance Analysis i) Sales & Profitability (₹ in Crores) Standalone Standalone Quarter Ended Half year Ended Year Ended Particulars 30-Sep-20 30-Sep-19 30-Jun-20 30-Sep-20 30-Sep-19 $31 - Max - 20$ (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) $112$ $101$ $\overline{A}$ Sales 152 354 $714$ $\epsilon$ 0 Other Operating income $112$ $195$ 40 Revenue from operations 152 $355$ $716$ $-43%$ $-75$ $\frac{1}{2}$ Growth & Y-O-Y $-575$ $11$ $\epsilon$ 10 Other Income $18$ $\overline{2}$ $47$ 120 206 50 Gross Revenue 170 763 377 $-429$ $-71%$ Growth $Y-O-Y$ $-55%$ $54$ 91 18 Gross Margin (Sales - Material Cost) Value $72$ 171 $358$ $37$ $71$ 2EBITDA (Excluding Exceptional Items) 39 107 248 35 70 1 PBT (Excluding Exceptional Items) $36$ 104 242 $-50*$ $-968$ Growth & Y-O-Y $-65%$ -Exceptional Items 35 $70$ $\overline{1}$ PBT $36$ 104 $240$ $-50%$ $-96%$ Growth & Y-0-Y $-65%$ $2⁷$ $57$ PAT $28$ $83$ 186 $-529$ $-95%$ Growth & Y-O-Y $-66%$ > Revenue from

operations during quarter/half year ended September, 2020 is down by 57% and 43% respectively vis a vis September, 2019 on account of Covid19. It disrupted the business in summer, the main season of aircooler. Hence witnessing spill over impact.

AHAEDABAD ź

	Standalone				Standalone	(₹ in Crores)
	Quarter Ended					Year Ended
$30 -$ Sep $-20$	$30 - Sep-19$	$30 - Jun - 20$	Particulars		Half year Ended
(Unaudited)	(Unaudited)	(Unaudited)		$30 - Sep-20$ (Unaudited)	$30-$ Sep-19 (Unaudited)	$31-Mar-20$
			Profitability ratios			(Audited)
48%	47%		46% Gross margin % of Sales	478	48%
30%	348		5% EBITDA % of Gross Revenue	23%		50%
					288	323
23%	27 8		3% PAT Margin % of Gross Revenue	17%	22%	243
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
(16)	(148)	135	Air Cooling and Other Appliances	59	(37)	(16)
564	760	392	Corporate Funds	178	641	628
			ROCE (PBIT) % - Not Annualised
Infinite	Infinite	$-6*$	Air Cooling and Other Appliances	37%	Infinite	Infinite
18	1š	28	Corporate Funds	38	38	68
19%	218		24% Return on Networth	198	21%
			(PAT TTM/AVG Networth)			28%
			Debtors and Inventory ratios
			20 Debtor Days (Debtors/TTM Sales)			31
	23		21 Inventory Days (Inventory/TTM Sales)	21	23	21

The Gross margin % of September 2020 quarter has slightly improved despite Covid19 impact.

606	760		396 a) Treasury including Cash & Cash equivalents (excluding investments in subsidiaries)	606	$\alpha$	408
704	859		493b) Treasury including Cash & Cash equivalents (including investments in subsidiaries)	704	859	506
	Geographical Segment-wise Revenue
			Segment Revenue
105	189	34	India
			Rest of the world	139	337 18	651 65

FEDARAI

(B) Consolidated Performance Analysis

	Consolidated				Consolidated
	Ouarter Ended				Half year Ended	Year Ended
$30 -$ Sep $-20$	$30-Sep-19$	$30 - Jun - 20$	Particulars	$30-Sep-20$	$30-Sep-19$	$31-Mar-20$
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
190	272		$154$ Sales	344	563	1,100
			O Other Operating income
191	272		154 Revenue from operations	345	564	1,103
$-30*$		$-47.8$	Growth % Y-O-Y	$-39%$
	11		8 Other Income	16	23	54
199	283		162 Gross Revenue	361	567	1,157
$-30*$		$-47*$	Growth % Y-0-Y	$-398$
83	129		60 Gross Margin (Sales - Material Cost) Value	143	261	517
35	74		3 EBITDA (Excluding Exceptional Items)	38	123	266
26	65		(4) PBT (Excluding Exceptional Items)	22	106	234
$-60*$		$-1118$	Growth & Y-O-Y	$-79.8$
			-Exceptional Items
19	65		$(4)$ PBT	15	106	230
$-71%$		$-111$ *	Growth % Y-O-Y	$-86%$
15	$\mathbb{S}\mathfrak{B}$		$2$ PAT	17	91	182
$-74$ 3		$-95$ 8	Growth & Y-O-Y	$-81%$

Sales in Impco, Mexico and GSK, China is impacted during half year ended September, 2020 due to Covid19.

Gross margin and Contribution Margin in IMPCO, Mexico and GSK, China have been improved due to various initiatives.

Impco-Mexico has provided for doubtful debts during the quarter ended September, 2020 of ₹ 7.2 Cr., estimated at 80% of the outstanding receivable from one of its top customers which has applied for bankruptcy in Mexican Court and the same has been shown as exceptional item.

Consolidated sales of Climate Technologies, Australia during half year ended September, 2020 is up by 8% despite Covid19
impact. However, its profitability is impacted on account of higher input costs, local purchases in increased freight (mainly use of air-freight), and increased labour costs.

	Consolidated				Consolidated
	Quarter Ended				Half year Ended
$30 -$ Sep $-20$	$30-Sep-19$	$30 - Jun - 20$	Particulars	$30 - Sep - 20$	$30 -$ Sep $-19$	$31-Mar-20$
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
			Profitability ratios
448	478		39% Gross margin & of Sales	428	468	478
14%	268		28 EDITDA & of Gross Revenue	98.	21%	238
$8 - 3$	20号		1% PAT Margin % of Gross Revenue	53	15%	16%
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
195	65	320	Air Cooling and Other Appliances	257	176	197
564	760	392	Corporate Funds	478	641	628
			ROCE (PBIT) - Not Annualised
9 8	95%	$-3*$	Air Cooling and Other Appliances	3 2	54%	104%
14	1%	24	Corporate Funds	34	3%	6%
15%	19%		22% Return on Networth (PAT TTM/AVG Networth)	15%	19%	28%
			Debtors and Inventory ratios
22	20		36 Debtor Days (Debtors/TTM Sales)	22	20	40
32	34		34 Inventory Days (Inventory/TTM Sales)	32	34	39

625	770		110 Treasury including Cash & Cash equivalents	625		433
	iv) Geographical Segment-wise Revenue
			Segment Revenue
105	189	34	India	139	337	651
85	83	120	Rest of the world	206	227	452
191	272	7.541	Total	345	564	1,103

$\blacktriangleright$ 0 utlook:

• The consolidated and standalone sales have been impacted on account of Covid19 pandemic.

• The consolidated and standardie sales have been impacted on account of coviding pandemic.
  - We are reasonably confident to maintain operating profit margin $\frac{1}{2}$ in FY 2020-21 for year as a whole in line with
  FY 2019

World's Legest manufacture of Residential, Commercial and Industrial Air Coolers, Available in more than 60 countries.
Symphony Limited, Symphony Neuve, FF-12 TP-50, Boddefies Off SG Highway, Ahmedabid S80059, India.
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