Symphony Limited — Interim / Quarterly Report 2020

Aug 11, 2020

August 11, 2020

To, Security Code - 517385 Symbol - SYMPHONY

BSE Limited National Stock Exchange of India Limited

se

Sub: Outcome of Board Meeting

Dear Sir,

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 Standalone financial results along with limited review reports issued by the statutory auditors for the quarter ended on June 30, 2020. Copies of Unaudited Financial Results, Limited Review Reports and Data Sheet showing performance analysis of Unaudited Financial Results are attached herewith.

2s: Reappointment of Statutory Auditors:

Reappointment of M/s. Deloitte Haskins & Sells, Chartered Accountant, Anmedabad as Statutory Auditors of the Company for second term of five years commencing from conclusion of 33 Annual General Meeting, subject to approval of members of the Company at their ensuing annual genera! meeting.

Pursuant to SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015 a brief profile of M/s. Deloitte Haskins & Sells is enclosed herewith as Annexure A.

The meeting was commenced at 11:55 hours (IST) and concluded at 13:55. hours (IST).

Kindly take note of the same and oblige.

Yours Truly, For Symphony Limited SZ

Mayur Barvadiya 3 Company Secretary Ss e

Enc.: As Above

Email: companysecretary@symphonylimited.com

Annexure A

	Annexure A Re-appointment of M/s Deloitte Haskins & Sells as Statutory Auditors of the Company
Details of events that need to be provided Reason for change viz. appointment,	Information of such events Re-appointment
resignation, removal, death or otherwise
Date of appointment/ cessation (as	the Meeting Annual Ensuing General of
applicable)	Company.
Term of Appointment	Re-appointed period years for of 5 a
	commencing from conclusion of 33'? Annual
	General Meeting, approval subject to of
	shareholders at the ensuing Annual General
	Meeting of the Company.
Brief Profile	Ahmedabad Haskins Deloitte & Sells, is Chartered registered with Institute the of Accountants (Registration India no. of - 117365W). The Firm has significant experience some most serving and the largest of in respected companies and business houses in India. Their Audit & Assurance team has over 2,500 professionals.
	Deloitte Haskins & Sells has national presence with offices in 11 cities. The registered office Ahmedabad 19" of the Firm floor, at in is Shapath-V, Besides Crowne Plaza Hotel, Opp. Ahmedabad Highway, Karnavati Club, \$.G.

Email: companysecretary@symphonylimited.com

s Chartered Accountants Deloitte 19" Floor, Shapath - V ^aS G Highway Haskins & Sells tao 38001

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 ended June 30, 2020 ("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.
• 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)

XK calideye Kaw

Kartikeya Raval (Partner) (Membership No. 106189) (UDIN: 20106189AAAAHL1725)

Place: Anmedabad Date: August 11, 2020

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	a= % 1M ef: \ (elgl aucited «		Quarter Ended		Year Ended -Mar
Sr. No,	[eens P	30-Jun-20 34-Mar-20 (Unaudited) (Refer Note] :	No.5)	30-Juin- (Unaudited)	(Audited)
1	income Revenue from operations a._	40	154	160 11	716 47
	Other income b. Total Revenue	10 50	14 168	171	763
2	Expenses	3	9	5	31
	Cost of materials consumed a. Purchase of stock-in-trade b.	13	69	72 3	330 (5)
	work-in- goods, finished inventories of in Changes c, progress and stock-in-trade	6	(10)
	Employee benefits expense d.	13	13 0	13 0	55 0
	Finance costs e. Depreciation and amortisation expense f,	0 1	2	1	6
	Advertisement and sales promotion expense g.	6 7	7 17	28 15	39 65
	Other expenses h. Total expenses	49}	107	137	521
	Profit before exceptional items and tax (1-2)	1 -	61 2	34 -	242 2
3	Exceptional Items (Refer note no. 3) Profit before tax (3-4)		59	34	240
4		0 1	14 45	8 26	54 186
5 6	}Tax expense
7	Net Profit for the year/period (5-6)
8	Other comprehensive income
	Items that will not to be reclassified to profit or loss : Re-measurement gains/(losses) on defined benefit plans {i)	os	(0)	{0)	(0)
	Income tax effect on above (ii)	0	0	0	0
	Items that will be reclassified to profit or loss :			(2)	a)
	Net fair value gain/(loss) on debt instruments (i)	2 (0)	4 (0)	0	(0)
	Income tax effect on above (ii) Total other comprehensive income/(loss), net of tax	2	i	(2)	0
9	Total comprehensive income for the year/period (7+8)	3	46	24	186
10	Paid-up Equity Share Capital (Face Value % 2/- per share)	14	44	14	14 635
11 42	Reserves excluding Revaluation Reserve €arnings Per Share (of % 2/- each )*	0.21	6.48	3.76]	26.57

# O represents amount less than <% 50 lacs.

" EPS js not annualised for the quarters ended June 30, 2020, March 31, 2020 and June 30, 2019.

NOTES:

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held an August 11, 2020.

Rakutory auditors of the Company have carried out limited review of the financial results for the quarter ended Junel ⁴{ /

1. The Company has invested % 1.55 crores as equity investment (for 100% equily stake) in who#y owned subsidiary namely, Guangdong Symphony Keruilai Air Coolers Co. Limited, China in FY 2015-16. Considering COViD-19 Pandemic, its implications in China and consequent likely impact on the financial position of the subsidiary, the Company has provided an amount of 21.55 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.

2. The outbreak of Coronavirus disease (COVID-19) pandemic globally and in India is causing significant disturbance and siowdown of economic aciivity, The operations of the Company were disturbed causing impact on business and loss of revenue. However, since May, 2020 business operations have resumed progressively. However, adverse impact may continue during FY 20-21 due to current environment and uncertainties. The management has considered the possible effects in FY 20-21 that may result from the pandemic on the Company's operations including the impact on carrying amount of receivables, inventories, assets and investments. Based on the current indicators of future economic conditions, the management expects to recover the carrying amount of these assets in toto without any loss. However, the management will continue to closely monitor any material changes to future economic conditions.

6. Segment Results

review,	5. The figures for the quarter ended March 31, 2020 are balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year, which were subjected to limited
	6. Segment Results As per recognition criteria mentioned in Ind AS-108, Operating Segments, the Company has identified only one operating segment i.e. Air Cooling and Other Appliances Business. 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	However substantial portion of Corporate Funds remained
					(% in Crores)
			Quarter Ended		Year Ended
Sr.				30-Jun-20 34-Mar-20 30-Jun-19 31-Mar-20
	No. Ip ariculats		(Unaudned) (Refer Note (Unaudited) No.5)		(Audited)
1	Segment Revenue
	a. Air Cooling and Other Appliances	40	156	161	719
	b. Corporate Funds	7	11	10	43
	c, Un-allocable	3	1 168	- 171	1 763
	Segment Total Segment Results (Profit before Interest and Taxes - PBIT)	50
2	a. Air Cooling and Other Appliances	(9)	51	24	201
	b. Corporate Funds	7	9	10	40
	c. Un-allocable	3	(1)	-	(1)
	Segment Total	1	59	34	240
	Less: Finance Costs	0	0	0	0
	Less: Taxes	0	14	8	54
	Total Profit After Tax	1	45	26	186
3	Segment Assets
	a. Air Cooling and Other Appliances	204	221	161	221
	b, Corporate Funds	385	406	526	406
	c. Un-allocable	128	119	88	119
	Segment Total	717	746	775	746
4	Segment Liabilities
	a. Air Cooling and Other Appliances	63	97	82	97
	b. Corporate Funds	-		-
	c. Un-allocable	-		-	- -
	Segment Total	63	97	82	97
5	Capital Employed (As at year/period end) (See Note)
	a. Air Cooling and Other Appliances	141	124	79	124
	b. Corporate Funds	385	406	526	406
	Segment Total	§26	530	605	530

NOTE:

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

	7. Geographical Segment		Quarter Ended		(₹ in Crores) Year Ended
Sr.		30-Jun-20	31-Mar-20 30-Jun-19		31-Mar-20
No.	Particulars		(Unaudited) (Refer Note (Unaudited) No.5)		(Audited)
$\mathbf{1}$	Segment Revenue India a.	34	136	148	651
	b. Rest of the world Revenue from operations	6 40	18 154	12 160	65 716
$\overline{2}$	Segment Results (Profit before Interest and Taxes - PBIT) India a. Rest of the world b.		52	30 4	217 23
	Segment Total Less: Finance Costs	0	59 0	34 0	240 0
	Less: Taxes Total Profit After Tax	0	14 45	8 26	54 186
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.	By Order Of The Board	For Symphony Limited
	Place: Ahmedabad Date: August 11, 2020	Achal Bakeri DIN-00397573	Chairman & Managing Director

Date : August 11, 2020

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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 ended 30 June 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)
• ii. Symphony AU Pty Limited (Subsidiary)
• iii. Symphony Climatizadores Ltda, Brazil (Subsidiary)
• iv. Guangdong Symphony Keruilai Air Coolers Co. Limited (Subsidiary)
• Vv. IMPCO S. de. R.L. De. C.V., Mexico (Subsidiary)
• vi. Climate Technologies Pty. Ltd., Australia (Subsidiary)
• 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 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 / financial results of 5 subsidiaries included in the consolidated unaudited financial results, whose interim financial information / financial results reflect total revenues of Rs. 115.18 Cr. for the quarter ended June, 30, 2020, total net loss after tax of Rs. 3.13 Cr. for the quarter ended June, 30, 2020, and total comprehensive loss of Rs. 3.21 Cr. for the quarter ended June, 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 these matters.

1. The consolidated unaudited financial results includes the interim financial information/ financial results of a subsidiary which has not been reviewed/audited by their auditors, whose interim financial information/ financial results reflect total revenue of Rs. 0.01 Cr. for the quarter ended June, 30, 2020, total loss after tax of Rs. 0.13 Cr. for the quarter ended June, 30, 2020, and Total comprehensive loss of Rs. 0.13 Cr. for the quarter ended June, 30, 2020, 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 interim financial information / results certified by the Management.

For DELOITTE HASKINS & SELLS Chartered Accountants (Firm's Registration No. 117365W)

KoshRego 'Kanak

Kartikeya Raval Partner (Membership No. 106189) (UDIN: 20106189AAAAHM1926)

Place: Ahmedabad Date: August 11, 2020

SYMPHONY LIMITED

	SYMPHONY	LIMITED
	Statement of Unaudited Consolidated Financial Results for the Quarter Ended on June 30, 2020
			Quarter Ended 30-Jun-20 31-Mar-20	30-Jun-	Year Ended -Mar
Sr. No,	; Jrareiculars Income		(Unaudited) (Refer Note (Unaudited) No.5)		(Audited)
1	Revenue fram operations a. Other income b.	154 8	249 21	292 12	1,103 54
	Total Revenue	162	270	304	1,157
2	JExpenses Cost of materials consumed a. Purchase of stock-in-trade b. Changes in inventories of finished goods, work-in-progress c.	60 13 21	71 73 (14)	60 80 19	262 328 {7)
	and stock-in-trade Employee benefits expense d, Finance costs e.	26 2	29} 3	27 3	143 11
	Depreciation and amortisation expense f. Advertisement and sales promotion expense g. Other expenses h.	5 7 32	6 8 39	6 31 37	21 45 160
3.	Total expenses Profit/(Loss) before exceptional items and tax (1-2)	166 (4)	215 55	263 41	923 234
4 5	Exceptional Items (Refer note no. 3) Profit/(Loss) before tax (3-4)	- (4)	4 51	- 41	4 230
6 7	Tax expense Net Profit for the period/year (5-6)	(6) 2	11 40}	8 33	48 182
8	Attributable to: Owners of the Company Non Controlling Interests Other comprehensive income	2 (0)	40 (0)	33 (0)	182 0
	items that will not to be reclassified to profit or loss : (i) Re-measurement gains/(losses) on defined benefit plans Income tax effect on above (ii)	(0)] Q	(1) 0	(0) 0	(1) 0
	Items that will be reclassified to profit or loss :
	Net fair value gain/(loss) on debt instruments (i) Income tax effect on above (ii}	2 (0)	1 (0)	(2) 0	0 (0)
9	Total other comprehensive income/(loss), net of tax Total comprehensive income for the year/period (7+8)	2 4	40	(2) 0 31	(1) 181
	Attributable to: Owners of the Company Non Controlling interests	4 (0)	40 (0)	31 (0)	181
10	(Face Value & 2/- per share) Paid-up Equity Share Capital	14	14	14	0 14
11 42	Reserves excluding Revaluation Reserve €arnings Per Share (of % 2/- each )*				625
	Basic & diluted (2) # 0 represents amount less than ®% 50 lacs.	0.22	5.65	4.80	25.98
NOTES:	* EPS is not annualised for the quarters ended June 30, 2020, March 31, 2020 and June 30, 2019.
	4. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 11, 2020. 2. The Statutory auditors of the Company have carried out limited review of the financial results for the quarter ended June 30,
2020,
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1. The Group has assessed the recoverabie amount of Goodwit 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.

⁴The outbreak of Coronavirus disease (COVID-19) pandemic globally and in india is causing significant disturbance and slowdown of economic activity. The operations of the Group was impacted due to country to country lockdowns ordered by the Governments of respective countries, in which the respective entities of the Group operate. The management has considered the possible effects in FY 20-21 that may result from the pandemic on the Group's operations including the impact on carrying amount of receivables, inventories, assets and investments, Based on the current indicators of future economic conditions, the management expects to recover the casrying amount of these assets in toto without any toss, However, the management will continue fo closely monitor any material changes io future economic conditions.

6, Segment Results

	Governments of respective countries, in which the respective entities of the Group operate. the possible effects in FY 20-21 that may result from the pandemic on the Group's operations including the impact on carrying amount of receivables, inventories, assets and investments, Based on the current indicators of future economic conditions, the management expects to recover the casrying amount of these assets in toto without any toss, However, the management will continue fo closely monitor any material changes io future economic conditions.			The management has considered
	5. The figures for the quarter ended March 31, 2020 are balancing figures between audited figures in respect of the full financial year and year to date figures upto the third quarter of the relevant financial year, which were subjected to limited
review.
	6, Segment Results Operating Segments, Ind AS-108, As per recognition criteria mentioned in		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.
					(= in Crores
			Quarter Ended		Year Ended
Sr.	Particulars		30-Jun-20 34-Mar-20 30-Jun-19 31-Mar-20
No.		(Unaudited)	(Refer Note](Unaudited)}		(Audited)
			No.5)
1+	Segment Revenue
	a. Air Cooling and Other Appliances	155	259	294	1,114
	b. Corporate Funds	7	11	10	43 1,157
	Segment Total	162	270	304
2	Segment Results (Profil(Loss) before Interest and Taxes - PBIT)				205
	a. Air Cooling and Other Appliances	(9)	49	34
	b. Corporate Funds	7	9	10	40 (4)
	c. Un-allocable	-	(4) 54	- 44	241
	Segment Total	(2)	3	3	1
	Less: Finance Costs	2	11	8	48
	Less: Taxes	(6) 2	40	33	182
	Total Profit After Tax
3	Segment Assets a. Air Cooling and Other Appliances	627	658	590	658
	b. Corporate Funds	= 385	406	526	406
	Segment Total	1,012	1,064	1,116	1,064
4	Segment Liabilities
	a. Air Cooling and Other Appliances	360	421	415	421
	b. Corporate Funds	-			- -
	Segment Total	360	421	415	421
5	Capital Employed (As at year/period end)*
	a. Air Cooling and Other Appliances	333	309]	296	309
	b. Corporate Funds	385	406	526	406
	Segment Total	723	715	822	715
	"Including non-current borrowings, June 2019 quarter Is restated.

	7. Geographical Segment		Quarter Ended		(₹ in Crores) Year Ended
Sr.		30-Jun-20	31-Mar-20 30-Jun-19
No.	Particulars		(Unaudited) (Refer Note (Unaudited)		31-Mar-20
1			No.5)		(Audited)
	Segment Revenue a. India	34 120	136 113	148 144	651 452
$\overline{2}$	b. Rest of the world Revenue from operations Segment Results (Profit/(Loss) before Interest and Taxes - PBIT)	154	249	292	1,103
	a. India b. Rest of the world	$\bf{0}$ (2) (2)	52 $\overline{c}$ 54	30 4 44	217 24 241
	Segment Total Less: Finance Costs Less: Taxes	$\overline{c}$ (6) $\overline{2}$	$\overline{\mathbf{3}}$ 11 40	3 8 33	11 48 182
NOTE:	Total Profit After Tax 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.
		By Order Of The Board	For Symphony Limited	地名西方山人
	Place : Ahmedabad Date: August 11, 2020	Achal Bakeri DIN-00397573	Chairman & Managing Director

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(A) Standalone Performance Analysis

		Crores) in
		Ended Year
		31-Mar-20
		(Audited)
		714
		2
		716
		47
	171	763
18	80	358
2	35	248
	34	242
		2
		240
		186
		a vis 75% by
	(Unaudited) 40 0 40 -75% 10 50 -71% June, ended impacted which	(% Standalone Ended Quarter 30-Jun-19 30-Jun-20 (Unaudited) 160 0 160 Ve ply -96% - - 34 A -96% 26 1. -95% down is 2020 badly sales the

Financial ratios ii)
	Quarter	Standalone Ended	Ended Year
, Particulars	30-Jun-20 (Unaudited) (Unaudited)	30-Jun-19	31-Mar-20 (Audited)
rofitabili i Sales margin Gross of	46%	50%	50%
% Revenue Gross EBITDA of %	5%	21%	32%
Revenue Gross Margin PBT of %	33%	20%	31%
Revenue Gross Margin of PAT % = ital	3%	15%	24%
7 1 i i (Monthly Average) employed Capital Appliances Cooling Other and Air Corporate Funds	135) 392	HE} 522	(16) 628
Annualised ROCE(PBIT) Not % -
Appliances Other Cooling and Air Corporate Funds	-6% 23	33% 2%	Infinite 6%
Networth Return on Debtors TTM/AVG Networth) (PAT	24% "	198	28%
and Inventory ratios (Debtors/TTM Sales) Debtor Days	20	10	31
(Inventory/TTM Sales) Inventory Days	Zk:	2	Zu
46% quarter is 2020 June, % in margin > Gross high due to 2020 March, ended year 50% in and is in margin gross Aircoolers' contribution. period.	to compared amount of 50% of excess	June, in 50% spares sales line in	quarter 2019 lower having previous with
substantially due reduced is )> EBITDA and PBT	in drop to 75%	sales.
	396	525	408
Investment: Treasury equivalents Cash Cash & including Treasury		613	506
subsidiaries) in investments equivalents Cash Cash & including Treasury	493
subsidiaries) investments in dividend pay special to down due is	March out in	quarter and	lower sales
quarter. June, 2020
iii) a) (excluding b) (including >» Treasury in Revenue Segment-wise Geographical iv) Segment Revenue		148	651
India world Rest the of Total	34 40	12 160	65 716

Investment: Treasury iii)
equivalents Cash Cash & including Treasury a)	396	525	408
subsidiaries) in investments (excluding equivalents & Cash Cash including Treasury b)	493	613	506
subsidiaries) in investments (including

Revenue Segment-wise Geographical iv)
Revenue Segment	34	148	651
India world Rest the of		12	65
Total	40	160	716

Performance Analysis Consolidated {(B)		(%	Crores) in
Profitability & Sales i)		Consolidated
s	Quarter	Ended	Year Ended
Particulars	30-Jun-20	30-Jun-19 (Unaudited)	31-Mar-20 (Audited)
	(Unaudited) 154	291	1,100
Sales income Operating	9	1	3
Other from operations Revenue	154	292	1,103
Y-O-Y¥ % Growth	~47%	12	54
Income Other	8 162	304	lye Syi
Revenue Gross Y-O-¥ Growth %	-47%
Cost) Value Material Margin(Sales - Gross Items) (Excluding Exceptional EBITDA	60 3)	1,32 AQ	5a 266
Items) Exceptional (Excluding PBT	(4) -111%	41	234
¥-O-¥ % Growth Items Exceptional	=	=	4
PBT	(4) Es:	41	230
Y-O-¥ % Growth PAT	-95%	303) 2	182

The business of the subsidiaries of the company is also affected by COVID-19 in terms of sales by nearly, 13 to 15% and in terms of profitability substantially, due to higher input costs, local purchases instead of imports, increased freight (mainly use of air-freight), and increased labour costs. However, company believes that this was a temporary phenomena limited to June quarter on account of COVID-19 and will get normalised starting September quarter due to various initiatives already implemented.

		(%	Crores) in
Finan ii}		Consolidated
:	Quarter JO-gan-20	Ended 30-Jun-19	Ended Year 31-Mar-20
Particulars	(Unaudited)	(Unaudited)	(Audited)
Fitabili :	39%	45%	47%
Sales margin Gross of % Revenue Gross EBITDA of %	2%	16%	23%
Revenue Gross Margin of PAT %	14	11%	16%
(Monthly Average) employed Capital Appliances and Other Cooling Air	320	288	197
Funds Corporate	392	522	628
Not Annualised -
ROCE(PBIT) Appliances and Other Cooling Air	-3% 2%	12% 2%	104% 6%
Funds Corporate
Networth on Return Networth) TTM/AVG (PAT	22%	16%	28%
Debtors and Inventory ratios			40
Sales) (Debtors/TTM Days Debtor	36	39
Sales) (Inventory/TT™ Days Inventory	34	36	39)
Investment Treasury iii)
equivalents Cash Cash & including Treasury	410	3h	433)
dividend special to due down is >» Treasury quarter. 2020 June, in	March in out pay	and quarter	sales lower

equivalents Cash & Cash including Treasury	Investment Treasury iii)
		410	3h	433)

Revenue iv) Geographical 'Segment-wise	=
Segment Revenue	34	148	651
India world the of Rest	120	144	452
Total	154	292	1,103

>» Outlook:

The demand has taken a hit in Ql of FY 2020-21 due to nationwide lock down due to COVID-19 pandemic. There are uncertainties about the performance in FY 2020-21. However, Company is quite confident and optimistic of its medium to long term prospects. The company has initiated certain measures and strategies (taking the advantage of slowdown) which may yield sizeable benefits once normalcy returns.

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