Symphony Limited — Interim / Quarterly Report 2021

Jan 22, 2021

January 22, 2021

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 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 third quarter / nine months ended on December 31, 2020. Copies of Unaudited Financial Results, Limited Review Reports and Data sheet showing performance analysis of Unaudited financial results are attached herewith.
• 1. Declared Interim Dividend of ₹ 1/- (50%) per equity share having face value of ₹ 2/- each for the financial year 2020-21.

This is in 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 11:25 hours (IST) and concluded at 13:55 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: 2021-01-22 14:04+05:30

Mayur Barvadiya Company Secretary

Enc.: As Above

Email: companysecretary@symphonylimited.com

Deloitte Haskins & Sells

Chartered Accountahts ¹9'" Floor, shapath -v S G Highway Ahmedabad - 380 015 Gujarat,lndia

Tel: +91 79 6682 7300 Fax: +91 79 66827400

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 SY}IPHONY LIMITED ("the Company") for the quarter and nine months ended December 3L,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 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.

FoT DELOITTE HASKINS & SELLS Chartered Accountants ( Firm's Reqistration No. 117365W)

(**,n n9*rl

Kartikeya Raval ( Pa rtner) (Membership No. 106189) (UDIN: 21106189AA AAZT342)

Place: Ahmedabad Date: January 22, zO21

Page I oi I

AHMEDAEAD

WORLD LEADER IN AIR COOLING

DE

SYMPHONY LIMITED

(₹ in Crores)

				Statement of Unaudited Standalone Financial Results for the Quarter and Nine Months ended December 31, 2020
	Quarter Ended		Sr.			Nine Months Ended	Year Ended
	31-Dec-20 31-Dec-19 30-Sep-20		No.	Particulars		31-Dec-20 31-Dec-19	31-Mar-20
	(Unaudited (Unaudited) (Unaudited				(Unaudited) (Unaudited)		(Audited)
			1	Income
124	207	112		Revenue from operations a.	276	562	716
10	11	8		Other income b.	28	33	47
134	218	120		Total Revenue	304	595	763
(0)	15		$\overline{2}$	Expenses Cost of materials consumed
70	84	53		a. Purchase of stock-in-trade b.	136	22 261	31 330
(7)				Changes in inventories of finished goods, work-in- C.			(5)
				progress and stock-in-trade
13	14	13		Employee benefits expense ld.	39	42	55
		$\mathbf{0}$		Finance costs e.			$\Omega$
				Depreciation and amortisation expense			6
				Advertisement and sales promotion expense g		32	39
12 90	18	11		Other expenses h.	30	48	65
44	141 77	85 35		Total expenses	224	414	521
			3 4	Profit/(Loss) before exceptional items and tax (1-2) Exceptional Items (Refer note no. 5)	80	181	242
44	77	35	5	Profit/(Loss) before tax (3-4)	80	181	240
	19	$\mathbf{8}$	6	Tax expense	17	40	54
35	58	27	7	Net Profit/(Loss) for the year/period (5-6)	63	141	186
			8	Other comprehensive income
				Items that will not to be reclassified to profit or loss :
(0)	(0)	(0)		Re-measurement gains/(losses) on defined benefit plans (i)	(0)
		$\Omega$		Income tax effect on above (ii)		(0)	(0)
				Items that will be reclassified to profit or loss :
6		(1)		(i) Net fair value gain/(loss) on debt instruments		(1)
(1)	(0)	$\Omega$		(ii) Income tax effect on above	(1)		(0)
		(1)		Total other comprehensive income/(loss), net of tax	6	(1)
40	60	26	9	Total comprehensive income for the year/period (7+8)	69	140	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 )*
4.92	8.31	3.83		Basic & diluted $(\overline{\tau})$	8.97	20.09	26.57

0 represents amount less than $\leq 50$ lacs.

EMFOABAD

* EPS is not annualised for the quarter/nine months ended December 31, 2020, December 31, 2019 and September 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 January 22, 2021.

2. The Statutory auditors of the company have carried out limited review of the financial results for the quarter and nine months ended December 31, 2020.

3. The Board of Directors in their meeting held on January 22, 2021 declared interim dividend of 50% i.e. ₹ 1/- per equity share of ₹ 2/- each amounting to ₹7 crores. The record date for the payment of interim dividend is February 02, 2021.

4. 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 during the year so far has been affected. The management expects to recover full amount of the carrying value of receivables, inventories, assets and investments.

5. The Company has provided an amount of ₹1.55 crores towards diminution (impairment) in carrying cost of the equity investment (for 100% equity stake acquired during the year 2015-16) in wholly owned subsidiary namely, Guangdong Symphony Keruilai Air Coolers Co. Limited, China and the same is shown as an exceptional item for the quarter and year ended March 31, 2020.

6. The Code on Wages, 2019 and Code on Social Security, 2020 (the "Codes") relating to employee compensation and post-employment benefits that received Presidential assent have not been notified. Further, the related rules for quantifying the financial impact have not been notified. The Company will assess the impact of the Codes when the rules are notified and will record any related impact in the periods the Codes becomes ONY TIRRUXA Ω

HMEDABAD

7. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segments, the Company has identified Air Cooling and Other Appliances Business as operating segment. 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)
	Quarter Ended		Sr.			Nine Months Ended	Year Ended
	31-Dec-20 31-Dec-19 30-Sep-20		No.	Particulars	31-Dec-20 31-Dec-19		31-Mar-20
(Unaudited	(Unaudited)	(Unaudited			(Unaudited) (Unaudited)		(Audited)
			1	Segment Revenue
124	207	116		a. Air Cooling and Other Appliances	280	563	719
9	11	6		b. Corporate Funds	22	32	43
	0	(2)		c. Un-allocable	$\overline{2}$
134	218	120		Segment Total	304	595	763
			2	Segment Results (Profit before Interest and Taxes - PBIT)
34	66	31		a. Air Cooling and Other Appliances	56	150	201
9	11	6		b. Corporate Funds	22	31	40
	0	(2)		c. Un-allocable	$\overline{c}$		(1)
44	77	35		Segment Total	80	181	240
$\circ$	$\Omega$	$\mathbf 0$		Less: Finance Costs	$\theta$	O	0
9	19	8		Less: Taxes	17	40	54
35	58	27		Total Profit After Tax	63	141	186
			3	Segment Assets
182	160	161		a. Air Cooling and Other Appliances	182	160	221
537	645	600		b. Corporate Funds	537	645	406
143	110	116		c. Un-allocable	143	110	119
862	915	877		Segment Total	862	915	746
			4	Segment Liabilities
142	144	198		a. Air Cooling and Other Appliances	142	144	97
				b. Corporate Funds
				c. Un-allocable
142	144	198		Segment Total	142	144	97
			5	Capital Employed (As at year/period end)
40	16	(37)		a. Air Cooling and Other Appliances	40	16	124
537	645	600		b. Corporate Funds	537	645	406
577	661	563		Segment Total	577	661	530
	8. Geographical Segment						(₹ in Crores)
	Quarter Ended		Sr.			Nine Months Ended	Year Ended
	31-Dec-20 31-Dec-19 30-Sep-20		No.	Particulars	31-Dec-20 31-Dec-19		31-Mar-20
	(Unaudited (Unaudited) (Unaudited				(Unaudited) (Unaudited)		(Audited)
			1	Segment Revenue
118	178	105		India a.	257	515	651
	29			Rest of the world b.	19	47	65
124	207	112		Revenue from operations	276	562	716
43	66	33	2	Segment Results (Profit before Interest and Taxes - PBIT) India a.	76	165	217
	11	$\overline{2}$		Rest of the world b	4	16	23
44	77	35		Segment Total	80	181	240
	$\mathbf 0$	0		Less: Finance Costs	$\theta$	$\Omega$	0
	19	8		Less: Taxes	17	40	54
35 MOTE-	58	27		Total Profit After Tax	63	141	186

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.

Place: Ahmedabad Date: January 22, 2021		By Order Of The Board For Symphony Limited Achal Bakerill Chairman & Managing Director
		DIN-00397573
	World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries. Symphony Limited, Symphony House, FP-12 TP-50, Bodskdev, Off 5G Highway, Ahmedabad 380059, India MOVIES ELETT TEUCH CLOUD STATE STATE DIET HOOGL WINNER SUMPLY JUMMIC WINDOW Acts Circle Annual Cast	CIN: L322010.11988PLC010331 Web: www.symphonylimited.com Email: corporate@symphonylimited.com Phone: +91-79-66211111 Fax: +91-79-66211139

Deloitte Haskins & Sells

Chartered fucountant5 ¹⁹⁶Floor, Shapath -v S G Hithway Ahmedabad - 380 015 Gujaral lndia

Tel:+91 79 6682 7300 Fax]+9179 66827400

INDEPENDENT AUDITOR,'S REVIEW REPORT ON R,EVIEW OF INTER,IM 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 nine months ended December 3l,2O2O ("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 l'4anagement 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.

• 4, The Statement includes the results of the following entities;
• t. Symphony Limited (Parent)
• ii. Symphony AU fty Limited (Subsidiary)
• iii. Symphony Climatizadores Ltda, Brazil (Subsidiary)
• iv. Guangdong Symphony Keruilai Air Coolers Co. Limited (Subsidiary)
• IMPCO S. de. R.L. De. C.V., I\4exico (Subsidiary)
• 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 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. 96.39 Cr. and Rs. 294.45 Cr. for the quarter and nine months ended December 3L,2O2O respectively, total net loss after tax of Rs. 6.58 Cr. and Rs, 21.83 Cr. for the quarter and nine months ended December 3l,2O2Q respectively, and total comprehensive loss of Rs. 6.76 Cr. and Rs. 22.07 Cr for the quarter and nine months ended December 3l,2o2o respectively, 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/audited by their auditors, whose interim financial information/ financial results reflect total revenue of Rs. 0.57 Cr. and Rs. 0.87 Cr. for the quarter and nine months ended December 3l,2O2O respectively, total proflt after tax of Rs. 0.20 Cr. and Rs. 0.01 Cr. for the quarter and ntne months ended December 3L,2O2O respectively, and Total comprehensive income of Rs. 0.20 Cr. and Rs. 0.01 Cr. for the quarter and nine months ended December 3l,2O2o respectively, as considered in the Statement. According to the information and explanations given to us by the lvlanagement, 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 I4anagement.

FOT DELOITTE HASKINS & SELLS Chartered Accou nta nts (Frrm's Registration No. 117365W)

ilo*hh"- k'^[

KarUkeya Raval Pa rtner (Membership No. 106189) (UDIN: 21 106189AAAABA1382)

Place: Ahmedabad Date: January 22, 2O2l

SYMPHONY LIMITED

				Statement of Unaudited Consolidated Financial Results for the Quarter and Nine Months ended December 31, 2020			$[$ $\langle$ in Crores)
	Quarter Ended				Nine Months Ended		Year Ended
	31-Dec-20 31-Dec-19 30-Sep-20		Sr. No.	Particulars	31-Dec-20 31-Dec-19 31-Mar-20
(Unaudited)	(Unaudited)	(Unaudited)			(Unaudited) (Unaudited)		(Audited)
			1	Income
216	290	191		Revenue from operations a.	561	854	1,103
9	10 300	199		Other income b.	25	33	54
225			$\overline{\mathbf{z}}$	Total Revenue Expenses	586	887	1,157
65	94	43		Cost of materials consumed la.	168	191	262
69	65	54		Purchase of stock-in-trade b.	136	255	328
(14)	(8)	10		Changes in inventories of finished goods, work-in-progress C. and stock-in-trade	17		(7)
27	27	26		Employee benefits expense ld.	79	84	113
2				Finance costs e.	8	8	11
6		5		Depreciation and amortisation expense	16	15	21
1		3		Advertisement and sales promotion expense g.	11	37	45
35	40	28		Other expenses h.	95	111	150
191	227	173		Total expenses	530	708	923
34	73	26	3	Profit/(Loss) before exceptional items and tax (1-2)	56	179	234
	73	$\overline{7}$ 19	4	Exceptional Items (Refer note no. 4)
34 $\overline{7}$	22	4	5 6	Profit/(Loss) before tax (3-4) Tax expense	49	179 37	230 48
	51		7		5		182
27 27	51	15 16		Net Profit for the period/year (5-6) Attributable to: Owners of the Company	44 45	142 142	182
$\overline{0}$		(1)		Non Controlling Interests	(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 (i)	(0)
	(0)					(0)	(1)
n		$\Omega$		Income tax effect on above (ii)			$\Omega$
				Items that will be reclassified to profit or loss :
6		(1)		Net fair value gain/(loss) on debt instruments (i)		(1)
(1)	(0)	$\Omega$		Income tax effect on above (ii)	(1)	$\Omega$	(0)
6	$\overline{2}$	(2)		Total other comprehensive income/(loss), net of tax	6	(1)	(1)
33	53	13	9	Total comprehensive income for the year/period (7+8)	50	141	181
33	53	14		Attributable to: Owners of the Company	51	141	181
$\mathbf 0$	$\Omega$	(1)		Non Controlling Interests	(1)		$\Omega$
14	14	14	10	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14
			11	Reserves excluding Revaluation Reserve			625
			12	Earnings Per Share (of ₹ 2/- each )*
3.91	7.34	2.17		Basic & diluted (₹)	6.30	20.33	25.98

0 represents amount less than ₹ 50 lacs.

* EPS is not annualised for the quarter/nine months ended December 31, 2020, December 31, 2019 and September 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 January 22, 2021.

2. The Statutory auditors of the company have carried out limited review of the financial results for the quarter and nine months ended December 31, 2020.

3. The Board of Directors in their meeting held on January 22, 2021 declared interim dividend of 50% i.e. ₹ 1/- per equity share of ₹ 2/- each amounting to ₹ 7 crores. The record date for the payment of interim dividend is February 02, 2021.

4. (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 an 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 an 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 during the year so far has been affected. The management expects to recover full amount of the carrying value of receivables, inventories, assets and investments.

2. The Code on Wages, 2019 and Code on Social Security, 2020 (the "Codes") relating to employee compensation and post-employment benefits that eceived Presidential assent have not been notified. Further, the related rules for quantifying the financial impact have not been notified. The Group will assess the impact of the Codes when the rules are notified and will record any related impact in the periods the Codes becomes effective.

MEDARAO

1. Segment Results

As per recognition criteria mentioned in Ind AS-108, Operating Segments, the Group has identified Air Cooling and Other Appliances Business as operating segment. 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.

							(そ in Crores)
	Quarter Ended				Nine Months Ended		Year Ended
	31-Dec-20 31-Dec-19	30-Sep-20	Sr. No.	Particulars	31-Dec-20	31-Dec-19	31-Mar-20
	(Unaudited) (Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)	(Audited)
			1	Segment Revenue
216	289	193		a. Air Cooling and Other Appliances	564	855	1,114
9	11	6		b. Corporate Funds	22	32	43
225	300	199		Segment Total	586	887	1,157
			$\overline{2}$	Segment Results (Profit/(Loss) before Interest and Taxes - PBIT)
27	64	17		a. Air Cooling and Other Appliances	35	156	205
9	11	6		b. Corporate Funds	22	31	40
				c. Un-allocable			(4)
36	75	23		Segment Total	57	187	241
$\overline{c}$	$\overline{2}$			Less: Finance Costs	8	8	11
$\overline{7}$	22			Less: Taxes	5 5	37	48
27	51	15		Total Profit After Tax	44	142	182
			3	Segment Assets
635	619	561		a. Air Cooling and Other Appliances	635	619	658
537	645	600		b. Corporate Funds	537	645	406
1,172	1,264	1,161		Segment Total	1,172	1,264	1,064
			4	Segment Liabilities
463	483	495		a. Air Cooling and Other Appliances	463	483	421
				b. Corporate Funds
463	483	495		Segment Total	463	483	421
			5	Capital Employed (As at year/period end)*
312	220	197		a. Air Cooling and Other Appliances	312	220	309
537	645	600		b. Corporate Funds	537	645	406
849	865 8. Geographical Segment	797		Segment Total	849	865	715
	Quarter Ended				Nine Months Ended		(₹ in Crores) Year Ended
	31-Dec-20 31-Dec-19 30-Sep-20		Sr.	Particulars	31-Dec-20 31-Dec-19		31-Mar-20
	(Unaudited) (Unaudited) (Unaudited)		No.		(Unaudited)	(Unaudited)	(Audited)
				Segment Revenue
118	178	105		India a.	257	515	651
98	112	86		Rest of the world b.	304	339	452
216	290	191		Revenue from operations	561	854	1,103
			$\overline{2}$	Segment Results (Profit/(Loss) before Interest and Taxes - PBIT)
43	66	33		India a.	76	165	217
(7)	9	(10)		Rest of the world b.	(19)	22	24
36	75	23		Segment Total	57	187	241
$\frac{2}{7}$	$\overline{2}$			Less: Finance Costs	8	8	11
	$\overline{22}$			Less: Taxes		37	48
27	51	15		Total Profit After Tax	44	142	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 belie Capital employed.

By Order Of The Board HASKINS For Symphony Limited EMERIBAD Achal Bakeri Place: Ahmedabad Chairman & Managing Director Date: January 22, 2021 DIN-00397573 Sympheny World's Largest manufacture of Residential, Commercial and Industrial Air Coolers, Available in more than 60 countries
Symphony Limited, Symphony House, 79-12 79-50, Bodskdev, OR SG Highway, Ahmedabad 380059, Incha Symphony Limited, Sympl CIN: L32201GJ1988PLC0103311 Web: www.symphonylimited.com | Email: corporate@symphonylimited.com (Phone: +91-79-66211111 | Fax: +91-79-66211139 GOOD A BY THUCH CLOUD STATE TWO TO BET HOOL winter SUND JUMBO WINDS ASSCCION MISSICAL TELL AND WHOMAINS

	Standalone				Standalone
	Sales & Profitability Quarter Ended $31 - Dec - 19$ (Unaudited) 123 206 124 207 $-40*$ 10 11 218 134 $-39%$ 101 60		Particulars		Nine Months Ended
$31 - Dec - 20$		$30 -$ Sep $-20$		$31 - Dec - 20$	$31 - Dec - 19$	$31-Mar-20$
(Unaudited)		(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
			112 Sales	275	560	714
			Other Operating income			$\mathbf{2}$
			112 Revenue from operations	276	562	716
		$-438$	Growth & Y-O-Y	$-51%$
			Other Income	28	33	47
			120 Gross Revenue	304	595	763
		$-428$	Growth & Y-O-Y	$-49%$
			54 Gross Margin (Sales - Material Cost) Value	132	272	358
45	78		37 EBITDA (Excluding Exceptional Items)	84	186	248
44	77		35 PBT (Excluding Exceptional Items)	80	181	242
$-438$		$-50$ 8	Growth & Y-O-Y	$-568$
			-Exceptional Items
44			35 PBT	80	181	240
$-438$		$-50$ 8	Growth % Y-O-Y	$-56%$
35	58		$27$ PAT	63	141	186
$-40*$		$-528$	Growth & Y-O-Y	$-55%$

Revenue from operations during quarter/nine months ended December, 2020 is down by 40% and 51% respectively vis a vis
December, 2019 on account of Covid19. It disrupted the business in summer, the main season of aircoole spill over impact.

$\overline{\Omega}N$ AHMEDA&AD $\omega$

ii) Financial ratios						(4 in Cross)
	Standalone				Standalone
	Ouarter Ended		Particulars	Nine Months Ended		Year Ended
$31 - Dec - 20$	$31 - Dec-19$	$30-Sep-20$		$31 - Dec - 20$	$31 - Dec-19$	$31-Mar-20$
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
			Profitability ratios
49.15%	48.87%		48.27% Gross margin % of Sales	48.12%	48.52%	50.168
34%	36%		30% EBITDA & of Gross Revenue	288	318	328
268	278		238 PAT Margin & of Gross Revenue	218	248	248
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
(3)	(56)	(16)	Air Cooling and Other Appliances	39	(43)	(16)
557	701	564	Corporate Funds	504	661	628
			ROCE (PBIT) & - Not Annualised
Infinite	Infinite	Infinite	Air Cooling and Other Appliances	145%	Infinite	Infinite
28	28	18	Corporate Funds	48	58	68
158	228		198 Return on Networth (PAT TTM/AVG Networth)	15%	228	28%
	11		Debtors and Inventory ratios 5 Debtor Days (Debtors/TTM Sales)		11	31
31	17		21 Inventory Days (Inventory/TTM Sales)	31		21

The Gross margin & of December 2020 quarter has been maintained @ 49% in line with December 2019 and improved by 1%
compared to immediate preceding quarter i.e. September 2020 despite input cost increase and Covid19 chal

	iii) Treasury Investment:
556	647		606 a) Treasury including Cash & Cash equivalents (excluding investments in subsidiaries)	556	64	408
653	746		704b) Treasury including Cash & Cash equivalents (including investments in subsidiaries)	653	746	506
	iv) Geographical Segment-wise Revenue
			Segment Revenue
118	178	105	India	257	515	651
	29		Rest of the world			65
124	207	1121	Total	276	562

ı

N_Y ≻ّ AHMEDABA ś

(B) Consolidated Performance Analysis

I.

i) Sales & Profitability						(7 in Cross)
	Consolidated				Consolidated
	Quarter Ended		Particulars	Nine Months Ended	Year Ended
$31 - Dec - 20$	$31 - Dec-19$	$30 - Sep-20$		$31 - Dec - 20$	$31 - Dec-19$	$31 - Max - 20$
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
216	289		$190$ Sales	560	852	1,100
			1 Other Operating income
216	290		191 Revenue from operations	561	854	1,103
$-25%$		$-30$ $\frac{1}{2}$	Growth & Y-O-Y	$-34%$
	10		Other Income	25	33	54
225	3.0.0		199 Gross Revenue	586	887	1,157
$-25%$		$-30$ 8	Growth % Y-O-Y	$-34%$
96	138		83 Gross Margin (Sales - Material Cost) Value	239	399	517
42	78		35 EBITDA (Excluding Exceptional Items)	80	202	266
34	73		26 PBT (Excluding Exceptional Items)	56	179	234
$-53%$		$-60*$	Growth & Y-O-Y	$-69%$
			Exceptional Items
34	73		19 PBT	49	179	230
$-53%$		$-71$ $\frac{1}{6}$	Growth % Y-O-Y	$-73%$
27	51		$15$ PAT	44	142	182
$-478$		$-74%$	Growth % Y-O-Y	$-69%$

Sales in Impco, Mexico and GSK, China is impacted during nine months ended December, 2020 due to Covid19.
Substrated December, 2020 (Contribution Margin in IMPCO, Mexico and GSK, China have improved during nine months ende due to various initiatives.

As reported in September, 2020 quarter Impco-Mexico has provided for doubtful debts 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.

Profitability of Climate Technologies, Australia (consolidated) is impacted on account of higher input costs, local
purchases instead of imports, increased freight (mainly use of air-freight), and increased labour costs.

ii) Financial ratios						(7 in Cross)
	Consolidated				Consolidated
	Ouarter Ended		Particulars		Year Ended Nine Months Ended
$31 - Dec - 20$	$31 - Dec - 19$	$30-Sep-20$		$31 - Dec - 20$	$31 - Dec-19$	$31-Mar-20$
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
			Profitability ratios
44.248	47.698		43.85% Gross margin % of Sales	42.72%	46.79%	46.988
198	268		14% EBITDA & of Gross Revenue	12%	23%	23%
128	17%		8% PAT Margin & of Gross Revenue	88	168	168
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
257	168	195	Air Cooling and Other Appliances	257	174	197
557	701	564	Corporate Funds	504	661	628
			ROCE (PBIT) - Not Annualised
$11*$	38%	98	Air Cooling and Other Appliances	14%	90 8	104%
28	28	18	Corporate Funds	48	58	68
118	20%		15% Return on Networth (PAT TTM/AVG Networth)	11%	208	288
33	27		Debtors and Inventory ratios 22 Debtor Days (Debtors/TTM Sales)	33	27	40
	35		32 Inventory Days (Inventory/TTM Sales)	45	35	39

	iii) Treasury Investment
574		625 Treasury including Cash & Cash equivalents			331
	iv) Geographical Segment-wise Revenue
		Segment Revenue
		Indi	つちし	$F_1$ $7$	651

The Company declared interim dividend of 50% i.e. $\bar{\tau}$ 1/- per equity share of $\bar{\tau}$ 2/- each amounting to $\bar{\tau}$ 7 crores. $\triangleright$ Outlook:

Rest of the world

Total

112

290

86

191

98

216

• The consolidated and standalone sales and profitability will have degrowth in FY 2020-21 over FY 2019-20 on account of Covid19 pandemic. u.

We are reasonably confident to maintain operating profit margin & in FY 2020-21 for year as a whole in line with FY 2019-20 despite increase in input costs and Covid19 challenges.

Symphemy World's Largest manufacture of Residential, Commercial and Industrial Air Coolers, Available in more than 60 countries.
Symphony Limited, Symphony House. PP-12-79-50. Bodishme: Cit 5G Highway. Ahmedebed 380059. Inox.
CIN: ENTIMENT WAS SURVEY TO BE AND STATE OF THE MOOR WINTER SURVEY WHOOR AND CASE AND CASE TO A AN INCH.

HONY VA AHMEDABAD

304

561

339

854

452

1,103