Symphony Limited — Interim / Quarterly Report 2024

Jul 27, 2023

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July 27, 2023

To, National Stock Exchange of India Limited Symbol – Symphony

To, BSE Limited Security Code – 517385

Sub.: Media Release

Dear Sir / Madam,

This is in reference to the above captioned subject line and in continuation with our today’s announcement, we are enclosing herewith media release titled “ Q1FY24 Results ”.

Kindly consider this in due Compliance of Regulation 30 and other applicable provisions, if any of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Kindly take note of the same and oblige.

Thanking you,

Yours Truly, For, Symphony Limited MAYUR Digitally signed by MAYUR CHIMANBHAI CHIMANBHAI BARVADIYA BARVADIYA Date: 2023.07.27 13:25:48 +05'30' Mayur Barvadiya Company Secretary and Head - Legal

Encl: as above

Regd. Off.: Symphony Limited, “Symphony House”, FP-12, TP-50, Off S.G. Highway, Bodakdev, Ahmedabad -380 059, India T: +91-79-66211111, F: +91-79-66211139-40 l Email – companysecretary@symphonylimited.com I www.symphonylimited.com CIN - L32201GJ1988PLC010331

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Media Release (Q1FY24 Results)

Financial Highlights:

						(₹ Crores)
		Consolidated			Standalone
Particulars	Quarter ended June 2023	Quarter ended June 2022	YoY Growth (%)	Quarter ended June 2023	Quarter ended June 2022	YoY Growth (%)
Revenue from Operations	302	329	-8%	172	208	-17%
Gross Margin (%)	49.7%	45.7%	+400 bps	51.5%	50.9%	+60 bps
EBITDA Margin% (Excluding Other Income, Exceptional Items and Foreign Exchange Loss)	9.3%	10.4%	-110 bps	4.2%	12.8%	-860 bps
Profit After Tax	24	29	-18%	14	25	-43%

The Board of Directors have recommended an interim dividend of ₹ 1/- (50%) per equity share of ₹ 2 each, amounting to ₹ 6.90 crores for FY 2023-24.

July 27, 2023 : Mr. Nrupesh Shah, Executive Director of Symphony Limited has commented:

“ Performance Highlights for quarter ended on June 30, 2023:

1. Despite YoY degrowth of 14% in India domestic sales (₹ 160 cr. vis-à-vis ₹ 188 cr.), Second best June quarter summer sales:

• 9%  vis-à-vis any pre-Covid June quarter

2. Increased market share in India

3. Strong performance of International Business:

• IMPCO Mexico : Highest ever quarterly revenue & EBITDA

• GSK China : Turnaround, PAT of ₹ 1 cr

• CT Australia : Performance subdued due to local macro headwinds

4. Consolidated Gross Margin : 49.7% (+400 bps YoY)

Standalone Gross Margin : 51.5% (+60 bps YoY)

• Aided by price hike, value engineering, and softening of input cost (still higher than pre-Covid level)

5. Consolidated EBITDA Margin : 9.3% (-110 bps YoY)

Standalone EBITDA Margin : 4.2% (-860 bps YoY)

6. Large Space Venti Cooling (LSV) business continues to deliver robust performance

7. Completion of Buyback: Total payout ~ ₹ 249 cr. (incl. taxes & incidental expenses)

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Outlook:

1. “Numero Uno” in air cooler industry through:

• Continuous thrust on Innovative value-added products ahead of competition

• Calibrated price hikes coupled with value engineering

• Continuous thrust on semi-urban and rural markets

• Growth through alternate sales channels

2. Successful entry into adjacent product categories with unique models & positioning having sales potential round the year

3. Long-term structural drivers in overseas markets for air coolers remain intact

• Intensified heatwave and climate change

• Strong tailwinds for air coolers being witnessed around the world

4. Major business transformation at CT, Australia currently underway through

• Substantial reduction in cost of doing business

• Revamping product categories to increase profitability margin

• In-house manufacturing to outsourced business model

• Leveraging retail distribution channel

5. Committed to pursue growth with a focus on ESG.”

ABOUT SYMPONY LIMITED:

Symphony, an Indian Multi-National Company with presence in over 60 countries is the world’s largest air cooler company. From inventions to innovations, energy responsibility to environment stewardship, Symphony is a market leader which has been providing comfort cooling to its customers for generations. The massive supremacy of Symphony coolers in the residential, industrial and commercial segments has made the brand synonymous with ‘cooling’.

Founded in 1988, in Gujarat, India, Symphony Limited established a new category of evaporative air-cooling in India, taking it to the globe. As a disruptor of a highly unorganized sector, the company has set high benchmarks by defining the golden standard of air cooling.

At Symphony, research and development and engineering technology provide sustainable competitive advantages. The company delivers market-leading products that comprise of design innovation, energy efficiency, distinctive styling, and customer-centricity.

As a pioneer in the air-cooling industry, Symphony develops breakthrough technologies to combat climate change. It provides solutions for affordable cooling and comfortable environments for maximum efficiency, productivity, and well-being.

Symphony Limited is a publicly traded company delivering value to its stakeholders in the most profitable and effective way.

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