Symphony Limited — Investor Presentation 2020

Jun 16, 2020

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June 16, 2020

To, BSE Limited National Stock Exchange of India Limited Security Code - 517385 Symbol - SYMPHONY

Sub.: Investor Presentation - Updates

Dear Sir,

This is in reference to the above-mentioned subject line; we are enclosing herewith updated Investor Presentation. The same is also available on the website of the Company.

Kindly consider this as due compliance of relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Kindly take this on your record and oblige.

Thanking You,

Yours Truly,

For, Symphony limited

MAYUR C Digitally signed by MAYUR C BARVADIYA BARVADIYA Date: 2020.06.16 10:34:21 +05'30' Mayur Barvadiya Company Secretary

Encl.: Investor Presentation

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Email: companysecretary@symphonylimited.com

CORPORATE ~~2020~~ PRESENTATION

SLIDE 1

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Water
Cool
distributor
filtered air
Air cooling
simplified
Hot dry air
Fan
Evaporative
media
Water
reservoir
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SLIDE 2

Comparison between air cooling appliances

Parameters	Fans Air coolers Air-conditioners
Capital cost	Low Low High
Recurring cost	Low 90% lower than ACs Very high
Indoor air quality	Circulates same air 100%-fresh filtered cool air Recirculates stale dry air
Refrigerants	No Water Ozone layer-depleting CFCs
Maintenance	Simple and cost-effective Simple and cost-effective Complex and expensive
Portability	No Yes No
Usage	Indoors Outdoors and indoors Indoors
Emission	No Eco-friendly Environmentally harmful CFCs
Effectiveness in dry climates	Not applicable More effective Less effective

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S m hon Limited - India y p y

SLIDE 4

Symphony HO - Ahmedabad

SLIDE 5

Product range – Household air coolers

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SLIDE 6

Product range – Commercial air coolers

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SLIDE 7

Product range – Industrial air coolers

SLIDE 8

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Key Firsts
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SLIDE 9

Key Firsts - Formats

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2009 2012 2016
Introduced Introduced Introduced
Tower Format Air Tower Format Desert Air Wall Mounted Air Cooler
Cooler Cooler
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2017 Introduced Touch range with 4-side removable pads and double blower

SLIDE 10

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• Features 1994 2007 Remote control Power Saver Technology

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2016 i-Pure – Multistage Air Purification

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2016 2016 Magic Fill for automatic Voice Assist water filling

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2016 2017 Digital Touchscreen Gesture Control

SLIDE 11

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1988 1995 – 2000
1994 Pre-2000s
Milestones Symphony Diversified into ACs,
Listed on stock Many products – One
established with one washing machines
exchanges market
air cooler model and other durables
2011 2012
2002 – 2007 Post-2005s 2009 – 2011
Introduced central air Recognition from the
Financial stress and One product – Many Acquired IMPCO
cooling solutions in Government of India
restructuring markets (North America)
India for the R&D center
2013 2015 2017 2018
2016
Established foothold Unveiled the world’s Launched world’s 1st Acquired Climate
Acquired Keruilai
in all formats of first packaged air wall mounted air Technologies Pty Ltd
(China)
modern retail cooler cooler (Australia)
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SLIDE 12

Business model

01 02 03 Positioning Design-driven Brand-focused Focused on offering cutting-edge Best-in-class design, a significant The world and India’s leading cooling technology advantage over competitors air-cooler brand Progressively product-agnostic Next generation coolers with 16 robust sub-brands approach high-end features and aesthetics 04 05 06 An industry Asset and De-risked pioneer capital-light Cash-and-carry ₹ 1157 Cr in gross revenue (FY20) Well-diversified market presence and customer base Sales-to-subsidiary and modern ₹ 100 Cr in tangible fixed assets retail format on credit Widespread supplier base (March 31, 2020) Round-the-year sales

SLIDE 13

Growth Drivers

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01 02 03
Short-term Medium-term Long-term
growth driver growth driver growth driver
Domestic market for Export market for Industrial coolers (IC) and
household coolers (HC) household coolers commercial coolers (CC)
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SLIDE 14

Sectoral entry barriers

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Leader in Leader in
Leader in
brand and Leader in distribution
terms of
category management and after sales
innovation
status service
Technology, design, Focused approach Entrenched Serving ~ 19,000
quality, features experience pin codes
and performance (what to do and
what not to do)
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SLIDE 15

Organogram

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Board of Directors
Chairman & Managing Director
Executive Director -
Corporate Affairs
CEO – International
CEO - India CFO - Global
Subsidiaries
CEO – GM – CEO –
IMPCO, Mexico GSK, China CT, Australia
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SLIDE 16

Corporate governance and beyond

• Corporate philosophy is highest level of corporate governance, much beyond statutory compliances

 High level of transparency and accountability

• Investor friendly with adequate minority protection policies

• Strict adherence to Accounting Standards and Policies

 The above philosophy and practises culminated in to:

• Awards from “The Institute of Chartered Accountants of India” (ICAI) for Excellence in Financial Reporting through jury headed by veteran like C&AG of India

• Recipient of SAFA Award (South Asian Federation of Accountants) for “ Best Presented Annual Report ” and “ Corporate Governance Disclosures ”

SLIDE 17

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At a glance
5 50
11 50+ 23
Manufacturing Different Household cool- C&F depots Branches
facilities including product ranges er models + wide
SEZ range of Industrial
and Commercial
coolers
275+ 1000+ 30000+ 1000+ 11
Field sales & Distributors Dealers across Authorised Robust IT
service staff 5000+ towns service centres infrastructure
(41% semi-urban serving ~19,000 – SAP, Business
and rural pin codes Intelligence, PLM,
59% urban area) CRM, etc.
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Market Potential - India

SLIDE 19

Industrial air cooling solutions – long runway

Opportunity and size
Factories	Universities
Warehouses	Lecture halls
Shops and showrooms	Service stations	The industrial air-conditioning market in India is estimated to be
Religious institutions	Offices	worth ~ ₹ 10,000 Cr
Club houses	Poultry and dairy farms	The value of the industrial air
Residences	Departmental stores	cooling market size is undefined
Lounges	Diesel generator rooms	(potentially > ₹ 10,000 Cr)
Canteens	Laundry	Symphony is the only branded player in this segment
Guest houses	Kitchens
Banquet halls	Malls

SLIDE 20

Industrial air cooling solutions – facts & figures

“90% of American firms named cool air as the single biggest factor determining their productivity.”

“Cooling raised productivity by a quarter. On factory floors it cut absenteeism and stoppages.”

(Source: The Economist, Page 41, January 2013 issue)

Effective Temp (C )	24	27	29	32	35	38	41
Loss of work output	3%	8%	18%	29%	45%	62%	79%
Loss of accuracy	0%	5%	40%	300%	700%	>	700%

(Source: Study for NASA. “Comfort Conditioning the Plant with Evaporative Cooling” Plant Engineering July 8, 1976 Pg 76 Joseph Marg

SLIDE 21

Industrial air cooling: Enterprise customers

Working with esteemed brands

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SLIDE 22

Industrial air cooling: Installations

KENT RO, NOIDA

VOLTAS AC, RUDRAPUR

CHOKHI DHANI, JAIPUR

BAJAJ AUTO SHOWROOM, SURAT

SLIDE 23

Industrial air cooling: Global installations

JD.COM WAREHOUSE, CHINA

AMPHITHEATRE, DUBAI

GASPER MASS STADIUM, MEXICO

TEXTILE FACTORY, VIETNAM

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SLIDE 25

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Impco S.De R.L. de C.V. (IMPCO), Mexico

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SLIDE 26

Organogram

General Director Industrial Sales Residential Sales Marketing Manager HR Manager Finance Manager Director Director Supported by 75+ members strong team

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SLIDE 27

Milestones

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1930s 1940 1950 1961 1990s
Adam Goettl starts
IMPCO became a 1955: The first portable Created Master
IMPCO
market leader in International Metal cooler was Cool in USA, the new
– first company in evaporative air- Products Company introduced evaporative air cooler
the world dedicated
coolers in US de Mexico, S.A. de with a high efficiency
to manufacture air-
C.V., was filter developed by
coolers
established and Munters in Sweden in
manufacturing the 60’s
coolers
2007 2009 2012
IMPCO was Symphony IMPCO obtains ISO
selected to make the aacquires IMPCO and 9001:2008 certification
largest evaporative starts restructuring in
air-cooler project in all aspect
the world; the
Jamarat Bridge -
2015 20
in Saudi Arabia. 130
Master Cool  Turned around
Industrial units were  Debt free and asser light
installed model impemented
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SLIDE 28

Industrial air coolers sourced from GSK, China

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Window HC air coolers

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HT Series HC air coolers

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SLIDE 29

Distribution method

 Strong distribution network in Mexico, Central America and parts of South America

 Strong presence in leading retail chains like Walmart, Sears, Home Depot, Costco etc.

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SLIDE 30

Growth drivers

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Value Enhance
Innovation engineering distribution
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SLIDE 31

Guangdong Symphony Keruilai Air-coolers Co. Ltd (GSK), China

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SLIDE 32

Organogram

General Manager Operations Domestic Sales International R&D Manager HR Manager Finance Manager Manager Director Sales Director Supported by 100+ members strong team

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SLIDE 33

Milestones

2001

Keruilal was established as China’s first air-cooler brand

2014

Appointed leader of the tech- nical committee to draft and publish three national standards on evaporative air cooling

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2011 2013 2002 Keruilai was acquired by Appointed Deputy The first evaporative Munters, Sweden Director of China air-cooler brand in China based MNC Refrigeration and Air to meet the technology Conditioning Industry evaluation requirement Association. Also of “Green Star Products” awarded with “National Advanced Enterprise of Quality Integrity Initiative” 2015 2016 Keruilai incurred loss of Guangdong Symphony ₹ 17.3 cr in CY2015 Keruilai air-coolers Co. Ltd (GSK) was established post acquisition of Keruilai by Symphony Limited 2018 -19 GSK achieved cash breakeven Expanded Industrial & Commercial cooler range

SLIDE 34

Household air coolers

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SLIDE 35

Industrial air coolers

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Commercial air coolers

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SLIDE 36

Opportunities

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Cutting-edge Internationally- Access to
R&D expertise recognized Chinese
Chinese air cooler
market
brand
Inherent Sourcing China’s FTA with
ASEAN countries
synergy advantage
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SLIDE 37

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Growth Drivers

Innovation Increasing sales New projects – through online Industrial cooler platform segment

Margin improvement: Increasing touch points Value engineering & cost – Modern retail control Synergies in production, sales and R&D

SLIDE 38

Climate Technologies Pty. Ltd. (CT), Australia

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SLIDE 39

Organogram

Chief Executive Officer National Sales Finance National Supply Chain R&D Manager Manager Manager HR Manager Manager Supported by 80+ members strong team

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SLIDE 40

Milestones

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1972 1998 2005 2008 2011
Ted Celi CT purchase CT started Introduced new 5- CT purchases the
commences Celair Bonaire business exporting coolers star rated ducted Bradflo commercial
operations (established in 1954) to the US gas heating range ducted and fittings
business
2012 2015 2017 2018 2019
Appointed as Tim O’leary rejoins CT Portable and Symphony Launched
distributor range of the CT as CEO and rooftop range of acquired Climate Symphony range of
York refrigerated shareholder products added to Technologies portable coolers in
products The Home Depot Australia
range, leveraging
CT acquires the the relationship Launched
Dadanco commercial
Symphony range of
Chilled Beams Bonaire US entity portable coolers in
business established in USA
Nevada
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SLIDE 41

Range of products

Household cooler

Window air cooler

Commercial cooler

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Air conditioner
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Rooftop Cooler

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Ducted heating unit
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SLIDE 42

Brands

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SLIDE 43

Growth Drivers - Australia

Access to portable Potential to strengthen coolers market with market presence with Symphony coolers, expanded product through retail chain range stores Margin improvement: Potential of growth in Value engineering and Housing sector, leading cost control to growth of heaters Synergies in production, and coolers sales and R&D

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SLIDE 44

Growth Drivers - USA

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Bonaire USA (BUSA)
Big market for air becoming popular brand
coolers in USA with presence in The
Home Depot, Lowe’s and
Amazon
BUSA, a recent entrant
Rapid growth of BUSA
in US, had fast growth
with expanded product
in past 3 years, and has basket
very high potential
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SLIDE 45

Portfolio of Global Brands

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Financials

SLIDE 47

(Consolidated) Revenue break-up, 2019-20

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Gross revenue
₹ 1157 cr
India: 60% Rest of World: 40%
₹ 696 cr ₹ 461 cr
Air-coolers: 93% Others: 7%
₹ 649 cr ₹ 47 cr
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PAT (₹ Cr) (Standalone) RONW (%) (Standalone)
185.9 28.2
101.0 15.9
182.7 34.3
0.0 50.0 100.0 150.0 200.0 0.0 10.0 20.0 30.0 40.0
FY20 FY20
FY19 FY19
FY18 FY18
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ROCE (%) (Standalone)
Air Coolers Corporate Funds
INFINITE
6.0
115.8
5.8
699.4
7.6
0.0 200.0 400.0 600.0 800.0
FY20
FY19
FY18
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*FY19 ROCE% of Corporate funds is calculated excluding exceptional items

SLIDE 48

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Profit and loss statement and segment reporting

Profit and Loss Statement ₹ cr Particulars (₹ Cr.) Consolidated Standalone FY20 FY19 FY18 FY17 FY20 FY19 Revenue from operations 1102.6 843.7 798.3 764.8 716.2 523.9 % growth 30.7 5.7 4.5 28.7 36.7 (23.8) Other Income 54.7 38.9 54.1 43.2 46.9 33.3 Total Income 1157.3 882.6 852.4 808.0 763.1 557.2 EBITDA 266.2 178.0 273.6 241.8 247.8 168.5 % growth 49.6 (35.0) 13.1 24.7 47.1 (35.2) Income Tax 48.7 38.7 72.3 68.7 54.4 39.0 PAT 181.8 91.4 192.6 166.3 185.9 100.9 % growth 99.2 (52.6) 15.8 12.7 84.1 (44.8) PAT Margin (%) 15.7 10.4 22.6 20.6 24.3 18.1	Profit and Loss Statement ₹ cr Particulars (₹ Cr.) Consolidated Standalone FY20 FY19 FY18 FY17 FY20 FY19 Revenue from operations 1102.6 843.7 798.3 764.8 716.2 523.9 % growth 30.7 5.7 4.5 28.7 36.7 (23.8) Other Income 54.7 38.9 54.1 43.2 46.9 33.3 Total Income 1157.3 882.6 852.4 808.0 763.1 557.2 EBITDA 266.2 178.0 273.6 241.8 247.8 168.5 % growth 49.6 (35.0) 13.1 24.7 47.1 (35.2) Income Tax 48.7 38.7 72.3 68.7 54.4 39.0 PAT 181.8 91.4 192.6 166.3 185.9 100.9 % growth 99.2 (52.6) 15.8 12.7 84.1 (44.8) PAT Margin (%) 15.7 10.4 22.6 20.6 24.3 18.1	Profit and Loss Statement ₹ cr Particulars (₹ Cr.) Consolidated Standalone FY20 FY19 FY18 FY17 FY20 FY19 Revenue from operations 1102.6 843.7 798.3 764.8 716.2 523.9 % growth 30.7 5.7 4.5 28.7 36.7 (23.8) Other Income 54.7 38.9 54.1 43.2 46.9 33.3 Total Income 1157.3 882.6 852.4 808.0 763.1 557.2 EBITDA 266.2 178.0 273.6 241.8 247.8 168.5 % growth 49.6 (35.0) 13.1 24.7 47.1 (35.2) Income Tax 48.7 38.7 72.3 68.7 54.4 39.0 PAT 181.8 91.4 192.6 166.3 185.9 100.9 % growth 99.2 (52.6) 15.8 12.7 84.1 (44.8) PAT Margin (%) 15.7 10.4 22.6 20.6 24.3 18.1	Profit and Loss Statement ₹ cr Particulars (₹ Cr.) Consolidated Standalone FY20 FY19 FY18 FY17 FY20 FY19 Revenue from operations 1102.6 843.7 798.3 764.8 716.2 523.9 % growth 30.7 5.7 4.5 28.7 36.7 (23.8) Other Income 54.7 38.9 54.1 43.2 46.9 33.3 Total Income 1157.3 882.6 852.4 808.0 763.1 557.2 EBITDA 266.2 178.0 273.6 241.8 247.8 168.5 % growth 49.6 (35.0) 13.1 24.7 47.1 (35.2) Income Tax 48.7 38.7 72.3 68.7 54.4 39.0 PAT 181.8 91.4 192.6 166.3 185.9 100.9 % growth 99.2 (52.6) 15.8 12.7 84.1 (44.8) PAT Margin (%) 15.7 10.4 22.6 20.6 24.3 18.1	Profit and Loss Statement ₹ cr Particulars (₹ Cr.) Consolidated Standalone FY20 FY19 FY18 FY17 FY20 FY19 Revenue from operations 1102.6 843.7 798.3 764.8 716.2 523.9 % growth 30.7 5.7 4.5 28.7 36.7 (23.8) Other Income 54.7 38.9 54.1 43.2 46.9 33.3 Total Income 1157.3 882.6 852.4 808.0 763.1 557.2 EBITDA 266.2 178.0 273.6 241.8 247.8 168.5 % growth 49.6 (35.0) 13.1 24.7 47.1 (35.2) Income Tax 48.7 38.7 72.3 68.7 54.4 39.0 PAT 181.8 91.4 192.6 166.3 185.9 100.9 % growth 99.2 (52.6) 15.8 12.7 84.1 (44.8) PAT Margin (%) 15.7 10.4 22.6 20.6 24.3 18.1	Profit and Loss Statement ₹ cr Particulars (₹ Cr.) Consolidated Standalone FY20 FY19 FY18 FY17 FY20 FY19 Revenue from operations 1102.6 843.7 798.3 764.8 716.2 523.9 % growth 30.7 5.7 4.5 28.7 36.7 (23.8) Other Income 54.7 38.9 54.1 43.2 46.9 33.3 Total Income 1157.3 882.6 852.4 808.0 763.1 557.2 EBITDA 266.2 178.0 273.6 241.8 247.8 168.5 % growth 49.6 (35.0) 13.1 24.7 47.1 (35.2) Income Tax 48.7 38.7 72.3 68.7 54.4 39.0 PAT 181.8 91.4 192.6 166.3 185.9 100.9 % growth 99.2 (52.6) 15.8 12.7 84.1 (44.8) PAT Margin (%) 15.7 10.4 22.6 20.6 24.3 18.1	Profit and Loss Statement ₹ cr Particulars (₹ Cr.) Consolidated Standalone FY20 FY19 FY18 FY17 FY20 FY19 Revenue from operations 1102.6 843.7 798.3 764.8 716.2 523.9 % growth 30.7 5.7 4.5 28.7 36.7 (23.8) Other Income 54.7 38.9 54.1 43.2 46.9 33.3 Total Income 1157.3 882.6 852.4 808.0 763.1 557.2 EBITDA 266.2 178.0 273.6 241.8 247.8 168.5 % growth 49.6 (35.0) 13.1 24.7 47.1 (35.2) Income Tax 48.7 38.7 72.3 68.7 54.4 39.0 PAT 181.8 91.4 192.6 166.3 185.9 100.9 % growth 99.2 (52.6) 15.8 12.7 84.1 (44.8) PAT Margin (%) 15.7 10.4 22.6 20.6 24.3 18.1	Segmental ₹ cr	Segmental ₹ cr	Segmental ₹ cr	Segmental ₹ cr	Segmental ₹ cr	Segmental ₹ cr	Segmental ₹ cr	Segmental ₹ cr
Particulars (₹ Cr.)	Consolidated				Standalone		Segmental	Consolidated				S	tandalone
	FY20	FY19	FY18	FY17	FY20	FY19	Revenue (₹ Cr.)	FY20	FY19	FY18	FY17	FY20		FY19
Revenue from operations	1102.6 843.7 798.3 764.8				716.2 523.9		India	651.0 466.8 622.2 596.9				651.0 466.6
							Rest of the world	451.6 377.0 176.1 167.9				65.2 57.5
							Revenue from Operation	1102.6 843.7 798.3 764.8				716.2 524.1
% growth	30.7 5.7 4.5 28.7				36.7 (23.8)
Other Income	54.7 38.9 54.1 43.2				46.9 33.3
							EBIT(%)
Total Income	1157.3 882.6 852.4 808.0				763.1 557.2		India	33.3 26.0 37.5 37.1				33.3 25.9
							Rest of the world	5.3 4.2 18.9 8.0				35.9 33.3
EBITDA	266.2 178.0 273.6 241.8				247.8 168.5
							Total	21.9 16.2 33.4 30.7				33.6 26.7
% growth	49.6 (35.0) 13.1 24.7				47.1 (35.2)
Income Tax	48.7 38.7 72.3 68.7				54.4 39.0		Y-0-Y Analysis
							Revenue Growth (%)
PAT	181.8 91.4 192.6 166.3				185.9 100.9
							India	39.5 (25.0) 4.2 26.7				39.5 (24.9)
% growth	99.2 (52.6) 15.8 12.7				84.1 (44.8)
							Rest of the world	19.9 114.0 4.9 36.6				13.5 (12.5)
PAT Margin (%)	15.7 10.4 22.6 20.6				24.3 18.1
							Total	30.7 5.7 4.4 28.8				36.7 (23.7)

SLIDE 49

Profit and loss statement (Quarterly)

Profit and Loss Statement

₹ cr

Profit and Loss Statement Profit and loss	statement(Quarterly)	₹ cr
Particulars (₹ Cr.) Revenue from operations	Standalone	Consolidated
	Mar-20 Dec-19 Sep-19 Jun-19 Mar-19 154.4 207.2 194.6 159.9 138.1	Mar-20 Dec-19 Sep-19 Jun-19 Mar-19 248.9 290.0 272.1 291.8 234.7
Other Income	13.5 11.1 11.1 11.2 10.3	20.9 10.5 11.3 11.8 11.0
Total Income	167.9 218.4 205.7 171.1 148.4	269.8 300.4 283.4 303.6 245.7
EBITDA (Excl. Exceptional item)	62.6 78.7 70.9 35.5 51.4	64.1 78.5 74.2 49.6 39.6
Depreciation	1.5 1.4 1.6 1.4 1.1	6.1 3.4 5.9 5.7 2.8
PBT (Excluding Exceptional Item)	60.8 77.2 69.6 34.4 50.3	55.3 73.0 65.0 40.9 34.0
Income Tax	14.4 18.9 13.1 8.0 11.3	11.4 22.1 7.5 7.5 11.2
PAT	44.8 58.3 56.5 26.4 19.0	39.9 51.0 57.6 33.4 3.0
PAT Margin (%)	26.7 26.7 27.5 15.4 12.8	14.8 17.0 20.3 11.0 1.2

SLIDE 50

(Consolidated) Financials: Statement of profit and loss

503 558 625 808 852883 1157 Gross Revenue (₹ Cr) 2014 2015 2016* 2017 2018 2019 2020	106 116 148 166 193 91 182 Profit after tax (₹ Cr) 2014 2015 2016 2017 2018 2019 2020 140 166 209 242 273 171 266 EBIDTA (₹ Cr) 2014 2015 2016 2017 2018 2019 2020 53.258.9 105.3 31.637.9 38.0 194.0 Dividend payout (₹ Cr and %) 2014 2015 2016# 2017 2018 2019 2020# 50.3% 50.8% 88.9% 19.0% 19.7% 41.5% 106.6%	106 116 148 166 193 91 182 Profit after tax (₹ Cr) 2014 2015 2016 2017 2018 2019 2020 140 166 209 242 273 171 266 EBIDTA (₹ Cr) 2014 2015 2016 2017 2018 2019 2020 53.258.9 105.3 31.637.9 38.0 194.0 Dividend payout (₹ Cr and %) 2014 2015 2016# 2017 2018 2019 2020# 50.3% 50.8% 88.9% 19.0% 19.7% 41.5% 106.6%	106 116 148 166 193 91 182 Profit after tax (₹ Cr) 2014 2015 2016 2017 2018 2019 2020 140 166 209 242 273 171 266 EBIDTA (₹ Cr) 2014 2015 2016 2017 2018 2019 2020 53.258.9 105.3 31.637.9 38.0 194.0 Dividend payout (₹ Cr and %) 2014 2015 2016# 2017 2018 2019 2020# 50.3% 50.8% 88.9% 19.0% 19.7% 41.5% 106.6%
	140 166 209 242 273 171 266 EBIDTA (₹ Cr) 2014 2015 2016* 2017 2018 2019 2020	106 116 148 166 193 91 182 Profit after tax (₹ Cr) 2014 2015 2016* 2017 2018 2019 2020	53.258.9 105.3 31.637.9 38.0 194.0 Dividend payout (₹ Cr and %) 2014 2015 2016# 2017 2018 2019 2020# 50.3% 50.8% 88.9% 19.0% 19.7% 41.5% 106.6%

*FY16 was of 9 months. For better comparison, FY16 of 12 months (unaudited) is given.

#2016 - Includes special dividend payout of Rs. 42.1 crore (35.6%). 2020 – Includes special dividend payout of Rs. 151.8 Cr (83.4%)

SLIDE 51

Financials: Balance sheet (Consolidated)

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Shareholders Fund Capital employed#
(₹. Cr) Air cooling and other
appliances (₹ Cr)
666
639
612
226
197
465
306 [328 ]
276 112 108
92
39
30
2014 2015 2016 2017 2014 2015 2016 2017
2018 2019 2020 2018 2019 2020
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Capital employed# Debt
Corporate funds (₹ Cr) (₹ Cr)
628
512
422
187
292 174
246
195
180
19 [26 ]
0 0 0
2014 2015 2016 2017 2014 2015 2016 2017
2018 2019 2020 2018 2019 2020
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# Monthly Average

SLIDE 52

Financials: Gross and EBIDTA Margin

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Consolidated Standalone Consolidated Standalone
Gross Margin Gross Margin EBIDTA margin EBIDTA Margin
(%) (%) (%) (%)
57.1
52.9 [54.9 53.3 53.4 ]
50.1 50.2
53.3 [54.4 54.7 ]
52.2 51.6
46.2 [47.0 ]
39.6
34.9 [35.8 ]
32.4 [33.3 ] 32.3
32.1
29.7 [31.0 ] 29.7
27.7 25.9
22.7
16.6
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020
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SLIDE 53

Disclaimer

This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. These companies assume no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise.

SLIDE 54

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www.symphonylimited.com

AUSTRALIA MEXICO CHINA USA Climate Technologies Impco S de R L de C V Guangdong Symphony Bonaire USA LLC Pty. Ltd. Keruilai Air Coolers Co. Ltd. 26 Nylex Avenue AYAX 611, Parque Taiying Industrial Area, 470 Mirror CT Suite 101 Salisubury South SA Industrial Kalos Hongmei Town, 523160 Henderson, Nevada 5106 Guadalupe, Guadalupe Dongguan, 89011 USA Australia N L, Mexico 67205 Guangdong, China

INDIA

Symphony Limited

Symphony House, FP12-TP50, Bodakdev, off SG Highway,

Ahmedabad 380059