Symphony Limited — Investor Presentation 2021

Sep 21, 2021

September 21, 2021

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To,

National Stock Exchange of India Limited BSE Limited Symbol – Symphony Security Code – 517385

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 note of the same and oblige.

Thanking you,

Yours Truly,

For, Symphony Limited

Digitally signed by MAYUR C BARVADIYA MAYUR C DN: cn=MAYUR C BARVADIYA c=IN o=Personal BARVADI Reason: I am the author of this document Location: YA Date: 2021-09-21 Mayur Barvadiya 14:08+05:30 Company Secretary

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CORPORATE PRESENTATION 2021

Table of Contents

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Particulars	Slide Number
27oC World	3
Symphony Limited - India	4-7
Household Air Coolers	8-12
Innovation & New Launches	13-22
Large Space Venti-Cooling	23-33
COVID- 19 Measures	34-35
Symphony Limited – Global Company	36-40
Overseas Subsidiaries	41-58
Financials	59-63

SLIDE 2

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• As the World’s largest Air Cooling solutions We wish to make the company, world cool and comfortable at 27 degree Celsius

• World is becoming increasingly warmer

• Heat and increase in temperature lead to lower performance

• Symphony is a global Air Cooling solutions (HC to IC & CC) company

HC = Household Air Cooler , IC = Industrial Air Cooler , CC = Commercial Air Cooler

SLIDE 3

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Symphony Limited - India

About Us

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• Founded in 1988 , headquartered in Ahmedabad, Gujarat , Symphony Limited established a new category of evaporative air-cooling in India & Worldwide

• Founded by Achal Bakeri , advocate for green and environment friendly cooling solutions and popularized the aesthetically and ergonomically designed evaporative coolers

• Symphony is the world’s largest air cooler products company with leadership position in India commanding a market share of 50% in domestic air coolers

• Indian Multi-National Company with presence in over 60 countries selling Air coolers for Residential, Commercial & Industrial places

• Set gold standards of air-cooling comprising innovation, design & format. Possession of about 300 Intellectual Property Rights consisting of Patents, Trademarks and Design Rights.

• Affordable cooling solutions through market-leading products featuring design innovation, energy efficiency, distinctive styling, and customer-centricity

SLIDE 5

Symphony at a Glance

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----- Start of picture text ----- 11 3 70+Manufacturing Different Product Household coolerFacilities Categories models + widerange of Industrial &Commercial coolers50 22Branches Distribution Depots----- End of picture text -----

SLIDE 6

Business Model

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----- Start of picture text ----- 01 02 03Positioning Design-driven Brand-focusedFocused on offering cutting-edge Best-in-class design, a significant The world and India’s leadingcooling technology advantage over competitors air-cooler brandProgressively product-agnostic Next generation coolers with 16 robust sub-brandsApproach high-end features and aesthetics04 05 06An industry Asset and De-riskedpioneer capital-lightCash-and-carry ₹ 931 Cr. gross revenue (FY21) Well-diversified market presencebusiness model and customer base₹ 105 Cr. tangible fixed assets(March 31, 2021) Widespread supplier baseRound-the-year sales----- End of picture text -----

SLIDE 7

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Household Air Coolers

Household Air Coolers

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Aesthetically appealing cooler designs

Innovative Technology

Honeycomb or Aspen Cooling Pads

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Water Tank Capacity from 6L to 115L

Cooling area range from 12 M² TO 50 M²

Variety of Desert, Room & Personal Coolers

SLIDE 9

India Air Cooler Market - Overview

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----- Start of picture text ----- AC: 6Air-coolers: 14No fans: 11Fans: 89Cooling pyramid (HH in %)Source: Company Research----- End of picture text -----

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----- Start of picture text ----- Air-cooler growth Volume wise(2010-2020) market shareIndustry Symphony Organized Unorganized102 mn25%156 mn75%0 5 10 15 20 25 30 35 40 45Shift to organized sectorSource: Company Research----- End of picture text -----

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SLIDE 10

India Air Cooler Market - Long Runway for growth

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Zone	Households(Mn)	Households withAir-coolers (Mn)	% penetration ofAir-coolers
North	66.5	18.6	28
East	61.8	2.5	4
West	57.9	6.9	12
South	60.2	3.0	5

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Low penetration

Air-cooler penetration to double by 2025

Source: Company Research

Source: Edelweiss Industry Research

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Third most utilized product

Source: Company research

SLIDE 11

India Air Cooler Market – Strong Brand Recall

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• Market Share of 50% in India – Highest in the Organized sector

• Symphony’s share of voice (SOV) is 43% (Source: BAARC) . SOV conveys the brand visibility share amongst the consumers

• Focused on single product - Air Coolers and created a strong brand name in the domestic market

• Google Trend Analysis (Air Coolers segment) – Searched more than Competitors

Leading Share in Google Searches (FY 2016 - 2021)

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----- Start of picture text ----- 29.3%----- End of picture text -----

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----- Start of picture text ----- 18.2%----- End of picture text -----

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----- Start of picture text ----- 10.4% 10.6%7.9% 8.5% 9.2%5.8%----- End of picture text -----

Symphony Competitor A Competitor B Competitor C Competitor D Competitor E Competitor F Generic Air Cooler

Source: Company Research

SLIDE 12

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Innovation & New Launches

Innovation – Key Firsts

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Key Firsts- Formats

Key Firsts

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----- Start of picture text ----- 2009 2012 2016Introduced Introduced IntroducedTower Format Air Tower Format Desert Wall MountedCooler Air Cooler Air Cooler----- End of picture text -----

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----- Start of picture text ----- 2017 2021Introduced IntroducedTouch range with 4-side DUETremovable pads and double Cooling fanblower----- End of picture text -----

SLIDE 14

Innovation – Key Firsts

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----- Start of picture text ----- Key Firsts - Features1994 2007 20162016 2016Remote control Power Saver Technology i-Pure – Multistage Magic Fill for automatic Voice AssistAir Purificationwater filling2016 2017 2020 2020 2021Digital Touchscreen Gesture Control Pop-Up Easy-Fill Surround coolingTouchscreen Panel----- End of picture text -----

SLIDE 15

New Launch

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SLIDE 16

New Launch

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New

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SLIDE 17

New Launch

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SLIDE 18

New Launch

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SLIDE 19

New Launch

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Cooling Fan

S e r i e s

Currently available exclusively on e-commerce platforms, Symphony Duet is a personal cooling fan that boasts dual functionality of a fan and a cooler. It is available in two variants: Pedestal & Table.

• Detachable pedestal for dual usage - on the table or floor-standing

• Touchscreen control

• Surround cooling with

  • swing option

• Honeycomb cooling pads

• Easy to carry

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SLIDE 20

New Campaign

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For Household air coolers

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Objective:

To put across a view that cool air can bring new perspectives in people’s lives.

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SLIDE 22

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Large Space Venti - Cooling

- LSV – Large Space Venti Cooling

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• Symphony Large Space Venti-Cooling (formerly known as Industrial and Commercial Segment) is a unique concept of air-cooling plus ventilation. A combination not offered by any other cooling technology.

• One does not have to close a space to employ this cooling. This is of even greater significance in the current times of the pandemic.

• It can be installed at large number of places, some of which are as below:

  • ⁻ Factories

  • ⁻ Educational Institutes

  • ⁻ Warehouses

  • ⁻ Religious Places

  • ⁻ Hospitals

  • ⁻ Banquet Halls

  • ⁻ Showrooms

  • ⁻ Restaurants

SLIDE 24

LSV – A Fast Growing segment

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Forayed into the Industrial Air Cooler segment in 2009 and Commercial Air Cooler Segment in 2014-15 by gaining the technology through IMPCO, Mexico and GSK, China respectively

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----- Start of picture text ----- No. of Installations increased by 34x3400100FY14 FY21----- End of picture text -----

SLIDE 25

Products Portfolio

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Universal air cooler – top and bottom discharge in the same cooler

Four-side high Powerful air throw efficiency honeycomb pads

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Robust weatherresistant body

One Industrial Air Commercial Air Cooler can cool upto Coolers with Tank 2500 sq. ft. capacity upto 200L

SLIDE 26

New Launches – Products

VENTI COOL 10 U

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• Suitable for 300-800 SQ.FT

• 0.45 KW Motor , 2 Speed

• 3 Side Pads

• 17” Fan

• 31 Litre Tank

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VENTI COOL 08 U

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• Suitable for 200-600 SQ.FT

• 0.37 KW Motor , 2 Speed

• 3 Side Pads

• 17” Fan  23 Litre Tank

SLIDE 27

New Launches – Accessories

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Mouthpiece

Stand

Elbow

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Air Outlet grill with damper

VFD

Duct

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Controller

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----- Start of picture text ----- Grill----- End of picture text -----

SLIDE 28

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Global Customers

LSV : Working with esteemed brands

SLIDE 29

India: Installations

BOSCH, BENGALURU

HERO SHOWROOM, CHHATTISGARH

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----- Start of picture text ----- RK MARBLES, RAJASTHAN----- End of picture text -----

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----- Start of picture text ----- KENT RO, NOIDA----- End of picture text -----

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SLIDE 30

RENAULT FACTORY, MOROCCO

GASPER MASS STADIUM, MEXICO

Overseas: Installations

F&B INDUSTRY, NIGERIA

JD.COM WAREHOUSE, CHINA

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SLIDE 31

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New Campaign For Commercial air coolers (Movicool)

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Objective:

To create awareness about the Movicool range of air coolers & communicate its in usage various sorts of large spaces.

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SLIDE 33

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COVID-19 Measures

Measures undertaken to combat COVID-19 Impact

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Sales Promotion

• Launched “Book a Cooler” Campaign during 2020 lockdown

• Lead media which connected customers with dealers who can generation campaign through digital nearby

• supply the coolers.

• This also helped dealers to liquidate covid-hit inventory.

Covid-Hit Dealer Management

• Attractive off-season schemes enabling them to lower the break-even price & maximize profits – this acted as a financials stimulus for our channel partners.

• –

• Additionally The Company also floated secondary schemes that helped distributors sell larger quantities to the retailers.

SLIDE 35

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Symphony Ltd. - Global Company

Wide Portfolio of Global Brands

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SLIDE 37

Strengths as a Global Leader

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----- Start of picture text ----- Wide range ofcoolers for allapplications Managementwith 3 decade ofexperience in aircoolerSymphony Ltd.----- End of picture text -----

SLIDE 38

Foraying into International Markets

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Focused only on domestic Indian market

• Acquired Guangdong Symphony Keruilai

• Air-coolers Co. Ltd (GSK) in China

• Opened market for Industrial Cooler segment

• Market size of China - 15 Mn Units

• Established Symphony Climatizadores, a 100% owned subsidiary

• Import coolers from Symphony India and GSK China to distribute in the local market

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1988

2009

Acquired IMPCO in Mexico with a market size of 40,000 units

2016

2018

• Acquired Climate Technologies Pty. Ltd. (CT) in Australia

2020

• Opened markets to Ducted gas heaters, Air coolers and Air conditioners

• Opened opportunities in USA through subsidiary of CT, Bonaire

SLIDE 39

De-risking Strategy

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Volatility in Quarterly Revenue (Consolidated)

Selling in international markets, such as Australia to counter seasonality nature of the business

37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business	37%44%19%18%16%12%21%22%6%FY12FY13FY14FY15FY16FY17FY18FY19FY20Reduced geographic concentration riskthrough increase in Sales from RoW(32% CAGR FY15-20)eng n nernaona mares, suc asAustralia to counter seasonality natureof the business
₹ Crores (Consol.)	FY12	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20
Standard Deviation ofQuarterlyRevenue	20	31	20	23	21	19	36	47	16
Average of QuarterlyRevenue	55	71	103	126	131	166	172	211	276
Coefficient of Variation	37%	44%	19%	18%	16%	12%	21%	22%	6%

SLIDE 40

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Overseas Subsidiaries

Geography wise Revenue

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Revenue from RoW grew at 32% CAGR from FY15-FY20

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----- Start of picture text ----- Increasing Share of Revenue fromCAGR from FY15-FY20outside India1200110317%22% 22% 22%100041%45%45252%800600 52611483%78% 78% 78%40065159%55%48%200 41102015 20202015 2016 2017 2018 2019 2020 2021India RoW TotalIndia RoW----- End of picture text -----

SLIDE 42

Climate Technologies Pty. Ltd. (CT), Australia

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SLIDE 43

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Range of Products

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----- Start of picture text ----- Household cooler Commercial cooler Rooftop CoolerWindow air cooler Air conditioner Ducted heating unit----- End of picture text -----

SLIDE 44

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New launches Roof mounted air coolers

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EAC

• 2 cabinet sizes, Reduce 10 SKUs of existing range.

• Low height, Sits snug on the roof.

• Installation compatible with all existing products.

• 3 different colours to match roof colours

SLIDE 45

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New launches

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Household air coolers

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----- Start of picture text ----- Duke----- End of picture text -----

• All in one including, ventilation, humidification and purification.

• Full function remote with 7.5 hours timer

• Fully closeable horizontal louvers

• 3 wind speeds with auto vertical louver swing

• Two air delivery modes

• High Efficiency Cooling Pads

• Dust filters

SLIDE 46

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- Financials Symphony Australia*

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₹ Cr

			₹ Cr
Particulars	FY2021	FY2020	FY2019 (9M)
Revenue	337	287	206
EBITDA	14.6	18.6	(6.4)
PBT #	2.2	7.7	(9.4)
PAT	0.7	6.4	(14.4)
Cash Profit #	4.9	11.6	(4.3)
Margins (%)
Gross margin	36.2	41.7	37.4
EBITDA margin	4.3	6.5	(3.1)
PAT margin	0.2	2.2	(7.0)

Excluding interest and guarantee charges on acquisition loan

In FY 2021, Gross & EBITDA margins impacted due to (a) higher input costs, (b) local purchase instead of imports, (c) higher freight cost (air freight), and (d) higher labour cost on account of impact of Covid-19.

• Include Symphony Australia, Climate Technologies Pty. Ltd, and Bonaire USA

SLIDE 47

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Revenue Breakup

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FY 2020-21

FY 2019-20

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----- Start of picture text ----- 1%26%73%----- End of picture text -----

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----- Start of picture text ----- 1%17%82%----- End of picture text -----

Sales in Australia Sales in USA Other Exports

Sales in Australia Sales in USA Other Exports

SLIDE 48

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

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SLIDE 49

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Last 12 years (cumulative)

	~₹879 crSales		~₹178 crIndia export toIMPCO	~₹178 crIndia export toIMPCO	~₹116 crPAT (India +IMPCO)	~₹116 crPAT (India +IMPCO)	~₹116 crPAT (India +IMPCO)
		Profit by Symphony India on
					FY2021	FY2020	FY2019
		Profit			3	10	7

SLIDE 50

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Industrial aircoolers sourced from GSK, China

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SLIDE 51

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New launches Window air coolers

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R28SW

R38W

• New Control Panel Design

• Rust free plastic side panels

• Float valve for uninterrupted cooling

• High efficiency cooling pads

• Auto Vertical Swing

• Fully closeable horizontal louvres

• New Control Panel Design

• Rust free plastic side panels

• Float valve for uninterrupted cooling

• High efficiency cooling pads

• Auto Vertical Swing

• Fully closeable horizontal louvres

SLIDE 52

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New launches

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HT Series air coolers

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SHT Movil

• Weatherproof engineering plastic

• High efficiency cooling pads

• Easy cleanable water tank

• Free installation kit

• Fully closable louvers

SHTMovilXL

• Weatherproof engineering plastic

• High efficiency cooling pads

• Easy cleanable water tank

• Large water tank capacity

• Fully closable louvers

SLIDE 53

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Financials

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			₹ Cr
Particulars	FY2021	FY2020	FY2019
Revenue	75	100	92
EBITDA after exceptional item	(0.1)*	6.2	7.5
PAT	1.9	2.9	6.5
Cash Profit	(2.5)	4.1	7.5
Margins (%)
Gross margin	37.9	30.4	33.5
EBITDA margin	(0.1)	6.2	8.2
PAT margin	2.5	2.9	7.1

* After Provision for doubtful debt of ₹ 7.2 Cr

SLIDE 54

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

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SLIDE 55

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Household air coolers

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New Launches

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CROWN i

• All in one including, ventilation, humidification and purification.

• 3-side high efficiency cooling pads

• Full function remote with 7.5-hour timer

• Removable Tank (Partial)

• Chill trays for enhanced cooling

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CROWN-M

• All in one including, ventilation, humidification and purification.

• 3-side high efficiency cooling pads

• Removable Tank (Partial)

• Chill trays for enhanced cooling

• Dust filters

• Dust filters

SLIDE 56

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Industrial air coolers

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Commercial air coolers

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SLIDE 57

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Financials

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			₹ Cr
Particulars	FY2021	FY2020	FY2019
Revenue	39	42	58
EBITDA	(3.1)	(3.1)	1.4
PAT	(8.6)	(7.7)	(1.6)
Cash Profit	(6.8)	(6.2)	0.2
Margins (%)
Gross margin	35.4	35.7	36.3
EBITDA margin	(7.8)	(7.3)	2.4

SLIDE 58

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Financials

Financials

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ConsolidatedParticularsFY2021FY2020FY2019Gross Revenue9311157883EBIDTA (excl. exceptional item)170266171PAT10718291Margins (%)Gross margin454746EBIDTA margin #182319PAT margin121610ROCE Core Business*4110457	₹ CrStandalone
ParticularsFY2021FY2020FY2019	FY2021FY2020FY2019
Gross Revenue9311157883	524763557
EBIDTA (excl. exceptional item)170266171	152248168
PAT10718291	112186101
Margins (%)
Gross margin454746	485050
EBIDTA margin #182319	293330
PAT margin121610	212418
ROCE Core Business*4110457	237Infinite292

* ROCE calculated on monthly average of capital employed

# Excluding exceptional items

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Consolidated Financials (₹ Cr)

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----- Start of picture text ----- Consolidated Revenues Consolidated EBITDA Consolidated PAT1,157 273266 193242 182166883 158852 20980817162191FY16* FY17 FY18 FY19 FY20 FY16* FY17 FY18 FY19 FY20 FY16* FY17 FY18 FY19 FY20----- End of picture text -----

* FY16 data is annualized for better comparison

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Capital Employed & ROCE

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----- Start of picture text ----- Standalone Capital Employed# (ROCE %) :Core Business₹ 50 Cr₹ 45 Cr (237%)(292%)₹-16 Cr(NegativeCapitalEmployed -InfiniteROCE)FY19 FY20 FY21Air cooling and other appliances----- End of picture text -----

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----- Start of picture text ----- Consolidated Capital Employed# (ROCE %) :Core Business₹ 282 Cr(41%)₹226 Cr(57%)₹197 Cr(104%)FY19 FY20 FY21----- End of picture text -----

Air cooling and other appliances

# Monthly Average

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Dividend Payout and Treasury

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----- Start of picture text ----- Cumulative PAT and Dividend Payout Treasury #(₹ Cr) (₹ Cr)739503494408Last 5 years dividendpayout has been45.6%337Last 5 years Consolidated Last 5 years Dividend FY19 FY20 FY21PAT Payout*----- End of picture text -----

*Including Dividend Distribution Tax till FY20. # Excluding loans & investment in subsidiaries

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Disclaimer

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SafeHarbourStatement

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 64

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www.symphonylimited.com

MEXICO CHINA AUSTRALIA USA Impco S de R L de C V Guangdong Symphony Climate Technologies Bonaire USA LLC Keruilai Air Coolers Co. Ltd. Pty. Ltd. AYAX 611, Parque Taiying Industrial Area, 26 Nylex Avenue 3774, West Cheyenne Industrial Kalos Hongmei Town, 523160 Salisubury South SA Avenue, North Las Vegas, Guadalupe, Guadalupe Dongguan, 5106 Nevada, 89032, USA N L, Mexico 67205 Guangdong, China Australia

INDIA

Symphony Limited

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

Ahmedabad 380059

Contact

Phone: +91-79-66211111 Email: investor@symphonylimited.com