Symphony Limited — Interim / Quarterly Report 2021

Oct 26, 2021

October 26, 2021

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

Sub.: Outcome of Board Meeting

Dear Sir / Madam,

We are pleased to inform you that the Board of Directors has considered and approved the following in their meeting held today:

• 1. Unaudited Standalone and Consolidated Financial Results, Limited Review Reports and Data sheet explaining the performance analysis of the Company for the second quarter and half year ended on September 30, 2021.
• 1. Declared 1st Interim Dividend of ₹ 2/‐ (100%) per equity share having face value of ₹ 2/‐ each for the financial year 2021‐22.

Kindly consider this as due compliance of Regulation 30, 33 and other applicable provisions, if any of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The meeting was commenced at 10:30 hours (IST) and concluded at 12:55 hours (IST).

Kindly take note of the same and oblige.

Yours Truly, For, Symphony Limited Mayur Barvadiya Company Secretary MAYUR C BARVADIY A Digitally signed by MAYUR C BARVADIYA Date: 2021.10.26 13:04:08 +05'30'

Encl: As Above.

Email: companysecretary@symphonylimited.com

Deloitte Haskins & Sells

chartered Accountants 19th floor, Shapath-V S.G. Highway Ahmedabad-380 015 Gujarat,lndia

Tel: +91 79 6682 7300 Fax: +91 79 6682 7 404

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SYMPHONY LIMITED

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of SYMPHONY LIMITED ("the Company") for the quarter and six months ended September 30,2O2l ("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 prlnciples generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended. including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS Cha rtered Accou ntants (Firm's Registration No. 117365W)

to^fiIff'iv",^l

Kartikeya Raval (Partner) (Membership No. 106189 ) (UDIN : 21 106189AAAAMY83 19)

Place: Ahmedabad Date: October 26, 2021

Page I of I

WORLD LEADER IN AIR COOLING

Page You

$(F$ in Croreal

SYMPHONY LIMITED

	Quarter Ended			Statement of Unaudited Standalone Financial Results for the Quarter and Half Year ended on September 30, 2021	Half Year Ended		Year Ended
30-Sep-21	30-Sep-20	30-Jun-21	Sr.	Particulars		30-Sep-21 30-Sep-20	31-Mar-21
(Unaudited) (Unaudited)		(Unaudited)	No.		(Unaudited) (Unaudited)		(Audited)
			1	Income
140	112	104		Revenue from operations a.	244	152	488
	8			Other income b.	18	18	36
149	120	113		Total Revenue	262	170	524
			$\overline{2}$	Expenses
		(0)		Cost of materials consumed a.	(0)		$\overline{4}$
71	53	64		b. Purchase of stock-in-trade	135	66	258
		(9)		Changes in inventories of finished goods, work-in- C. progress and stock-in-trade	(8)	10	(10)
15	13	15		Employee benefits expense ld.	30	26	51
$\mathbf{O}$				Finance costs e.			$\Omega$
$\begin{array}{c}\n 2 \ 2 \ 16\n \end{array}$				Depreciation and amortisation expense			5
		19 15		g. Advertisement and sales promotion expense	21		$rac{22}{47}$
107	11 85	105		h. Other expenses Total expenses	31 212	18 134	377
42	35	8	3	Profit before tax (1-2)	50	36	147
10	8		4	Tax expense	11		35
32	27		5	Net Profit for the year/period (3-4)	39	28	112
			6	Other comprehensive income
				Items that will not to be reclassified to profit or loss :
	(0)			Re-measurement gains/(losses) on defined benefit plans (i)		(0)
				Income tax effect on above (ii)			(0)
				Items that will be reclassified to profit or loss :
(6)	(1)			Net fair value gain/(loss) on debt instruments (i)	(1)		5
	$\Omega$	(1)		Income tax effect on above (ii)		(0)	(1)
(5)	(1)			Total other comprehensive income/(loss), net of tax	(1)		5
27	26	11	$\overline{\mathbf{z}}$	Total comprehensive income for the year/period (5+6)	38	29	117
14	14	14	8	Paid-up Equity Share Capital (Face Value ₹ 2/- per share)	14	14	14
			9	Reserves excluding Revaluation Reserve			747
			10	Earnings Per Share (of ₹ 2/- each )*
4.55	3.83	0.99		Basic & diluted (₹)	5.54	4.04	16.06

0 represents amount less than ₹ 50 lacs.

* EPS is not annualised for the quarter/half year ended September 30, 2021, September 30, 2020 and June 30, 2021. NOTES:

1. The above financial results have been reviewed by the Audit Committee in its meeting held on October 25, 2021 and approved by the Board of Directors in their meeting held on October 26, 2021.

2. The Statutory auditors of the company have carried out limited review of the financial results for the quarter and half year ended September 30, 2021.

3. The Board of Directors in their meeting held on October 26, 2021 declared interim dividend of 100% i.e. ₹ 2/- per equity share of ₹ 2/- each amounting to ₹ 14 crores. The record date for the payment of interim dividend is November 05, 2021.

4. Operations during the half year ended September, 2021 has been higher as compared to September, 2020, however the same has been effected due to second wave of Covid-19 pandemic which was at its peak during the onset of summer in India i.e. in June quarter and hence the same is lower as compared to a normal period.

The Company has considered the possible effects that may result from Covid-19 in the preparation of these financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of Covid-19, the Company has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying amount of the assets will be recovered. The impact of Covid-19 on Company's financial results may differ from that estimated as at the date of approval of the same.

1. 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 effective.

AHMEDARAD

6. 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.

	Quarter Ended					Half Year Ended	(₹ in Crores) Year Ended
30-Sep-21	30-Sep-20	30-Jun-21	Sr.	Particulars		30-Sep-21 30-Sep-20	31-Mar-21
	(Unaudited) (Unaudited)	(Unaudited)	No.			(Unaudited) (Unaudited)	(Audited)
			1	Seament Revenue
141	116	105		a. Air Cooling and Other Appliances	246	156	495
	6	7		b. Corporate Funds	14	13	27
	(2)	1		c. Un-allocable			$\overline{2}$
149	120	113		Segment Total	262	170	524
			2	Segment Results (Profit before Interest and Taxes - PBIT)
34	31	$\Omega$		a. Air Cooling and Other Appliances	34	22	119
	6			b. Corporate Funds	14	13	26
	(2)			c. Un-allocable			$\overline{2}$
42	35	8		Segment Total	50	36	147
$\overline{0}$	$\Omega$			Less: Finance Costs	$\Omega$		$\circ$
10	8			Less: Taxes	11		35
32	27	7		Total Profit After Tax	39	28	112
			3	Segment Assets
205	161	237		a. Air Cooling and Other Appliances	205	161	258
634	600	459		b. Corporate Funds	634	600	481
146	116	145		c. Un-allocable	146	116	143
985	877	841		Segment Total	985	877	882
			4	Segment Liabilities
215	198	69		a. Air Cooling and Other Appliances	215	198	121
				b. Corporate Funds
				c. Un-allocable
215	198	69		Segment Total	215	198	121
			5	Capital Employed (As at year/period end)
(10)	(37)	168		a. Air Cooling and Other Appliances	(10)	(37)	137
634	600	459		b. Corporate Funds	634	600	481
146	116	145		c. Un-allocable	146	116	143
770 7. Geographical Segment	679	772		Segment Total	770	679	761
	Quarter Ended				Half Year Ended		(₹ in Crores)
30-Sep-21	30-Sep-20	30-Jun-21	Sr.	Particulars		30-Sep-21 30-Sep-20	Year Ended 31-Mar-21
(Unaudited)	(Unaudited)	(Unaudited)	No.			(Unaudited) (Unaudited)	(Audited)
			1	Segment Revenue
135	105	86		India a.	221	139	431
		18		Rest of the world b.	23	13	57
140	112	104		Revenue from operations	244	152	488
			$\overline{2}$	Segment Results (Profit before Interest and Taxes - PBIT)
41	33			India a.	43	33	131
1	2 35	6		Rest of the world b.		3	16
42		8		Seament Total	50	36 1	147

NOTE:

Secondary Segment Capital Employed:

$\frac{0}{8}$

27

$-0$
10

$32$

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.

Less: Finance Costs

Total Profit After Tax

Less: Taxes

NY AHMEDAK

$\circ$

11

39

$\frac{0}{8}$

28

$\Omega$

35

112

. Standalone Statement of Assets & Liabilities
------------------------------------------------	--

		As At	(₹ in Crores) As At
Sr. No.	Particulars	30-09-21 (Unaudited)	31-03-21 (Audited)
A	ASSETS
1	Non-current assets
	(a) Property, plant and equipment	74	70
	(b) Capital work - in - Progress		$\Omega$
	(c) Other intangible assets		$\overline{2}$
	(d) Intangible assets under development		$\mathbf 0$
	(e) Financial Assets
	(i) Investments
	a) Investments in subsidiaries	98	98
	b) Other investments	165	159
	(ii) Loans	48	44
	(iii) Other financial assets	$\mathbf 0$	0
	(f) Other non-current assets		4
	Total Non-current assets	392	377
$\overline{2}$	Current assets
	(a) Inventories	57	49
	(b) Financial assets (i) Other investments
	(ii) Trade receivables	467	322
	(iii) Cash and Bank Balances	6	81
	(iv) Bank balances other than (iii) above		21
	$(v)$ Loans
	(vi) Other financial assets		$\overline{c}$
	(c) Current tax assets (Net)	3
	(d) Other Current Assets	49	25
	Total Current assets	593	505
	Total Assets	985	882
B	EQUITY AND LIABILITIES
1	Equity
	(a) Equity share capital	14	14
	(b) Other equity	756	747
	Total Equity	770	761
2	Non-current liabilities
	(a) Deferred tax liabilities (Net)		6
	Total Non-current liabilities	$\overline{7}$	6
3	Current liabilities
	(a) Financial liabilities
	(i) Borrowings	34
	(ii) Trade payables
	- Due to Micro and Small Enterprises		2
	- Due to Others	34	46
	(iii) Other financial liabilities		$\overline{5}$
	(b) Other current liabilities	127	54
	(c) Provisions		$\overline{5}$ 3
	(d) Current tax liabilities (Net) Total Current liabilities	208	115
	Total Liabilities	215	121
	Total Equity and Liabilities	985	882

ONY EXA AHMEDABAD

Particulars Cash flow from operating activities Profit for the period Adjustments For: Income tax expenses recognised in profit or loss Depreciation and amortization expenses Finance costs recognised in profit or loss	30-Sep-21 (Unaudited) 39 11	30-Sep-20 (Unaudited) 28
		8
	3	3
	$\mathbf{0}$	$\circ$
Interest Income recognised in profit or loss	(6)	(5)
Net (gain)/loss on disposal of instruments designated at FVTOCI Net gain on disposal of instruments designated at FVTPL		(0)
Net gain on financial assets mandatorily measured at FVTPL	(1)	(2)
Unrealised foreign exchange (gain)/loss	(9) (0)	(6) 0
Allowances for credit losses on trade receivables	$\Omega$
Provisions / Liabilities no longer required written back	(1)	(2)
Receivables / Advances written off	$\Omega$	$\mathbf{0}$
(Gain)/Loss on disposal of property, plant and equipment	(0)	0
Operating Profit Before Working Capital Changes	36	$\overline{24}$
Movements in working capital:
Decrease in trade and other receivables	75	53
(Increase)/Decrease in inventories	(8)	12
(Increase)/Decrease in other assets	(24)	3
(Decrease) in trade payables Increase in other liabilities	(12)	(9)
Increase/(Decrease) in provisions	72	113
Cash Generated from Operations	(1) 138	197
Income taxes paid	(15)	(13)
A. Net Cash generated by Operating Activities	123	184
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment, intangible assets, capital advances and creditors	(6)	(4)
Proceeds from disposal of property, plant and equipment	0	0
Interest received		3
Dividend received		0
Net (payments to)/proceeds from mutual funds	(136)	(218)
Payments to acquire financial assets	(6)	(40)
Proceeds on sale of financial assets		76
Loan given to Subsidiaries Loan received back from Subsidiaries	(1)	3
B. Net Cash Used in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES	(146)	(180)
Finance cost paid	(0)	(0)
Proceeds from borrowings	34
Payments on lease liabilities		(0)
Dividend paid on equity shares	(28)	(0)
C. Net Cash generated / (Used) in Financing Activities		(0)
Net Increase / (Decrease) in Cash & Cash Equivalents (A+B+C)	(17)	4
Cash & Cash Equivalents at the beginning of the period	22	2
Cash & Cash Equivalents at the end of the period		6
	By Order Of The Board

DIET MOVIES AND THE MOOL WINTER SUMO JUMBO WINDOW Arctic Circle Moster Cool KI COLLAIRE

Deloitte Haskins & Sells

Chartered Accountant5 ¹9th floor, shapath V S.G. Highway Ahmedabad-380 015 GLrjarat,lndia

Tel: +91 79 6682 7300 Fax: +91 79 6682 7400

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

SYMPHONY LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of SYMPHONY LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter and six months ended September 30,2027 ("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.
• 2, This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, as amended, to the extent applicable,

• 1. The Statement includes the results of the following entities:
• t. Symphony Limited (Parent)
• ii. Symphony AU Pty Limited (Subsidiary)
• iii. Symphony Climatizadores Ltda, Brazil (Subsidiary)
• Guangdong Symphony Keruilai Air Coolers Co. Limited (Subsidiary)
• IMPCO S. de- R.L. De. C.V., lvlexico (Subsidiary)
• Climate Technologies fty. 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 (tisting 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 assets of Rs. 433.51 crore as at September 30, 2021, total revenues of Rs. 84.54 crore and Rs. 2L2.74 crore for the quarter and six months ended September 30,2027 respectively, totai net loss after tax of Rs. 1.02 crore and Rs. 5.50 crore for the quarter and six months ended September 30, 2021 respectively, and total comprehensive loss of Rs. 1.05 crore and Rs. 5.54 crore for the quarter and six months ended September 30,2O2l respectively and net cash outflows of Rs. 1.33 crore for the six months ended September 30, 2021, 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, rn so far as it relates to the amounts and disclosures included in respect of these subsidianes ts 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 modifaed 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/aud ited by their auditors, whose interim financial information/ financial results reflect total assets of Rs. 2.40 crore as at Septembet 30,2021, total revenues of Rs. 0.18 crore and Rs. 1.08 crore for the quarter and six months ended Septembet 30,2027 respectively, total net loss after tax of Rs. 0.32 crore and Rs. 0.05 crore for the quarter and six months ended September 30,2O2t respectively, and total comprehensive loss of Rs. 0.32 crore and Rs. 0.05 crore for the quarter and six months ended Septembet 30, 2O2l respectively and net cash inflow of Rs. 0.04 crore for the six months ended September 30, 2O2t, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial information / financial results are not material to the Group,

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information / results certified by the l4anagement.

Place: Ahmedabad Date: October 26,2O2f For DELOITTE HASKINS & SELLS Chartered Accountants (Firm's Regastration No. 117365W)

Ji*^l**Q*'*

Kartikeya Raval Pa rtner (Membership No. 106189) (UDIN : 2 1 106189 AAAAMZ4T 7 3)

Page 2 of2

SYMPHONY LIMITED

(Let in Crores) Statement of Unaudited Consolidated Financial Results for the Quarter and Half Year ended on September 30, 2021 Quarter Ended Half Year Ended Year Ended Sr. 30-Sep-21 30-Sep-20 30-Jun-21
(Unaudited) (Unaudited) (Unaudited) Particulars 30-Sep-21 30-Sep-20 31-Mar-21 No. (Unaudited) (Unaudited) (Audited) Income $\overline{1}$ Revenue from operations 220 191 230 a. 450 345 900 Other income lb. $17$ 16 $31$ 229 199 238 Total Revenue 467 361 931 $\mathbf 2$ Expenses 65 43 43 Cost of materials consumed 108 103 238 a. 76 54 $70$ þ. Purchase of stock-in-trade 146 260 67 Changes in inventories of finished goods, work-in-10 $(5)$ Ic. $(4)$ $31$ $(1)$ progress and stock-in-trade 28 26 29 103 ld. Employee benefits expense 57 52 $\overline{a}$ $\overline{\mathbf{c}}$ Finance costs $\overline{a}$ e. 6 $11$ 6 5 6 If. Depreciation and amortisation expense 10 $12$ $21$ $21$ $\overline{2}$ 3 Įg. Advertisement and sales promotion expense 23 10 25 40 $31$ 28 Other expenses 136 lh. $71$ 60 228 189 173 Total expenses 339 417 793 40 26 10 3 Profit/(Loss) before exceptional items and tax (1-2) 50 22 138 $\overline{\phantom{a}}$ Exceptional Items (Refer note no. 4) 4 $\overline{7}$ $\overline{7}$ 40 $10$ 19 5 Profit/(Loss) before tax (3-4) 50 15 131 Tax expense (Refer note no. 5) 10 6 $14$ $(2)$ 24 30 15 6 $\overline{\mathbf{z}}$ Net Profit/(Loss) for the year/period (5-6) 36 17 107 30 16 $\epsilon$ Attributable to: Owners of the Company $36$ 18 107 $(0)$ $(1)$ $(0)$ Non Controlling Interests $(0)$ $(1)$ $\Omega$ 8 Other comprehensive income Items that will not to be reclassified to profit or loss : $(0)$ $(0)$ $(1)$ $(i)$ Re-measurement gains/(losses) on defined benefit plans $(0)$ $(1)$ $(ii)$ Income tax effect on above $(0)$ € $\mathbf{C}$ $(0)$ Items that will be reclassified to profit or loss : $(1)$ $(i)$ Net fair value gain/(loss) on debt instruments $(6)$ 5 $(1)$ 5 $(ii)$ Income tax effect on above $\sqrt{2}$ $(1)$ $\mathbf{f}$ $(0)$ $(1)$ $(1)$ $(5)$ $(2)$ Total other comprehensive income/(loss), net of tax $(0)$ $\overline{9}$ 10 Total comprehensive income for the year/period (7+8) 25 13 $17$ 35 112 Attributable to: Owners of the Company 25 14 10 35 18 112 Non Controlling Interests $(0)$ $(0)$ $(1)$ $\mathbf{r}$ $(1)$ $\mathbf{C}$ 10 Paid-up Equity Share Capital (Face Value ₹ 2/- per share) $14$ $14$ $14$ $1.$ $14$ Reserves excluding Revaluation Reserve $11$ 745 $12$ Earnings Per Share (of ₹ 2/- each)* 0.87 Basic & diluted (₹) 2.17 5.19 2.39 15.35

0 represents amount less than ₹ 50 lacs.

* EPS is not annualised for the quarter/half year ended September 30, 2021, September 30, 2020 and June 30, 2021.

NOTES:

1. The above financial results have been reviewed by the Audit Committee in its meeting held on October 25, 2021 and approved by the Board of Directors in their meeting held on October 26, 2021.

2. The Statutory auditors of the company have carried out limited review of the financial results for the quarter and half year ended September 30, 2021.

3. The Board of Directors in their meeting held on October 26, 2021 declared interim dividend of 100% i.e. ₹ 2/- per equity share of ₹ 2/- each amounting to ₹ 14 crores. The record date for the payment of interim dividend is November 05, 2021.

4. 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.

5. During the quarter ended June 30, 2021 Symphony AU Pty. Ltd. ("Subsidiary Company") has filed its return with Australian Securities and Investments Commission (ASIC) as statutorily required by the local laws of the Subsidiary Company for the year ended March 31, 2021. The tax expenses for the quarter ended June 30, 2021 is adjusted to give effect of deferred tax asset as per the return filed with ASIC for the year ended March 31, 2021 vis-à-vis the deferred tax asset determined by the Subsidiary Company as at March 31, 2021.

6. Operations during the half year ended September, 2021 has been higher as compared to September, 2020, however the same has been effected due to second wave of Covid-19 pandemic which was at its peak during the onset of summer in India i.e. in June quarter and lockdown in certain parts of Australia and hence the same is lower as compared to a normal period.

The Group has considered the possible effects that may result from Covid-19 in the preparation of these financial results including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of Covid-19, the Group has, at the date of approval of the financial results, used internal and external sources of information and expects that the carrying amount of the assets will be recovered. The impact of Covid-19 on Group's financial results may differ from that estimated as at the date of approval of the same.

1. 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 Group will assess the impact of the Codes WARRAN cules are notified and will record any related impact in the periods the Codes becomes effective, $\n N\n$

ED

AHMEDABAD

8. 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.

							(₹ in Crores)
	Quarter Ended		Sr.			Half Year Ended	Year Ended
30-Sep-21	30-Sep-20	30-Jun-21	No.	Particulars		30-Sep-21 30-Sep-20	31-Mar-21
(Unaudited)	(Unaudited)	(Unaudited)				(Unaudited) (Unaudited)	(Audited)
			$\mathbf{1}$	Seament Revenue
222	193	231		a. Air Cooling and Other Appliances	453	348	904
7	6			b. Corporate Funds	14	13	27
229	199	238		Segment Total	467	361	931
			$\overline{2}$	Segment Results (Profit before Interest and Taxes - PBIT)
35	17			a. Air Cooling and Other Appliances	40	8	116
	6			b. Corporate Funds	14	13	26
				c. Un-allocable
42	23	12		Segment Total	54	21	142
$\overline{2}$				Less: Finance Costs		6	11
10				Less: Taxes	14	(2)	24
30	15			Total Profit After Tax	36	17	107
			3	Segment Assets
637	561	721		a. Air Cooling and Other Appliances	637	561	739
634	600	459		b. Corporate Funds	634	600	481
1,271	1,161	1,180		Segment Total	1,271	1,161	1,220
			4	Segment Liabilities
503	495	404		a. Air Cooling and Other Appliances	503	495	456
				b. Corporate Funds
				c. Un-allocable
503	495	404		Segment Total	503	495	456
			5	Capital Employed (As at year/period end)
254	197	457		a. Air Cooling and Other Appliances	254	197	423
634	600	459		b. Corporate Funds	634	600	481
888	797	916		Segment Total	888	797	904
9. Geographical Segment							(₹ in Crores)
	Quarter Ended		Sr.			Half Year Ended	Year Ended
30-Sep-21	30-Sep-20	30-Jun-21	No.	Particulars	30-Sep-21	30-Sep-20	31-Mar-21
	(Unaudited) (Unaudited)	(Unaudited)			(Unaudited)	(Unaudited)	(Audited)
			1	Segment Revenue
135	105	86		India a.	221	139	431
85 220	86 191	144 230		Rest of the world b.	229 450	206 345	469 900
			$\overline{2}$	Revenue from operations Segment Results (Profit before Interest and Taxes - PBIT)
40	33			India a.	42	33	131
	(10)	10		Rest of the world $b$	12	(12)	11
$\begin{array}{c}\n2 \ 42 \ 2\n\end{array}$	23	12		Seament Total	54	21	142
				Less: Finance Costs		6	11
10				Less: Taxes	14	(2)	24
30	15			Total Profit After Tax	36	17	107

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 believes that it is not practical to provide secondary segment disclosures relating to Capital employed.

AHMEDABAD

		As At	(₹ in Crores) As At
Sr. No.	Particulars	30-09-21	31-03-21
		(Unaudited)	(Audited)
Α	ASSETS
1	Non-current assets
	(a) Property, plant and equipment	103	105
	(b) Right-of-use asset	35
	(c) Capital work - in - Progress
	(d) Goodwill	155	161
	(e) Other intangible assets	52
	(f) Intangible assets under development	$\Omega$
	(g) Financial Assets
	(i) Investments
	a) Other investments	165	159
	(ii) Other financial assets	$\mathbf{1}$
	(h) Deferred Tax Assets (Net)	8
	(i) Other non-current assets	5
	Total Non-current assets	524	527
$\overline{\mathbf{2}}$	Current assets
	(a) Inventories	120	119
	(b) Financial assets
	(i) Other investments	481	325
	(ii) Trade receivables	55	166
	(iii) Cash and cash equivalents	16
	(iv) Bank balances other than (iii) above	5
	(v) Other financial assets	1
	(c) Current tax assets (Net)	3
	(d) Other Current Assets	66
	Total Current assets	747	693
	Total Assets	1,271	1,220
в	EQUITY AND LIABILITIES
1	Equity
	(a) Equity share capital	14
	(b) Other equity	750	745
	Equity attributable to the owners of the company	764	759
	Non-controlling interests
	Total Equity	768	764
$\overline{\mathbf{2}}$	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	120	140
	(ii) Lease liabilities	26
	(b) Provisions	12
	(c) Deferred tax liabilities (Net)
	Total Non-current liabilities	165	183
3	Current liabilities
	(a) Financial liabilities
	(i) Borrowings	82
	(ii) Lease liabilities	12
	(iii) Trade payables
	- Due to Micro and Small Enterprises
	- Due to Others	92	134
	(iv) Other financial liabilities
	(b) Other current liabilities	134
	(c) Provisions	9
	(d) Current tax liabilities (Net)	3
	Total Current liabilities	338	273
	Total Liabilities	503	456
	Total Fourty and Liabilities	1271	1220

11. Consolidated Statement of Cash Flows

	For the Half Year Ended	(₹ in Crores)
Particulars	30-Sep-21	30-Sep-20
	(Unaudited)	(Unaudited)
Cash flow from operating activities
Profit for the period	36	17
Adjustments For:
Income tax expenses recognised in profit or loss	14	(2)
Depreciation and amortization expenses	12	10
Finance costs recognised in profit or loss		6
Mark to Market Loss	(0)	(0)
Interest Income recognised in profit or loss	(4)	(5)
Net (gain)/loss on disposal of instruments designated at FVTOCI		(0)
Net gain on disposal of instruments designated at FVTPL	(1)	(2)
Net gain on financial assets mandatorily measured at FVTPL	(9)	(6)
Adjustment on Foreign Currency Translation	7	(20)
Unrealised foreign exchange (gain)/loss	$\circ$	$\mathbf 0$
Allowances for credit losses on trade receivables	(0)	8
Provisions / Liabilities no longer required written back		(2)
Receivables / Advances written off Gain on disposal of property, plant and equipment		0
Operating Profit Before Working Capital Changes	(0) 59	0
Movements in working capital:		4
Decrease in trade and other receivables
(Increase)/Decrease in inventories	111	59 40
(Increase)/Decrease in other assets	(1) (23)	18
(Decrease) in trade payables	(43)	(39)
Increase in other liabilities	70	109
Increase/(Decrease) in provisions	(1)
Cash Generated from Operations	172	192
Income taxes paid	(15)	(13)
A. Net Cash generated by Operating Activities	157	179
CASH FLOW FROM INVESTING ACTIVITIES
Payments for property, plant and equipment, intangible assets, capital advances and creditors	(9)	(6)
Proceeds from disposal of property, plant and equipment		2
Interest received	3	4
Dividend received		0
Net (payments to)/proceeds from mutual funds	(147)	(220)
Payments to acquire financial assets	(6)	(40)
Proceeds on sale of financial assets		76
B. Net Cash Used in Investing Activities	(156)	(184)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid on equity shares	(28)	(0)
Payments on lease liabilities	(6)	(5)
Proceeds from/ (Repayment of) borrowings	18	12
Finance Cost paid C. Net Cash generated / (Used) in Financing Activities	(4) (20)	(၀) 1
Net Decrease in Cash & Cash Equivalents (A+B+C)	(19)	(4)
Cash & Cash Equivalents at the beginning of the period	35	21
		17
Cash & Cash Equivalents at the end of the period Q	16 By Order Of The Board For Symphony Limited
Ш AHMEDASAD ь S, Place: Ahmedabad	Achal Bakeri Chairman & Managing Director DIN-00397573
Date: October 26, 2021 ed Acco World's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries.		Sympheny
Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380059, India. CIN: L32201GJ1988PLC010331 Web: www.symphonylimited.com Email: corporate@symphonylimited.com Phone: +91-79-66211111 Fax: +91-79-66211139 Our Global MOVICOL DIET30 TOUCH CLOUD SILVER/ STOTE: DIET MCOOL WINTER SUMO JUMBO WINDOW Arctic Circle Moster Cool HI COELAIRS

(A) Standalone Performance Analysis

i) Sales & Profitability						(# in Crores)
	Standalone				Standalone
	Quarter Ended				Half Year Ended
$30 -$ Sep $-21$	30-Sep-20	$30 - Jun - 21$	Particulars	$30-Sep-21$	$30 - Sep - 20$	31-Mar-21
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
139	112		104 Sales	243	152	486
24%			Growth % Y-O-Y	60%
	8		9 Other Income	18	18	36
149	120		113 Gross Revenue	262	170	524
24%			Growth % Y-O-Y	54%
67	54		49 Gross Margin(Sales - Material Cost)Value	116	72	234
44	37		9 EBITDA	53	39	152
42	35		8 PBT	50	36	147
20%			Growth % Y-O-Y	38%
32	27		7 PAT	39	28	112
17%			Growth % Y-O-Y	37%

Sales for the quarter ended September 2021 is higher than September 2020 quarter, however, sales in September 2021 is affected by inventory
build up in Distribution channel level due to various restrictions imposed by Ce wave of Covid-19 which struck in summer.

ii) Financial ratios
	Standalone				Standalone
	Quarter Ended			Half Year Ended		Year Ended
$30 - Sep - 21$	30-Sep-20	30-Jun-21	Particulars	$30-Sep-21$	30-Sep-20	31-Mar-21
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
			Profitability ratios
47.92%	48.20%		47.55% Gross margin % of Sales	47.64%	47.42%	48.14%
29%	30%		8% EBITDA % of Gross Revenue	20%	23%	29%
21%	23%		6% PAT Margin % of Gross Revenue	15%	17%	21%
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
14	(16)	150	Air Cooling and Other Appliances	82	59	50
608	564	476	Corporate Funds	542	478	505
			ROCE(PBIT) % - Not Annualised
241%	Infinite	$0\%$	Air Cooling and Other Appliances	41%	37%	237%
1%	1%	1%	Corporate Funds	3%	3%	5%
17%	19%		17% Return on Networth	17%	19%	16%
			(PAT TTM/AVG Networth)
			Debtors and Inventory ratios
			23 Debtor Days (Debtors/TTM Sales)			61
			34 Debtor Amount			81
36	21		39 Inventory Days (Inventory/TTM Sales)	36	21	37
57	29		58 Inventory Amount	57	29	49

Gross margin % for the quarter and Six months ended Sept 2021 is more or less in line with FY 20-21 despite massive increase in input cost as well as freight cost. This is on account of value engineering, cost rationalisation and price increase.

606	463 a) Treasury including Cash & Cash equivalents (excluding Iloans/investments in subsidiaries)	638	6061	503
722	608 b) Treasury including Cash & Cash equivalents (including (loans/investments in subsidiaries)	784	722	646
	(iii) Treasury Investment:

iv) Geographical Segment-wise Revenue
			Seament Revenue
135	105	86	India	221	139	431
		18	Rest of the world	23	13 1	57
140	1121	104	Total	244	152	488

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(B) Consolidated Performance Analysis

i) Sales & Profitability				(# in Crores)
	Consolidated				Consolidated
	Quarter Ended		Particulars		Half Year Ended
30-Sep-21	30-Sep-20	$30 - Jun - 21$		$30 - Sep-21$	30-Sep-20	31-Mar-21
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
220	190		229 Sales	449	344	897
16%			Growth % Y-O-Y	30%
	8		8 Other Income	17	16	31
229	199		238 Gross Revenue	467	361	931
15%			Growth % Y-O-Y	29%
100	83		99 Gross Margin(Sales - Material Cost)Value	199	143	400
48	35		18 EBITDA (Excluding Exceptional Items)	66	38	170
40	26		10 PBT (Excluding Exceptional Items)	50	22	138
52%			Growth % Y-O-Y	132%
			Exceptional items			7
40	19		10 PBT	50	15	131
110%			Growth % Y-O-Y	247%
30	15		6 PAT	36	17	107
94%			Growth % Y-O-Y	112%

ii) Financial ratios

	Quarter Ended				Consolidated
	Month Ended		Particulars	Half Year Ended		Year Ended
$30 - Sep-21$	30-Sep-20	30-Jun-21		$30-Sep-21$	$30-Sep-20$	31-Mar-21
(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)	(Audited)
			Profitability ratios
45.44%	43.83%		43.48% Gross margin % of Sales	44.37%	41.63%	44.57%
21%	14%		8% EBITDA % of Gross Revenue	14%	9%	18%
13%	8%		3% PAT Margin % of Gross Revenue	8%	5%	12%
			Segment-wise capital employed and ROCE
			Capital employed (Monthly Average)
290	195	437	Air Cooling and Other Appliances	363	257	282
608	564	476	Corporate Funds	542	478	505
			ROCE(PBIT) - Not Annualised
12%	9%	$1\%$	Air Cooling and Other Appliances	11%	3%	41%
1%	1%	1%	Corporate Funds	3%	3%	5%
18%	15%		16% Return on Networth (PAT TTM/AVG Networth)	18%	15%	15%
			Debtors and Inventory ratios
20	22		40 Debtor Days (Debtors/TTM Sales)	20	22	68
55	53		106 Debtor Amount	55	53	166
44	32		47 Inventory Days (Inventory/TTM Sales)	44	32	48
120	78		126 Inventory Amount	120	78	118

iii) Treasury Investment
6251 6641	492 Treasury including Cash & Cash equivalents	664	625	519

	iv) Geographical Segment-wise Revenue
			Segment Revenue
135	105	86	India	221	139	431
85	86	144	Rest of the world	229	206	469
220	191	230	Total	450	345	900

The Company declared interim dividend of 100% i.e. ₹ 2/- per equity share of ₹ 2/- each amounting to ₹ 14 crores.

Sympheny Morid's Largest manufacture of Residential, Commercial and Industrial Air Coolers. Available in more than 60 countries.
Symphony Limited, Symphony House, FP-12 TP-50, Bodakdev, Off SG Highway, Ahmedabad 380059, India.
CIN:

CONGRESSI MOVIGA DIETSP TSUCH CLOUD SILVER / STOOM DIET HOOD WINTER SUNG JUMBO WINDOW ARE CIRCO MOVE COOL HI CONGLAIRE

Le NY l A AHMEDABAD