Business

Symphony Limited: Robust profitability of International Business in FY 2021-22

Symphony Limited: Robust profitability of International Business in FY 2021-22
Symphony Limited: Robust profitability of International Business in FY 2021-22

The Board of Directors have recommended a final dividend of ₹ 6 /- (300%) per equity share of ₹ 2/- each amounting to ₹ 41.97 cr. for FY 21-22. The total dividend for FY 21-22 aggregates to ₹ 9 /- (450%) per equity share of ₹ 2/- each amounting to ₹ 62.96 cr. which includes two interim dividends aggregating to ₹ 3/- (150%) per equity share paid during the year.

Consolidated Gross Profit Margin at 45% (FY21: 45%) and EBITDA Margin at 19% (FY21: 18%), despite elevated raw material cost and logistic cost
Consolidated PBIT stood ₹ 177 Cr. (+25% YoY Growth). International Business contributed PBIT of ₹ 70 Cr. (FY21: ₹ 11 Cr.), registering the growth of 536% on YoY basis. Robust performance from International likely to continue.
USA business generated sales of ₹ 133 Cr. (FY20: ₹ 48 Cr.), up by 177% in two years and by 55% in one year.
Complete normalization of the trade inventory, driven by excellent sales across India
April 2022 sales (Symphony India) is higher than historical highest ever April sales, after liquidation of massive trade inventory
Good traction in sales through Large Format Space (LFS) and E-Commerce channels.
Various measures of cost optimization, value engineering and many other initiatives in last two years yielding the result.

Outlook

Upbeat on the domestic & overseas business and the strong sales growth trajectory to continue going forward.
Close watch on input cost, logistic cost and supply chain
Agile international supply chain being built to address emerging logistic and raw material cost dynamics
Increasing traction for LSV, driven by new products, better cost structure, and Above the Line (ATL) advertising spends.

ABOUT SYMPHONY LIMITED:

A world leader in evaporative air coolers, Symphony focuses on innovative design to create better and eco-friendly products for domestic, commercial and industrial customers in 60 countries across the globe. At Symphony, design-driven innovation and green engineering is a sustainable competitive advantage. Company delivers market-leading products with engineering and design innovation, improved energy conservation, distinctive styling, and customer-centric design. Established in 1988, Symphony leverages a unique and successful asset-light business model for its residential coolers in India and in-house lean manufacturing for its industrial coolers in Mexico to achieve sustainable and profitable growth. Headquartered in Ahmedabad, Gujarat, India, Symphony is a global company committed to develop sustainable and responsible products. This means leading the air-cooling industry’s efforts to develop breakthrough green technologies to combat climate change. A publicly traded company in India having subsidiary companies in Mexico, China, Australia, USA and Brazil offering products in over 60 countries, Symphony continuously delivers value to its stakeholders in a profitable and predictable way. For the Year ended March 2022, Symphony posted on standalone basis net profit of ₹ 111 crore on net sales of ₹ 637 crore.

This press release is drafted by Prittle Prattle News
Must read – Vigro
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