Symphony Limited Quarter Results Q1 FY 2023

Financial Highlights:

HIGHEST EVER FIRST QUARTER CONSOLIDATED & STANDALONE SALES

GROSS MARGIN HIGHER THAN PRE-COVID JUNE-19 QUARTER

The Board of Directors have recommended an interim dividend of ₹ 2/- (100%) per equity share of ₹ 2 each, amounting to ₹ 13.99 crores for FY 2022-23.

Mumbai, July 26, 2022: Mr. Nrupesh Shah, Executive Director of Symphony Limited has commented:  

“Performance Highlights:

1. Q1FY23 recorded the highest ever first quarter Standalone and Consolidated sales, up by 30% and 13% respectively vis-à-vis previous historical high. This was despite historical highest pre-season channel inventory (due to Covid-19 in previous two summer seasons).
2. The channel inventory across the country is now normal and negligible.  
3. Standalone Gross Margin at 50.6% (Q1FY20 : 50.1%) and Consolidated Gross Margin at 45.6% (Q1FY20 : 45.3%) were higher than even June-19 quarter (pre-Covid), despite unprecedented increase in input prices and freight cost.
4. Standalone and Consolidated EBITDA margin (%) was lower vis-a-vis to June-19 quarter (pre-Covid) on account of
   1. Increased Advertisement and sales promotion expense to sell historical highest pre-season channel inventory, D2C & E-Commerce promotions, and  
   2. Increased freight and forwarding charges.
5. All channels viz. general trade, modern trade, regional chain formats, D2C & E-Commerce, and rural markets posted strong performance.
6. Newer channels namely D2C and E-Commerce continued to deliver robust incremental sales growth.
7. D2C and E-Commerce platforms were initiated globally viz. in the USA, Mexico and Australia. They are having huge potential due to ground presence through fully operational subsidiaries, and local as well as global models.
8. Large Space Venti-Cooling (LSV) business has been generating a strong position traction driven by new models, wider distribution network and indigenization of product manufacturing.
9. The Company was bestowed with “Great Place To Work” certification and has been attracting the best talent across the functions.

Way Forward:

1. There is a decent visibility of consumer sales in the domestic market, with complete normalization of trade inventory and demand picking up. The Company continues to offer industry leading innovations, designs and formats.
2. The Company continues to plough investment in domestic and global D2C and E-Commerce platforms and leveraging new age technology and tools for products as well as internal processes.
3. Costs and service levels will be optimized through leveraging Indian and Global outsourced manufacturing facilities and agile supply chain strategy.
4. The Company continues to pursue growth with a focused sense of purpose and responsibilities towards the society – cooling spaces without harming the earth.”