Air cooler-maker Symphony, which had risen over 900 percent between 2011 and 2018, has erased gains by around 60 percent since its peak. The company's stock price had risen as much as 906 percent from Rs 220 per share on June 1, 2011, to its all-time high of Rs 2,213 per share on January 11, 2018. However, the stock started to fall afterward and has declined nearly 60 percent from its all-time high to Rs 897 currently.

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To put it into perspective, an investment of Rs 1 lakh in the stock in 2011 would have fallen to Rs 40,000 today. The stock has also lost 40 percent just in the last 1 year and 20 percent in 2020.

The company's market cap currently stands at Rs 6,483 crore. The stock hit a 52-week high of 1,575 on June 3 last year, while it hit its 52-week low of Rs 690 on March 25 this year.

The year 2020 has been sluggish with both domestic as well as global markets falling due to the COVID-19 pandemic and the economic impact of the lockdown to contain the virus.

For Symphony as well, the demand has taken a massive hit due to the nationwide lockdown due to the COVID-19 pandemic.

For the March quarter, the company reported a consolidated net profit of Rs 40 crore for the fourth quarter ended March 2020. It had reported a net profit of Rs 3 crore in the January-March quarter a year ago, Symphony said in a BSE filing.

Its revenue from operations stood at Rs 249 crore during the quarter. It was Rs 235 crore in the corresponding quarter of the previous financial year.

On the outlook, Symphony said, "There are uncertainties about the performance in the financial year 2020-21."

"The company's sales in the first quarter of 2020-21 have been severely impacted and will be a fraction of what it ordinarily would have been. But, if the channel inventory is down to normal levels by the end of the quarter, which appears quite likely, it is expected that collections from the next quarter onwards should be back at normal levels," said Symphony Executive Director Nrupesh Shah.

However, it is "quite confident and optimistic of its medium-to-long-term prospects" due to factors such as new models, continuous innovation, and value engineering.

Symphony added that COVID-19 "has not materially impacted the business of subsidiaries particularly Climate Technologies, Australia, and IMPCO, Mexico, in the April-June 2021 quarter so far and is closely monitoring and tracking the situation and development.

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First Published:Jun 1, 2020 2:46 PM IST