Symphony on Friday reported a 75 percent year-on-year (YoY) decline in consolidated profit at Rs 16 crore for the fourth quarter ended March 31, 2023 (Q4FY23). It has posted a profit of Rs 64 crore in the corresponding quarter of the previous financial year (Q4FY22).

Share Market Live

NSE

The air cooling solution provider also saw a decline in revenue from operations at Rs 308 crore, down 19.8 percent (YoY), against Rs 384 crore posted last year.

Symphony’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell 68 percent (YoY) at Rs 27 crore in the reported quarter against Rs 86 crore posted last year. Its margin stood at 8.8 percent in Q4FY23 against 22.4 percent posted in Q4FY22.

In addition, the Board of Directors of the company has recommended a final dividend of Rs 1 for FY23.

The company in its release says that it has recorded the highest ever Q4 domestic sales in the reported quarter despite unseasonal rains in March 2023. It has seen a 23 percent growth in sales in Q4FY23 vis-à-vis Q4FY22, which was the historical highest Q4 for the company.

Global headwinds severely impacted performance of CT Australia (USA & Australia domestic both), which had an impact on the its consolidated profitability for the quarter.

Besides, Symphony says that it will complete buyback of shares at Rs 2,000/share by end of this month. The buyback window opened on May 3 & will close on May 17, 2023.

Shares of Symphony was trading at a loss of over 4 percent at Rs 951 per share at 2:20 pm on NSE today, May 5, 2023.

(Edited by : Vahishta Unwalla)