earnings | IST

Symphony Q2FY22: Company expects better performance in Q3 and Q4 of FY22

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Symphony reported second-quarter numbers that were shy of street expectations. The revenues have gone up by 15 percent year on year (YoY) but were lower than expectations. Margins expanded to 17.7 percent and profits came in at Rs 40 crore.

Symphony reported second-quarter numbers that were shy of street expectations. The revenues have gone up by 15 percent year on year (YoY) but were lower than expectations. Margins expanded to 17.7 percent and profits came in at Rs 40 crore.
Nrupesh Shah, ED, Symphony is of the view that the recovery has been delayed but not derailed.
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"With the company being into the air cooling industry, most of their consumer sales happened during the peak months of summer and it impacted by the COVID-19," he said.
"However, the company succeeded in maintaining the gross profit margin percentage not only on a standalone basis but also on a consolidated basis on account of cost rationalisation, value engineering, operational efficiency, supply chain efficiency and selective price increases," he said.
He is now confident of seeing better performance in the December quarter and the March quarter that is Q3 and Q4 of FY22 provided there is no major accident.
"Performance of Climate Technology Australia and IMPCO, Mexico have been good. In the offseason collection, their market share has been 80 percent, and the series of new models that were launched in the last one and half years have been very well received," Shah added.
For the full interview, watch the video