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The stock, which traded at around Rs 6 per share in June 2009, surged over 22,500 percent and is currently trading at around Rs 1,290. To put into perspective, an investment of Rs 1 lakh in the stock in 2009 would have grown to Rs 2.30 crore today.
Symphony has delivered massive returns for the investors in the last 10 years. The stock, which traded at around Rs 6 per share in June 2009, surged over 22,500 percent and is currently trading at around Rs 1,290. To put into perspective, an investment of Rs 1 lakh in the stock in 2009 would have grown to Rs 2.30 crore today.
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Symphony has gained 11 percent in 2019, however, it has fallen 7 percent in the last one year. The company's market cap currently stands at Rs 9,044 crore. The stock hit a 52-week high of 1,5,75 on June 3 this year, while it hit its 52-week low of Rs 811.85 on October 8 last year.
As compared to its peers, Symphony has proved to be multi-bagger and the top gainer in the industry. Voltas generated 361 percent returns in the last 10 years, while Bajaj Electricals clocked 516 percent returns during the same period. Blue Star gave 164 percent returns during the last 10 years.
Analysts remain bullish on the stock. With the rising temperatures in many parts of the country coupled with low dealer-level inventory, Symphony is likely to record robust performance in the FY20, they said.
In recent times, the domestic business has suffered a setback on account of bad weather conditions resulting in a decline in revenue by 24 percent YoY, however, despite a sharp revenue decline in FY19, the company has maintained its domestic market share, ICICI Securities said in a report.
Despite higher raw material prices, Symphony has refrained from taking a price hike, which has resulted in erosion in EBITDA margin by 600 basis points YoY in FY19 to 26 percent and decline in PAT by 45 percent YoY to Rs 101 crore, the report added.
"With volume growth coming back on track, the operating leverage will play out, which would result in a recovery in domestic EBITDA margin. On the international front, the financial performance in FY19 has shown an improvement with a reduction in losses in GSK China and an increase in profitability of Impco Mexico. We model improvement in consolidated EBITDA margin (at 23-24 percent in FY20-21 vs 16 percent in FY19) led by a recovery in domestic performance and better profitability from overseas business," the brokerage said. It has a 'buy' call on the stock with a target at Rs 1,530 (16 percent upside) per share.
Symphony Limited, formerly Symphony Comfort Systems Ltd, provides residential mobile commercial packaged and central air cooling solutions for domestic and industrial customers in 60 countries across the globe. It is the world's largest manufacturer of residential commercial and industrial air coolers. Incorporated in 1988, Symphony Comfort Systems was promoted by Achal Anil Bakeri.
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