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Symphony says one-time write off of Rs 24 crore impacted profitability

Updated : May 22, 2019 03:55 PM IST

Symphony, a leading manufacturer of air coolers, on Wednesday, said that one-time write off of Rs 24 crore in the fourth quarter impacted profitability after the company reported a disappointing set of numbers.

In an interview to CNBC-TV18, Nrupesh Shah, executive director, said, "On consolidated level on account of the acquisition of climate technology for the quarter and year as a whole, the turnover increased to Rs 35 crore. However, according to acquisition accounting criteria in climate technology, we had to have one-time inventory revaluation provisioning amounting to Rs 7.5 crore."

"Even though we had an adequate treasury for strategic reasons, we have made acquisition funding, which considers interest cost of Rs 4.5 crore. So, the performance of the company needs to be reviewed in that context," Shah said.
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