* GROSS MARGIN HIGHER THAN PRE-COVID JUNE-19 QUARTER
The Board of Directors have recommended an interim dividend of ? 2/- (100%) per equity share of ? 2 each, amounting to ? 13.99 crores for FY 2022-23.
Mr. Nrupesh Shah, Executive Director of Symphony Limited has commented:
Q1FY23 recorded the highest ever first quarter Standalone and Consolidated sales, up by 30% and 13% respectively vis-à-vis previous historical high. This was despite historical highest pre-season channel inventory (due to Covid-19 in previous two summer seasons).
The channel inventory across the country is now normal and negligible.
Standalone Gross Margin at 50.6% (Q1FY20 : 50.1%) and Consolidated Gross Margin at 45.6% (Q1FY20 : 45.3%) were higher than even June-19 quarter (pre-Covid), despite unprecedented increase in input prices and freight cost.
Standalone and Consolidated EBITDA margin (%) was lower vis-a-vis to June-19 quarter (pre-Covid) on account of
Increased Advertisement and sales promotion expense to sell historical highest pre-season channel inventory, D2C & E-Commerce promotions, and
Increased freight and forwarding charges.
All channels viz. general trade, modern trade, regional chain formats, D2C & E-Commerce, and rural markets posted strong performance.
Newer channels namely D2C and E-Commerce continued to deliver robust incremental sales growth.
D2C and E-Commerce platforms were initiated globally viz. in the USA, Mexico and Australia. They are having huge potential due to ground presence through fully operational subsidiaries, and local as well as global models.
Large Space Venti-Cooling (LSV) business has been generating a strong position traction driven by new models, wider distribution network and indigenization of product manufacturing.
The Company was bestowed with “Great Place To Work” certification and has been attracting the best talent across the functions.
There is a decent visibility of consumer sales in the domestic market, with complete normalization of trade inventory and demand picking up. The Company continues to offer industry leading innovations, designs and formats.
The Company continues to plough investment in domestic and global D2C and E-Commerce platforms and leveraging new age technology and tools for products as well as internal processes.
Costs and service levels will be optimized through leveraging Indian and Global outsourced manufacturing facilities and agile supply chain strategy.
The Company continues to pursue growth with a focused sense of purpose and responsibilities towards the society – cooling spaces without harming the earth.”
ABOUT SYMPONY LIMITED:
A world leader in evaporative air coolers, Symphony focuses on innovative design to create better and eco-friendly products for domestic, commercial, and industrial customers in 60 countries across the globe. At Symphony, design-driven innovation and green engineering are sustainable competitive advantages. The Company delivers market-leading products with engineering and design innovation, improved energy conservation, distinctive styling, and customer-centric design.
Established in 1988, Symphony leverages a unique and successful asset-light business model for its residential coolers in India and in-house lean manufacturing for its industrial coolers in Mexico to achieve sustainable and profitable growth.
Headquartered in Ahmedabad, Gujarat, India, Symphony is a global company committed to develop sustainable and responsible products. The Company leads the air-cooling industry's efforts to develop breakthrough green technologies to combat climate change. A publicly traded company in India having fully operational subsidiary companies in Mexico, China, Australia, USA and Brazil offering products in over 60 countries, Symphony continuously delivers value to its stakeholders in a profitable and predictable way.