Symphony Ltd.'s Q3FY19 numbers came much below consensus estimates on EBITDA and profitability fronts, however, they beat revenue estimates. Consolidated revenues rose 9.6% yoy to Rs240cr as compared to Rs219cr for the same quarter last fiscal, beating estimates by a significant 36.4%. EBITDA declined 45.6% yoy to Rs43cr during the quarter from Rs79cr in Q3FY18, missing consensus estimates by 25.5%. This led to a sharp EBITDA margin contraction of 1,815bps yoy to 17.9% in the December quarter of FY19. Net profit during the quarter dropped 43.1% yoy to Rs37cr vs. Rs65cr in Q3FY18, missing estimates by 21.3%.
Top-line grew on the back of higher exports (42% revenue mix), however domestic sales remained weak for yet another quarter (58% revenue mix).
Operating performance was adversely impacted owing to higher material costs (up 30.3% yoy to Rs129cr).
Bottom-line performance disappointed, owing to weak operating income dragged further by higher employee costs (52.6% yoy to Rs29cr).
Domestic sales dropped 33% yoy to Rs140cr in Q3FY19, while exports exhibited a sparkling performance and jumped more than 9x yoy to Rs100cr against Rs11cr during the same quarter last year.
Air Coolers business grew 7% yoy to Rs243cr for the current quarter as compared to Rs227cr in the same quarter last year. However, EBIT declined 47.1% to Rs45cr, leading to a fall in EBIT margin from 37.4% in Q3FY18 to 18.5% in Q3FY19.
Finance cost increased to Rs3cr in Q3FY19 vs nothing in Q3FY18.
Symphony declared a third interim dividend of Rs1 per equity share for the financial year 2018-19
Symphony Ltd is currently trading at Rs. 1,215.60, down by 7.25 points or 0.59% from its previous closing of Rs. 1,222.85 on the BSE.
The scrip opened at Rs. 1,212 and has touched a high and low of Rs. 1,218 and Rs. 1,210 respectively. So far 4,496 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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