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.
Please use the temporary password sent on your email id or mobile no.
Update Mobile no.
Why you need to update your Mobile number ?
By providing verified mobile number we provide more exclusive information in the website.
Update Mobile no.
Terms & Conditions
By clicking on submit button, you authorize IIFL & its representatives & agents to provide information about various products, offers and services provided by IIFL through any mode including telephone calls, SMS, letters etc. . you confirm that laws in relation to unsolicited communication referred in National Do Not Call Registry as laid down by Telecom Regulatory Authority of India will not be applicable for such information/ communication.