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Q1FY22 Result Update - Symphony Ltd - ICICI Direct

Posted On: 2021-07-28 22:49:13 (Time Zone: IST)


Higher spends on advertisement and other expenditure in April 2021 impacted EBITDA margin.

- Revenue grew ~49% YoY to Rs. 230 crore (down ~32% QoQ)

- Better gross margins (up 452 bps YoY) helped turned EBITDA positive at 4.3% vs. -3.2% in Q1FY21. However, lower-than-expected EBITDA margin is mainly due to higher advertisement expense (3x jump YoY)

- PAT increased to Rs. 6 crore (3x jump YoY) supported by a favourable base

Key triggers for future price performance

- The air cooler industry is dominated by unorganised players (~70% of total industry). We believe organised players would gain market share due to their strong balance sheet and robust supply chain network

- Increased rural electrification and urbanisation will augment growth in the Indian air cooler market. Residential air cooler industry will get a boost from ~1.7 crore new houses under PMAY

- Industrial air-cooling market is worth ~Rs. 10,000 crore and Symphony being the only branded player in this segment stands to take advantage of it

For details, click on the link below: Link to the Report

Shares of Symphony Limited was last trading in BSE at Rs. 952.75 as compared to the previous close of Rs. 989.7. The total number of shares traded during the day was 10927 in over 1720 trades.

The stock hit an intraday high of Rs. 998 and intraday low of 946.75. The net turnover during the day was Rs. 10490916.


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