ANALYSIS OF Q4 MARCH 2024 GOOD RESULTS
48 SYMPHONY LTD PART 1
MARKET CAP RS 7526 CR
CATEGORY MID-CAP
PRICE 5-6-2024 RS 1093
TRAILING P/E 50.4
YE MARCH 23 SALES GROWTH -2.69 PERCENT
YE MARCH 23 PROFIT GROWTH 27.59 PERCENT
QE MARCH 24 SALES GROWTH 7.79 PERCENT
QE MARCH 24 PROFIT GROWTH 200 PERCENT
SYMPHONY Ltd reported sales of Rs 332 crore in March 24, up 8 percent over the March 23 sales figures of Rs 308 crore. Operating profits were up 148 percent to Rs 57 crore from Rs 23 crore with margins rising nearly 10 percent to 17 percent from 7 percent. Other income was Rs 9 crore against Rs 10 crore and interest costs were Rs 2 crore (Rs 3 crore)
Depreciation was Rs 6 crore (7 crore). Net profit before tax was Rs 58 crore against Rs 23 crore. Tax provisions were Rs 10 crore (7 crore). Net profit was up 200 percent to Rs 48 crore against Rs 16 crore.
Highest-ever quarterly India domestic revenue
▪ Despite the strong base effect (Q4 FY23)
▪ Fuelled by a searing summer with “above normal” temperatures
Cashing in on India’s scorching summer in Q1 FY25
EBITDA margin improved on YoY basis due to:
▪ Tactical pricing
▪ Value engineering
▪ Softening of input costs
▪ Improved performance of subsidiaries
▪ Streamlining operation, leading to improved efficiency
LSV: Robust performance and growth
Performance Highlights: Overseas Subsidiaries
CT, Australia:
Revenue from Operations Rs 185 crore (down 18 %)
EBITDA Loss Rs 23 crore vs 43 crore
PAT Loss Rs 25 crore vs 43 crore
▪ Demand headwind persists
▪ Cost rationalization driving improvement in EBITDA starting Q3 FY24
▪ EBITDA loss narrowed, despite lower sale
IMPCO, Mexico:
Revenue from Operations Rs 178 crore (up 51 %)
EBITDA profit Rs 27 crore up 223 percent
PAT profit Rs 11 crore up 454 percent
▪ Highest ever FY24 and Q4 revenue
▪ Summer season: A strong tailwind
▪ Robust air coolers and heaters sale
Symphony, Brazil:
Revenue from Operations Rs 178 crore (up 51 %)
EBITDA profit Rs 3 crore
PAT profit Rs 1 crore vs loss of Rs. 0.7 crore
▪ Highest ever FY24 and Q4 revenue
▪ Summer season: A strong tailwind
▪ Expansion of network distribution
GSK, China:
Revenue from Operations Rs 44 crore (up 36 %)
EBITDA profit Rs 5 crore
PAT profit Rs 0.4 crore vs loss of Rs 0.4 crore
▪ Steady performance continues
▪ Highest Ever Annual EBITDA (₹ 5 cr.) and PAT (₹ 0.4 Cr
Sales for the quarter ended December 23 were Rs 247 crore, operating profits Rs 44 crore, margins 18 percent, and net profits Rs 41 crore
Sales for the quarter ended September 23 were Rs 275 crore, operating profits Rs 41 crore, margins 15 percent, and net profits Rs 35 crore
Sales for the quarter ended June 23 were Rs 302 crore, operating profits Rs 26 crore, margins 9 percent, and net profit Rs 24 crore.
General Manager, Vice-President
6moCongratulations. Impressive results.