Air cooler maker Symphony Ltd on Friday reported a consolidated net profit of Rs 40 crore for the fourth quarter ended March 2020.
The company had reported a net profit of Rs 3 crore in the January-March quarter a year ago, Symphony said in a BSE filing.
Its revenue from operations stood at Rs 249 crore during the quarter. It was Rs 235 crore in the corresponding quarter of the previous financial year.
"The demand has taken a hit in the first quarter of 2020-21 due to the nationwide lockdown due to the COVID-19 pandemic," the company said in a post-earning statement.
Symphony said the operations of the group were impacted due to lockdowns throughout the world.
The firm's revenue from the Indian market stood at Rs 136 crore and Rs 113 crore from the foreign market during the quarter under review.
Symphony Executive Director Nrupesh Shah said, "During the March 2020 quarter, the company lost 15-17 percent of the quarterly sales on account of COVID-19."
Its total expenses were at Rs 215 crore during the fourth quarter of 2019-20.
For the financial year 2019-20, Symphony's net profit was up 21.48 percent to Rs 182 crore. It was Rs 91 crore in the previous year.
In 2019-20, its revenue from operations was Rs 1,103 crore. It was Rs 844 crore in 2018-19.
According to the company, its financial results are not comparable.
"The figures of 2018-19 include the consolidated figures of Symphony AU Pty Ltd, Australia, only for the period from July 1, 2018, to March 31, 2019, i.e. 9 months and hence, the figures of 2019-20 are not comparable with the figures of 2018-19," the company said.
On the outlook, Symphony said, "There are uncertainties about the performance in the financial year 2020-21."
"The company's sales in the first quarter of 2020-21 have been severely impacted and will be a fraction of what it ordinarily would have been. But, if the channel inventory is down to normal levels by the end of the quarter, which appears quite likely, it is expected that collections from the next quarter onwards should be back at normal levels," said Shah.
However, it is "quite confident and optimistic of its medium-to-long term prospects" due to factors such as new models, continuous innovation and value engineering.
Symphony added that COVID-19 "has not materially impacted the business of subsidiaries particularly Climate Technologies, Australia, and IMPCO, Mexico, in the April-June 2021 quarter so far and is closely monitoring and tracking the situation and development.Symphony's shares on Friday settled at Rs 896.55 on the BSE, up 10 percent from the previous close.