Shares of air cooler maker Symphony Limited has reported a strong June quarter report card, clocking an over 3-1/2 fold growth in net profit at Rs 88 crore, and a 75.8 percent YoY growth in revenue from operations at Rs 531 crore, sending the shares higher by 20 percent.
The company also approved a buyback of up to 0.41 percent of the equity at Rs 2,500 per share, amounting not more than Rs 71.40 crore. This buyback price is nearly double that of Monday's closing level, adding to the excitement among investors.
The June quarter EBITDA came in at Rs 111 crore as compared to Rs 26 crore a year ago. Symphony also declared its first interim dividend of Re 1 per share for the FY25.
"The public announcement and the letter of offer setting out the process and timelines of the Buyback, along with the other requisite details will be released in due course", Symphony said.
The company announced plans to launch as many as 17 new air cooler models, designed for diverse cooling requirements, as well as expansion of existing range.
Symphony has already said it plans to leverage its first-mover advantage by investing in innovative products, and seeking partnerships. "The Company recognises the vast potential of the large space venti-cooling business, and is committed to sustainable high double-digit growth", Symphony informed investors.
Symphony has witnessed a sizeable surge in demand this summer, which it has found challenging to fully meet. "Even with an agile supply chain designed to adapt to fluctuations, the Company encountered challenges in
meeting the recent surge in demand", it said, adding that the company is
conducting a thorough analysis 'to identify bottlenecks and areas for improvement'.
This is being updated.
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