Symphony Ltd PAT at Rs. 173 crore, up 19% in 12 Months ended March 31, 2017

Posted by: at 5/16/2017 03:38:00 am
Symphony Ltd PAT at Rs. 173 crore, up 19% in 12 Months ended March 31, 2017

Company recommends final dividend of Rs. 1/- per equity share

Stand-alone Performance:
Financial Highlights (Rs. crore)
Particulars
12 months ended FY17
Corresponding 12 months Period FY16
Growth (%)
Net Sales
665.29
524.16
27%
Net Profit
173.16
145.27
19%
EPS (Rs) (on face value of Rs.2 each)
24.75
20.77
19%

Standalone Sales for FY 16-17 rose by 27 % to Rs. 665 cr. vs. Rs. 524 cr. in previous 12 months.  PAT rose by 19% to Rs. 173 up from Rs. 145 cr. For Q4 ended March 31, 2017 Sales rose by 34 % to Rs. 183 cr. vs. Rs. 137 cr. in Q4 FY2016. PAT stands at Rs. 47 cr. vs. Rs. 46 cr. in Q4 of 15-16.

Symphony Ltd PAT at Rs. 173 crore, up 19% in 12 Months ended March 31, 2017

May 16, 2017: Commenting on the financial performance of the company, Mr. Nrupesh Shah, Executive Director of Symphony Ltd. Said:
Ø  There has been decent top-line growth for the year as a whole as well as for the last quarter.
Ø  Annual profit has grown by 19% vis-à-vis top line growth of 27% which is on account of launch of i- touch range in Q4 at introductory prices till end of season. New range received unexpected overwhelming response which depressed profitability due to introductory price in the last quarter and year as a whole.
Ø  We launched an animated TV Commercial themed around ‘Garmi ko karo Symphony!’ with our own animated icon during season. Moreover, we invested Rs. 13 cr. in Q4 on brand spending which will yield huge long term benefits.
Ø  The Company is evaluating buyback of shares.

Symphony recommended final dividend of Rs. 1/- per equity share (50% on an equity share of face value of Rs 2/- each). Further, interim dividends aggregating to 175% i.e. Rs.3.5/- (Including First, Second & Third interim) per equity share of Rs. 2/- each have been paid during the year. The company had also issued bonus shares in the ratio of 1:1 (1 Equity share of Rs. 2 face value for every 1 equity share held) in September 2016.

Consolidated Performance:
Financial Highlights (Rs. crore)
Particulars
12 months ended FY17
Corresponding 12 months Period FY16
Growth (%)
Net Sales
766.15
592.56
29%
Net Profit
165.60
147.54
12%
EPS (Rs.) (on face value of Rs.2 each)
23.67
21.09
12%
Consolidated net sales increased by 29 % to Rs. 766 cr. 16-17 vs 593 cr in previous 12 months. Consolidated net profit rose by 12% to Rs. 166 cr. for 16-17 vs. Rs. 148 cr. in previous 12 months.
FURTHER Commenting on the consolidated financial performance of the company, Mr. Nrupesh Shah, Executive Director of Symphony Ltd. Said:

Ø  IMPCO, Mexico has been successfully turnaround. It is on the path of implementing Symphony’s asset-light and capital- light business model. It has during the year fully repaid the internal loans advanced by Symphony along with interest, and now Impco is debt-free.
Ø  It has become self-sufficient with profitable operations and the potential to grow profitably through outsourcing and more focus on brand building and marketing.
Ø  About Chinese Subsidiary Company, GSK which was acquired just for Rs.1.55 Cr, has substantial improvements and the loss on 2016 was substantially lower than the loss in the comparable period of 2015 (pre-acquisition). However, the loss would continue for few years, as envisaged at the time of acquisition and it would start generating profits thereafter.
Ø  The indirect advantages of the acquisition have started accruing to the company, like one of the world’s best repositories in industrial cooler knowledge, patents and product development, Benefit of entry in China and other ASEAN countries through it, etc.


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