Consumer Electronics company Symphony announced Q2FY25 results Revenue from Operations: Rs 259 crore compared to Rs 196 crore during Q2FY24, change 32%. Gross Margin (%) 49.5%, change -40 bps. Profit After Tax: Rs 67 crore compared to Rs 50 crore during Q2FY24, change 36%. EBITDA Margin % 27.8%, change +100 bps. Nrupesh Shah, Managing Director (Corporate Affairs), Symphony has said: "We are delighted to report our highest ever Revenue and EBITDA on a Standalone and Consolidated basis, and PAT on a Standalone basis for the September quarter. This achievement is a testament to our strong brand, diverse product portfolio, and robust market presence. The launch of 17 new air-cooler models has significantly bolstered our market position. Additionally, a record-breaking General Trade advance collection, aided by normal season-end inventory levels and buoyant trade sentiment, further underscores our success. Despite off-season conditions, we have witnessed robust secondary sales, reflecting the resilience and appeal of our offerings. The improvement in Consolidated EBITDA margin is driven by the stellar performance of Symphony India, GSK China, and Symphony Brazil, along with gross margin expansion and positive operating leverage. Moreover, our foray into the water heater market in India has made a promising start, focusing on selected geographies and leveraging chosen distribution channels. We have captured the attention and admiration of both trade partners and customers. Amidst growth in both revenue and profitability, our Company continues to demonstrate efficient capital utilization, as evident in the reduced capital employed in our core business, both on a standalone basis (negative Rs 171 crore v/s negative Rs 70 crore last year) and a consolidated basis (Rs 114 crore v/s Rs 174 crore last year). As a result, we have observed a marked improvement in the ROCE for our core business. On a standalone basis, ROCE increased to an infinite percentage from 296% last year, and on a consolidated basis, it rose to 93% from 37%, calculated on TTM monthly average capital employed, underscoring the efficacy of our business model in optimizing capital efficiency and driving growth. The United Nation Environment Programme (UNEP) Emission Gap Report 2024 indicates a concerning trajectory towards a 3.1°C global temperature rise, highlighting a lack of significant progress in climate action despite persistent calls for urgent measures. In response, our company is leading the industry with innovative products that emphasize sustainability and eco-friendliness. We are expanding our portfolio with geography-specific products in India and our overseas subsidiaries. Our strategic focus on semi-urban and rural markets, as well as adjacent product categories, is designed to meet the needs of these emerging segments." Result PDF
Conference Call with Symphony Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Consumer Electronics company Symphony announced Q1FY25 results: Consolidated Revenue from Operations: Rs 531 crore in the quarter ended June 2024, a 76% increase from Rs 302 crore in the same quarter of 2023. Standalone Revenue from Operations: Rs 373 crore in the quarter ended June 2024, reflecting a 116% increase compared to Rs 172 crore in Q1FY24. Consolidated Gross Margin: 51.2% for Q1FY25, up by 150 basis points from 49.7% in Q1FY24. Standalone Gross Margin: 52.8% for Q1FY25, an increase of 130 basis points from 51.5% in Q1FY24. Consolidated EBITDA Margin (excluding other income and foreign exchange loss): 21.0% in Q1FY25, a substantial increase of 1,170 basis points from 9.3% in Q1FY24. Standalone EBITDA Margin (excluding other income and foreign exchange loss): 22.0% for Q1FY25, up by 1,780 basis points from 4.2% in Q1FY24. Consolidated Profit After Tax (PAT): Rs 88 crore in Q1FY25, marking a 270% increase from Rs 24 crore in Q1FY24. Standalone Profit After Tax (PAT): Rs 69 crore for Q1FY25, which is a 375% increase compared to Rs 14 crore in Q1FY24. Nrupesh Shah, Managing Director (Corporate Affairs), Symphony Limited has commented: “Performance Highlights for quarter ended on June 30, 2024: Strong Jun’24 standalone performance driven by: Scorching and crippling heatwave Strong penetration in semi-urban and rural markets D2C: A growth driver; 100% prepaid (No COD) Highest ever quarterly Revenue & PAT (Standalone and Consol.): Growth in domestic sales 117% YoY (Jun’23) & 58 % v/s historical best any quarter Improvement in EBITDA margin: Gross margin expansion Positive operating leverage Strong performance of IMPCO Mexico and GSK China IMPCO, Mexico: Robust YoY growth: Revenue 46%, EBITDA 36% & PAT 77% Highest ever quarterly Revenue, EBITDA, and PAT CT, Australia: Demand headwind persists Business transformation progressing as planned GSK, China: Strong positive top-line and bottom-line performance Result PDF