Symphony slips 10% on disappointing Q1 results

The stock dipped 10% to Rs 1,202 after reported 23.8% YoY drop in profit at Rs 24 crore in Q1FY18

Symphony slipped 10% to Rs 1,202 on BSE in noon deals, after the company reported a 23.8% year on year (Y-o-Y) drop in net profit at Rs 24 crore in June quarter (Q1FY18), due to lower sales. The consumer electronics company had posted profit of Rs 31.6 crore in the same quarter last year.

Sales during the quarter under review declined 15% Y-o-Y to Rs 129 crore from Rs 152 crore in the corresponding quarter of previous fiscal.

EBIDTA (earnings before interest, taxation, depreciation and amortization) margin declined 570 bps to 22.5% from 28.2%.

The board has