Symphony jumped 8.60% to Rs 1,048.60 after the company's consolidated net profit soared 85.71% to Rs 39 crore on 35.12% increase in revenue from operations to Rs 277 crore in Q3 FY23 over Q3 FY22.
Consolidated profit before tax stood at Rs 48 crore in the quarter ended 31 December 2022, recording a growth of 71.43% from Rs 28 crore posted in the corresponding quarter previous year.
Gross margin declined to 43.7% in Q3 FY23 as compared with 44.3% reported Q3 FY22. EBITDA Margin (including other income) improved to 19.8% in Q3 FY23 from 17.2% recorded in the same period a year ago.
On standalone basis, the company's net profit surged 79.31% to Rs 52 crore on 52.74% jump in revenue from operations to Rs 223 crore in Q3 FY23 over Q3 FY22.
Commenting on the outlook, Nrupesh Shah, executive director of Symphony said that the company expects decent visibility of consumer sales in the domestic market and innovative value-added products, price hike & softening of input cost. Current global economic situation has led to demand headwinds especially in Australia and USA. The firm will optimize product innovation and cost through leveraging Indian and Global operations and manufacturing facilities and agile supply chain opportunities.
Shah added that the company is committed to pursue growth with a focused sense of purpose and responsibility towards the society.
Meanwhile, the company's board has approved a share buyback of upto Rs 200 crore at a price of Rs 2,000 per share via tender offer route. The resultant equity shares to be bought back at the buyback offer price shall not exceed 10,00,000 equity shares, representing 1.43% of the total number of equity shares in the total paidup equity capital of the company as on 31 March 2022.
The buyback offer size represents 24.76% and 24.69% of the aggregate of the company's fully paid-up equity capital and free reserves.
The buyback offer price of Rs 2,000 per equity share represents a 107.14% premium to Tuesday's (7 February) closing price of Rs 965.55 on the BSE.
Symphony are engaged in the field of residential, commercial and industrial air cooling and other appliances both in the domestic and international markets.
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