The household appliances company announced that its wholly owned subsidiary (WOS) in China, Guangdong Symphony Keruilai Air Cooling Co, has incorporated a China-based unit, Dongguan GSK Appliances.
The step down wholly owned subsidiary has been incorporated for an authorized capital of CNY 500,000.
The incorporated subsidiary will carry on the business of import and export of all types of goods, sales of all types of consumer durables and household appliances viz. air coolers, water heaters, tower fans, washing machines and others.
This is in accordance with local regulatory requirements. It may be noted that this activity will result in additional revenue that is margin accretive without additional overhead, said the company.
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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The companys consolidated surged to Rs 88 crore during the quarter as compared with Rs 24 crore posted in corresponding quarter last year. Revenue from operations jumped 75.83% YoY to Rs 531 crore in Q1 FY25.
Shares of Symphony shed 0.69% to Rs 1,613.50 on the BSE.
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