Categories Earnings, Retail

Symphony Q3FY23 net profit rises by 86%

Air cooler and appliances maker Symphony on Wednesday reported 85.71 per cent jump in consolidated net profit at INR 39 crore for the third quarter ended December 2022. The company had logged a net profit of INR 21 crore in October-December period a year ago, Symphony said in a regulatory filing.

Revenue from operations rose 35.12 per cent to INR 277 crore during the quarter under review against INR 205 crore in the year-ago period. This was led by robust off-season sales and quite positive and buoyant trade sentiment during the quarter, Symphony said in its earnings statement.

The company’s revenue from the Indian market was at INR 198 crore, while the global markets contributed INR 79 crore. Total expenses in the quarter were INR 243 crore, up 32.06 per cent as compared to the year-ago period. Symphony also said its board, in a meeting held on Wednesday, approved a share buyback of INR 200 crore, buying back up to 10,00,000 equity shares at INR 2,000 per scrip, subject to shareholders’ approval.

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