Symphony Reports Weak Quarterly Earnings As Erratic Summer Hits Sales
Air cooler maker Symphony Ltd.’s profit fell as unfavourable weather conditions weighed on sales in a seasonally weak quarter.
“It’s an issue of the summer not being consistent and not being hot enough across the country,” Chairman and Managing Director Achal Bakeri told BloombergQuint in an interview. About 70-80 percent of the earnings hit was due to the erratic summer, he added.
Key earnings highlights (Q4, YoY):
- Revenue fell 14 percent to Rs 155.4 crore.
- Net profit declined 8.1 percent to Rs 41.9 crore.
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