Symphony Q1 net profit falls 94% to Rs 2 cr

Air cooler maker Symphony Ltd on Tuesday reported a 93.93 percent decline in consolidated net profit at Rs 2 crore for the quarter ended June, impacted by the coronavirus lockdown. The company had posted a net profit of Rs 33 crore in the April-June period a year ago, Symphony said in a BSE filing.

Revenue from operations dropped 47.26 percent to Rs 154 crore during the quarter, as against Rs 292 crore earlier. "The demand has taken a hit in Q1 of FY 2020-21 due to nationwide lockdown due to COVID-19 pandemic," it said. Total expenses stood at Rs 166 crore compared to Rs 263 crore earlier, down 36.88 percent.

Symphony's revenue from the Indian market dropped 77.02 percent to Rs 34 crore from Rs 148 crore in Q1 FY 2019-20. According to the company, this was "due to nationwide lockdown which impacted the sales badly in April and May 2020 (peak summer months)." Revenue from overseas market was at Rs 120 crore, down 16.66 percent from Rs 144 crore.