SYMPHONY Announces Quarterly Results (1QFY21); Net Profit Down 93.9%

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SYMPHONY Announces Quarterly Results (1QFY21); Net Profit Down 93.9%
Tue, 22 Sep

SYMPHONY has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

SYMPHONY Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m2,9202,4901,540-38.2%-47.3%
Other incomeRs m12021080-61.9%-33.3%
TurnoverRs m3,0402,7001,620-40.0%-46.7%
ExpensesRs m2,5402,0601,590-22.8%-37.4%
Gross profitRs m380390-50-112.8%-113.2%
DepreciationRs m606050-16.7%-16.7%
InterestRs m303020-33.3%-33.3%
Profit before taxRs m410510-40-107.8%-109.8%
TaxRs m80110-60-154.5%-175.0%
Profit after taxRs m33040020-95.0%-93.9%
Gross profit margin%13.015.7-3.2
Effective tax rate%19.521.6150.0
Net profit margin%10.914.81.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 47.3% on a year-on-year (YoY) basis. The expenses were down by 37.4% YoY during the same period.
  • The company's operating profit declined by 113.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.2% in 1QFY21 as against 13.0% in 1QFY20.
  • Depreciation charges declined by 16.7% and finance costs declined by 33.3% YoY, respectively.
  • Other income declined by 33.3% YoY during the quarter.
  • Net profit for the quarter declined by 93.9% YoY. Net profit margins during the quarter declined from 10.9% in 1QFY20 to 1.2% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 38.2% on a quarter-on-quarter (QoQ) basis. The expenses were down by 22.8% QoQ during the same period.
  • The company's operating profit declined by 112.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.2% in 1QFY21 as against 15.7% in 4QFY20.
  • Net profit for the quarter declined by 95.0% QoQ, while net profit margins declined from 14.8% in 4QFY20 to 1.2% in 1QFY21.

To see how SYMPHONY has performed over the last eight quarters,please visit here.

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SYMPHONY Share Price Performance

Over the last one year, SYMPHONY share price has moved down from Rs 1,310.5 to Rs 845.9, registering a Loss of Rs 464.6 or around 35.4%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 22,674.1 (down 2.6%). Over the last one year it has moved down from 25,594.0 to 22,674.1, a gain of 2,920 points (down 11.4%).

Overall, the S&P BSE SENSEX is up 3.3% over the year.

Current Valuations

At the current price of Rs 845.9, the price to earnings (P/E) ratio of SYMPHONY stands at 39.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 8.9 times.

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