SYMPHONY Announces Quarterly Results (3QFY21); Net Profit Down 47.1%

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SYMPHONY Announces Quarterly Results (3QFY21); Net Profit Down 47.1%
Mon, 25 Jan

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

SYMPHONY Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m2,9001,9102,16013.1%-25.5%
Other incomeRs m100809012.5%-10.0%
TurnoverRs m3,0001,9902,25013.1%-25.0%
ExpensesRs m2,2201,6401,83011.6%-17.6%
Gross profitRs m68020033065.0%-51.5%
DepreciationRs m30506020.0%100.0%
InterestRs m204020-50.0%0.0%
Profit before taxRs m73019034078.9%-53.4%
TaxRs m220407075.0%-68.2%
Profit after taxRs m51015027080.0%-47.1%
Gross profit margin%23.410.515.3
Effective tax rate%30.121.120.6
Net profit margin%17.07.512.0
* 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 25.5% on a year-on-year (YoY) basis. The expenses were down by 17.6% YoY during the same period.
  • The company's operating profit declined by 51.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.3% in 3QFY21 as against 23.4% in 3QFY20.
  • Depreciation charges increased by 100.0% and finance costs increased by 0.0% YoY, respectively.
  • Other income declined by 10.0% YoY during the quarter.
  • Net profit for the quarter declined by 47.1% YoY. Net profit margins during the quarter declined from 17.0% in 3QFY20 to 12.0% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 13.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 11.6% QoQ during the same period.
  • The company's operating profit increased by 65.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 15.3% in 3QFY21 as against 10.5% in 2QFY20.
  • Net profit for the quarter increased by 80.0% QoQ, while net profit margins increased from 7.5% in 2QFY20 to 12.0% in 3QFY21.

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 1,276.3 to Rs 1,025.2, registering a Loss of Rs 251.1 or around 19.7%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 30,856.1 (down 0.4%). Over the last one year it has moved up from 26,352.7 to 30,856.1, a gain of 4,503 points (up 17.1%).

Overall, the S&P BSE SENSEX is up 18.3% over the year.

Current Valuations

At the current price of Rs 1,025.2, the price to earnings (P/E) ratio of SYMPHONY stands at 85.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 11.2 times.

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