Symphony Q2 net profit rises 48%; sales up 56%

Symphony Q2 net profit rises 48%; sales up 56%
January 22, 2013: World’s largest air cooler company, Symphony Limited, reported a 48% rise in net profit at Rs 16.73 crore for the second quarter ended December 31, 2012 as against Rs.11.30 crore in the corresponding quarter of previous fiscal 2011-12. Net sales for Q2 of FY2013 at Rs 87.67 crore were higher by 56% over previous fiscal’s same quarter turnover of Rs 56.17 crore.

Net sales in first half of FY2013 at Rs 111.98 crore were higher by 32% compared to Rs.84.95 crore in the first half of previous fiscal. For the six months ended December 31 2012, the company reported a net profit of Rs 18.78 crore against a net profit of Rs.15.71 crore in the previous financial year’s first half, a 20% growth.

Commenting on the financial performance of the company, Mr. Nrupesh Shah, Executive Director of Symphony Ltd. said,

 “Symphony has introduced six new ‘i' series models with special features like Dura pump technology, Water tank alarm, Memory storage and Feather touch remote control.

 Company plans to increase the dealers network from 14,000 to 20,000 by June 2013.

 On export front, the company is aggressive in marketing as well as exploring new countries. The industrial and commercial air coolers manufactured by Impco are launched in Africa and Columbia. The company is also exploring Russia for the same.

 In respect of Industrial and commercial coolers in India, the company has undertaken strategic steps, which includes tie-up with large corporates and HVAC consultants. The company is also increasing its manpower strength for this segment to explore huge market potential.”

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