Shares of Symphony Ltd. fell as much as 7% on Thursday, November 6, in response to its results for the September quarter, which were lower on a year-on-year basis across parameters.The company’s net profit fell 66% from last year to ₹19 crore. The company had reported a net profit of ₹56 crore during the same quarter last year.
Revenue for the quarter fell 44% on a year-on-year basis to ₹163 crore from ₹289 crore earlier.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter declined to ₹24 crore, which is a 69% drop from the same quarter last year.EBITDA margin for the quarter narrowed by over 10 percentage points to 15% from 26.6% from the year-ago period.
Shares of Symphony are trading 7.1% lower at ₹876.5. Consumer Durable stocks such as Symphony are also under pressure after Blue Star cut its revenue growth guidance for the full year during its earnings call on Thursday, now expecting the Room AC industry to see a 15% decline for the full year.
