Before summer, the purchase of new fans and coolers is seen fiercely in the country. There is an increase in the sales of these two in the quarter from January to March, especially in the month of March. But this time the trend is being seen in a different way. Fans and coolers seem to have gone out of favor with people. We are saying this because the profit of Symphony, one of the country’s largest fan-cool makers, has suffered a loss of 75 per cent in the March quarter as compared to last year. Let us also tell you what the figures are telling.
Profit has decreased by 75 percent
Symphony, the country’s largest manufacturer of products like coolers, fans, has reported a 75 per cent decline in net profit in the March quarter. According to the company, in the financial year 2022-23, the profit of the company has been reduced to only Rs 16 crore. According to the company’s figures, there was a profit of Rs 64 crore in the same period last year. There has been a decline of about 20 percent in operational revenue. Which has come down to Rs 308 crore, then in the March quarter of the year 2022, Rs 384 crore was seen.
How has the company’s performance been throughout the year?
If we talk about the whole year, then the company has to bear the loss. The net profit of the company has come down to Rs 116 crore. Whereas in the financial year of 2022, a profit of Rs 121 crore was seen. This means that in the financial year 2023, the profit has decreased by more than 4 percent. On the other hand, there has been a growth of 14.34 per cent in the revenue, which has increased to Rs 1,188 crore. Whereas in the previous financial year, the company’s revenue was seen at Rs 1,039 crore. Today, the company has declared a final dividend of Re 1 on 2 equity shares.
Big drop in the company’s stock
By the way, today there has been a big decline in the shares of the company. According to the data, Symphony Company’s stock closed at Rs 941.05 on BSE, down 5.45 per cent. By the way, the company’s stock reached the lower level of the day with Rs 925.15. The company’s stock had closed at Rs 995.25 a day earlier. Due to the fall in the company’s stock, there has been a loss of Rs 379 crore in the market cap.