Symphony Limited: Robust profitability of International Business in FY 2021-22

04-05-2022

Financial Highlights:

	(₹ Cr.)
Particulars		Consolidated			Standalone
Particulars		Year ended March 2022	Year ended March 2021	YoY growth (%)		Year ended March 2022	Year ended March 2021	YoY Growth (%)
Sales		1,035	897	15%		637	486	31%
Net Profit		121	107	13%		111	112	-1%
EPS (₹) (on face value of ₹ 2 each)		17.20	15.35	12%		15.84	16.06	-1%

The Board of Directors have recommended a final dividend of ₹ 6 /- (300%) per equity share of ₹ 2/- each amounting to ₹ 41.97 cr. for FY 21-22. The total dividend for FY 21-22 aggregates to ₹ 9 /- (450%) per equity share of ₹ 2/- each amounting to ₹ 62.96 cr. which includes two interim dividends aggregating to ₹ 3/- (150%) per equity share paid during the year.

Consolidated Gross Profit Margin at 45% (FY21: 45%) and EBITDA Margin at 19% (FY21: 18%), despite elevated raw material cost and logistic cost
Consolidated PBIT stood ₹ 177 Cr. (+25% YoY Growth). International Business contributed PBIT of ₹ 70 Cr. (FY21: ₹ 11 Cr.), registering the growth of 536% on YoY basis. Robust performance from International likely to continue.
USA business generated sales of ₹ 133 Cr. (FY20: ₹ 48 Cr.), up by 177% in two years and by 55% in one year.
Complete normalization of the trade inventory, driven by excellent sales across India
April 2022 sales (Symphony India) is higher than historical highest ever April sales, after liquidation of massive trade inventory
Good traction in sales through Large Format Space (LFS) and E-Commerce channels.
Various measures of cost optimization, value engineering and many other initiatives in last two years yielding the result.

Outlook

Upbeat on the domestic & overseas business and the strong sales growth trajectory to continue going forward.
Close watch on input cost, logistic cost and supply chain
Agile international supply chain being built to address emerging logistic and raw material cost dynamics
Increasing traction for LSV, driven by new products, better cost structure, and Above the Line (ATL) advertising spends.

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