Symphony turns volatile post June quarter results

Shares of Symphony were trading higher by 1.6% at Rs 1,875, bouncing back nearly 14% from intra-day lows on the BSE, after the company announced acquisition of 100% equity in a Chinese company named Munters Keruilai Air Treatment Equipment (Guangdong) Co. Ltd. (MKE).

MKE is a leading brand in China, producing energy-saving and environment-friendly evaporative air coolers under the brand name, Keruilai.

The company said the acquisition will facilitate Symphony’s access into China, which  is among the largest air-cooler markets in the world after India.

Meanwhile, the stock has dipped almost 11% to Rs 1,649 after the company reported a 32% year-on-year (YoY) decline in its standalone net profit at Rs 22.26 crore for the quarter ended June 2015, due to lower sales.

The company, which is engaged in the home appliances business, had registered a profit of Rs 32.73 crore in the year-ago quarter. It had posted a profit of Rs 36.51 crore in the March quarter.

The company's net sales decreased by 18% at Rs 124 crore on a Y-o-Y basis.

Earnings before interest, tax, depreciation and amortisation (EBITDA) margin in the quarter declined by nearly 800 basis points to 22.2% from 29.96% in the previous year's quarter.

The stock has gained 2.5% at Rs 1,893 prior to the announcement of results. A combined 258,005 shares changed hands on the counter on the BSE and NSE till 02:19 PM.