Revenue from operations grew marginally to Rs 275 crore in Q2 FY24 as compared with Rs 274 crore reported in Q2 FY23.

Gross margin increased to 46.1% in Q2 FY24 as compared to 44.8% posted in Q2 FY23.

EBITDA margin (excluding other income and foreign exchange loss) improved to 15.5% in Q2 FY24 as against 13.4% registered in Q2 FY23.

Meanwhile, the company's board has declared a second interim dividend of Rs 2 per equity share for FY24. The said dividend shall be payable on or before 25 November 2023.

Further, the board has approved the elevation and re-designation of Nrupesh Shah, executive director of the company as managing director – corporate affairs with effect from 26 October 2023.

Commenting on the outlook, Nrupesh Shah, executive director of Symphony said that the company expects “Numero Uno” in air cooler industry through continuous thrust on innovative value-added products ahead of competition, calibrated price hikes coupled with value engineering, continuous thrust on semi-urban and rural markets and growth through alternate sales channels. Successful entry into adjacent product categories with unique models & positioning having sales potential round the year. Long-term structural drivers in overseas markets for air coolers remain intact.

Further, Shah added that major business transformation at CT, Australia currently underway through ubstantial reduction in cost of doing business, revamping product categories to increase profitability margin, in-house manufacturing to outsourced business model and leveraging retail distribution channel. The firm is also committed to pursue growth with a focus on ESG.

Symphony are engaged in the field of residential, commercial and industrial air cooling and other appliances both in the domestic and international markets.

Shares of Symphony declined 0.94% to Rs 839.10 on the BSE.