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Business News/ Markets / Stock Markets/ Symphony approves share buyback of ₹200 Cr, records highest ever sales in Q3

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Symphony approves share buyback of ₹200 Cr, records highest ever sales in Q3

2 min read 08 Feb 2023, 04:36 PM IST Join us

Vipul Das

Symphony Ltd is a mid-cap company having a market cap of ₹7,326.60 Cr and the company deals in the consumer discretionary sector.

On the NSE, the share of Symphony Limited closed today at ₹1,045.00 apiece level, up by 8.26% from the previous close of ₹965.25. (istockphoto) — On the NSE, the share of Symphony Limited closed today at ₹1,045.00 apiece level, up by 8.26% from the previous close of ₹965.25. **(istockphoto)**

Symphony Ltd is a mid-cap company having a market cap of ₹7,326.60 Cr and the company deals in the Consumer Discretionary sector. The company has declared its impressive Q3 earnings today with highest-ever sales both on a consolidated and standalone basis as well as the Board approves share buyback proposal of ₹200 Cr.

“The Board of Directors at its meeting held on February 08, 2023, has approved a proposal to buy-back of shares at ₹2,000 per share upto 10,00,000 equity shares for an aggregate amount upto ₹200 crores (plus buyback tax and expenses in all amounting to approx. ₹250 cr.) subject to shareholders approval by way of postal ballot," said Symphony in a stock exchange filing.

According to the standalone and consolidated audited financial statements of the company for the year ended March 31, 2022, the buyback offer size represents 24.76% and 24.69% of the total of the company's fully paid-up equity capital and free reserves, respectively. According to the corporation, the retail bid for the buyback proposal has been capped at 1,50,000 shares, and the record date has not yet been disclosed.

On a standalone basis, the company posted revenue from operations of ₹223 Cr in Q3FY23 compared to ₹146 Cr in Q3FY22, representing a growth of 52% whereas its gross margin reached ₹101 Cr up by 57% from ₹64 Cr in the year-ago quarter. The EBITDA of Symphony reached ₹56 Cr in Q3FY23 against ₹32 Cr in Q3FY22, representing a YoY gain of 73%, whereas the company posted a net profit of ₹52 Cr in the quarter ended December 2022 up by 78% from ₹29 Cr in the year-ago quarter.

On a consolidated basis, the company posted revenue from operations of ₹277 Cr in Q3FY23 compared to ₹205 Cr in Q3FY22, representing a growth of 35% whereas its gross margin reached ₹121 Cr up by 33% from ₹91 Cr in the year-ago quarter. The EBITDA of Symphony reached ₹44 Cr in Q3FY23 against ₹30 Cr in Q3FY22, representing a YoY gain of 48%, whereas the company posted a net profit of ₹39 Cr in the quarter ended December 2022 up by 84% from ₹21 Cr in the year-ago quarter.

On the NSE, the share of Symphony Limited closed today at ₹1,045.00 apiece level, up by 8.26% from the previous close of ₹965.25.

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ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).