Symphony Ltd announces acquisition of Chinese air cooler company

World’s largest air cooler company, Symphony Limited has signed an equity transfer agreement (ETA) with shareholders of Munters Keruilai Air Treatment Equipment (Guangdong) Co. Ltd. (MKE), China, to acquire 100% of the equity share capital of MKE. MKE is a market leading brand in China, producing energy-saving and environment-friendly evaporative air coolers under brand Keruilai. MKE came into existence in 2011 as a joint venture merger between Dongguan Keda Electrical and Mechanical Equipment Co. Ltd (KEDA) and a Swedish company Munters AB (“Munters”).

Symphony reported a 10% rise in consolidated net profit at Rs 115.91 crore for the financial year ended on June 30, 2015, as against Rs 105.72 crore in the previous fiscal. Consolidated net sales increased to Rs 578.49 crore for the financial year ended on June 30, 2015 as against Rs 532.42 crore in the previous year registering a 9% growth. Symphony recommended final dividend of Rs 10/- per share (500% on an equity share of face value of Rs 2/- each). Further an interim dividend of Rs 4 per equity share was paid during the year. EBITDA margin for FY2015 stood at 27% and EPS was at Rs 33.14.

Commenting on the new acquisition in China, Mr. Achal Bakeri, Chairman & MD, Symphony Ltd said, “With this synergistic acquisition we are confident that this will help us in expanding into new markets and geographies similar to our acquisition of IMPCO. We are possibly the only company from India which is selling its product under its own brand name of Symphony in 60 countries. We plan to further expand our reach and significantly increase our sales in the countries where we are already present.”

Mr. Bakeri further added, “We are confident to continue robust performance as the potential is tremendous and Symphony is well poised to fully nurture the same. With continuous innovation, strong branding, robust distribution network and overall sharply focused approach towards the category, we are confident to maintain our growth story and pull off much better results in the times to come.”

 

Q4

(June 30, 2015)

12 Months

(June 30, 2015)

FY2015

FY2014

Growth (%)

FY2015

FY2014

Growth (%)

Net Sales

123.68

150.63

-18%

578.49

532.42

9%

Net Profit

22.26

32.73

-32%

115.91

105.72

10%

EPS (Rs.)

6.36

9.36

-32%

33.14

30.23

10%

 

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