Symphony’s best months in the entire year are April and May and these were the two months when the lockdown happened, impacting its earnings in a big way.
On a 47% (YoY) drop in consolidated revenue from operations in Q1FY21, the company posted a 94% drop in net profit at a mere Rs.2 crore. This is a despite a 37% cut in expenses.
The company’s revenue from Indian markets dropped 77% while exports were down 17%.
Looking ahead, the company, while stating the outlook said uncertainties about the performance in current fiscal of FY21 remained but it was quite confident and optimistic of its medium to long term prospects.
The immediate reaction to these numbers – the stock opened over 4.5% higher at Rs.803.05, which is its intraday low point but from there, it bounced back and is now trading at Rs.831 levels, down just a little over 1%.