Symphony hits a new high
Symphony hit a new 52-week high today at Rs.2225 with an almost 2 times surge in volumes. The stock remains 7.5% up at Rs.2160 levels.
The stock had zoomed up to a new high after it announced its Q1 (30th June year ending) results and today, it is reacting to its equally exuberant Q2 numbers for quarter ended 31st Dec 2014. On a 31% (YoY) rise in net sales at Rs.151 crore the company posted a 44% rise in net profit at Rs.36 crore. This was despite a 31% rise in selling and distribution expenses and overall operating costs rising 24%. Higher realisations and volume growth helped this good performance. There was a 27% growth in volumes at 238,668 units and the average realization per unit rose from Rs.6067 to Rs.6277. Even sequentially, it has risen from Rs.6183/unit.