05 May 2023, 03:54 pm
Major air-coolers manufacturer, Symphony today said that it will complete the buyback of its shares at ₹2,000 per share by the end of May 2023, aggregating to ₹249 crore. The company also declared a dividend of 50% for its shareholders. Also, the company has delivered its fourth quarter and year-ended March 31, 2023 period.
In its regulatory filing on Friday, Symphony stated that it "will complete buyback of its shares at ₹ 2,000 per share by the end of May-23, in all amounting to ~ ₹ 249 cr. (including taxes and incidental expenses)."
The buyback's floor price of ₹2,000 is at a premium of a whopping 110.5% compared to the current market price.
At the time of writing, Symphony's stock price traded at ₹950 apiece down by 4.55% on BSE. The stock did touch over ₹1,000 mark to an intraday high of ₹1,013.90 apiece earlier in the day before correcting.
The buyback represents 1.43% of the paid-up equity of the company. The buyback window opened on May 03, 2023, and will close on May 17, 2023.
Additionally, the company's board in a meeting held on Friday recommended a final dividend of Re 1 per equity share (50%) having a face value of ₹2 each --- amounting to ₹6.90 crore for financial year FY23.
Earlier, the company paid two interim dividends totaling ₹4 per share (200%).
Accordingly, for the full-year FY23, the company's total dividend is ₹5 per equity share (250%) to the tune of ₹34.88 crore.
Symphony's Q4FY23 and FY23 earnings:
On a consolidated basis, in Q4FY23, the company posted a 75% drop in net profit to ₹16 crore as against ₹64 crore in the same quarter a year ago. Revenue from operations also dipped by 19.8% to ₹308 crore versus ₹384 crore in Q4 of FY22.
Also, EBITDA plunged by 68% to ₹27 crore in the latest quarter as against ₹86 crore a year ago period. Margins contracted to 8.8% in Q4FY23 as compared to 22.4% in Q4FY22.
Overall, in FY23, the company garnered a consolidated PAT of ₹116 crore down by 5% YoY, however, revenue jumped by 14% YoY to ₹1,188 crore.