50% Dividend In H1FY24; Air Cooler Company To Declare 2nd Interim Dividend Next Week, Fixes Record Date

Leading air cooler company, Symphony is set to declare dividends second interim dividend for the financial year 2022-23. The company is among dividend-paying smallcap stocks and has declared up to 37 dividends since October 2002 till now. Symphony will be in focus next week due to the board of directors meeting on October 26.

In its regulatory filing, Symphony said, "The Board of Directors of the Company is scheduled to be held on Thursday, October 26, 2023, inter alia, to consider and approve the following:

- Unaudited Standalone and Consolidated Financial Results for the second quarter/half year ended on September 30, 2023; and

- 2nd Interim Dividend on equity shares, if any, for the financial year 2023-24."

For the second interim dividend, Symphony has also fixed November 3rd for determining the entitlement of the shareholders for the payment of the benefits.

It said, "If 2nd interim dividend is declared by the Board at its aforesaid meeting, shareholders whose names appear (a) as beneficial owners in the statement(s) furnished by the Depository(ies) and (b) as members in Register of Members of the Company as on the close of business hours on November 3, 2023, would be entitled to the said Interim Dividend."

Earlier, Symphony already paid the first interim dividend of Re 1 per share or 50%.

Meanwhile, in the financial year 2022-23, the company paid a total of 250% dividends aggregating to Rs 5 per share.

At the current market price, Symphony has a dividend yield of 0.6%. On BSE, the smallcap stock stood at Rs 841.05 apiece, down by 3.2% on Wednesday. Its market cap is nearly Rs 5,800 crore.

During Q1FY24, the company posted a net profit of Rs 24 crore, as against Rs 29 crore on a consolidated basis in Q1FY23. Revenue from operations stood at Rs 302 crore in Q1FY24, down by 8% from Rs 329 crore in Q1FY23. Gross margins during this quarter were at 49.7%, expanding by 400 bps from 45.7% in Q1 of FY23.

Symphony, an Indian multinational company with presence in over 60 countries is the world's largest air cooler company. From inventions to innovations, energy responsibility to environment stewardship, Symphony is a market leader which has been providing comfort cooling to its customers for generations. The massive supremacy of Symphony coolers in the residential, industrial and commercial segments has made the brand synonymous with 'cooling'.

Founded in 1988, in Gujarat, India, Symphony Limited established a new category of evaporative air-cooling in India, taking it to the globe. As a disruptor of a highly unorganized sector, the company has set high benchmarks by defining the golden standard of air cooling.