Symphony shares hit their fresh 52-week high on Tuesday after the electronic firm air cooler major announced a buyback of shares. The firm also reported a stellar set of June 2024 quarter earnings. Symphony shares rose 20% to a high of Rs 1474.90 on BSE today against the previous close of Rs 1229.10. Later, the stock closed 19.05% higher at Rs 1463.20. The company announced the share buyback at a price of Rs 2,500, a 103% premium to the previous close.
The size of the buyback is Rs 71.40 crore. The firm has proposed buyback of up to 2,85,600 fully paid-up equity shares of face value Rs 2/- each.
The firm reported a 266% rise in net profit to Rs 88 crore in Q1 against Rs 24 crore in the June 2023 quarter.
Revenue surged 76% to Rs 531 crore in the June 2024 quarter against Rs 302 crore in the corresponding quarter of the previous fiscal.
The board of the firm also approved an interim dividend of Rs 1 per share.
The company's earnings before interest, tax, depreciation and amortisation zoomed 327% to Rs 111 crore in Q1FY25, from Rs 26 crore in Q1FY24.
The firm has fixed Wednesday, August 21, 2024 as the record date for the purpose of (i) determining the entitlement and the names of equity shareholders who shall be eligible to participate in the Buy-back and the shareholders to whom the letter of offer and tender form shall be dispatched in relation to the Buy-back and (ii) for the payment of 1st Interim dividend for the FY 2024-25.
In an exchange filing, the company said, "The Board has approved the proposal for buyback of up to 2,85,600 fully paid-up equity shares by the company, representing up to 0.41 per cent of the total number of outstanding equity shares, at a price of Rs 2,500 per equity share for an amount not exceeding Rs 71.4 crore".
Symphony Limited is an air-cooling company, which is in the field of residential, commercial, and industrial air cooling and other appliances both in the domestic and international markets. The company operates through air cooling and other appliances business segment.