Credit rating agency, CRISIL has maintained valuation grade of 1/5 to Symphony. The rating agency has assigned the said rating due to the company’s poor Q1FY13 results.
The company’s revenues declined by 16% y-o-y to Rs 24.30 crore primarily due to delay in supply of products as the company wanted to introduce its new and enhanced product models during the upcoming season (January-June). EBITDA margin contracted to 1% from 10.9% because of lower operating leverage resulting from lower quarterly sales and higher sales of low-end models.
Headquartered in Ahmedabad, Gujarat, India, Symphony is a global company committed to develop sustainable and responsible products.
