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Leading air cooler company Symphony Ltd on Thursday announced entering the league of firms with market capitalisation crossing the Rs. 10,000 crore mark.
Symphony’s share price on Thursday touched a new high of Rs. 2,890 per share intra-day and closed at Rs. 2,870.55 on the Bombay Stock Exchange. Its market capitalisation touched a high of Rs 10,108.78 crore intra-day and on closing basis it was Rs. 10,040.75 crore, according to a company statement.
Achieving a major turnaround in the last decade, the Ahmedabad-based company’s share price increased from Rs 1.35 per share as of April 7, 2005 to Rs. 2,870.55 per share on Thursday – a rise of over 2,126 fold.
Achal Bakeri, Chairman and Managing Director said Rs 1,000 invested in the shares of Symphony Ltd on April 7, 2005 has grown to Rs. 21.26 lakh now. In the last one year, the company’s share increased by 296 per cent to Rs. 2,870.55 per share from Rs. 725.20 per share on April 9, 2015.
Symphony is in the process of applying for Leadership in Energy & Environment Design (LEED) building certification developed by US Green Building Council, he added.
Symphony Ltd is market leader in the Indian air cooler industry with 50 per cent market share (in value terms) among the organised players.
As on December 2014, the promoter holding in the company stood at 75 per cent while a total of 56 institutions, including 38 foreign institutions, hold 7.15 per cent in the company and over 10,000 retail investors hold 9.38%.
For the year ended June 30, 2014, Symphony posted net profit of Rs 105.72 crore on a turnover of Rs 532.42 crore. In the last 5 years, the company managed CAGR of 34% in sales and 30% in net profit. It has reserves and surplus of Rs. 268.84 crore as on June 2014.
Globally, Symphony’s products have been endorsed by a number of corporate giants, namely General Electric, Wal-Mart Stores, Lear Corporation, Jamarat Complex (Saudi Arabia), Carrefour (Indonesia) and more than 100 supermarkets in Mexico.
Symphony Ltd possesses the largest number of trademarks and registered designs in the international air cooler industry with 108 trademarks, 49 registered designs, 7 copyrights and 8 patents. The company has been awarded Guinness World Record for creating the world’s largest functioning air coolers.
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