Symphony share price plunges 10% after reporting ₹10 crore net loss in Q3FY25 | Stock Market News
Source: Live Mint
Symphony share price slumped over 10% on Wednesday’s session after the company reported a net loss of ₹10 crore for the fiscal’s third quarter ended December (Q3FY25) as against net profit of ₹41 crore in Q3FY24. The consumer durables manufacturer reported a net loss primarily attributed to a one-time loss of ₹46 crore, which significantly impacted their financial performance. In contrast, the same quarter of the previous year did not include any exceptional items.
In its filing, the company mentioned that for the quarter ending December 31, 2024, it has recognised a provision for doubtful debts totaling ₹45.99 crores, categorised as an exceptional item. This new provision adds to those established in previous periods and is related to receivables owed by M/s Pathways Retail Pvt Ltd, Delhi (E-Com distributor). As of December 31, 2024, the Parent Company has accounted for the full outstanding amount from this distributor as a doubtful debt.
The revenue for the quarter experienced a 2% decrease year-on-year, totaling ₹242 crore. The company has declared its third interim dividend of ₹2 per share, with the record date set for February 11.
Symphony share price today
Symphony share price today opened at an intraday high of ₹1,453.95 apiece on the BSE, the stock touched an intraday low of ₹1,278.65 per share. Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities said that Symphony share price fell nearly 9% touching that support of 1,300. A major support is placed at 1,250 mark below which 1,200 seems to be a possibility. Overhead resistance is placed near 1,350-1,400 levels towards which the stock can see a short covering move towards.
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