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Symphony Limited

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Symphony Limited
Company typePublic
BSE: 517385
NSE: SYMPHONY
IndustryConsumer Durables
Founded1988[1]
FounderAchal Bakeri
HeadquartersAhmedabad, Gujarat, India
ProductsResidential cooler, industrial cooler
Number of employees
400+
Websitewww.symphonylimited.com

Symphony Limited is Indian Manufacturer company of durables products located in Ahmedabad, Gujarat, India was established in the year 1988.[2] It is a public limited, listed company.[3] It manufactures products like domestic air coolers, industrial air coolers. Symphony has its operations in about 60 countries.[4]. It is also certified by the Guinness World Record Ltd. for manufacturing the world's largest functioning air cooler.[5][6]

History

Initially incorporated as Sanskrut Comfort Systems Ltd. (SCS) in 1988 that manufactured consumer durables under brand name ‘Symphony’.[7] Then later in the year 1990, Symphony aired its first TV campaign.[8] Symphony went public in the year 1994 and was also listed at Bombay, Ahmedabad and Delhi stock exchanges.[9] It also included water heaters in its range of products in the same year. In the year 2000, Symphony introduced the world's largest air cooler, Sumo, which got the Guinness World Record certification.[10] It launched mid-segment coolers, in the year 2001. For coastal markets, in the year 2004, Symphony launched the H! Cool air cooler. Symphony's winter air cooler and Sauna water heater were introduced in the year 2005.

In 2006, Symphony expanded itself into 33 other countries and also introduced the Surround cooler. In 2008, it separated the range of air coolers in two different ranges.[11] Also launched Jumbo Jr., H! Cool with Ionizer in the same year. In 2009, it launched Sauna water heater, India's first water heater with a 5-star power savings rating.[12] It also acquired IMPCO, USA, in the same year. In 2010, Symphony introduced Industrial coolers in Indian market.[13] Symphony introduced air coolers with remote control, in the year 2011. In 2012, Symphony launched digital models named Storm 70E and Storm 100E. 2015 was their year for crossing the market value of $1.5 Billion followed by launching the range of packaged coolers. The Cloud air cooler was launched by Symphony in 2016 along with their i-pure cooler technology.[14]

Global Presence

Symphony's 25-30 percent of the turnover comes from international market as it covers Mexico, Europe, United States, West Asia and South-East Asia.[15] The year 2008 marked Symphony's foray in the North American market. Symphony acquired the Mexican assets of the International Metal Products Company (IMPCO) which was founded by Adam Goettl, the man who invented air coolers for $650,000. With this collaboration, Achal Bakeri realized that IMPCO's large commercial air coolers could be deployed to India too.[16] In the year 2015, Symphony announced acquisition of Chinese air cooler company Munters Keruilai Air Treatment Equipment (Guangdong) Co. Ltd. (MKE) that owns the brand Keruilai, for Rs 1.5 cr. They signed an equity transfer agreement with the shareholders of MKE to acquire 100 per cent of their equity share capital. This marked Symphony's entry into the China market which is the second largest air cooler market in the world after India.[17] Further in 2018, Symphony announced its agreement to purchase 95% equity stake in Climate Technologies, an Australian manufacturer of cooling and heating products. The deal was signed as an opportunity to reduce business risks as a result of opposite winter and summer seasons in India and Australia. The acquisition was executed at a valuation range of A$40–44 million (lNR 201 Crs - INR 22I Crs).[18]

Diversified Product Offering

It was in the year 1994 that Symphony diversified its product offering in household electrical appliances sector in order to counter the seasonal nature of the air cooler business. The company launched a variety of products such as water heaters, purifiers, washing machines, domestic flour mills, room heaters, and exhaust fans. However, Symphony soon realised that their strength primarily lies in manufacturing only air coolers. Between 2002 and 2004, Symphony exited all other categories except air coolers. It resumed its focus on innovating in air coolers and came out with products priced between ₹5,000 and ₹20,000, boasting of features such as touch-based and motion-based control sensors, and mosquito repellent and air cleaning technologies.[19]

How Symphony Products Work

Symphony Air coolers operate on the simple principle of evaporation. So, instead of using chemicals or refrigerants to cool a space, air coolers use two natural elements to provide cooling - fresh air and water. Air coolers cool the room the way sweating cools your body. Water vapor is introduced into the air, which raises humidity and lowers the temperature. Traditional Indian homes and villages used porous earthen vessels filled with cool water to create a pleasant indoor environment. Since the method is simple, an air cooler doesn't incorporate complicated machinery or special chemicals to work. All this results in lower operating costs.[20] The company delivers market-leading products with design innovation, improved energy conservation, distinctive styling and customer-centric design.[21] Symphony Limited consists of a range of coolers designed to meet the requirements of every cooling need – a quiet home, busy office or bustling factory. They manufacture three types of air coolers - Residential, Commercial and Industrial. [22]

Acquisition

In 2015, Symphony Ltd acquired Munters Keruilai Air Treatment Equipment, a Chinese air cooler company.[23]

In June 2018, Symphony Ltd signed an agreement to purchase 95% equity stake in Climate Technologies Pty Limited ("Climate Technologies", or "CT"), an Australian manufacturer of cooling and heating appliances. The acquisition was to be executed at a valuation range of AS 40-44 million (INR 201 - 221 crs) depending on the achievement of FY18F EBITDA (June ended).[24]

References

  1. ^ Symphony, Limited. "Foundation". {{cite web}}: |first= has generic name (help)
  2. ^ Symphony, Limited. "Location". {{cite web}}: |first= has generic name (help); Missing or empty |url= (help)
  3. ^ "Symphony Limited". The Money Line.
  4. ^ Pandrit, Virendra. "Symphony to double India network"., The Business Hindu Line
  5. ^ Symphony, Limited. "Guinness World Record". {{cite web}}: |first= has generic name (help)
  6. ^ "Symphony holds Guinness Book of World Record for manufacturing world's largest air cooler". SME News. 12 June 2012.
  7. ^ Symphony, Limited. "Establishment". {{cite web}}: |first= has generic name (help)
  8. ^ Symphony, Limited. "First TVC". {{cite web}}: |first= has generic name (help)
  9. ^ Symphony, Limited. "Public". {{cite web}}: |first= has generic name (help)
  10. ^ Symphony, Limited. "World Record". {{cite web}}: |first= has generic name (help)
  11. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  12. ^ Symphony, Limited. "Water Heater". {{cite web}}: |first= has generic name (help)
  13. ^ Symphony, Limited. "Industrial Cooler". {{cite web}}: |first= has generic name (help)
  14. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  15. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  16. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  17. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  18. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  19. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  20. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  21. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  22. ^ Symphony, Limited. "33 countries". {{cite web}}: |first= has generic name (help)
  23. ^ Reporter, B. S. (13 August 2015). "Symphony Ltd acquires Chinese air cooler company". Business Standard India. Retrieved 11 April 2017.
  24. ^ "Symphony signed an agreement to purchase effectively 95% equity stake in Climate Technologies Pty Limited, Australia" (PDF).
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