Symphony's model Cloud, has been granted patent rights by South Africa for its innovation. Being wall mounted like a split air-conditioner, Cloud does not occupy any floor space but unlike a split air conditioner, does not have any outdoor unit. Therefore, combines the best attributes of air-coolers with that of air-conditioners.
A world leader in evaporative air coolers, Symphony focuses on innovative design to create better and eco-friendly products for domestic and industrial customers in various countries across the globe. At Symphony, design-driven innovation and green engineering is a sustainable competitive advantage. Company delivers market-leading products with engineering and design innovation, improved energy conservation, distinctive styling and customer-centric design.
Symphony commands 50 percent market share in the Indian organized air-cooler market and sells residential, commercial as well as industrial air coolers.
The company has launched new air coolers - ’i-Pure’ (first multi-stage air purification system) and Cloud, which may bite into market share of air conditioners. Moreover, GST implementation might increase cost of unorganized players (80 percent of market) leading to shift to organized segment. Also, rising demand for premium coolers from middle class segment will aid its sales. Its entry into China, the second largest air cooler market, through its acquisition- Munters Keruilai Air Treatment Equipment (Guangdong) Co Ltd (MKE) will drive long term sales growth. Thus, we expect sales CAGR of ~22 percent over FY17-20E.Its efficient outsourcing model helps it to focus on R&D and results in operational efficiency. Therefore, given lower operational cost and zero interest outgo is likely to result in strong profit growth. – IIFL