Epack Durable Partners with Symphony to Manufacture Air Coolers

Epack Durable has entered into a strategic partnership with Symphony, a renowned air cooler brand, to serve as an original equipment manufacturer (OEM) for the production of air coolers. This collaboration marks a significant step for Epack Durable in diversifying its product portfolio and customer base.

Ajay DD Singhania, Chief Executive and Managing Director of Epack Durables, expressed optimism about the partnership, stating, “Having commenced our air cooler production in FY24, our strategic focus on growth and profitability aligns perfectly with India’s standing as the world’s largest air cooler market. This expansion enables us to tap into a vast and readily accessible market, enhancing efficiencies at our manufacturing facilities without requiring additional investment.”

Through this partnership, Epack aims to fully leverage its existing manufacturing capacity while improving capacity utilisation. The move is expected to help the company gain a strong foothold in India’s air cooler market, which was valued at ₹2,980 crore in FY23. The Indian air cooler market is projected to grow at a CAGR of 7.7% from FY24 to FY28, reaching an estimated ₹4,290 crore in value and 4.7 million units in volume.

About Symphony Ltd

Symphony Ltd manufactures and trades residential, commercial, and industrial air coolers in the local and foreign markets.

Symphony has also seen strong financial performance in the first quarter of FY25, with its standalone net profit surging by 393% to ₹69 crore, compared to ₹14 crore in the same quarter of the previous year. The company’s revenue increased by 117% to ₹373 crore during the same period.

On September 5, 2024, the share price of Symphony Ltd opened at ₹1,585.70, touching the day’s high at ₹1,595.50, as of 9:24 AM on the NSE.

About Epack Durables Ltd

Epack Durables is an Original Design Manufacturer (ODM) of room air conditioners (RAC).

The company reported growth, with its standalone net profit rising by 163.4% to ₹23.55 crore in Q1 FY25, compared to ₹8.94 crore in Q1 FY24. Its revenue grew by 77.17% to ₹773.68 crore during the quarter, up from ₹436.70 crore.

On September 5, 2024, the share price of Epack Durables Ltd opened at ₹257.85, touching the day’s high at ₹258.95, as of 9:25 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.