Symphony Ltd posted its Q1FY18 results which were below our estimates. Net revenue for the quarter was at INR 1,297.5 Mn which de-grew by 15% YoY and 29.5% QoQ. Mainly due to de-stocking ahead of GST implementation and lower sales in Tier one and Tier two cities. EBIDTA for Q1FY18 stood at INR 194.4 Mn with margins of 15% which was a decrease of 1,192.9 bps QoQ and 1,057.4 bps YoY due to extreme competition and price war by other players during the quarter. PAT for Q4FY17 stood at INR 229.5 Mn and PAT margin was at 17.7% which saw...