Symphony Ltd reported subdued Q4FY18 numbers (standalone) with net revenue & PAT de-growth of 14% & 8.1% YoY, below our estimates. However, EBITDA declined marginally by 0.1% YoY, while EBITDA margins expanded by 446bps YoY, aided by higher gross margins (driven by price hikes), moderation in Ad spends and decline in the other expenses.