At 45x June-20 EPS, our TP is at Rs 2,059 (earlier 1,949). Maintain BUY. Symphony has signed an agreement to acquire 95% stake in Australia-based Climate Technologies Ltd (CT). The deal EV is ~Rs 2.01-2.21bn (A$ 40-44mn). At FY18P earnings, the deal is valued at EV/sales of 0.73-0.80x, EV/EBITDA of 7.3-7.8x and P/E of 9-10x. We expect this deal will add ~4% to Symphonys EPS in FY19E (9m consol impact) and ~5% for FY20/FY21E.