At 45x Jun-20 EPS, our TP is at Rs 1,734 (earlier 2,031). We maintain BUY. Symphony posted disappointing 1Q performance on all fronts. Domestic revenue contracted by 41% (exp. 5% down) despite a favorable base (18% decline in 1QFY18). Standalone EBITDA/PAT was down by 95/79%. On the brighter side, subsidiaries (Mexico and China) revenues grew by ~10%.