Symphony Ltd's Q1FY19 standalone numbers were disappointing and significantly below our estimates on all parameters. Weak summer impacted the domestic Air Coolers business sharply and resulted in 39.2% YoY decline in revenue growth. Significantly higher A&P spends and operating de-leverage resulted in a sharp contraction of 1412bps YoY in EBITDA margins. PAT de-grew by 79.2%.