Symphony Ltd posted its Q1FY19 results which were below our estimates. Net revenue for the quarter stood at INR 1.46 Bn (-23% YoY). The un-seasonal rainfall in some parts of India impacted the volume sales resulting de-growth during the quarter. EBIDTA for Q1FY19 stood at INR 170 Mn (-39% YoY), with OPM at 11.6% (-309 bps YoY). The EBITDA was affected due to higher levels of inventory and...