Symphony posted robust performance in Q3FY18 with standalone revenue growth of 21% YoY in Q3FY18 driven by healthy growth in volumes. EBITDA margin surged by 255 bps YoY to 39.9% on the back of strong response to new product launches, premium models and benefit of cost optimisation. The company's continuous focus on new product launches and potential market share gains due to implementation of GST will augur well for revenue growth. We factor revenue CAGR of 20% over FY17-20E. The increasing demand for premium products will aid the company in sustaining...