We value at 45x Sep-20 EPS, our TP is at Rs 1,682. We maintain BUY. Symphony reported weak but in-line performance in a non-seasonal quarter. Domestic revenues contracted by 21% (-41% in 1QFY19, +26% in 2QFY18) vs. exp. of 14% dip owing to high channel inventory. EBITDA/PAT declined by 30/27% vs. expected fall of 24/23%.