A key concern for investors over the last 2 years has been that there is no growth in air coolers. We remain contrarians, as we believe performance was primarily impacted due to seasonality factors rather loosing market share by Symphony. Summer 2019 confirms our thesis that there are 2 types of consumers in India (AC and Air cooler). A consumer will purchase coolers when summer is strong (impulse based). With trade inventory now at lower levels, Symphony will enjoy off-season stocking, opportunity to launch tech-rich coolers and benefit from a favorable base. Besides, its international performance will improve given the various initiatives undertaken Symphonys weak 4Q performance was largely in-line, given the spillover impact from an erratic summer in 2018. We remain constructive driven by positives like (a) Beat on domestic volume growth, (b) Clearance of channel inventory, (c) Healthy 1Q offtake across geographies (few exceptions like NCR, part of Rajasthan) and channels, and (d) New launches returned after a gap of 2 years. Our estimates cut by 5% to factor weak CT performance. We value the co. at 45x on Mar-21 EPS, arriving at a TP of Rs 1,643. We believe at current price, the risk-reward is favorable.