Symphony's net sales increased ~38% in Q1FY17 led by ~33% YoY volume growth supported by severe summer during April-May 2016. The sales growth was largely dominated by volume growth while realisation growth was on account of the launch of new products. Domestic sales recorded growth of 34% YoY while export sales increased 100% YoY • The sharp expansion in EBITDA margin by 735 bps YoY can be attributed to saving in selling & distribution and other expenses by 421 bps and 255 bps YoY, respectively. As a result, PAT recorded sharp growth of ~40% YoY in Q1FY17 • According to the management, the recovery in subsidiary Impco is on track while Symphony’s Chinese acquisition is progressing as per schedule with integration process expected to end in three months. ICICI Securities Limited have used DCF method for valuation, assuming revenue CAGR of ~25% FY15- 25E, terminal growth of 5% and WACC of 10.8% and maintain our target price at | 2745/share.Trendlyne has 6 reports on updated in the last year from 3 brokers with an average target of Rs 2308.3. Brokers have a rating for with 1 price upgrade in past 6 months.