We value the stock at 35x P/E on 24E EPS and derive a TP of INR 1,200. Maintain ADD. Symphony: Symphony's domestic business remained under pressure (a miss in revenue) due to high channel inventory and weak trade sentiment. Domestic revenue was at INR 1,210mn (HSIE INR 1,625mn), up +3/-10% YoY/QoQ, down 7% on a two-year CAGR. Exports were at INR 250mn (HSIE INR 212mn) vs. INR 60mn YoY. Despite strong exports, RoW revenue was down 14% YoY. CT Australia was impacted massively (20% down YoY) by the lockdown in the domestic market while business in the US performed well. Gross margin contracted 536bps YoY (-8bps in Q3FY21, +36bps in Q2FY22, HSIE +81bps) to 43.8%. EBITDA margin came in at 21.9% (HSIE 28.5%), declining 9% YoY (HSIE +49%). With two back-to-back weak seasons (lockdown impact) in India, trade partners are more cautious in building up inventory. There is a possibility of demand spilling over from Q4FY22 to Q1FY23 in normal season too. Thereby, we cut our FY22 EPS by 19% and FY23/FY24 by 9%.