Symphony Ltd. share price target

Symphony Limited, and its subsidiaries are engaged in manufacturing and trading of residential, commercial and industrial air coolers, both in the domestic and international markets. The Company operates through two segments: Air Coolers and Corporate Funds. It offers air coolers in various...

About the stock: Symphony is the world's largest manufacturer of air coolers with Symphony is the market leader in the air-cooling business with a strong distribution network of ~30,000+ dealers, ~1000+ distributors and...

Symphony Limited, and its subsidiaries are engaged in manufacturing and trading of residential, commercial and industrial air coolers, both in the domestic and international markets. Company operates through two segments: Air Coolers and Corporate Funds. It offers air coolers in various...

Increased rural electrification and urbanisation will augment growth in the Indian air cooler market. Residential air cooler industry will get a boost from ~1.7 crore new houses under PMAY Industrial air-cooling market is worth ~| 10,000 crore and Symphony being the only branded player in this segment stands to take advantage of it...

Better gross margins (up 452 bps YoY) helped turned EBITDA positive at 4.3% vs. -3.2% in Q1FY21. However, lower-than-expected EBITDA margin is mainly due to higher advertisement expense (3x jump YoY)...

Symphony Ltd, and its subsidiaries are engaged in manufacturing and trading of residential, commercial and industrial air coolers, both in domestic and international markets. Company operates through two segments: Air Coolers and Corporate Funds. It offers air coolers in various...

We value Symphony at 40X FY23E EPS of Rs 35.8 with a target of Rs 1,430 (vs. earlier TP of Rs 1,062). The risk to our call a) Slower than expected domestic recovery due to intermittent lockdowns and b) Losses from overseas subsidiaries.

Symphony Limited, and its subsidiaries are engaged in manufacturing and trading of residential, commercial and industrial air coolers, both in the domestic and international markets. The Company operates through two segments: Air Coolers and Corporate Funds. It offers air coolers in various...

We maintain a HOLD valuing Symphony at 30X FY23E of 35.4 arriving at a target price of Rs 1062(vs. Rs 864 earlier).

Symphony's standalone and overseas business has seen a gradual recovery on a QoQ basis, however YoY recovery was still ~74% of previous year. According to company, the trade sentiments in the domestic markets were positive and company has witnessed stock out situation in some of the geographies. The inventory level is normalised with channel partners and the company expects good volume offtake from Q4FY21 onwards. On the subsidiaries front, Climate Technologies Australia performance remained impacted due to supply issues & lower operating leverage. The management...

Symphony Limited, and its subsidiaries are engaged in manufacturing and trading of residential, commercial and industrial air coolers, both in the domestic and international markets. The Company operates through two segments: Air Coolers and Corporate Funds. It offers air coolers in various...

We maintain a HOLD and value Symphony at 32X FY22E EPS of Rs 27 with a target of Rs 864 (vs. earlier TP of Rs 898).

The standalone revenue (~65% of total sales) witnessed a slow recovery (only 56% of pre-Covid level) as channel inventory remained higher in Q2FY21 (channel inventory at 40% of pre-Covid volume). We continue to expect a strong H2FY21 for domestic markets amid low base and refilling of channel inventory. On the international front, the revenue growth at 4% was led by Climate Technologies (Australia). We model, revenue CAGR of 11% in FY20-23E supported by ~12% and 10% revenue CAGR in the overseas...

Less impact of pandemic on overseas business Sharp fall in domestic revenue by 77% YoY was partly arrested by relative lower fall in oversees revenue by ~17% YoY. Hence, consolidated revenue fell ~47% YoY. While dealers managed to liquidate their inventory holding by ~60% in Q1FY21, management reiterated a demand recovery post lockdown relaxation. While we continue to expect H1FY21 to be challenging, recovery may start from H2FY21 onwards with lockdown restrictions easing. On domestic front, revenues may grow at 16% FY19-22E, driving overall...