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Yes Securities Report
Symphony Ltd. on consolidated basis reported lower than expected revenue on back of subdued performance of climate technologies AU as demand headwind continues to persist. Domestic air-cooling segment grew 5% YoY despite the strong base effect, fuelled by searing summer with above normal temperatures.
Gross margins have seen strong expansion of 720 basis points on back of tactical pricing, value engineering and softening of input costs. Higher gross margin along with improved performance of subsidiaries has resulted in expansion in Ebitda margin. Subsidiaries has seen 12% YoY revenue growth on back of strong summer tailwind in Mexico and Brazil and improving performance of CT Australia and GSK China.
Symphony is currently witnessing strong demand traction in the domestic market on back of heat waves across the country. Southern, Western and Eastern regions have seen strong sales, while soaring temperatures in northern states would provide strong tailwind in Q1.
On the international front Mexico, China and Brazil are already witnessing improved performance, management has already started to implement asset light model in CT Australia.
Considering strong demand trends in the domestic market and improvement of subsidiaries performance, we upgrade the stock to Buy with target price of Rs 1,200 valuing the company at 40 times FY26 earnings per share.
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