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Q3FY21 Result update - Symphony Ltd. - ICICI Direct
Posted On: 2021-01-24 20:22:32 (Time Zone: Arizona, USA)
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 expects a turnaround of Australian subsidiary from Q4FY21 supported by various initiatives (such as changing sourcing destination from China to India) taken by the management. The other two subsidiaries, GSK China and Impco Mexico performance in terms of topline remain impacted due to pandemic, however compan
Maintain ADD on Symphony - Domestic in line; RoW improving - HDFC Securities
Posted On:
Mr. Naveen Trivedi, Institutional Research Analyst, HDFC Securities
Symphony s domestic revenue was in line (33% down YoY), while exports were down by 79% due to delays in shipment (bunch-up expected in 4Q). Thereby, 3QFY21 was below our estimates (down 40% YoY). Trade inventory is at a normal level (marginally lower) compared to last year. As a result, domestic revenue is expected to revive from 4Q onwards (new launches closer to the season). Trade sentiment is healthy and pent-up demand is also possible in the upcoming season (similar to other appliance categories). The Rest of the World (RoW) put up a weak show due to continued impact of COVID-19. CT delivered 1% growth in 9MFY21 while margin was impacted by supply constraints leading to high raw material cost. IMPCO and GSK are on the road to recovery, while gross margin was healthy. We have recently upgraded Symphony to ADD on the expectat