BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Symphony Ltd.'s revenue was up on a y-o-y basis by ~47%, aided by a low base and a stable performance by its overseas subsidiaries.
The gross margin was up ~400 basis points YoY and Ebitda margin was up ~600 bps y-o-y but was still lower than its historical average due to higher spends on advertisement and sales expenditure in Q1 FY22.
Profit after tax grew three times on a y-o-y basis on a low base but fell sharply by ~90% q-o-q.
Symphony's management indicated that FY22 would be better in terms of volume growth and profitability versus FY21.
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