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.
Yes Securities Report
Symphony Ltd.'s domestic business has bounced back well with a strong start to the summer season, with channel inventory getting liquidated in March and strong primary sales in April.
Symphony delivers highest domestic sales in April, and management expects that trend to continue in Q1 FY23 with a slew of new launches.
International business has seen robust growth with Impco Mexico and Climate Technologies growing at 39.2% and 10.1% respectively in FY22 with improved profitability.
Operating margins are expected to improve on higher operating leverage, improvement in profitability of international business and stable gross margins.
We believe demand recovery has been strong with a pandemic‐free summer season after two years of lost summer sales. Gross margins are expected to remain at current levels considering difficulty in increasing prices on regular basis to offset higher commodity prices. Also, international business turnaround is expected to be gradual.
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