HDFC Securities:  Symphony Q2 Review - Trade Inventory Pressure Continues, Rest Of World Mixed Bag 
An evaporative air conditioner cooler is displayed during Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S. (Photographer: Patrick T. Fallon/Bloomberg)  

HDFC Securities: Symphony Q2 Review - Trade Inventory Pressure Continues, Rest Of World Mixed Bag 

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.

HDFC Securities Report

Symphony Ltd.'s Q2 FY21 was in line with our estimates (down 43% YoY) as domestic business continued to face challenges due to high trade inventory.

Recovery in exports was strong, although Rest of the World delivered mixed results.

Guangdong Symphony Keruilai Air Coolers Co. Ltd. China continued to struggle, while IMPCO and Climate Technologies Pty Ltd. delivered positive growth.

Gross margin at 48% saw a sequential recovery, still lower than 50% guidance.

Click on the attachment to read the full report:

HDFC Securities - Symphony Q2FY21 Results Review.pdf

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