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