Symphony Q1 Review – Domestic Performance Returns To Pre‐Covid Levels: Yes Securities


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Symphony Ltd.’s domestic business has bounced back well with a strong summer season with channel inventory now at the normalized levels after almost two years. Company has witnessed strong summer in domestic business.

International business has seen slight decline in revenue as some of the international markets were disrupted on account of Covid.

Gross margins are expected to improve as commodity prices have corrected and Symphony has taken a price increase ahead of new season.

We believe demand recovery has been strong with a pandemic‐free summer season after two years of lost summer sales and there is visibility of the domestic demand sustaining. Also, international business turnaround is expected to be gradual.

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