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Geojit Securities upgrades Symphony to ‘accumulate,’ target price Rs 1,480

The company expects the revenue growth momentum to continue on the back of growing sales of new products, next summer season, and marketing initiatives.

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Last Updated: Feb 13, 2020, 08.38 AM IST
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Geojit Securities has upgraded its rating on Symphony to ‘Accumulate’ in the long term with a target price of Rs 1,480. Shares of Symphony closed at Rs 1,328, up 0.9% while BSE Sensex closed 349.76 points up (+0.85%) at 41,565.90.

Company Financials


For the quarter ended 31-12-2019, the company has reported a Consolidated sales of Rs 290.00 Crore, up 6.62 % from last quarter Sales of Rs 272.00 Crore and up 20.83 % from last year same quarter Sales of Rs 240.00 Crore Company has reported net profit after tax of Rs 51.00 Crore in latest quarter.

The company’s top management includes Mr.Achal Bakeri, Mr.Ashish Deshpande, Mr.Dipak Palkar, Mr.Naishadh Parikh, Mr.Nrupesh Shah, Ms.Jonaki Bakeri. Company has Deloitte Haskins & Sells as its auditors As on 31-12-2019, the company has a total of 69,957,000 shares outstanding.

Investment Rationale

Symphony reported a revenue of Rs 290 crore in the third quarter, a rise of 20.8% primarily driven by launch of new models and improved product mix. The company expects the revenue growth momentum to continue on the back of growing sales of new products, next summer season, and marketing initiatives, the brokerage said.
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