Symphony may test Rs 2745, says Pankaj Pandey

Pankaj Pandey of ICICIdirect told CNBC-TV18, "For Symphony at this point in time we have a target price of Rs 2,745. What we expect is that the company is one of the better picks within the consumer durable space. If you look at air coolers as a segment has grown at about 13 percent odd. What we expect is that the growth is expected to sort of pick up because of the shift happening from unorganised players to the organised players. Also there is a good traction demand which we are witnessing from Tier II and tier III cities." "This company if you look at had grown its volume by 19 percent odd last quarter. What we are expecting is that this company which commands about 55 percent of market share by value terms is expected to sort of grow at similar pace of 18-19 percent odd over the next few years. On the bottom-line front or on the margin front if you look at this company clocked a margins of about 33 percent last quarter. We would expect that the margins would be the sort of sustainable range of 27-28 percent. That should lead to our overall bottom-line growth of about 31 percent odd for the company in the next few years," he said."Coupled with the fact that they have add positives in terms of the company foraying into China and its industrial cooling unit also has delivered a decent set of numbers wherein we are seeing turnaround."