Subros Ltd

About

Subros Limited was incorporated in 1985 as a joint venture public limited company with Suri family of India (36.79% ownership), Denso Corporation, Japan (20% ownership) & Suzuki Motor Corporation, Japan (11.96% ownership). It is engaged in the business of manufacturing and supplying Auto Air Conditioning products for all major Automakers in Passenger and Commercial Vehicle Space. It has a technical collaboration with Denso Corporation [1]

Key Points

Market Leadership
It is the largest and the only backward integrated manufacturing company in India for Auto Air Conditioning systems with a market share of ~45% in the Passenger vehicle Segment in FY20. [1]
It has a broad customer base, some of which are Maruti Suzuki, TATA Motors, SML ISUZU, Mahindra & Mahindra, Ashok Leyland, and a few others [2]

Read More
  • Market Cap 2,275 Cr.
  • Current Price 349
  • High / Low 430 / 283
  • Stock P/E 37.2
  • Book Value 122
  • Dividend Yield 0.20 %
  • ROCE 8.25 %
  • ROE 6.08 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 2.85 times its book value
  • The company has delivered a poor sales growth of 6.76% over past five years.
  • Company has a low return on equity of 8.96% for last 3 years.
  • Dividend payout has been low at 9.03% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -3.22%
Loading peers table ...

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
510.69 518.07 572.24 496.48 465.61 458.47 73.77 458.10 603.85 659.93 480.45 529.48
453.86 463.10 517.11 452.43 417.37 416.85 103.63 404.63 537.55 596.07 453.66 494.79
Operating Profit 56.83 54.97 55.13 44.05 48.24 41.62 -29.86 53.47 66.30 63.86 26.79 34.69
OPM % 11.13% 10.61% 9.63% 8.87% 10.36% 9.08% -40.48% 11.67% 10.98% 9.68% 5.58% 6.55%
Other Income -1.55 1.93 43.60 6.74 2.33 8.61 1.04 3.77 3.44 2.06 4.82 2.38
Interest 8.01 6.82 14.50 9.15 7.51 5.18 4.81 5.55 3.28 2.61 2.79 3.51
Depreciation 19.54 20.64 21.53 22.56 23.44 22.77 19.30 23.75 24.85 24.21 23.85 25.89
Profit before tax 27.73 29.44 62.70 19.08 19.62 22.28 -52.93 27.94 41.61 39.10 4.97 7.67
Tax % 38.01% 44.97% 33.40% 30.61% 31.29% 27.78% 54.60% 36.54% 34.08% 34.60% 37.42% 33.25%
Net Profit 17.19 16.20 41.76 13.24 13.48 16.09 -24.03 17.73 27.43 25.57 3.11 5.12
EPS in Rs 2.64 2.48 6.40 2.03 2.07 2.47 -3.68 2.72 4.20 3.92 0.48 0.78

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
899 1,083 1,108 1,262 1,162 1,187 1,295 1,535 1,913 2,124 1,993 1,796 2,274
807 1,007 1,040 1,140 1,030 1,050 1,142 1,367 1,703 1,896 1,804 1,642 2,082
Operating Profit 93 76 68 122 131 137 152 168 210 229 189 154 192
OPM % 10% 7% 6% 10% 11% 12% 12% 11% 11% 11% 9% 9% 8%
Other Income 1 12 70 11 2 1 2 -24 5 6 61 10 13
Interest 16 15 26 36 37 39 42 48 41 42 36 16 12
Depreciation 38 41 53 73 77 79 86 88 92 79 90 92 99
Profit before tax 40 32 59 25 19 20 26 8 82 114 124 56 93
Tax % 29% 11% 17% 16% -5% 0% 9% -63% 26% 33% 32% 16%
Net Profit 28 29 48 21 20 20 24 13 61 76 85 47 61
EPS in Rs 4.68 4.76 8.07 3.43 3.38 3.39 4.00 2.22 10.11 11.67 12.96 7.16 9.38
Dividend Payout % 15% 17% 14% 20% 21% 21% 20% 22% 11% 11% 6% 10%
Compounded Sales Growth
10 Years: 5%
5 Years: 7%
3 Years: -2%
TTM: 56%
Compounded Profit Growth
10 Years: 5%
5 Years: 14%
3 Years: -9%
TTM: 163%
Stock Price CAGR
10 Years: 31%
5 Years: 16%
3 Years: 9%
1 Year: 16%
Return on Equity
10 Years: 9%
5 Years: 10%
3 Years: 9%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
12 12 12 12 12 12 12 12 12 13 13 13 13
Reserves 195 218 259 275 290 305 323 336 393 667 739 782 785
Borrowings 154 218 342 349 414 420 390 404 385 244 155 52 39
128 206 231 244 213 236 275 373 508 456 482 603 560
Total Liabilities 490 654 844 880 928 973 1,001 1,126 1,298 1,381 1,389 1,449 1,398
227 292 386 445 483 536 563 497 670 690 765 745 755
CWIP 69 48 90 107 103 88 54 149 90 86 66 54 34
Investments 0 2 2 2 2 2 2 2 2 2 2 5 5
193 312 365 326 340 345 381 477 536 602 555 646 604
Total Assets 490 654 844 880 928 973 1,001 1,126 1,298 1,381 1,389 1,449 1,398

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
79 39 87 177 95 143 149 111 316 100 239 208
-77 -79 -177 -135 -109 -96 -68 -75 -231 -126 -93 -58
-0 42 89 -42 14 -48 -82 -35 -72 17 -148 -122
Net Cash Flow 2 1 -0 -0 1 -1 -0 1 13 -8 -2 28

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 19 18 25 13 19 24 28 31 31 29 35 42
Inventory Days 53 59 81 76 80 78 73 70 66 61 61 80
Days Payable 51 51 66 56 50 49 53 82 112 96 100 146
Cash Conversion Cycle 22 26 40 33 50 52 47 19 -16 -6 -4 -24
Working Capital Days 26 17 36 17 30 27 23 12 -8 3 -1 -12
ROCE % 16% 12% 10% 10% 8% 8% 9% 12% 16% 19% 13% 8%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79
0.55 0.57 0.58 0.54 0.59 0.62 0.58 1.21 1.18 1.05 0.60 0.57
6.01 6.56 7.63 7.99 8.20 8.41 8.27 9.52 10.47 10.65 10.88 11.69
56.65 56.09 55.00 54.68 54.42 54.19 54.36 52.48 51.56 51.51 51.73 50.95

Documents