Subros Ltd

Subros Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Subros Ltd

₹ 582 1.66%
19 Apr - close price
subros.com BSE: 517168 NSE : SUBROS
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

Company Profile[1]
Established in 1985, Subros is the Largest Air Conditioning & Thermal Products company in India. Its a JV between Subros (36.79%) + Denso (20%) + Suzuki (11.96%).

Website BSE NSE
  • Market Cap ₹ 3,796 Cr.
  • Current Price ₹ 582
  • High / Low ₹ 734 / 297
  • Stock P/E 44.3
  • Book Value ₹ 138
  • Dividend Yield 0.17 %
  • ROCE 8.84 %
  • ROE 5.63 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Debtor days have improved from 35.2 to 27.1 days.

Cons

  • Stock is trading at 4.22 times its book value
  • The company has delivered a poor sales growth of 7.97% over past five years.
  • Company has a low return on equity of 5.26% over last 3 years.
  • Dividend payout has been low at 12.5% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
604 660 480 529 548 681 709 695 655 748 693 813 732
538 596 454 495 508 634 665 655 621 697 646 743 673
Operating Profit 66 64 27 35 40 47 43 40 34 51 47 70 60
OPM % 11% 10% 6% 7% 7% 7% 6% 6% 5% 7% 7% 9% 8%
3 2 5 2 0 2 2 4 8 6 2 3 7
Interest 3 3 3 4 2 2 1 2 2 2 2 3 4
Depreciation 25 24 24 26 26 27 27 28 28 28 27 29 28
Profit before tax 42 39 5 8 12 21 17 15 12 27 20 42 34
Tax % 34% 35% 37% 33% 36% 20% 34% 33% 33% 30% 32% 36% 21%
27 26 3 5 7 17 11 10 8 19 13 27 27
EPS in Rs 4.20 3.92 0.48 0.78 1.14 2.60 1.75 1.51 1.26 2.86 2.06 4.10 4.11
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,108 1,262 1,162 1,187 1,295 1,535 1,913 2,124 1,993 1,796 2,239 2,806 2,987
1,040 1,140 1,030 1,050 1,142 1,367 1,703 1,896 1,804 1,642 2,089 2,638 2,759
Operating Profit 68 122 131 137 152 168 210 229 189 154 149 168 228
OPM % 6% 10% 11% 12% 12% 11% 11% 11% 9% 9% 7% 6% 8%
70 11 2 1 2 -24 5 6 61 10 9 20 17
Interest 26 36 37 39 42 48 41 42 36 16 11 7 10
Depreciation 53 73 77 79 86 88 92 79 90 92 102 110 113
Profit before tax 59 25 19 20 26 8 82 114 124 56 45 71 122
Tax % 17% 16% -5% 0% 9% -63% 26% 33% 32% 16% 28% 32%
48 21 20 20 24 13 61 76 85 47 33 48 86
EPS in Rs 8.07 3.43 3.38 3.39 4.00 2.22 10.11 11.67 12.96 7.16 4.99 7.37 13.13
Dividend Payout % 14% 20% 21% 21% 20% 22% 11% 11% 6% 10% 14% 14%
Compounded Sales Growth
10 Years: 8%
5 Years: 8%
3 Years: 12%
TTM: 9%
Compounded Profit Growth
10 Years: 9%
5 Years: -5%
3 Years: -5%
TTM: 85%
Stock Price CAGR
10 Years: 35%
5 Years: 15%
3 Years: 26%
1 Year: 93%
Return on Equity
10 Years: 8%
5 Years: 7%
3 Years: 5%
Last Year: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 12 12 12 12 12 12 12 13 13 13 13 13 13
Reserves 259 275 290 305 323 336 393 667 739 782 810 854 886
342 349 414 420 390 404 385 244 155 52 33 19 64
231 244 213 236 275 373 508 456 482 602 648 657 721
Total Liabilities 844 880 928 973 1,001 1,126 1,298 1,381 1,389 1,449 1,504 1,543 1,684
386 445 483 536 563 497 670 690 765 745 726 723 744
CWIP 90 107 103 88 54 149 90 86 66 54 61 86 71
Investments 2 2 2 2 2 2 2 2 2 5 5 25 5
365 326 340 345 381 477 536 602 555 646 712 709 864
Total Assets 844 880 928 973 1,001 1,126 1,298 1,381 1,389 1,449 1,504 1,543 1,684

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
87 177 95 143 149 111 316 100 239 154 151 141
-177 -135 -109 -96 -68 -75 -231 -126 -93 -58 -100 -145
89 -42 14 -48 -82 -35 -72 17 -148 -68 -53 4
Net Cash Flow -0 -0 1 -1 -0 1 13 -8 -2 28 -1 -1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 25 13 19 24 28 31 31 29 35 42 37 27
Inventory Days 81 76 80 78 73 70 66 61 61 80 70 57
Days Payable 66 56 50 49 53 82 112 96 100 130 107 83
Cash Conversion Cycle 40 33 50 52 47 19 -16 -6 -4 -9 -1 2
Working Capital Days 23 1 5 0 -3 -7 -21 -7 -7 -12 -7 -4
ROCE % 10% 10% 8% 8% 9% 12% 16% 19% 13% 8% 7% 9%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79%
0.60% 0.57% 0.60% 0.70% 0.72% 0.73% 0.62% 32.62% 32.59% 32.74% 33.35% 32.83%
10.88% 11.69% 12.24% 12.40% 12.76% 13.00% 13.15% 13.30% 12.46% 10.96% 9.48% 9.96%
51.73% 50.95% 50.38% 50.11% 49.73% 49.48% 49.43% 17.28% 18.15% 19.51% 20.38% 20.42%
No. of Shareholders 27,71825,97624,23025,48723,35122,52122,57722,38132,36938,40248,33753,981

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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