Subros Ltd

Subros Ltd

₹ 671 -0.64%
21 Jun - close price
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%).

  • Market Cap 4,374 Cr.
  • Current Price 671
  • High / Low 734 / 346
  • Stock P/E 44.8
  • Book Value 147
  • Dividend Yield 0.15 %
  • ROCE 16.5 %
  • ROE 10.7 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 4.58 times its book value
  • Company has a low return on equity of 6.94% 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
660 480 529 548 681 709 695 655 748 693 813 732 832
596 454 495 508 634 665 655 621 697 646 743 673 755
Operating Profit 64 27 35 40 47 43 40 34 51 47 70 60 77
OPM % 10% 6% 7% 7% 7% 6% 6% 5% 7% 7% 9% 8% 9%
3 5 2 0 2 2 4 8 6 2 3 7 4
Interest 3 3 4 2 2 1 2 2 2 2 3 4 4
Depreciation 24 24 26 26 27 27 28 28 28 27 29 28 32
Profit before tax 40 5 8 12 21 18 15 12 26 20 42 34 45
Tax % 34% 36% 34% 35% 20% 34% 33% 33% 31% 32% 36% 21% 32%
26 3 5 8 17 12 10 8 18 14 27 27 30
EPS in Rs 4.02 0.51 0.76 1.16 2.55 1.79 1.49 1.27 2.80 2.08 4.10 4.12 4.66
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,267 1,167 1,192 1,298 1,535 1,913 2,124 1,993 1,796 2,239 2,806 3,071
1,145 1,035 1,055 1,146 1,367 1,703 1,896 1,804 1,642 2,089 2,638 2,816
Operating Profit 122 132 137 152 168 210 229 189 154 149 168 254
OPM % 10% 11% 11% 12% 11% 11% 11% 9% 9% 7% 6% 8%
11 2 1 2 -24 6 6 62 11 9 20 15
Interest 36 37 39 42 48 41 42 36 16 11 7 12
Depreciation 73 77 79 87 88 92 79 90 92 102 110 117
Profit before tax 24 20 20 26 8 82 114 124 56 45 71 141
Tax % 17% -5% 0% 9% -63% 26% 33% 32% 16% 28% 32% 31%
20 21 20 24 13 61 76 85 47 32 48 98
EPS in Rs 3.38 3.47 3.34 3.99 2.20 10.10 11.69 13.00 7.26 4.98 7.35 14.96
Dividend Payout % 21% 20% 21% 20% 23% 11% 11% 6% 10% 14% 14% 12%
Compounded Sales Growth
10 Years: 10%
5 Years: 8%
3 Years: 20%
TTM: 9%
Compounded Profit Growth
10 Years: 17%
5 Years: 4%
3 Years: 27%
TTM: 106%
Stock Price CAGR
10 Years: 29%
5 Years: 23%
3 Years: 30%
1 Year: 44%
Return on Equity
10 Years: 8%
5 Years: 7%
3 Years: 7%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 12 12 12 12 12 12 13 13 13 13 13 13
Reserves 274 290 305 323 335 392 667 739 782 811 854 943
350 414 420 390 404 385 244 155 52 33 19 5
245 214 236 276 373 508 456 482 602 648 657 690
Total Liabilities 881 929 973 1,001 1,125 1,297 1,380 1,388 1,449 1,505 1,543 1,651
446 484 537 563 497 670 690 765 745 726 723 785
CWIP 107 103 88 54 149 90 86 66 54 61 86 41
Investments 0 0 0 0 1 2 2 1 5 5 25 5
328 342 348 384 477 536 603 555 646 712 709 821
Total Assets 881 929 973 1,001 1,125 1,297 1,380 1,388 1,449 1,505 1,543 1,651

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
177 96 141 151 111 315 100 239 154 151 141 165
-135 -109 -94 -69 -75 -231 -126 -93 -58 -100 -145 -91
-42 14 -48 -82 -35 -72 17 -148 -68 -53 4 -65
Net Cash Flow -0 1 -1 -0 1 13 -8 -3 28 -1 -1 8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 13 19 24 28 31 31 29 35 42 37 27 34
Inventory Days 77 80 78 73 70 66 61 61 80 70 57 60
Days Payable 57 50 49 54 82 112 96 100 130 107 83 81
Cash Conversion Cycle 33 50 52 47 19 -16 -6 -4 -9 -1 2 13
Working Capital Days 1 5 0 -2 -7 -21 -7 -7 -12 -7 -4 7
ROCE % 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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