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]

See full details
  • Market Cap 2,359 Cr.
  • Current Price 362
  • High / Low 393 / 238
  • Stock P/E 31.6
  • Book Value 122
  • Dividend Yield 0.19 %
  • ROCE 8.33 %
  • ROE 6.16 %
  • 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 2.97 times its book value
  • The company has delivered a poor sales growth of 6.70% over past five years.
  • Company has a low return on equity of 8.97% for last 3 years.
  • Dividend payout has been low at 8.97% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -3.22%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
564.03 510.69 518.07 572.24 496.48 465.61 458.47 73.77 458.10 603.85 659.93 480.45
504.81 453.97 463.15 517.37 452.68 417.50 416.85 103.63 404.63 537.55 596.07 453.66
Operating Profit 59.22 56.72 54.92 54.87 43.80 48.11 41.62 -29.86 53.47 66.30 63.86 26.79
OPM % 10.50% 11.11% 10.60% 9.59% 8.82% 10.33% 9.08% -40.48% 11.67% 10.98% 9.68% 5.58%
Other Income 5.92 -1.54 1.94 43.60 7.10 2.33 9.17 1.05 3.77 3.44 2.73 5.06
Interest 13.34 8.01 6.82 14.50 9.15 7.51 5.18 4.81 5.55 3.28 2.61 2.79
Depreciation 19.91 19.54 20.64 21.53 22.56 23.44 22.77 19.30 23.75 24.85 24.21 23.85
Profit before tax 31.89 27.63 29.40 62.44 19.19 19.49 22.84 -52.92 27.94 41.61 39.77 5.21
Tax % 25.12% 38.15% 45.03% 33.54% 30.43% 31.50% 27.10% 54.61% 36.54% 34.08% 34.02% 35.70%
Net Profit 23.88 17.09 16.16 41.50 13.35 13.35 16.65 -24.02 17.73 27.43 26.24 3.35
EPS in Rs 3.98 2.62 2.48 6.36 2.05 2.05 2.55 -3.68 2.72 4.20 4.02 0.51

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
900 1,086 1,113 1,267 1,167 1,192 1,298 1,535 1,913 2,124 1,993 1,796 2,202
807 1,010 1,016 1,145 1,035 1,055 1,146 1,367 1,703 1,896 1,804 1,642 1,992
Operating Profit 93 76 96 122 132 137 152 168 210 229 189 154 210
OPM % 10% 7% 9% 10% 11% 11% 12% 11% 11% 11% 9% 9% 10%
Other Income 1 12 41 11 2 1 2 -24 6 6 62 11 15
Interest 16 15 26 36 37 39 42 48 41 42 36 16 14
Depreciation 39 41 53 73 77 79 87 88 92 79 90 92 97
Profit before tax 40 32 58 24 20 20 26 8 82 114 124 56 115
Tax % 29% 11% 18% 17% -5% 0% 9% -63% 26% 33% 32% 16%
Net Profit 28 29 48 20 21 20 24 13 61 76 85 47 75
EPS in Rs 4.73 4.77 7.96 3.38 3.47 3.34 3.99 2.20 10.10 11.69 13.00 7.26 11.45
Dividend Payout % 15% 17% 14% 21% 20% 21% 20% 23% 11% 11% 6% 10%
Compounded Sales Growth
10 Years:5%
5 Years:7%
3 Years:-2%
TTM:47%
Compounded Profit Growth
10 Years:5%
5 Years:15%
3 Years:-8%
TTM:287%
Stock Price CAGR
10 Years:30%
5 Years:22%
3 Years:8%
1 Year:51%
Return on Equity
10 Years:9%
5 Years:10%
3 Years:9%
Last Year:6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
12 12 12 12 12 12 12 12 12 13 13 13
Reserves 195 218 259 274 290 305 323 335 392 667 739 782
Borrowings 154 218 342 350 414 420 390 404 385 244 155 52
128 207 231 245 214 236 276 373 508 456 482 602
Total Liabilities 490 655 844 881 929 973 1,001 1,125 1,297 1,380 1,388 1,449
227 268 387 446 484 537 563 497 670 690 765 745
CWIP 69 73 90 107 103 88 54 149 90 86 66 54
Investments 0 0 0 0 0 0 0 1 2 2 1 5
194 314 367 328 342 348 384 477 536 603 555 646
Total Assets 490 655 844 881 929 973 1,001 1,125 1,297 1,380 1,388 1,449

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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 40 86 177 96 141 151 111 315 100 239 208
-77 -78 -177 -135 -109 -94 -69 -75 -231 -126 -93 -58
-0 42 89 -42 14 -48 -82 -35 -72 17 -148 -122
Net Cash Flow 2 3 -2 -0 1 -1 -0 1 13 -8 -3 28

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 17 25 13 19 24 28 31 31 29 35 42
Inventory Days 54 59 81 77 80 78 73 70 66 61 61 80
Days Payable 51 51 66 57 50 49 54 82 112 96 100 146
Cash Conversion Cycle 22 26 40 33 50 52 47 19 -16 -6 -4 -24
Working Capital Days 26 16 36 17 30 27 24 12 -8 3 -1 -12
ROCE % 16% 12% 10% 10% 8% 8% 9% 12% 16% 19% 13% 8%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
40.01 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79
0.57 0.55 0.57 0.58 0.54 0.59 0.62 0.58 1.21 1.18 1.05 0.60
6.70 6.01 6.56 7.63 7.99 8.20 8.41 8.27 9.52 10.47 10.65 10.88
52.73 56.65 56.09 55.00 54.68 54.42 54.19 54.36 52.48 51.56 51.51 51.73

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