Subros Ltd

About

Subros is engaged primarily in the manufacture and sale of auto air conditioning system to automotive original equipment manufacturers.

  • Market Cap 1,833 Cr.
  • Current Price 281
  • High / Low 300 / 117
  • Stock P/E 77.3
  • Book Value 114
  • Dividend Yield 0.28 %
  • ROCE 13.0 %
  • ROE 7.82 %
  • Face Value 2.00

Pros

  • Company has reduced debt.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor growth of 10.83% over past five years.
  • Company has a low return on equity of 12.03% for last 3 years.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -3.22%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
532 564 511 518 572 496 466 458 74 458
475 505 454 463 517 453 418 417 104 405
Operating Profit 57 59 57 55 55 44 48 42 -30 53
OPM % 11% 10% 11% 11% 10% 9% 10% 9% -40% 12%
Other Income 1 6 -2 2 44 7 2 9 1 4
Interest 14 13 8 7 14 9 8 5 5 6
Depreciation 19 20 20 21 22 23 23 23 19 24
Profit before tax 25 32 28 29 62 19 19 23 -53 28
Tax % 24% 25% 38% 45% 34% 30% 32% 27% 55% 37%
Net Profit 19 24 17 16 42 13 13 17 -24 18
EPS in Rs 3.19 3.98 2.62 2.48 6.36 2.05 2.05 2.55 -3.68 2.72
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
691 900 1,086 1,113 1,267 1,167 1,192 1,298 1,535 1,913 2,124 1,993 1,456
628 807 1,010 1,016 1,145 1,035 1,055 1,146 1,542 1,703 1,896 1,804 1,343
Operating Profit 63 93 76 96 122 132 137 152 -7 210 229 189 113
OPM % 9% 10% 7% 9% 10% 11% 11% 12% -0% 11% 11% 9% 8%
Other Income 2 1 12 41 11 2 1 2 151 6 6 62 16
Interest 15 16 15 26 36 37 39 42 48 41 42 36 23
Depreciation 32 39 41 53 73 77 79 87 88 92 79 90 89
Profit before tax 18 40 32 58 24 20 20 26 8 82 114 124 17
Tax % 28% 29% 11% 18% 17% -5% 0% 9% -63% 26% 33% 32%
Net Profit 13 28 29 48 20 21 20 24 13 61 76 85 24
EPS in Rs 2.21 4.73 4.77 7.96 3.38 3.47 3.34 3.99 2.20 10.10 11.69 13.00 3.64
Dividend Payout % 23% 15% 17% 14% 21% 20% 21% 20% 23% 11% 11% 6%
Compounded Sales Growth
10 Years:8%
5 Years:11%
3 Years:9%
TTM:-31%
Compounded Profit Growth
10 Years:7%
5 Years:23%
3 Years:15%
TTM:-61%
Stock Price CAGR
10 Years:19%
5 Years:26%
3 Years:1%
1 Year:11%
Return on Equity
10 Years:10%
5 Years:11%
3 Years:12%
Last Year:8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
12 12 12 12 12 12 12 12 12 12 13 13 13
Reserves 172 195 218 259 274 290 305 323 335 392 667 739 728
Borrowings 135 154 218 342 350 414 420 390 404 385 244 155 125
120 128 207 231 245 214 236 276 373 508 456 482 453
Total Liabilities 439 490 655 844 881 929 973 1,001 1,125 1,297 1,380 1,388 1,320
219 227 268 387 446 484 537 563 497 670 690 765 778
CWIP 38 69 73 90 107 103 88 54 149 90 86 66 27
Investments 0 0 0 0 0 0 0 0 1 2 2 1 1
182 194 314 367 328 342 348 384 477 536 603 555 514
Total Assets 439 490 655 844 881 929 973 1,001 1,125 1,297 1,380 1,388 1,320

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
80 79 40 86 177 96 141 151 111 315 100 239
-80 -77 -78 -177 -135 -109 -94 -69 -75 -231 -126 -93
4 -0 42 89 -42 14 -48 -82 -35 -72 17 -148
Net Cash Flow 4 2 3 -2 -0 1 -1 -0 1 13 -8 -3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 11% 16% 12% 10% 10% 8% 8% 9% 12% 16% 19% 13%
Debtor Days 29 19 17 25 13 19 24 28 31 31 29 35
Inventory Turnover 5.88 7.37 7.24 5.23 5.03 4.48 4.76 5.18 5.72 6.14 6.20 5.94

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
40.01 40.01 40.01 40.01 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79
0.41 0.43 0.55 0.57 0.55 0.57 0.58 0.54 0.59 0.62 0.58 1.21
6.98 6.63 6.71 6.70 6.01 6.56 7.63 7.99 8.20 8.41 8.27 9.52
0.33 0.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
52.28 52.61 52.74 52.73 56.65 56.09 55.00 54.68 54.42 54.19 54.36 52.48

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