Subros Ltd
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]
- Market Cap ₹ 2,141 Cr.
- Current Price ₹ 328
- High / Low ₹ 410 / 269
- Stock P/E 44.7
- Book Value ₹ 133
- Dividend Yield 0.30 %
- ROCE 8.91 %
- ROE 5.67 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Debtor days have improved from 35.2 to 27.1 days.
Cons
- The company has delivered a poor sales growth of 7.97% over past five years.
- Company has a low return on equity of 5.30% over last 3 years.
- Dividend payout has been low at 12.4% 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1,113 | 1,267 | 1,167 | 1,192 | 1,298 | 1,535 | 1,913 | 2,124 | 1,993 | 1,796 | 2,239 | 2,806 | |
1,016 | 1,145 | 1,035 | 1,055 | 1,146 | 1,367 | 1,703 | 1,896 | 1,804 | 1,642 | 2,089 | 2,639 | |
Operating Profit | 96 | 122 | 132 | 137 | 152 | 168 | 210 | 229 | 189 | 154 | 149 | 168 |
OPM % | 9% | 10% | 11% | 11% | 12% | 11% | 11% | 11% | 9% | 9% | 7% | 6% |
41 | 11 | 2 | 1 | 2 | -24 | 6 | 6 | 62 | 11 | 9 | 20 | |
Interest | 26 | 36 | 37 | 39 | 42 | 48 | 41 | 42 | 36 | 16 | 11 | 7 |
Depreciation | 53 | 73 | 77 | 79 | 87 | 88 | 92 | 79 | 90 | 92 | 102 | 110 |
Profit before tax | 58 | 24 | 20 | 20 | 26 | 8 | 82 | 114 | 124 | 56 | 45 | 71 |
Tax % | 18% | 17% | -5% | 0% | 9% | -63% | 26% | 33% | 32% | 16% | 28% | 32% |
Net Profit | 48 | 20 | 21 | 20 | 24 | 13 | 61 | 76 | 85 | 47 | 32 | 48 |
EPS in Rs | 7.96 | 3.38 | 3.47 | 3.34 | 3.99 | 2.20 | 10.10 | 11.69 | 13.00 | 7.26 | 4.98 | 7.35 |
Dividend Payout % | 14% | 21% | 20% | 21% | 20% | 23% | 11% | 11% | 6% | 10% | 14% | 14% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 8% |
3 Years: | 12% |
TTM: | 25% |
Compounded Profit Growth | |
---|---|
10 Years: | 9% |
5 Years: | -5% |
3 Years: | -5% |
TTM: | 45% |
Stock Price CAGR | |
---|---|
10 Years: | 30% |
5 Years: | 0% |
3 Years: | 23% |
1 Year: | 8% |
Return on Equity | |
---|---|
10 Years: | 8% |
5 Years: | 7% |
3 Years: | 5% |
Last Year: | 6% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
12 | 12 | 12 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 13 | |
Reserves | 259 | 274 | 290 | 305 | 323 | 335 | 392 | 667 | 739 | 782 | 811 | 854 |
342 | 350 | 414 | 420 | 390 | 404 | 385 | 244 | 155 | 52 | 33 | 19 | |
231 | 245 | 214 | 236 | 276 | 373 | 508 | 456 | 482 | 602 | 648 | 657 | |
Total Liabilities | 844 | 881 | 929 | 973 | 1,001 | 1,125 | 1,297 | 1,380 | 1,388 | 1,449 | 1,505 | 1,543 |
387 | 446 | 484 | 537 | 563 | 497 | 670 | 690 | 765 | 745 | 726 | 753 | |
CWIP | 90 | 107 | 103 | 88 | 54 | 149 | 90 | 86 | 66 | 54 | 61 | 56 |
Investments | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 1 | 5 | 5 | 25 |
367 | 328 | 342 | 348 | 384 | 477 | 536 | 603 | 555 | 646 | 712 | 709 | |
Total Assets | 844 | 881 | 929 | 973 | 1,001 | 1,125 | 1,297 | 1,380 | 1,388 | 1,449 | 1,505 | 1,543 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
86 | 177 | 96 | 141 | 151 | 111 | 315 | 100 | 239 | 154 | 151 | 141 | |
-177 | -135 | -109 | -94 | -69 | -75 | -231 | -126 | -93 | -58 | -100 | -145 | |
89 | -42 | 14 | -48 | -82 | -35 | -72 | 17 | -148 | -68 | -53 | 4 | |
Net Cash Flow | -2 | -0 | 1 | -1 | -0 | 1 | 13 | -8 | -3 | 28 | -1 | -1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 77 | 80 | 78 | 73 | 70 | 66 | 61 | 61 | 80 | 70 | 57 |
Days Payable | 66 | 57 | 50 | 49 | 54 | 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 | -2 | -7 | -21 | -7 | -7 | -12 | -7 | -2 |
ROCE % | 10% | 10% | 8% | 8% | 9% | 12% | 16% | 19% | 13% | 8% | 7% | 9% |
Documents
Announcements
- Contact Details Of Company'S Registrar And Share Transfer Agent (RTA) 13h
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Compliances-Reg.24(A)-Annual Secretarial Compliance
14h - Secretarial Compliance Report for the financial year ended on 31st March, 2023.
- Intimation Of Book Closure 27 May
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Audio Recording
26 May - Recording of the Analyst / Investor Conference Call held on May 26, 2023, on the financial results for the year ended on 31st March, 2023, …
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Announcement under Regulation 30 (LODR)-Newspaper Publication
26 May - Copies of the newspaper publication of the audited financial results for the quarter and year ended on 31st March, 2023 approved by the Board in …
Annual reports
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2011
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Financial Year 2011
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Financial Year 2010
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Concalls
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May 2023TranscriptNotesPPT
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Jan 2023TranscriptPPT
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Aug 2019TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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May 2017TranscriptNotesPPT
Market Leadership
Subros is the largest Air Conditioning & Thermal Products company in India. It has a market share of 40% and 51% in the Passenger Car AC and Truck Aircon/Blower segment respectively. [1]