Subros Ltd

₹ 364 -2.24%
30 Sep - 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

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]

  • Market Cap 2,373 Cr.
  • Current Price 364
  • High / Low 430 / 269
  • Stock P/E 58.2
  • Book Value 126
  • Dividend Yield 0.19 %
  • ROCE 6.68 %
  • ROE 4.08 %
  • Face Value 2.00

Pros

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

Cons

  • Stock is trading at 2.88 times its book value
  • The company has delivered a poor sales growth of 7.84% over past five years.
  • Company has a low return on equity of 5.95% over last 3 years.
  • Dividend payout has been low at 9.95% 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
572 496 466 458 74 458 604 660 480 529 548 681 709
517 453 418 417 104 405 538 596 454 495 508 634 665
Operating Profit 55 44 48 42 -30 53 66 64 27 35 40 47 43
OPM % 10% 9% 10% 9% -40% 12% 11% 10% 6% 7% 7% 7% 6%
44 7 2 9 1 4 3 3 5 2 0 2 2
Interest 14 9 8 5 5 6 3 3 3 4 2 2 1
Depreciation 22 23 23 23 19 24 25 24 24 26 26 27 27
Profit before tax 62 19 19 23 -53 28 42 40 5 8 12 21 18
Tax % 34% 30% 32% 27% 55% 37% 34% 34% 36% 34% 35% 20% 34%
Net Profit 42 13 13 17 -24 18 27 26 3 5 8 17 12
EPS in Rs 6.36 2.05 2.05 2.55 -3.68 2.72 4.20 4.02 0.51 0.76 1.16 2.55 1.79
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,086 1,113 1,267 1,167 1,192 1,298 1,535 1,913 2,124 1,993 1,796 2,239 2,467
1,010 1,016 1,145 1,035 1,055 1,146 1,367 1,703 1,896 1,804 1,642 2,089 2,302
Operating Profit 76 96 122 132 137 152 168 210 229 189 154 149 165
OPM % 7% 9% 10% 11% 11% 12% 11% 11% 11% 9% 9% 7% 7%
12 41 11 2 1 2 -24 6 6 62 11 9 7
Interest 15 26 36 37 39 42 48 41 42 36 16 11 10
Depreciation 41 53 73 77 79 87 88 92 79 90 92 102 105
Profit before tax 32 58 24 20 20 26 8 82 114 124 56 45 58
Tax % 11% 18% 17% -5% 0% 9% -63% 26% 33% 32% 16% 28%
Net Profit 29 48 20 21 20 24 13 61 76 85 47 32 41
EPS in Rs 4.77 7.96 3.38 3.47 3.34 3.99 2.20 10.10 11.69 13.00 7.26 4.98 6.26
Dividend Payout % 17% 14% 21% 20% 21% 20% 23% 11% 11% 6% 10% 14%
Compounded Sales Growth
10 Years: 7%
5 Years: 8%
3 Years: 2%
TTM: 12%
Compounded Profit Growth
10 Years: 1%
5 Years: -2%
3 Years: -25%
TTM: -45%
Stock Price CAGR
10 Years: 28%
5 Years: 9%
3 Years: 14%
1 Year: 9%
Return on Equity
10 Years: 8%
5 Years: 9%
3 Years: 6%
Last Year: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
12 12 12 12 12 12 12 12 13 13 13 13
Reserves 218 259 274 290 305 323 335 392 667 739 782 811
218 342 350 414 420 390 404 385 244 155 52 33
207 231 245 214 236 276 373 508 456 482 602 648
Total Liabilities 655 844 881 929 973 1,001 1,125 1,297 1,380 1,388 1,449 1,505
268 387 446 484 537 563 497 670 690 765 745 726
CWIP 73 90 107 103 88 54 149 90 86 66 54 61
Investments 0 0 0 0 0 0 1 2 2 1 5 5
314 367 328 342 348 384 477 536 603 555 646 712
Total Assets 655 844 881 929 973 1,001 1,125 1,297 1,380 1,388 1,449 1,505

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
40 86 177 96 141 151 111 315 100 239 154 151
-78 -177 -135 -109 -94 -69 -75 -231 -126 -93 -58 -100
42 89 -42 14 -48 -82 -35 -72 17 -148 -68 -53
Net Cash Flow 3 -2 -0 1 -1 -0 1 13 -8 -3 28 -1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 17 25 13 19 24 28 31 31 29 35 42 37
Inventory Days 59 81 77 80 78 73 70 66 61 61 80 70
Days Payable 51 66 57 50 49 54 82 112 96 100 130 107
Cash Conversion Cycle 26 40 33 50 52 47 19 -16 -6 -4 -9 -1
Working Capital Days -0 23 1 5 0 -2 -7 -21 -7 -7 -16 -9
ROCE % 12% 10% 10% 8% 8% 9% 12% 16% 19% 13% 8% 7%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79 36.79
0.54 0.59 0.62 0.58 1.21 1.18 1.05 0.60 0.57 0.60 0.70 0.72
7.99 8.20 8.41 8.27 9.52 10.47 10.65 10.88 11.69 12.24 12.40 12.76
54.68 54.42 54.19 54.36 52.48 51.56 51.51 51.73 50.95 50.38 50.11 49.73

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