Subros

₹585 -3.2 | 0.5%

WEBSITE BSE:517168 NSE : SUBROS LTD. 10 May, 16:01

Market Cap ₹3816 Cr.

Stock P/E 50.6

P/B 4.1

Current Price ₹585

Book Value ₹ 141.9

Face Value 2

52W High ₹732.7

Dividend Yield 0.17%

52W Low ₹ 312.3

Edit Ratio

Subros Research see more...

Overview Inc. Year: 1985Industry: Auto Ancillary

Subros Ltd is a holding organization. The Company is engaged in imparting automotive aircon elements and add-ons of automotive system. It is a manufacturer of thermal products for automobile programs in India. Its product range spans throughout automobile air-conditioning and engine cooling structures for passenger, in addition to industrial motors. The Company manufactures compressors; heating, ventilation and air conditionings (HVACs); pipings, and heat exchangers to suit diverse automobile configurations. The Company offers a number of bus air conditioners and transport refrigeration solutions. It provides various air conditioners starting from 4 kilowatts to 36 kilowatts ability appropriate for ambulances and buses (4 meters to 12 meters). It offers a range of transport refrigeration solutions which are appropriate for storage quantity of about 50 cubic meters. The Company has advanced import substitute for driver cabin aircon for diesel locomotives of railway engines.

Subros Share Price

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Peer Comparison

Subros Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Jun 2023	Sep 2023	Dec 2023
Net Sales	480	529	548	681	709	695	655	693	813	732
Other Income	5	2	0	2	2	4	8	2	3	7
Total Income	485	531	548	683	711	699	663	695	816	739
Total Expenditure	454	495	508	634	665	655	621	646	743	673
Operating Profit	32	37	40	50	45	44	42	49	73	66
Interest	3	4	2	2	1	2	2	2	3	4
Depreciation	24	26	26	27	27	28	28	27	29	28
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	5	7	12	21	17	14	12	20	42	34
Provision for Tax	2	3	4	4	6	5	4	6	15	7
Profit After Tax	3	5	7	17	11	10	8	13	27	27
Adjustments	0	0	0	-0	0	0	0	0	0	0
Profit After Adjustments	3	5	8	17	12	10	8	14	27	27
Adjusted Earnings Per Share	0.5	0.8	1.2	2.6	1.8	1.5	1.3	2.1	4.1	4.1

Subros Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1277	1176	1202	1311	1535	1913	2124	1993	1796	2239	2806	2893
Other Income	11	2	1	3	7	7	10	20	20	10	20	20
Total Income	1287	1178	1203	1313	1542	1920	2135	2013	1815	2248	2827	2913
Total Expenditure	1154	1044	1065	1159	1367	1703	1896	1804	1651	2090	2639	2683
Operating Profit	133	134	138	155	175	217	238	209	164	158	188	230
Interest	36	37	39	42	48	41	42	36	16	11	7	11
Depreciation	73	77	79	87	88	92	79	90	92	102	110	112
Exceptional Income / Expenses	0	0	0	0	-31	-2	-3	41	0	0	0	0
Profit Before Tax	24	20	20	26	8	82	114	124	56	45	71	108
Provision for Tax	4	-1	0	2	-5	22	38	39	9	13	23	32
Profit After Tax	20	21	20	24	13	60	76	85	47	32	48	75
Adjustments	0	0	0	0	0	0	-0	-0	1	0	0	0
Profit After Adjustments	20	21	20	24	13	61	76	85	47	32	48	76
Adjusted Earnings Per Share	3.4	3.5	3.3	4	2.2	10.1	11.7	13	7.3	5	7.3	11.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	25%	12%	8%	8%
Operating Profit CAGR	19%	-3%	-3%	4%
PAT CAGR	50%	-17%	-4%	9%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	77%	22%	20%	36%
ROE Average	6%	5%	8%	8%
ROCE Average	9%	8%	12%	11%

Subros Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	286	302	317	335	347	404	680	752	795	824	867
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	190	241	214	189	157	153	57	23	25	13	5
Other Non-Current Liabilities	31	30	30	33	7	12	41	94	126	137	148
Total Current Liabilities	375	356	412	444	620	751	661	599	593	627	630
Total Liabilities	881	929	973	1001	1130	1320	1440	1468	1538	1602	1650
Fixed Assets	446	484	537	563	497	670	690	765	745	726	723
Other Non-Current Assets	149	155	135	103	207	152	167	139	162	186	232
Total Current Assets	286	290	301	335	426	499	583	563	631	690	695
Total Assets	881	929	973	1001	1130	1320	1440	1468	1538	1602	1650

Subros Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	2	2	3	2	1	2	15	7	4	33	31
Cash Flow from Operating Activities	177	96	141	151	111	315	100	239	154	151	141
Cash Flow from Investing Activities	-135	-109	-94	-69	-75	-231	-126	-93	-58	-100	-145
Cash Flow from Financing Activities	-42	14	-48	-82	-35	-72	17	-148	-68	-53	4
Net Cash Inflow / Outflow	-0	1	-1	-0	1	13	-8	-3	28	-1	-1
Closing Cash & Cash Equivalent	2	3	2	2	2	15	7	4	33	31	31

Subros Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.38	3.47	3.34	3.99	2.2	10.09	11.69	13	7.26	4.98	7.35
CEPS(Rs)	15.51	16.38	16.48	18.41	16.85	25.41	23.77	26.86	21.28	20.67	24.25
DPS(Rs)	0.7	0.7	0.7	0.8	0.5	1.1	1.3	0.8	0.7	0.7	1
Book NAV/Share(Rs)	47.67	50.3	52.83	55.86	57.92	67.42	104.23	115.28	121.88	126.27	132.94
Core EBITDA Margin(%)	8.48	9.97	10.18	10.23	9.63	10.66	10.74	9.48	8	6.61	5.93
EBIT Margin(%)	4.18	4.29	4.38	4.58	3.21	6.27	7.35	8.04	3.99	2.5	2.75
Pre Tax Margin(%)	1.69	1.49	1.5	1.77	0.46	4.17	5.37	6.22	3.09	2.01	2.51
PAT Margin (%)	1.41	1.57	1.49	1.61	0.76	3.07	3.59	4.26	2.59	1.44	1.7
Cash Profit Margin (%)	6.46	7.41	7.37	7.43	5.8	7.74	7.3	8.79	7.69	5.99	5.61
ROA(%)	2.35	2.3	2.1	2.43	1.24	4.93	5.52	5.84	3.11	2.07	2.95
ROE(%)	7.29	7.07	6.47	7.34	3.86	16.08	14.06	11.86	6.04	4.01	5.67
ROCE(%)	9.65	8.43	8.1	9.32	7.58	16.01	18.24	17.62	8.3	6.67	8.98
Receivable days	15.38	14.58	19	21.85	24.06	27.02	28.23	32.65	39.77	34.91	28.09
Inventory Days	46.98	50.83	47.75	42.95	40.02	41.22	41.98	44.26	52.11	48.55	42.43
Payable days	57.46	56.79	49.33	49.59	63.12	88.72	98.3	100.46	119.68	104.34	82.96
PER(x)	6.86	7.88	17.08	22.1	96.55	28.78	22.84	9.94	42.44	65.82	40.85
Price/Book(x)	0.49	0.54	1.08	1.58	3.66	4.31	2.56	1.12	2.53	2.6	2.26
Dividend Yield(%)	3.02	2.56	1.23	0.91	0.24	0.38	0.49	0.62	0.23	0.21	0.33
EV/Net Sales(x)	0.37	0.48	0.63	0.7	1.09	1.1	0.89	0.45	1.08	0.91	0.67
EV/Core EBITDA(x)	3.59	4.21	5.48	5.89	9.56	9.7	7.95	4.28	11.79	12.92	10.03
Net Sales Growth(%)	13.93	-7.86	2.19	9.05	17.1	24.63	11.06	-6.2	-9.89	24.67	25.36
EBIT Growth(%)	-28.17	-5.49	3.29	15.79	-17.83	120.53	26.62	2.62	-55.12	-21.91	38.1
PAT Growth(%)	-57.54	2.55	-3.73	19.63	-45.02	359.27	26.13	11.37	-44.99	-30.44	47.49
EPS Growth(%)	-57.54	2.55	-3.73	19.63	-44.94	359.42	15.77	11.27	-44.13	-31.44	47.49
Debt/Equity(x)	1.22	1.37	1.33	1.16	1.16	0.95	0.36	0.19	0.05	0.03	0.02
Current Ratio(x)	0.76	0.82	0.73	0.75	0.69	0.66	0.88	0.94	1.07	1.1	1.1
Quick Ratio(x)	0.25	0.32	0.31	0.36	0.36	0.35	0.51	0.55	0.59	0.59	0.57
Interest Cover(x)	1.68	1.53	1.52	1.63	1.17	2.99	3.7	4.41	4.43	5.15	11.45
Total Debt/Mcap(x)	2.51	2.53	1.23	0.74	0.32	0.22	0.14	0.17	0.02	0.01	0.01

Subros Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	36.79	36.79	36.79	36.79	36.79	36.79	36.79	36.79	36.79	36.79
FII	0.6	0.7	0.72	0.73	0.62	32.62	32.59	32.73	33.35	32.83
DII	12.24	12.39	12.76	13	13.15	13.3	12.46	10.96	9.48	9.96
Public	50.38	50.11	49.73	49.48	49.44	17.29	18.16	19.51	20.38	20.42
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
FII	0.04	0.05	0.05	0.05	0.04	2.13	2.13	2.14	2.18	2.14
DII	0.8	0.81	0.83	0.85	0.86	0.87	0.81	0.72	0.62	0.65
Public	3.29	3.27	3.24	3.23	3.22	1.13	1.18	1.27	1.33	1.33
Others	0	0	0	0	0	0	0	0	0	0
Total	6.52	6.52	6.52	6.52	6.52	6.52	6.52	6.52	6.52	6.52

Pros

Debtor days have improved from 104.34 to 82.96days.
Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 36.79%.
Company has a low return on equity of 5% over the last 3 years.
Stock is trading at 4.1 times its book value.
The company has delivered a poor profit growth of -4% over past five 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.