Subros Ltd - Stock Valuation and Financial Performance

BSE: 517168 | NSE: SUBROS | Auto Ancillary | Small Cap

Subros Share Price

507.80 -22.40 -4.22%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Subros

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Subros stock performance -

mw4me loader
P/E Ratio (SA):
69.87
Market Cap:
3,359.6 Cr.
52-wk low:
295.5
52-wk high:
732.7

Is Subros Ltd an attractive stock to invest in?

1. Is Subros Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Subros Ltd is a below average quality company.

2. Is Subros Ltd undervalued or overvalued?

The key valuation ratios of Subros Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Subros Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Subros Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Subros:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Subros Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 6.9%6.5%7.1%8.6%11.4%12.2%8.4%6.5%4.9%5.4%-
Value Creation
Index
-0.5-0.5-0.5-0.4-0.2-0.1-0.4-0.5-0.7-0.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,1711,1971,3071,5351,9132,1241,9931,7962,2392,8062,806
Sales YoY Gr.-2.2%9.2%17.5%24.6%11.1%-6.2%-9.9%24.7%25.4%-
Adj EPS 3.53.43.859.811.67.96.95.26.47.4
YoY Gr.--2%13.3%30.3%97%17.5%-32%-12.6%-24.3%23.1%-
BVPS (₹) 50.352.955.95867.5104.3115.3121.8126.2132.9141.9
Adj Net
Profit
20.720.32329.95975.451.344.833.941.748
Cash Flow from Ops. 95.3143149111316100239155151141-
Debt/CF from Ops. 4.32.92.63.71.22.40.60.30.20.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 10.2%8%12.1%25.4%
Adj EPS 7.1%-8.2%-6.6%23.1%
BVPS11.4%14.5%4.9%5.3%
Share Price 33.8% 13.7% 18.4% 67.6%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
76.67.18.815.713.97.25.84.24.95.4
Op. Profit
Mgn %
11.311.411.710.91110.89.78.66.767.3
Net Profit
Mgn %
1.81.71.823.13.62.62.51.51.51.7
Debt to
Equity
1.41.31.21.210.40.20.100-
Working Cap
Days
8991888994951021171069223
Cash Conv.
Cycle
233129171-502355

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 5.40%

Sales growth is growing at healthy rate in last 3 years 12.09%

Sales growth is good in last 4 quarters at 11.58%

Net Profit has been subdued in last 3 years -6.62%

Latest Financials - Subros Ltd.

Standalone Consolidated
TTM EPS (₹) 7.4 7.4
TTM Sales (₹ Cr.) 2,806 2,806
BVPS (₹.) 141.9 141.9
Reserves (₹ Cr.) 912 913
P/BV 3.63 3.63
PE 69.87 70.11
From the Market
52 Week Low / High (₹) 295.50 / 732.65
All Time Low / High (₹) 1.38 / 732.65
Market Cap (₹ Cr.) 3,360
Equity (₹ Cr.) 13.1
Face Value (₹) 2
Industry PE 46.3

Management X-Ray of Subros:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales1,1711,1971,3071,5351,9132,1241,9931,7962,2392,806
Operating Expenses 1,0401,0601,1551,3671,7031,8961,8041,6512,0902,639
Manufacturing Costs71747795114121109103126156
Material Costs8078148831,0671,3351,4841,4081,2901,6612,150
Employee Cost 101112126154188206207188227248
Other Costs 60616851668579707685
Operating Profit 131137152168210228189144149168
Operating Profit Margin (%) 11.2%11.4%11.6%10.9%11.0%10.7%9.5%8.0%6.6%6.0%
Other Income 212771020201021
Interest 3739424841423616117
Depreciation 7779868892799092102110
Exceptional Items 000-31-2-341000
Profit Before Tax 192026882114124564571
Tax -102-522383991323
Profit After Tax 20202413617685473348
PAT Margin (%) 1.7%1.7%1.8%0.9%3.2%3.6%4.2%2.6%1.5%1.7%
Adjusted EPS (₹)3.43.44.02.210.111.713.07.25.07.4
Dividend Payout Ratio (%)21%21%20%22%11%11%6%10%14%14%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 302317335348405680752795823867
Share Capital 12121212121313131313
Reserves 290305323336393667739782810854
Minority Interest0000000000
Debt33433329732731518811325135
Long Term Debt241214189157153572325135
Short Term Debt9311910817016313090000
Trade Payables110110129240410390385461489489
Others Liabilities 183212239217191182218257276289
Total Liabilities 9289731,0011,1311,3211,4401,4681,5381,6011,650

Fixed Assets

Gross Block9631,0941,2085858479341,0961,1591,2301,326
Accumulated Depreciation48055764588177244331414504602
Net Fixed Assets483536563497670690765745726723
CWIP 1038854149908666546186
Investments 33333225525
Inventories177173177205240249234281318339
Trade Receivables607899130161167189204226208
Cash Equivalents 1177420909111911988
Others Assets918799143138155121130147181
Total Assets 9289731,0011,1311,3211,4401,4681,5381,6011,650

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 95143149111316100239154151141
PBT 192026882114124564571
Adjustment 113117128124140109116106110110
Changes in Working Capital -3490-19107-992144-30
Tax Paid -5-4-6-2-14-24-22-12-9-10
Cash Flow From Investing Activity -109-96-68-75-231-126-93-58-100-145
Capex -109-96-68-78-231-127-98-62-106-132
Net Investments 0000000-30-19
Others 0003115765
Cash Flow From Financing Activity 14-48-82-35-7217-148-68-534
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 75-20-19-46-12-112-60-11-17-12
Interest Paid -45-49-47-47-48-40-37-14-11-7
Dividend Paid -5-5-5-5-3-7-8-5-5-5
Others -1026-1164-9175-43-37-2027
Net Cash Flow 1-10113-8-228-1-1
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)6.896.567.363.916.1114.0311.816.044.035.69
ROCE (%)8.358.149.327.5916.0318.2217.578.36.689
Asset Turnover Ratio1.461.411.51.631.611.541.371.21.431.74
PAT to CFO Conversion(x)4.757.156.218.545.181.322.813.284.582.94
Working Capital Days
Receivable Days15192224272833403528
Inventory Days51484340414244524942
Payable Days57495063899810012010483

Subros Ltd Stock News

Subros Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Subros on 28-Mar-2024 16:01 is ₹507.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 28-Mar-2024 16:01 the market cap of Subros stood at ₹3,359.6.
The latest P/E ratio of Subros as of 28-Mar-2024 16:01 is 69.87.
The latest P/B ratio of Subros as of 28-Mar-2024 16:01 is 3.63.
The 52-week high of Subros is ₹732.6 and the 52-week low is ₹295.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Subros is ₹2,806 ( Cr.) .

About Subros Ltd

Subros was established in 1985 as a joint venture between the Suri Brothers, Denso Corporation, Japan and Suzuki Motor Corporation, Japan.

The company has grown from a capacity of 15,000 AC units in 1985 comprising of largely an assembly operation, into the largest and only integrated manufacturing unit in India for Auto Air Conditioning systems. The company has the capability to manufacture compressors, condensers, heat exchangers and all the connecting elements that are required to complete the AC Loop.

Subros has three plants in Noida, one in Manesar and one in Pune. It also has a R&D centre and Tool room in Noida. The manufacturing capacity has grown to a level of 7,50,000 AC units per annum and there is a plan to go to a level of 1,000,000 per annum by 2008.

Subros has production facility in Noida, Manesar and Noida plant produces state-of-the-art, Brazed Multi Flow (MF) Condensors, Serpentine (SP) Condensors and SP Evaporators. The facilities also include injection moulding shop for manufacture of final assemblies and cooling units.

In 2010 The Company and Denso Corporation Japan agreed to form a Joint Venture Company in India for designing automobile air conditioning systems and other devices.
2011-12 Inauguration of Chennai Plant.
2012-13 Subros Launched Transport Refrigeration Systems

  • Compressor & HAVC Division of Noida: The compressor plant produces 10P and 10S compressors for various vehicle applications. This plant extensively uses CNC machines and automatic testing equipment for production of compressors. This plant also produces hoses and tube liquids using state-of-the-art equipment.
  • Die Casting Division / Tool Room of Noida: Subros posses India's only Squeeze Die Casting plant to produce high quality intricate castings using squeeze and vacuum die casting. The technology is provided by the collaborator M/s Denso Corporation, Japan.
  • Manesar Division : Plant has been set up in Manesar in vicinity of the MUL factory on a land area of 38000 sq mtrs. The plant is equipped with latest state of art manufacturing and testing facilities.
  • Pune Division : Pune Plant has been built in Chakan , Pune on a land area of over 24000 sq mtrs. The plant's vicinity to TML helps in providing faster and efficient service to the customer. The plant will also cater to the requirements of all other west based customers. The plant has latest production facilities and a new product design/ development setup as well.

Product range of the company includes:

Subros products are known for their reliability, energy efficiency and low noise levels, making them the OE customer’s preferred choice. The company manufactures new generation energy efficient swash plate compressors from 83cc ~ 138cc to meet all the customer needs in India. HVACs, Condersors and pipings are designed to suit vehicle configurations.

  • Compressors- Subros has wide range of swash plate of compressors, compatible for R12 as well as eco friendly R-134a Refrigerant. These compressors are available in different size and capacities to suit your requirements and engine power. Because of its unique design. These compressors draw little power from engine and works efficiently and silently.
  • Condensors- Subros is the largest manufacturer in India for the automotive condensors. These condensors are manufactured in house with technical collaboration with M/S Denso Corporation of Japan on Japanese machines.
  • Evaporators- Subros existing serpentine evaporators with corrugated fins, are highly efficient and light in weight. After extensive trial, Subros has adopted latest technology in evaporators. Multi-Flow (MF) evaporators are 50% lighter in weight and 15% better in performance than existing serpentine evaporator. They also give higher fuel efficiency, better cooling, easy service in the field and need less refrigerant.
  • Blowers- High speed, low current consumption Blowers with air discharge resulting in complete circulation of air in passenger compartment. Suitable for All Maruti, Telco, Honda City vehicles.
  • Heaters- Aluminium Heater light weight, smaller in size high heat transfer unit suitable for Alto / Wagon-R, Versa, Baleno vehicles
  • Tubes & Hoses- made from special grade aluminium material with wrinkle free bending and special grade rubber material for carrying high pressure R134a environment friendly refrigerant from Compressor to Condensor to Evaporator in order to keep the Vehicle cabin cool during summer.

Achievements/ recognition

  • MUL Award for System Audit Rating Performance for the year 2006-08
  • MUL Certificate for Appreciation to participated in All India Vendor Conference for the year 2007
  • MUL Award for Vendor Performance 2007-08 in Warranty Improvement
  • 2002-03: ISO 14001- EMS
  • 2004-05: OSHAS 18001, TS 16949,               : rated among top 5 IT user in manufacturing sector in India by NASSCOM
  • 2005-06: Maruti Award for overall performance, quality, VAVE and vendor upgradation.
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