BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
Subros Ltd.'s Q3 FY22 sales was below our estimates. Ebitda margin for the quarter stood at 7.3% versus our estimates of 8.4% mainly on account of gross margin decline.
The semiconductor shortages led to auto original equipment manufacturer plant closures impacted Subros production during Q3 FY22. The semi-conductor shortage continues to be a major challenge for auto Industry.
However, we believe, preference for personal mobility and pent up demand will help passenger vehicle industry to register double digit growth over next two-three years.
We have almost retained our FY24 profit estimates for Subros. We expect the company's sales/profit after tax to grow at ~16%/89% compound annual growth rate over FY22-FY24E.
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