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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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