Subros Limited has informed the Exchange about Investor Presentation
24/ November 9, 2023 24/ Nove SL/BSE/NSE/2023-24/ Nove
The Manager, Listing Department, National Stock Exchange of India Ltd., National Stock Exchange of India Ltd., 1 , Block G, ‘Exchange Plaza’ C-1 , Block G, Kurla Complex, Bandra (E), Bandra-Kurla Complex, Bandra (E), Mumbai-400 051. Security ID: SUBROS
Dy. General Manager, Dy. General Manager, Department of Corporate Services, Department of Corporate Services, BSE LIMITED, First Floor, P.J. Towers, First Floor, P.J. Towers, Dalal Street, Fort, Dalal Street, Fort, 400001. Mumbai – 400001. Security ID: 517168 Security ID: 517168
Dear Sir/Madam,
Sub: Investor Presentation on the financial resul
Investor Presentation on the financial results for the quarter ended 30th
September, 2023
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we & half year ended 30th September, investor presentation on financial results for the quarter & half year enclose herewith the investor presentation on financial r 2023.
Kindly take the same on your record. Kindly take the same on your record.
Thanking you,
Yours faithfully, For SUBROS LIMITED
Kamal Samtani Company Secretary
SUBROS LIMITED Corporate & Registered Office: LGF, World Trade Centre, Barakhamba Lane, New Delhi 110001 (India).
LGF, World Trade Centre, Barakhamba Lane, New Delhi 110001 (India). Tel:
Tel: 23414946-49 I Fax: 01123414945
L74899DL1985PLC020134 Website: www.subros.com I CIN: L74899DL1985PLC020134
Financial Results Quarter 2, FY 2023-24
Investor Presentation
Cooling the Planet
SAFE HARBOUR
This presentation might contain forward looking statements which involve a number of risks, uncertainties and other factors that could cause the actual results to differ materially from those in the cause the actual results to differ materially from those in the forward looking statements. The Company undertakes no obligation to update these to reflect the events or circumstances thereof. Secondly, these statements should be understood in conjunction with the risks the company faces.
About Subros
Established in 1985, Subros is the Largest Air Conditioning & Thermal Products company in India. A Joint Venture company between
Company Profile
Equity Distribution
Indian Promoters-36.79%, Denso-20%, Suzuki-11.96%, Public-31.25%
Business
Integrated Thermal Products manufacturer for auto and non auto products products
Segments for Thermal products
Car, Bus, Truck, Tractor, Reefer, Railways and Home AC.
Plants Technical Centre Tool Engineering Centre
7 Locations (Pan India Presence) 2 Location(Noida) 1 Location (Noida)
Certifications
Market Shares
ISO 14001, IATF 16949, OHSAS 18001
42% (Passenger Car AC) 51% (Truck Aircon/Blower)
Gross Revenues
Rs. 2806 Cr. (2022-23) US$ 338 Mn
Noida Plant
Pressure Die Casting
Pune Plant
Manesar Plant
Chennai Plant
Karsanpura Plant
Nalagarh
Technical Centre
Tool Engineering Centre
DSEC
Our Board
Ms. Shradha Suri Chairperson & Managing Director
Dr. Jyotsna Suri Director
Mr. P. K. Duggal Whole Time Director and Chief Executive Officer
Mr. H. Takeuchi Representative of Suzuki Motor Corporation, Japan
Mr Naohisa Kuriyama Representative of DENSO Corporation, Japan
Mr. Tomoaki Yoshimori Representative of DENSO Corporation, Japan
Mr. Yasuhiro Iida Alternate Director
Mrs. Meena Sethi Independent Director
Mr. K.R. Ramamoorthy Independent Director
Mr. M A Pathan Independent Director
Mr. G.N. Mehra Independent Director
Mr. Arvind Kapur Independent Director
Mr. Shailendra Swarup Independent Director
Total 12 members6 from Promoter and Collaborators and 6 Independent
Leadership Team
Ms. Shradha Suri Chairperson & Managing Director
Mr P K Duggal Chief Executive Officer
Mr T Murayama Advisor
Mr. Y P Negi Chief Operating Officer (Technical & SCM)
Mr. A Parashar Chief Operating Officer (Operations, STEC & Service)
Mr. D Srini EVP Technical Centre
Hemant Agarwal CFO & VP Finance
Passenger Car Segment (AC+ECM)
Passenger Car Segment (AC+ECM)
Refrigeration Trucks
Refrigeration Trucks
Commercial Vehicle Segment (Bus, Truck, Tractor)
Commercial Vehicle Segment (Bus, Truck, Tractor)
Railways (Driver Cabin + Coach)
Railways (Driver Cabin + Coach)
Residential and Commercial
Residential and Commercial
Tooling
Tooling
Our Difference
Backward integrated to enable built-in quality
India’s leading automotive AC company
Highly reliable & energy- Highly reliable & energy- efficient products
Cost-effective and high- quality durable solutions
Availability of cutting-edge technology through in-house technology development & technical collaboration with Denso Japan
Strong manufacturing & process technology infrastructure
Proven capabilities In full-system design, validation, manufacturing & supplies
Pan-India presence
Diversified business into multiple segments
Financial Results & Highlights
Results Analysis - HY1 FY 2023-24 v/s HY1 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23 Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q1 FY 2023-24
Way Forward
Business Highlights (Q2 2023-24)
Q2 23-24 vs Q2 22-23
Q2 2023-24 Highlights
Revenue growth is 17%
PV Segment Thermal business growth is 19%
EBIDTA growth is 66% EBIDTA growth is 66%
Revenue growth is 10% Revenue growth is 10%
EBIDTA growth is 14% PBT growth is 183%
PAT growth is 172%
PBT growth is 26%
Highest ever Revenue reported for Rs. 748 Cr. in quarter 4
Highest ever Revenue reported for Rs. 813.37 Cr. in quarter 2
SOP of Fronx started from Karsanpura plant SOP of K2 Tractor (one model) started in Q4 in Q4 from Pune plant in Q2 from Pune plant in Q2
SOP of 1 New project is in pipeline for Q1 2023-24
SOP of 1 New project is in pipeline for Q3 2023-24
Development in progress of new EV business awarded in 2022-23
Development in progress for new EV business awarded in 2022-23
Highlights – Financial Performance
HY1 2023-24 v/s HY1 2022-23
Indicator
Revenues
EBIDTA
PBT
PAT PAT
Amount (Rs. in Cr.) 1506.58
121.87
61.44
40.19 40.19
Growth
7%
36%
91%
89% 89%
Q2 2023-24 v/s Q2 2022-23
Q2 2023-24 v/s Q1 2023-24
Indicator
Revenues
EBIDTA
PBT
PAT
Amount (Rs. in Cr.) 813.37
73.07
41.66
26.73
Growth
Indicator
17%
66%
183%
172%
Revenues
EBIDTA
PBT
PAT
Amount (Rs. in Cr.)
813.37
73.07
41.66
26.73
Growth
17%
50%
111%
99%
Standalone Results For Quarter Ending and Six Months Ending 30.09.2023
Amt in Lacs
PARTICULARS
30.09.2023
Quarter Ended 30.06.2023
30.09.2022
30.09.2023
30.09.2022
Six Months Ended
Year Ended 31.03.2023
Net Sales Other Operating Income Revenue from Operation Other Income Total Income Raw Material Consumed Total Material cost % to Net Sales Staff Cost Staff cost % to Net Sales Other Exp. Other Exps. % to Net Sales EBIDTA % to Net Sales % to Net Sales Depreciation and Amortisation exp Depreciation % to Net Sales Interest Interest cost % to Net Sales Net Profit/(Loss) % to Net Sales
(a) Current Tax (b) Deferred Tax
Total Tax Tax as % to PBT Net Profit after Tax/(Loss) % to Net Sales Other Comprehensive Income (net of tax) Total Comprehensive Income % to Net Sales EPS
81,112 226 81,337 284 81,621 60,463 74.54% 7,206 8.88% 6,645 8.19% 7,307 9.01% 9.01% 2,887 3.56% 254 0.31% 4,166 5.14% 670 823 1,493 35.83% 2,673 3.30% (215) 2,458 3.03% 4.10
69,136 186 69,321 152 69,473 51,722 74.81% 6,734 9.74% 6,136 8.88% 4,880 7.06% 7.06% 2,743 3.97% 159 0.23% 1,978 2.86% 346 286 632 31.93% 1,346 1.95% 4 1,350 1.95% 2.06
69,337 167 69,504 443 69,947 53,220 76.76% 6,349 9.16% 5,974 8.62% 4,405 6.35% 6.35% 2,763 3.99% 169 0.24% 1,472 2.12% 256 234 490 33.31% 982 1.41% (11) 971 1.40% 1.51
1,50,246 411 1,50,658 436 1,51,094 1,12,186 74.67% 13,940 9.28% 12,781 8.51% 12,187 8.11% 8.11% 5,630 3.75% 413 0.27% 6,144 4.09% 1,016 1,109 2,124 34.57% 4,019 2.67% (211) 3,808 2.53% 6.16
1,40,012 344 1,40,357 648 1,41,005 1,07,445 76.74% 12,732 9.09% 11,889 8.49% 8,939 6.38% 6.38% 5,419 3.87% 310 0.22% 3,210 2.29% 562 523 1,085 33.79% 2,125 1.52% 7 2,132 1.52% 3.26
2,79,980 648 2,80,628 2,057 2,82,685 2,15,033 76.80% 24,772 8.85% 24,073 8.60% 18,807 6.72% 6.72% 11,028 3.94% 678 0.24% 7,101 2.54% 1,218 1,075 2,293 32.29% 4,808 1.72% 15 4,823 1.72% 7.37
Financial Results & Highlights
Results Analysis - H1 FY 2023-24 v/s H1 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q1 FY 2023-24
Way Forward
HY 1 FY 2023-24 v/s HY 1 FY 2022-23
Amt. in Lacs
Revenue
150658
140357
HY FY 2022-23
HY FY 2023-24
EBIDTA
8939
12187
155000
150000
145000
140000
135000
15000
10000
5000
0
Recorded revenue growth of 7% in HY 1 FY 2023-24
EBIDTA realization @ 8.11% against 6.38%
PBT
3210
6144
PBT stands at 4.09% agst. 2.29%
HY FY 2022-23
HY FY 2023-24
PAT
2125
4019
PAT Levels at
2.67% of sales as against 1.52%
8000
6000
4000
2000
0
5000
4000
3000
2000
1000
0
HY FY 2022-23
HY FY 2023-24
HY FY 2022-23
HY FY 2023-24
Key Indicators HY 1 FY 2023-24 v/s HY 1 FY 2022-23
Rs. in Cr.
H1 FY 2022-23
H1 FY 2023-24
Change
Status
Key Aspects:
1400.12
1502.46
102.34
6.48
4.36
76.74%
74.67%
9.09%
8.49%
6.38%
0.22%
3.87%
2.29%
1.52%
9.28%
8.51%
8.11%
0.27%
3.75%
4.09%
2.67%
-2.12
-2.07
0.19
0.02
1.73
0.05
-0.12
1.80
1.15
n
n
n
g
g
n
g
n
n
n
•
Sales is higher by 7.31% due to increase in volume and Start of Production (SOP) of new business award.
• Other Income is lower due to decrease in fair value of change in derivative contracts
• MSR is lower due to softening of • MSR is lower due to softening of
commodity prices, Container cost, Product mix & Cost reduction efforts.
•
Employee Cost is higher due to yearly salary revision and sales volume.
Indicators
Net Sales
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
n Positive
g Moderate – variation upto 5%
n Negative – variation exceeding 5%
Financial Results & Highlights
Results Analysis - HY1 FY 2023-24 v/s HY1 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23 Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q1 FY 2023-24
Way Forward
Q2 FY 2023-24 v/s Q2 FY 2022-23
90000
75000
60000
45000
30000
15000
0
8000 7000 6000 5000 4000 3000 2000 1000 0
Revenue
69504
81337
Recorded revenue growth of 17% with corresponding Qtr
Q2 FY 2022-23
Q2 FY 2023-24
EBIDTA
7307
4405
Q2 FY 2022-23
Q2 FY 2023-24
EBIDTA realization at 9.01% as against 6.35%
5000
4000
3000
2000
1000
0
3000
2500
2000
1500
1000
500
0
PBT
4166
1472
Q2 FY 2022-23 Q2 FY 2023-24
PAT
2673
982
Q2 FY 2022-23
Q2 FY 2023-24
Amt. in Lacs
PBT realization at 5.14% as against 2.12%
PAT realization at 3.30% as against 1.41%
Key Indicators Q2 FY 2023-24 v/s Q2 FY 2022-23
Rs. in Cr.
Q2 FY 2022-23
Q2 FY 2023-24
Change
Status
693.37
4.43
811.12
117.75
2.84
n
n
n
n
n
n
n
n
n
n
-1.59
-2.22
-0.28
-0.43 -0.43
2.66
0.07
-0.43
3.02
1.89
Key Aspects:
•
Sales is higher by 16.98% due to increase in volume and Start of Production (SOP) of new business award.
• MSR is lower due to softening
of commodity prices, Container cost, Product mix & Cost cost, Product mix & Cost reduction efforts.
• Other Income is lower due to
decrease in fair value of change in derivative contracts
•
Employee cost is lower due to higher sales volumes in spite of salary revision.
76.76%
74.54%
9.16%
8.62% 8.62%
6.35%
0.24%
3.99%
2.12%
1.41%
8.88%
8.19% 8.19%
9.01%
0.31%
3.56%
5.14%
3.30%
Indicators
Net Sales
Other Income
Material Cost
Employee Cost
Other Expenses Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
n Positive
g Moderate – variation upto 5%
n Negative – variation exceeding 5%
Financial Results & Highlights
Results Analysis - HY1 FY 2023-24 v/s HY1 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23 Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q1 FY 2023-24
Way Forward
Q2 FY 2023-24 v/s Q1 FY 2023-24
Amt. in Lacs
90000
75000
60000
45000
30000
15000
0
8000 7000 6000 5000 4000 3000 2000 1000 0
Revenue
69321
81337
Recorded revenue growth of 17% with previous Qtr
Q1 FY 2023-24
Q2 FY 2023-24
EBIDTA
7307
4880
Q1 FY 2023-24
Q2 FY 2023-24
EBIDTA levels at 9.01% as against 7.06% in previous Qtr
5000
4000
3000
2000
1000
0
3000
2500
2000
1500
1000
500
0
PBT
4166
1978
PBT realization at 5.14% as against
2.86%
Q1 FY 2023-24
Q2 FY 2023-24
PAT
2673
1346
PAT realization at 3.30% as against 1.95%
Q1 FY 2023-24
Q2 FY 2023-24
Key Indicators Q2 FY 2023-24 v/s Q1 FY 2023-24
Rs. in Cr.
Q1 FY 2023-24
Q2 FY 2023-24
Change
Status
Key Aspects:
691.36
1.52
74.81%
9.74%
8.88%
7.06%
0.23%
3.97%
2.86%
1.95%
811.12
2.84
74.54%
8.88%
8.19%
9.01%
0.31%
3.56%
5.14%
3.30%
119.76
1.32
-0.27
-0.86
-0.69
1.95
0.08
-0.41
2.28
1.35
n
n
n
n
n
n
n
n
n
n
•
•
Sales is higher by 17.32% due to increase in volume in view of festival season.
Employee Cost, other expenses and depreciation is lower in percentage terms due to higher Sales volume. Sales volume.
Indicators
Net Sales
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
n Positive
g Moderate – variation upto 5%
n Negative – variation exceeding 5%
Financial Results & Highlights
Results Analysis - HY1 FY 2023-24 v/s HY1 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23 Results Analysis - Q2 FY 2023-24 v/s Q2 FY 2022-23
Results Analysis - Q2 FY 2023-24 v/s Q1 FY 2023-24
Way Forward
Market and Revenue Potential
Operational Aspects
WAY FORWARD
Growth in Line with the performance of Indian Automobile Industry
Business Expansion in Bus, Railways, Truck AC, Home AC and Refrigeration Trucks
Preparation to meet all regulatory changes including BSVI, RDE, CAFÉ and EV
Aggressive business development in Truck aircon and Railways
Mitigating Impact of Foreign Exchange Fluctuations thru prudent hedging policy, Mitigating Impact of Foreign Exchange Fluctuations thru prudent hedging policy, Commodity Fluctuation back to back arrangement with Customer
Material Cost Down thru VA/VE, Alternate sourcing, Make or buy feasibility (Focus on Localisation for De-risking FE Impact)
Cost Optimization by Consolidation of Plants/Shift Optimization/Renewable energy / Optimisation of Carbon foot print (Improvement in EBIDTA & ROCE)
Operational efficiency thru Automation of critical process, digitisation to reduce dependency on human.
Capacity enhancement thru cycle time reduction and process improvement to optimise Capital expenditure
Thank You
Cooling the Planet
www.subros.com