SUBROSNSE11 December 2023

Subros Limited has informed the Exchange about Investor Presentation

Subros Limited

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(cid:0) U (cid:0) H (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) % (cid:0) D (cid:0) U (cid:0) D (cid:0) N (cid:0) K (cid:0) D (cid:0) P (cid:0) E (cid:0) D (cid:0) (cid:3) (cid:0) / (cid:0) D (cid:0) Q (cid:0) H (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) 1 (cid:0) H (cid:0) Z (cid:0) (cid:3) (cid:0) ’ (cid:0) H (cid:0) O (cid:0) K (cid:0) L (cid:0) (cid:3) (cid:0) (cid:20) (cid:0) (cid:20) (cid:0) (cid:19) (cid:0) (cid:19) (cid:0) (cid:19) (cid:0) (cid:20) (cid:0) (cid:3) (cid:0) (cid:11) (cid:0) , (cid:0) Q (cid:0) G (cid:0) L (cid:0) D (cid:0) (cid:12) (cid:0) (cid:17) (cid:0) (cid:3) (cid:0) 7 (cid:0) H (cid:0) O (cid:0) (cid:29) (cid:0) (cid:3) (cid:0) / (cid:0) (cid:26) (cid:0) (cid:23) (cid:0) (cid:27) (cid:0) (cid:28) (cid:0) (cid:28) (cid:0) ’ (cid:0) / (cid:0) (cid:20) (cid:0) (cid:28) (cid:0) (cid:27) (cid:0) (cid:24) (cid:0) 3 (cid:0) / (cid:0) & (cid:0) (cid:19) (cid:0) (cid:21) (cid:0) (cid:19) (cid:0) (cid:20) (cid:0) (cid:22) (cid:0) (cid:23) (cid:0) (cid:3) (cid:0) (cid:21) 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(cid:0) Q (cid:0) W (cid:0) D (cid:0) W (cid:0) L (cid:0) R (cid:0) Q (cid:0) (cid:3) (cid:0) 3 (cid:0) X (cid:0) U (cid:0) V (cid:0) X (cid:0) D (cid:0) Q (cid:0) W (cid:0) (cid:3) (cid:0) W (cid:0) R (cid:0) (cid:3) (cid:0) 5 (cid:0) H (cid:0) J (cid:0) X (cid:0) O (cid:0) D (cid:0) W (cid:0) L (cid:0) R (cid:0) Q (cid:0) (cid:3) (cid:0) (cid:22) (cid:0) (cid:19) (cid:0) (cid:3) (cid:0) R (cid:0) I (cid:0) (cid:3) (cid:0) W (cid:0) K (cid:0) H (cid:0) (cid:3) (cid:0) 6 (cid:0) ( (cid:0) % (cid:0) , (cid:0) (cid:3) (cid:0) (cid:11) (cid:0) / (cid:0) L (cid:0) V (cid:0) W (cid:0) L (cid:0) Q (cid:0) J (cid:0) (cid:3) (cid:0) 2 (cid:0) E (cid:0) O (cid:0) L (cid:0) J (cid:0) D (cid:0) W (cid:0) L (cid:0) R (cid:0) Q (cid:0) V (cid:0) (cid:3) (cid:0) D (cid:0) Q (cid:0) G (cid:0) (cid:3) (cid:0) ’ (cid:0) L (cid:0) V (cid:0) F (cid:0) O (cid:0) R (cid:0) V (cid:0) X (cid:0) U (cid:0) H (cid:0) (cid:3) (cid:0) 5 (cid:0) H (cid:0) T (cid:0) X (cid:0) L (cid:0) U (cid:0) H (cid:0) P (cid:0) H (cid:0) Q (cid:0) W (cid:0) V (cid:0) (cid:12) (cid:0) (cid:3) (cid:0) 5 (cid:0) H (cid:0) J (cid:0) X (cid:0) O (cid:0) D (cid:0) W (cid:0) L (cid:0) R (cid:0) Q (cid:0) V (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) (cid:21) (cid:0) (cid:19) (cid:0) (cid:20) (cid:0) (cid:24) (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) U (cid:0) H (cid:0) V (cid:0) H (cid:0) Q (cid:0) W (cid:0) D (cid:0) W (cid:0) L (cid:0) R (cid:0) Q (cid:0) (cid:3) (cid:0) P (cid:0) D (cid:0) G (cid:0) H (cid:0) (cid:3) (cid:0) D (cid:0) W (cid:0) (cid:3) (cid:0) W (cid:0) K (cid:0) H (cid:0) (cid:3) (cid:0) , (cid:0) Q (cid:0) Y (cid:0) H (cid:0) V (cid:0) W (cid:0) R (cid:0) U (cid:0) V (cid:0) (cid:3) (cid:0) 0 (cid:0) H (cid:0) H (cid:0) W (cid:0) (cid:3) (cid:0) K (cid:0) H (cid:0) O (cid:0) G (cid:0) (cid:3) (cid:0) R (cid:0) Q (cid:0) (cid:3) (cid:0) ’ (cid:0) H (cid:0) F (cid:0) H (cid:0) P (cid:0) E (cid:0) H (cid:0) U (cid:0) (cid:3) (cid:0) (cid:20) (cid:0) (cid:20) (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) (cid:21) (cid:0) (cid:19) (cid:0) (cid:21) (cid:0) (cid:22) (cid:0) Z (cid:0) H (cid:0) E (cid:0) V (cid:0) L (cid:0) W (cid:0) H (cid:0) (cid:3) (cid:0) R (cid:0) I (cid:0) (cid:3) (cid:0) W (cid:0) K (cid:0) H (cid:0) (cid:3) (cid:0) & (cid:0) R (cid:0) P (cid:0) S (cid:0) D (cid:0) Q (cid:0) \ (cid:0) (cid:17) (cid:0) (cid:3) (cid:0) O (cid:0) \ (cid:0) (cid:3) (cid:0) W (cid:0) D (cid:0) N (cid:0) H (cid:0) (cid:3) (cid:0) W (cid:0) K (cid:0) H (cid:0) (cid:3) (cid:0) V (cid:0) D (cid:0) P (cid:0) H (cid:0) (cid:3) (cid:0) R (cid:0) Q (cid:0) (cid:3) (cid:0) \ (cid:0) R (cid:0) X (cid:0) U (cid:0) (cid:3) (cid:0) U (cid:0) H (cid:0) F (cid:0) R (cid:0) U (cid:0) G (cid:0) (cid:17) (cid:0) (cid:3) (cid:0) (cid:3) (cid:0) 1 (cid:0) D (cid:0) W (cid:0) L (cid:0) R (cid:0) Q (cid:0) D (cid:0) O (cid:0) (cid:3) (cid:0) 6 (cid:0) W (cid:0) R (cid:0) F (cid:0) N (cid:0) (cid:3) (cid:0) ( (cid:0) [ (cid:0) F (cid:0) K (cid:0) D (cid:0) Q (cid:0) J (cid:0) H (cid:0) (cid:3) (cid:0) R (cid:0) I (cid:0) (cid:3) (cid:0) , (cid:0) Q (cid:0) G (cid:0) L (cid:0) D (cid:0) (cid:3) (cid:0) / (cid:0) W (cid:0) G (cid:0) (cid:17) (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) (cid:20) (cid:0) (cid:3) (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) % (cid:0) O (cid:0) R (cid:0) F (cid:0) N (cid:0) (cid:3) (cid:0) * (cid:0) (cid:15) (cid:0) (cid:3) (cid:0) . 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Investors Meet Mumbai 11th December 2023

Safe Harbour

This presentation, which have been prepared by Subros Limited (the “Company”), is solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks.

The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

Presentation Outline

Subros an update (Company Profile)

Industry update and Business Performance (Automotive Industry status and key drivers)

Business Outlook (Key Indicators, Strategic Initiatives etc)

Cooling the Planet

3/32

Subros An Update

Cooling the Planet

Company Profile

Established in 1985, Subros is the Largest Air Conditioning & Thermal Products company in India. A Joint Venture company between

Equity Distribution

Business

Indian Promoters-36.79%, Denso,Japan-20%, Suzuki,Japan-11.96%, Other Public-31.25%

Integrated Thermal Products manufacturer for auto and non auto 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

IATF 16949:2016 ERM ISO 31000:2018 EHS ISO 14001:2015, 45001:2018

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

DSEC

Technical Centre

Nalagarh

Tool Engineering Centre

Ms. Shradha Suri Chairperson & Managing Director

Dr. Jyotsna Suri Director

Mr. P. K. Duggal Whole Time Director and Chief Executive Officer

Mr. Hisahi Takeuchi Representative of Suzuki Motor Corporation, Japan

Mr Naohisa Kuriyama Representative of DENSO Corporation, Japan

Mr. Tomoaki Yoshimori Representative of DENSO Corporation, Japan

Mr. Yoshuira IIDA Alternate Director

Independent Directors

Mrs. Meena Sethi

Mr. K.R. Ramamoorthy

Mr. M A Pathan

Mr. G.N. Mehra

Mr. Arvind Kapur

Mr. Shailendra Swarup

Total 12 members→3 from Promoter, 3 from Collaborators and 6 Independent

Strategic Executive Committee

Shradha Suri Marwah CMD

Mr P K Duggal Chief Executive Officer

Mr Y Negi EVP & COO-SCM

Operation Executive Committee

Mr. Hemant Agarwal CFO & VP Finance

Mr. A Parashar EVP & COO- Operation & Service

Mr. D Srini EVP (Technical Centre & STEC)

Mr. Roopak Agarwal VP R&D

Mr. Gaurav Gupta VP HRD

Mr. Ajay Agarwal AVP SCM

What Inspire Us

Core Ideology

Core Purpose

Cooling the Planet

Core Values

Core Ideology Core Purpose Core Values

Envisioned Future

Vivid Description –

25 Years Later

Envisioned Future

Vivid Description

We aim to provide comfort by adopting new and innovative technologies, while striving to make the planet a better place.

Respect

Respect for Level Respect for all Stakeholders

Passion & Commitment

Inspired Minds Drive Excellence Keep Promises

Trust

Integrity – Personal & Professional Transparency

Team Work

Shared Purpose Collaborated Action Joy & Happiness at the workplace

In the not-too-distant future, we shall be redefining ‘Cooling Comfort’ while reducing our Carbon Footprint.

We shall be finding new ways of doing ‘More and more’ while consuming ‘Less and less’ in efforts and resources, through innovative designs and processes respectively.

We shall be actively contributing to ‘Sustainable Energy’ and ‘Sustainable Transport’. Our products and services shall expand to all areas where thermal management becomes crucial – Public Transport / Smart Buildings, and Cold Chains.

Passenger Vehicle Segment

HVAC

HVAC Assy

MC Raditor

Raditor Facn Assy

Compressor P & S Series

Condenser Assy

Hoses & Tubes

Truck Segment

LCV BLower

HCV Cabin Blower

Truck Blower

ICV AC

Condensor

Hose and Tube

Condenser

Compressor

Bus Segment

Rooftop Unit

Compressor Compressor

HIgh Electricity Compressor

Cooling Capacity 7.5 KW to 45 KW Vehicle Range 4m to 12m Buses

Applications Tourist , Staff , School , Intercity , City , Ambulances etc

Condensor Unit

Cooling Unit

Bus Kit Solution for ICE, EV, Hydrogen

Railways Segment

Driver Cab Tower

Deisel Loco AC

Loco AC

Electric CAB HVAC

CAB AC Train 18

Coach AC

Refrigeration Truck Segment

SL-500

SL-1400

SL-2500

SL-3000

SL-4000

SL-5000

SL-8000

Tractor Segment

AHVAC UNIT(C,Su,Lu)

Radiator Assembly

Condensor Unit

Compressor SV-97

Residential Home Aircon

Ductable IDU : 5.5 ~ 16.5 TR

Ductable ODU : 5.5 ~ 16.5 TR

Split AC: 1.5 TR & 2.0 TR 3 Star & 5 Star

Window AC: 1.5 TR & 2.0 TR 3 Star & 5 Star

Heat Exchanger

Customer Map

Passenger Car Segment (AC+ECM)

Refrigeration Trucks

Commercial Vehicle Segment (Bus, Truck, Tractor)

Railways (Driver Cabin + Coach)

Residential and Commercial

Tooling

Technical Capability of Subros

Cooling the Planet

STC Subros Technical Centre

DSEC Denso Subros Engineering Centre

STEC Subros Tool Engineering Centre

Indian Market Understanding Trends for R&D and application engineering

Global Market Understanding Trends for application engineering

Expediting tooling development

Subros have realized complete backward integration

83% localization level of child parts for our Products

100% of Tooling Localisation (Injection Molds, Die Casting and Sheet Metal )

70% of Localize design activities in India

We strive for Design in India and Make in India to be Self Reliant

Research & Development

New Product Design

New Technology Development, IP Creation & Management

New Product Design, Design verification & validation, RFQ Handling

CAD

CFD

Design Infrastructure

“Design in India”

CAE

PLM

Project Management

Business Support

In-house Simulation Capability

Subros Technical Centre

Product Development, VA/VE, Customer Integration , Quality

Business development/ Vendor up-gradation

Developed its first completely indigenous Hydrogen bus AC kit

Name

Denso Subros Thermal Engineering Centre India Private Limited (DSEC)

Ownership

74% by DENSO, 26% by Subros

Business Description Application Engineering for Air Conditioner and Engine Cooling Systems & Components

Customer

Key benefits

Subros and DENSO group (DNKI, DNHA, DIAM, DNJP etc.) – Denso Global R&D Centres

Reduction in lead time of development (~ 35%) Reduction in development cost (~ 30%)

DSEC and Subros are working to benchmark Global and Indian Companies in view of Technology (Green mobility i.e. EV, Hybrid, CNG), regulation (CAFÉ, Safety and Refrigerant) requirement and target to do 100% design localisation in India

Subros Tool Engineering Centre (STEC)

Key Tooling developed by STEC

Car AC HVAC Parts

ECM Shroud

P Tank

ECM Fan

Location

STEC , A-16 , Sector 68 , Noida

Oil Pan

Capabilities

Precision Plastic Injection Molds, Specialty Aluminum Die Casting Dies Precision Progressive Stamping Dies Special Purpose Machines Tooling Refurbishment & Maintenance activities

Tank Header

RAC IDU Front Cover & Bottom

Max, Die size

Size 3m x 2m, Weight - 30 ton

Cylinder cover Head

RAC IDU Panel

Quality Certification ISO 14001, TS 16949, OHSAS 18001

Tooling Tonnage

Injection Mold - Upto-1200T ( 3000*3000*1200) PDC Dies- Upto 1000 T ( 1500*1000*675) Sheet Metal Dies – Up to 350T( 2500*1000*550)

Key Customers: MSIL, TML, M&M, SML Isuzu, Sunbeam, Global Autotech, Talbros, Denso, Johnson Control Hitachi . Daikin

Subros Sustainability Roadmap

Cooling the Planet

Carbon Neutrality Roadmap→ Target 2040

2030

2040

Scope 1 +2 (Direct + Indirect)

-50%

Scope 3 (Value Chain)

-35%

Cooling the Planet

Objective Carbon Neutral

Our Approach

CSR

Innovations in the process, EV/Thermal products

Optimize/reduce energy use

Transition to carbon free energy

Suppliers & Logistics- Raw material and transport

SDG’s

Focus Areas & Strategic Priorities

Our point of distinction

Backward integrated to enable built-in quality

India’s leading automotive AC company

Strong manufacturing and process technology infrastructure

Highly reliable

and energy-efficient products

Cost-effective and high-quality durable solutions

Proven capabilities in full-system design, validation, manufacturing, and supplies

Pan-India presence

Availability of cutting-edge technology through in-house technology development & technical

collaboration with Denso Japan

Diversified business into multiple product range

Presentation Outline

Subros an update (Company Profile)

Industry update and Business Performance (Automotive Industry status and key drivers)

Business Outlook (Key Indicators, Strategic Initiatives etc)

Cooling the Planet

3/32

Industry performance 2022-23

Industry Performance 2022-23

• Healthy Demand momentum across segment

in domestic market

•

Semiconductor shortage continues to be dynamic and rising input costs and interest rates are key challenges that the industry is managing.

The long waiting period and flexible consumer behavior during the festive season have helped the industry to see movement in the segment.

n o

i l l i

M n

e m u o V

4.00

2.00

0.00

2.00

1.00

0.00

0.15

0.10

0.05

0.00

1.50

1.00

0.50

0.00

n o

i l l i

M n

I e m u o V

n o

i l l i

M n

I e m u o V

n o

i l l i

M n

I e m u o V

3.07

3.22

3.41

Passenger Vehicle (Production Data) 4.03 3.79

4.01

3.43

3.06

4.58

25%

3.65

19%

11%

-5%

-15%

-11%

2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 Truck (Production Data)

28%

23%

26%

-16% 0.61

-2%

0.60

13%

0.68

0.71

13%

0.81

1.01

0.67 -34%

-10% 0.60

0.77

0.95

e t a R h t w o r G

30%

10%

-10%

-30%

50%

-50%

e t a r h t w o r G

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

Bus (Production Data)

0.09 -15%

0.10 11%

0.10

-4%

0.09 -12%

0.10 12%

0.09 -14%

47%

0.04

-70% 0.03

137% 0.09

200%

100%

-100%

e t a r h t w o r G

2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

Tractor (Production Data) 0.97

0.61

0.57

21%

0.69

0.76

10%

-7%

0.90

18%

0.78

-13%

0.96

24%

1.09

40%

20%

13%

-20%

e t a r h t w o r G

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22

2022-23

Source from SIAM data

Key Factors driving Industry Performance 2022-23

Passenger Vehicle

Bus

Truck

Tractors

•

Personal mobility

Pent-up replacement demand

Adequate financing availability

Easing supply chain issues

•

Infrastructure outlay

Shared Mobility

Last-mile connectivity

• Infrastructure development

• Healthy monsoon levels

pushing sales M&HCV

• Government measures and healthy

• Urbanization pushing sales for LCV

crop procurement

vehicles

Focus on clean fuel technology

• Adequate financing availability

Multiple favorable factors to healthy replacement demand

Increased mobility and higher freight movement

Vehicle parc increase; Higher average age of vehicle population and used vehicle purchases

Reduced imports, lower offtake from unorganized segment and growth in proportion of branded parts

Deeper penetration in rural/semi-urban regions

Better awareness among consumers about vehicle safety and importance of periodic maintenance

Subros Business Performance

Share of Business

All Time High Share of Business

PV AC Segment

Truck AC/Blower Segment

40%

42%

40%

42%

40%

45%

43%

51%

2017-18

2021-22

2022-23

H1 23-24

2017-18

2021-22

2022-23

H1 23-24

We remain market leaders in both the segments

Long Term Target PV Segment ~45% and Truck Segment ~55%

Calculated based on SIAM vehicle production and Subros Actual sale (HVAC)

Revenue Trend

CAGR 8.77%

25.28%

1741

206

1,535

1968

1,912

2,122

1,991

1,793

2800

2235

Growth Drivers

Performance

•

•Steep recovery after Covid-19 due to high market demand • •Key contributors to the total revenue: • New Vehicle (new Business ) SOP →20% •Green Mobility (Thermal products for Hybrid, EV,CNG)→ 15% •PV Segment AC products →77% •ECM Products →14% •MSIL/SMG/TKM →84% •Other customers and segments→16%

3,000

2,500

2,000

1333

) r C s R ( e u a V s e a S

1479

172

136

1,197

1,307

FY 15

FY 16

FY 17

FY18

FY19

FY20

FY21

FY22

FY23

Strategic Initiatives

Sale

•Increase of share of business in existing customer (5~6%) •Development of EV products for Cars, Bus AC, E-Compressor, BCM. • AC Products for Truck AC regulation for N2 & N3 category • Rail Coach AC product Expansion & development • Focus on After Market business

707

693

653

747

691

811

LT Outlook

FY23 Q1

FY23 Q2

FY23 Q3

FY23 Q4

FY24 Q1

FY24 Q2

•Target Share of Business 48% in PV •After market growth 2x Product expansion contribution approx. 10%

1,500

1,000

500

1000

) . r C . s R ( e u n e v e R

800

600

400

200

EBIDTA Trend

Growth Drivers

Performance

11.4% 11.5% 11.8% 11.4% 11.4% 11.2%

10.5%

9.1%

9.0%

7.1%

6.7%

7.1%

•Key contributors to improve EBIDTA margins:

• Cost down initiatives across the organisation • Fabrication cost normalised and impact reduced at Tier 2/3 supplier • Reduction in Container and Logistic cost from China & Japan

Strategic Initiatives

FY 14 FY 15 FY 16 FY 17

FY18

FY19

FY20

FY21

FY22

FY23

Q1 FY24

Q2 FY24

EBIDTA %

structure,

identifying areas

•Review of our cost improvements and exploring opportunities for business modelling. •Streamlining processes, leveraging technology, and renegotiating contracts to ensure that every aspect of our business is contributing positively to our bottom line. •Aaggressive plan for material cost improvement thru Localisation or alternate sourcing.

for efficiency

FY23 Q1

FY23 Q2

FY23 Q3

FY23 Q4

FY24 Q1

FY24 Q2

•We strive for >10% EBIDTA as short term target and finally to target ~12% EBIDTA as long term target

LT Outlook

% A T D B E

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

) r c

s R ( A D T I B E

80 70 60 50 40 30 20 10 0

MSR improvement

Operational cost improvement

MSR trend

Operational Cost trend

76.6%

74.3%

74.7%

69.5% 69.8% 69.9%

68.3% 67.8%

71.9%

70.7%

% R S M

78.0% 76.0% 74.0% 72.0% 70.0% 68.0% 66.0% 64.0% 62.0%

12.0%

10.9% 10.8%

% T S O C N O I T A R E P O

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

9.5%

9.4%

9.7%

9.5%

9.2%

9.0%

8.6%

8.5%

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23 H1 FY24

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23 H1 FY24

➢ MSR improvement thru localisation and Cost down project

➢ Increase in efficiency of the M/c thru Cycle time, layout

initiated across the organisation

improvement to maximise productivity

➢ Reduction in Fabrication cost Mitigated impact at Tier2/3

➢ Initiative of Green Energy (Solar) across organization

vendor

➢ Reduction in Fixed cost thru various initiatives across all plant

➢ Reduction in Container cost mitigated the impact of higher

location

Import cost

➢ Product positioning based on proximity and optimising logistic

➢ After Market Sales expansion

costs.

o i t a R

18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00

40.00

35.00

30.00

25.00

20.00

15.00

10.00

5.00

0.00

e r a h S r e p

. s R

Interest Coverage Ratio

Improvement trend

Growth Drivers

Performance

Initiatives

LT Outlook

1.63

1.82

3.04

3.78

3.27

4.43

5.16

FY 16

FY 17

FY 18

FY19

FY20

FY21

FY22

FY23 H1 FY24

1.00

FY 15

15.87

11.48

• Higher consistent Cash accruals resulting low debts and low interest

• Increase in efficiency of the M/c thru Cycle time improvement and maximise production

• Effective Cash flow management

•Improvement in Net Cash surplus

• Working capital loans will per remain business requirement

• Planning capital expenditure out of cash accruals only

Formula: EBIT/Interest

Operating Profit Per Share (INR)

Growth Drivers

Dropped during Covid-19, now started recovering due to favourable market condition

Performance

Initiatives

LT Outlook

22.80

25.35

27.85

35.00

34.96

28.98

23.57

22.80

25.68

36.03

FY 15

FY 16

FY 17

FY 18

FY 19

FY20

FY21

FY22

FY23 H1 FY24

Operating profit per share is annualised based on H1 FY24 performance

• Child parts reduction localisation, in material & fixed cost improved operating profit of the Company •Operating profit per share is at Rs. 36.03# based FY24 on H1 performance

• Gradual with improvement the Initiative taken by the organisation as explained earlier

After

• Focus market sale • Material cost down thru Localisation and Alternate sourcing • Cycle time reduction to optimise process cost and maximise production

Formula: Operating Profit/No. of Shares

Net working capital days

Inventory

Debtors

Creditors

Work Cap Days

Growth Drivers

150

100

-50

-100

-150

19 24

(58)

(51)

(57)

(67)

(71)

(105)

(85)

8 27

(64)

(6)

(78)

(2)

FY 15

FY 16

FY 17

FY 18

FY19

FY20

FY21

FY22

FY23

Performance

Initiatives

LT Outlook

• Working capital cycle achieved 8 days basis in FY23

• FY21 was exceptional due Covid-19, Revenue dropped, and Payable/Inventory got increased.

• Aligning capital Vendor

of working with cycle

• Efficient management of -

•

Inventory and planning

transit

ordering days

• Creditor cycle in line with Debtors cycle

• Our target to remain working capital cycle less than 10 days

• Strictly

following

MSME guidelines

Return on Capital Employed

Growth Drivers

Improvement

17.4%

18.4%

12.9%

10.8%

9.1%

Impacted by adverse marked condition, started showing recovery

13.8%

14.0%

8.8%

6.6%

FY 15

FY 16

FY 17

FY 18

FY19

FY20

FY21

FY22

FY23

H1 FY24

Performance

Initiatives

LT Outlook

• ROCE is at 14%# based on H1 FY24 performance • Material cost reduction and increase operational efficiency improved ROCE of the organisation •Capex optimisation

Business and alignment

• Rationalise planning with Customer plan • Focus on After market and expansion • Focus optimisation •Focus time on reduction and low cost automation

Cycle

cost

• Our target of ROCE is more than 20%

• Investment on digitisation and focus on automation

Assets Turnover

Growth Drivers

Increased as higher Revenues

Performance

Initiatives

LT Outlook

Formula: EBIT/(STL+LTL+Net Worth)

3.1

2.8

2.7

2.2

2.3

2.7

2.3

2.1

3.7

3.3

•Achieved 3.7 times of turnover which is highest ever due to optimum utilisation of the Assets

•Asset turnover will have Improvement continual with growth in Sales and rationalise Investment.

•Effective utilization of fixed-assets •Product positioning and alignment of the capacity across all the for maximum plants utilisation •Expansion market

in After

20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

o i t a R r e v o n r u T t r e s s A

4.0

3.0

2.0

1.0

0.0

FY 15

FY 16

FY 17

FY 18

FY 19

FY20

FY21

FY22

FY23 H1 FY24

# FY24 is based on H1 performance on annualised basis

Improvement in Debt to Equity

Growth Drivers

o i t a R

. r C s R

1.5

1.0

0.5

0.0

200 180 160 140 120 100 80 60 40 20 0

Towards a Debt Free Company

1.05

0.89

0.94

0.78

0.28

0.15

0.03

0.02

0.04

FY 15

FY 16

FY 17

FY 18

FY 19

FY20

FY21

FY22

FY23 H1 FY24

Long Term Borrowing trend

Consistent Reduction in Debt

188.97

156.76

152.6

57.44

22.76

24.97

13.36

4.69

2.81

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

H1 FY24

Improvement by reduction in Borrowings and repayment of loans

Performance

Initiatives

LT Outlook

•Higher consistent Cash accruals resulting low debts. •It has improved to 0.02 times in FY23 after repayment of term loans & efficient management of funds

• Better Capex and working capital management out of cash accruals

• Working capital loans will remain

• Planning capital expenditure out of cash accruals

Growth Drivers

Performance

Initiatives

LT Outlook

• Higher consistent Cash accruals • Control over the new capex

• Capacity enhancement thru Cycle time reduction of M/c and maximise production •Effective Working Capital management

New

• All Capex of out Investment internal cash accruals except major expansion on technology

o i t a R

100%

80%

60%

40%

20%

(Int+Depr)/EBITDA

Improvement

84%

83%

78%

61%

51%

61%

66%

71%

62%

50%

FY 15

FY 16

FY 17

FY 18

FY19

FY20

FY21

FY22

FY23

H1 FY24

Growth Drivers

Performance

Initiatives

Outlook

•Improvement from 84% in FY15 to 50% in H1 FY24 •Effective management of Working capital •Declining Interest rate scenario

• Effective utilization of fixed-assets

• Cost down initiatives and aligning credit term of Vendor with Customer

• No plan of Long term borrowing for Investment except working capital limit •Target operating margin of 11% in next 2- 3 yrs.

PAT and EPS

PAT trend

PBT

Tax

Tax %

33.20%

31.63%

28.21%

32.29%

16.18%

EPS 12.32

34.57%

EPS 14.09

25.17%

FY19

FY20

FY21

FY22

FY23

H1 FY24

FY24 at New Tax regime

40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00%

14,000

12,000

10,000

8,000

6,000

4,000

2,000

Growth Drivers

Performance

Initiatives

Outlook

•Gradual Improvement in profit before tax due to Industry growth and new businesses and product domain, •Tax rate was at 30% plus surcharge & Cess due to accumulation of MAT.

• Improvement in Margins coupled with cost reduction and increased revenue. •MAT outflow to decline and gradually reduced. It will be utilized in FY 2023-24

• WEF 01/04/2024, co will move to rationalized tax rate @ 22% plus surcharge & cess. Positive impact on EPS by Rs 1.77 per share. •With projected profitability it will further improve drastically

# EPS is annualised based on H1 FY24 performance

Presentation Outline

Subros an update (Company Profile)

Industry update and Business Performance (Automotive Industry status and key drivers)

Business Outlook (Key Indicators, Strategic Initiatives etc)

Cooling the Planet

3/32

Business Outlook

Future Disruptions

Alternate Fuels

Sustainability

Disruptions in the Auto Industry

Light-weighting (New materials, Lighter technology)

Regulations

Hybrid & Electric Vehicles

Capability , Capacity & Collaboration are key actions to manage these disruptions

Long Term Outlook

Growing income

Youngest Nation' by 2025

3X increase in average household income (MIG) from $6,393 in 2010 to $18,448 in 2020

India to become the youngest nation by 2025 with an average age of 25 years

Vehicle penetration (India 32 Cars/1K)

Expected to reach 72 vehicles per 1000 people by 2030 (China 173/1000)

Mobility status

• 7 % of the papulation

owning car

• 33% papulation owning 2

Wheeler

Atamnirbhar Bharat

Self Reliant India Localisation

• • • China +1

Expanding R&D hub • India accounts for 40% of total $31 Bn of global engineering and R&D spend.

• 8% of the country’s R&D

expenditure is in the automotive sector.

Economic Indicators

Indian Economy is the 5th largest in the world

Year

Global Ranking

1990

15th

2020

5th

2030

2nd or 3rd (Estimates)

Core Sector

The automobile Industry in India is contribute 49% of India manufacturing GDP and 7.5% to total overall GDP

Opportunities

India has the world's largest youth population (261 Mn) - critical role in achieving US$ 5 trillion economy

Rising Investment

High FDI inflow – USD 30.78 Bn (2000~2021), 8-10USD Bn expected by 2023

Opportunities in adjacent sectors in India: Multiple adjacent sectors where auto suppliers can deploy their capacities…

• Construction & Mining Equipment (Industry size ~5B$ and

projected CAGR 7~8% by FY2030)

• Power Generation – Diesel genset ((Industry size ~1B$ and

projected CAGR 5~6% by FY2030)

• Farm Equipment – tractors (Industry size ~11B$ and projected

CAGR 5~6% by FY2030)

• Railway Equipment – rolling stock (Industry size ~3B$ and

projected CAGR 6~7% by FY2030)

(Adjacent sector growth has always direct impact on mobility sector as purchase power improve for those working in such sectors)

Long Term Outlook

Overall Market→~ 26 Million Automobile production (all mobility)(FY23)→ increase to 47 Million(FY30) → CAGR~7%- 3rd Largest in P{V Vehicle production

Car Segment • SUV segment vehicle and Fuel Efficiency are key preferences of buyers. • SUV may contribute >60% of the total car sales by FY (55% SUV sale now) • Small Car share is decreasing. MSIL and Hyundai are major small car makers now. • CNG fuel as intermediate is also rapidly growing(200% growth YOY).

Indian Market - PV’s

>7.0M

>4.4M

y a d o T

Last 40 Years

Next 6~8 Years

40K

1982

Indian Market Future Growth Per Year

+1.4M

+1.2M

>4.4M

Current

Next 2~3 Years

Next 4~6 Year

Opportunities for Subros for growth

Sales (Qty) figures in Lacs

Passenger Vehicle

FY21

FY23

FY24 Truck

6.0

9.5

10.3

FY21

FY23

0.3

FY21

0.9

FY23

FY24

Bus

0.9

FY24 Tractor

9.7

10.9

11.7

20.0

10.0

0.0

1.5

1.0

0.5

0.0

20.0

15.0

10.0

5.0

0.0

FY26

FY30

11.7

14.4

FY26

FY30

1.2

FY30

18.6

1.0

FY26

13.7

FY21

FY23

FY24

FY26

FY30

Source based on SIAM and various other research papers

Future Trends impacting Auto Component Industry

Trends could give rise to attractive opportunities for auto component manufacturers

Shifting Market Dynamics

Changing OEM Needs

Technology

Regulations

Make in India for India and for world

Premium and convenience features

Traceability and Zero defects

Volatility and forecast ability

Suppliers integrating across value chain

Expansion to adjacent industries

Platform consolidation

Shorter product lifecycle

Increase usage of electronics

Tier 1 rationalization

ACES to gain pace

Industry 4.0

Advanced materials

Mobility as a service

Tier 2 Quality

Electrification

Emissions –RDE, FAME II

Safety – Braking, Cabin, Roll over protection

Scrappage – Lead use, Reverse value chain

Dynamic global trade policies

Short Term Outlook

New Product additions & Product development for ICE platforms

CAPEX towards upcoming regulatory changes & Capacities

Development of advanced technologies, EV and Localisation

6-9%

2 -4%

10-12%

8~10%

Electrification

Revenue growth of 6-8% for auto ancillaries in FY2024.

• • While demand is expected to remain healthy, the growth will be

•

weighed in by the high base of FY2023. Demand will largely stem from the domestic market, amidst weak export environment.

Source based on SIAM and various other research papers

Comprehensive approach for Long Term to be considered by Subros to remain market leader by having ~45% market share in PV Thermal Products with Improved Profitability (EBIDTA>10%)

Managing Disruption

Opportunities

Technology

ICE/EV/SHEV

Disruption

Regulations

FAME/CAFÉ/RDE/Safety

Sustainability

Carbon Neutrality

Capacity As per Customer plan

Capability

Managing Quality/Automation

Process Innovation

Industry 4.0, AI,Digitization

Industry Size 7 Mn 8% CAGR

MSIL ~4 Mn 2M→4 Mn 8 Years

Exports 3 X

Global Quality Standard

Vision of Subros

Renewed approach in view of changing industry scenario

Technology Roadmap and Product profiling

Design & Development Capability (DSEC/SL)

Process Innovation & Automation (LCA/I4.0)

Make in India (Self Reliant) (Capacity & Localization)

Resource Management (Human , Financial & Sustainability)

Renewed Vision, Speed of Decisions, New way of Industrialization

Source based on SIAM and various other research papers

Key Initiatives and Segment Expansion Plan

Segments

Digitalization and Automation

• Business process Automation- • Manufacturing Process Automation •

ERP, PLM

IIOT -Electronics & Sensors Artificial Intelligence

• • • Machine Learning • Programmable

Drive Efficiency Gains

Support Evolving Business Model

Enable Controls

Data Driven Decision making

32 / 50

Factory Analytics

• MIS • • Mobile Apps •

Real Time Interventions

Investing in Local D&D and R&D Value Creation and Growth through D&D and R&D

Re-Imagining Engineering

Localise D&D ---->>>> R&D

Flexible and Modular

Building R&D Capability

Design and Development

-Go Local

-Develop As Is

-Learn in the process

-Develop standards

Engineering

Tie-ups & Partnerships

Familiarization with Global standards

Learning & Growth

Value

e u n e v e R

Research and Development

-Incremental Improvement

-Innovate

-Test to convince customer

-Collaborate with Institutes

Growth

“Supports in Attracting and Retaining Talent ”

•

India’s Uniqueness - Dominance of IC Engine will continue in PV segment

• Uncertainty and volatility are now the new

normal.

• Planning for growth is not new, but what’s new is that volatility implies a trade-off situation between investing for the future vis-à-vis staying afloat – which is further accentuated with the market disruption impacting management decisions.

Passenger Vehicle

2018-19

2022-23

2023-24

2025-26

2029-30

Passenger Vehicle EV (Vol in Lac)

BEV

HEV

EV Penetration

0 2018-19

0.2

2022-23

1 2

2023-24 (Likely)

1 4

2025-26 (Est.) 2029-30 (est.)

24%

25%

15%

-5%

Hybrid & BEV Penetration to increase in coming years Focus on Complete Battery Electric Vehicle & Strong Hybrid (mainly from Japanese OEM) EV Penetration in PV Industry is likely to be around ~20 %

• • • • Major Change in Thermal Management System. New products like E-Compressor,

Chillers, Brushless Motors

The market potential till FY 2030 is an opportunity for Subros growth (Revenue and Share of Business)

Source based on SIAM and various other research papers

• Commercial Vehicle Industry is Growing in both the Segment for M&HCV and LCV and reached to Pre- Pandemic Levels

•

Industry is expected to Grow @ CAGR of 6%

• N2 & N3 Category of CV segment falls under the

regulation of forced ventilation since 2018

• N1 (Small Pickup) AC penetration increasing ~10%

• Regulation of forced Air Conditioning in N2 & N3

Category is expected to implement from 1st Jan’25 (100% AC penetration)

Truck (Vol. in Lac) N2

3.2 1.3

5.6 Growth Drivers 2018-19

2.9 0.9

5.7

3.2 1.0

6.1

3.6 1.1

7.0

4.5

1.4

8.5

2022-23

2023-24

2025-26

2029-30

• Ac fitment ration is going to be 100% from Jan,2025 on N2 & N3 as per new

Notification , which is beneficial for Subros.

•

Subros is current supplier of TML running models, this will directly benefit Subros (around current 25% AC penetration to 100% AC penetration)

Focus on Modular products resulting price competitive with low Investment is the key to sustain and improve Subros presence in this segment including customer expansion

This segment has potential for revenue >150Cr for Subros (2 x growth in next 2~3 Years)

Source based on SIAM and various other research papers

• Passenger Carrier industry is expected to grow at CAGR of 5% from FY 23to FY30

• Structural shift will have main impact on Passenger Carrier industry growth, with policies like Make in India

•Modular design to offer on multiple models

•AC Penetration in ICE is ~20% of total volume

• Alternate Fuel Hydrogen, EV and ICE base technologies

• Govt. push on infrastructure (Ambulance for medical facilities)

Bus (Vol In Lac)

1.0

0.9

1.0

1.2

2018-19

2022-23

2023-24

2025-26

2029-30

E-Bus (Vol. in Lac)

EV Bus

E-Bus Penetration

Market Potential 400 Cr (FY30)

0.4%

0.004

0.02

0.05

15%

0.15

0.4

0.3

0.2

0.1

30%

0.37

30.0%

20.0%

10.0%

0.0%

2018-19

2022-23

2023-24

2025-26

2029-30

This segment has potential for revenue 35 Cr (CY) to >100Cr for Subros (3 x growth in next 3~4 Years)

Source based on SIAM and various other research papers

• In India Agriculture is Primary source of livelihood for

55% of Population

• Tractor Industry is one of most promising Industry of

Indian Economy

Tractor (Vol in Lac)

• USA - largest export market for India mainly with AC

cabin. AC penetration is ~1%

• Major export 50+ HP - 61%, followed by 41-50HP -

25%

2018-19

2022-23

2023-24

2025-26

2029-30

Growing Demand

• Govt. Incentive for Agri Sector • • High government support through income support schemes

Positive farm sentiments on account of better crop profitability

Opportunities

• AC cabin and Radiator are key products • •

SOP of K2 radiator & AC kit for export markets Tractor Radiator business expansion

This segment has potential for revenue 3 Cr (CY) to >20Cr for Subros (7 x growth in next 3~4 Years)

Source based on SIAM and various other research papers

• India has the fourth largest railway network

• India is projected to account for 40% of the total

global share of rail activity by 2050.

• Government has allowed 100% FDI in the railways

• Indian railways planned to attain 40% share of

freight

• AC mandatory for Driver cabin in all type of

locomotives in production

RAIL AC

Coach AC ( LHB, EMU)

Train 18 Coach AC

Cab AC

Potential Market 835 Cr in FY30

1400 32 1950

2000

400

2400

2660

800

3600

2840

1000

3850

2240

800

2800

2018-19

2022-23

2023-24

2025-26

2029-30

Growing Demand

Opportunities

•

• • •

Increasing urbanization and rising income (both urban and rural) is driving growth in the rail segment AC Penetration in coaches increasing from >30% of total coach Production Introduction of urban mass transportation & high-speed trains (like Vande Bharat)

AC for driver Cabin, Coach and AMC Business are Key Revenue streams Start of supplies for Coach AC and New business conversion Penetration into Metro segment

Targeting annual revenue of more than 75 cr in next 3-4 years from Rail segment

• India is fastest growing market for RAC products

• Current market size stands close to 1Mn units (FY23)

• China + 1 Policy presents export opportunity to Indian

Manufacturers

• Low penetration (<10%) of RAC in Indian household

creates unique opportunity of growth

• Split AC with Inverter Technology is key business

opportunities for Subros

Home AC (Vol in Lac)

246

141

106

2018-19

2022-23

2023-24

2025-26

2029-30

Growing Demand

Opportunities

•

Rising Temperature, High Disposable income, Power availability, Low penetration of AC in India

• OEMs have economies of scale with Qualitative manufacturing

facility & R&D

• OEMs are backward integrated with flexibility, Nimble operations &

better timelines

• •

•

Aftermarket Spare Part sale (IDU / Coil / Condensing Unit) Commercial AC Range Development (Chill Water IDU / 2 Fan ODU / Condensing Units) First entrant in Aluminum Coil Market as Product rating becomes stringent by GOI

Business Excellence thru Sustainability : Revival and Growth Key Drivers Material Cost reduction

Mid Term targets

~10% EBIDTA

Revival EBIDTA and Profitability (Aggressive Recovery Plan)

Growth (Sustainable Technologies) Comprehensive Business Development De-risking /Overdependency from TEB1

Business Excellence Best use of Resources (5M’s)

Efficiency Improvement

Optimum Utilisation of Resources

EV/Hybrid Penetration

Growth in overall business

Growth in Non Car Business

Quality (Zero Defect)

De-risking Supply Chain

Low Cost Automation

Digital Strategy

~6% PBT

~15% EV/SHE Business

De-risking of overdependence

Bus, Rail, After Market Key Focus segment

ZERO Risk Policy for Business Continuity

Industry 4.O and Automation projects to minimize Man Dependency & improve productivity

Thank You

Cooling the Planet

www.subros.com

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