Subros Limited has informed the Exchange about Investor Presentation
SL/BSE/NSE/2024-25/
25/
January 30, 2025
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, Towers, Dalal Street, Fort, Dalal Street, Fort, 400001. Mumbai – 400001. Security ID: 517168 Security ID: 517168
Dear Sir/Madam,
Sub: Investor Presentation on the
Investor Presentation on the unaudited financial results for the quarter ended
l results for the quarter ended 31st December, 2024
(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
enclose herewith the investor presentation on the unaudited financial results for the enclose herewith the investor presentation on the
financial results for the quarter & nine months ended
31st December, 2024.
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 LGF, World Trade Centre, Barakhamba Lane, New Delhi 110001 (India). Tel: 23414946-49I LGF, World Trade Centre, Barakhamba Lane, New Delhi 110001 (India). Corporate & Registered Office: LGF, World Trade Centre, Barakhamba Lane, New Delhi 110001 (India). www.subros.com I CIN: L74899DL1985PLC020134 Fax: 01123414945Website: www.subros.com
Financial Results Quarter 3, FY 2024-25
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 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
Company Profile
Established in 1985, Subros is the Largest Air Conditioning & Thermal Products company in India. A Joint Venture company between
Equity Distribution
Business
Suri’s (Indian Promoters)-36.79%, Denso-20%, Suzuki-11.96%, 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
ISO 14001, IATF 16949, OHSAS 18001
42% (Passenger Car AC) 54% (Truck Aircon/Blower)
Revenue from Operation
Rs. 3071 Cr. (2023-24) US$ 370 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. Naohisa Kuriyama Representative of DENSO Corporation, Japan
Mr.Hisahi Takeuchi Representative of Suzuki Motor Corporation, Japan
Mr. Tomoaki Yoshimori Representative of DENSO Corporation, Japan
Mr. Yasuhiro Iida Alternate Director
Justice Arjan Kumar Sikri (Retd) Independent Director
Ambassador Deepa Gopalan Wadhwa, IFS (Retd) Independent Director
Mr. Ashok Lavasa IAS(Retd) Independent Director
Mrs. Vanaja Narayanan Sarna, IRS (Retd) Independent Director
Ms. Smita Piyush Mankad Independent Director
Mr. Arvind Kapur Independent Director
Mr. P. K. Duggal Executive Director and Chief Executive Officer
Leadership Team
Ms. Shradha Suri Chairperson & Managing Director
Mr. P. K. Duggal Executive Director and Chief Executive Officer
Mr. Srini Dampur EVP (Technical Centre & STEC)
Mr. Amit Kumar Prashar EVP & COO Operations
Mr. Hemant Agarwal CFO SVP Finance
Customer Map
Passenger Car Segment (AC+ECM)
Refrigeration Trucks
Commercial Vehicle Segment (Bus, Truck, Tractor)
Railways (Driver Cabin + Coach)
Residential and Commercial
Tooling
Our Difference
Backward integrated to enable built-in quality
India’s leading automotive AC company
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 - 9M FY 2024-25 v/s 9M FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q3 FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q2 FY 2024-25
Way Forward
Business Highlights (Q3 2024-25)
Q3 24-25 vs Q3 23-24
Q3 2024-25 Highlights
Revenue growth is 12.08%
PV Segment Thermal business growth is 19%
Revenue growth is 10% EBIDTA growth is 21.91%
EBIDTA growth is 14% PBT growth is 34.86%
PBT growth is 26% PAT growth is 22.58%
Highest ever Revenue reported for Rs. 748 Cr. in quarter 4
Revenue reported for Rs. 820.98 Cr. in quarter 3
SOP of Fronx started from Karsanpura plant in Q4
New business awarded from Customer for Truck Aircon
SOP of 1 New project is in pipeline for SOP of 2 new model started in Q3 Q1 2023-24
Development in progress of new EV business awarded in 2022-23
Development in progress for EV and Truck new business, SOP planned in Q1 2025-26
Highlights – Financial Performance
9M 2024-25 v/s 9M 2023-24
Indicator
Revenues
EBIDTA
PBT
PAT
Amount (Rs. in Cr.) 2459.11
243.89
141.63
104.20
Growth
9.83%
29.71%
48.46%
55.57%
Q3 2024-25 v/s Q3 2023-24
Q3 2024-25 v/s Q2 2024-25
Indicator
Revenues
EBIDTA
PBT
PAT
Amount (Rs. in Cr.) 820.98
80.64
45.80
32.84
Growth
Indicator
12.08%
21.91%
34.86%
22.58%
Revenues
EBIDTA
PBT
PAT
Amount (Rs. in Cr.)
820.98
60.64
45.80
32.84
Growth
0.88%
2.64%
5.90%
9.91%
Standalone Results For Quarter Ending and Nine Months Ending 31.12.2024
Amt in Lakhs
PARTICULARS
Net Sales Other Operating Income Net Income from Operation Other Income Net Revenue 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 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
31.12.2024
Quarter Ended 30.09.2024
31.12.2023
31.12.2024
31.12.2023
Nine Months Ended
Year Ended 31.03.2024
81,854 244 82,098 479 82,577 59,523 72.72% 7,912 9.67% 7,078 8.65% 8,064 9.85% 3,163 3.86% 321 0.39% 4,580 5.60% 1,465 (169) 1,297 28.32% 3,284 4.01% (42) 3,242 3.96% 5.03
82,561 269 82,831 635 83,466 59,572 72.15% 8,383 10.15% 7,228 8.75% 8,283 10.03% 3,171 3.84% 245 0.30% 4,867 5.89% 1,500 (278) 1,222 25.11% 3,645 4.41% (26) 3,619 4.38% 5.59
73,013 235 73,248 659 73,907 53,642 73.47% 7,099 9.72% 6,551 8.97% 6,615 9.06% 2,837 3.89% 382 0.52% 3,396 4.65% 593 124 717 21.11% 2,679 3.67% (8) 2,671 3.66% 4.11
2,45,133 778 2,45,911 1,432 2,47,343 1,77,189 72.28% 24,213 9.88% 21,552 8.79% 24,389 9.95% 9,393 3.83% 833 0.34% 14,163 5.78% 4,464 (721) 3,743 26.43% 10,420 4.25% (129) 10,291 4.20% 15.97
2,23,260 646 2,23,906 1,095 2,25,001 1,65,828 74.28% 21,039 9.42% 19,332 8.66% 18,802 8.42% 8,467 3.79% 795 0.36% 9,540 4.27% 1,609 1,233 2,842 29.79% 6,698 3.00% (219) 6,479 2.90% 10.27
3,06,089 968 3,07,057 1,467 3,08,524 2,26,727 74.07% 28,409 9.28% 26,500 8.66% 26,888 8.78% 11,651 3.81% 1,167 0.38% 14,070 4.60% 2,507 1,797 4,304 30.59% 9,766 3.19% (242) 9,524 3.11% 14.97
Financial Results & Highlights
Results Analysis - 9M FY 2024-25 v/s 9M FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q3 FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q2 FY 2024-25
Way Forward
9M FY 2024-25 v/s 9M FY 2023-24
Revenue
2239.06
2459.11
Recorded revenue growth of 9.83% in 9M FY 2024-25
PBT
95.40
4.27%
141.63
5.78%
160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 0.00
9M FY 2023-24
10.03%
9M FY 2024-25
9M FY 2023-24
9M FY 2024-25
Rs. in Cr.
PBT stands at 5.78% agst. 4.27%
EBIDTA
188.02
8.42% 8.42%
243.89
9.95%
EBIDTA realization @ 9.95% against 8.42%
PAT
66.98
3.00%
104.20
4.25%
120.00
100.00
80.00
60.00
40.00
20.00
0.00
9M FY 2023-24
9M FY 2024-25
9M FY 2023-24
9M FY 2024-25
PAT Levels at
4.25% of sales as against 3.00%
3000.00
2500.00
2000.00
1500.00
1000.00
500.00
0.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00
Key Indicators 9M FY 2024-25 v/s 9M FY 2023-24
Rs. in Cr.
Indicators
Net Sales
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
9M FY 2023-24
9M FY 2024-25
Change
Status
2232.60
2451.33
218.73
10.95
74.28%
9.42%
8.66%
8.42%
0.36%
3.79%
4.27%
3.00%
14.32
72.28%
9.88%
8.79%
9.95%
0.34%
3.83%
5.78%
4.25%
3.37
-2.00
0.45
0.13
1.53
-0.02
0.04
1.50
1.25
Positive
Moderate – variation upto 5%
Negative – variation exceeding 5%
Key Aspects:
•
Sales is higher by 9.80% due to increase in volume and Start of Production (SOP) of new business award
• Other Income is higher due to positive MTM on currency reinstatement and receipt of state incentive.
• MSR is lower due to softening in Commodity prices, cost down initiatives and Product Mix.
•
•
•
Employee Cost is higher due to yearly salary/wage revision.
Finance cost is lower due to use of low- cost debt instrument and working capital optimization.
PAT is higher due to lower tax rate after adoption of new tax regime.
Financial Results & Highlights
Results Analysis - 9M FY 2024-25 v/s 9M FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q3 FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q2 FY 2024-25
Way Forward
Q3 FY 2024-25 v/s Q3 FY 2023-24
Revenue
732.48
820.98
Recorded revenue growth of 12.08% with corresponding Qtr
Q3 FY 2023-24
Q3 FY 2024-25
EBIDTA
66.15
80.64
9.06%
9.85%
EBIDTA realization at 9.85% as against 9.06%
1000.00
800.00
600.00
400.00
200.00
0.00
100.00
80.00
60.00
40.00
20.00
0.00
PBT
45.80
33.96
4.65%
5.60%
Q3 FY 2023-24
Q3 FY 2024-25
PAT
26.79
3.67%
32.84
4.01%
50.00
40.00
30.00
20.00
10.00
0.00
40.00
30.00
20.00
10.00
0.00
Q3 FY 2023-24
Q3 FY 2024-25
Q3 FY 2023-24
Q3 FY 2024-25
Rs. in Cr.
PBT realization at 5.60% as against 4.65%
PAT realization at 4.01% as against 3.67%
Key Indicators Q3 FY 2024-25 v/s Q3 FY 2023-24
Rs. in Cr.
Q3 FY 2023-24
Q3 FY 2024-25
Change
Status
Key Aspects:
Indicators
Net Sales
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
730.13
6.59
73.47%
9.72%
8.97%
9.06%
0.52%
3.89%
4.65%
3.67%
818.54
4.79
72.72%
9.67%
8.65%
9.85%
0.39%
3.86%
5.60%
4.01%
88.41
-1.80
-0.75
-0.06
-0.33
0.79
-0.13
-0.02
0.94
0.34
Positive
Moderate – variation upto 5%
Negative – variation exceeding 5%
•
Sales is higher by 12.11% due to increase in volume and Start of Production (SOP) of new business award.
• Other income is lower due to reinstatement of foreign currency forward covers and MTM provision.
• MSR is lower due to softening in
Commodity prices, cost down initiatives and Product Mix.
Employee cost is lower due to less direct manpower cost, alignment of shift optimization and higher sales.
Finance cost is lower due to use of low-cost debt instrument and working capital optimization.
PAT is higher due to higher contribution and cost reduction initiative.
•
•
•
.
Financial Results & Highlights
Results Analysis - 9M FY 2024-25 v/s 9M FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q3 FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q2 FY 2024-25
Way Forward
Q3 FY 2024-25 v/s Q2 FY 2024-25
1000.00
800.00
600.00
400.00
200.00
0.00
100.00
80.00
60.00
40.00
20.00
0.00
Revenue
828.31
820.98
Q2 FY 2024-25
Q3 FY 2024-25
Fall in revenue by 0.88% with previous Qtr
EBIDTA
82.83
80.64
10.03%
9.85%
EBIDTA stands at 9.85% as against 10.03% in previous Qtr
PBT
48.67
45.80
5.90%
5.60%
Q2 FY 2024-25
Q3 FY 2024-25
PAT
36.45
4.41%
32.84
4.01%
50.00
40.00
30.00
20.00
10.00
0.00
50.00
40.00
30.00
20.00
10.00
0.00
Q2 FY 2024-25
Q3 FY 2024-25
Q2 FY 2024-25
Q3 FY 2024-25
Rs. in Cr.
PBT realization at 5.60% as against
5.90%
PAT realization at 4.01% as against 4.41%
Indicators
Net Sales
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
Key Indicators Q3 FY 2024-25 v/s Q2 FY 2024-25
Rs. in Cr.
Q2 FY 2024-25
Q3 FY 2024-25
Change
Status
Key Aspects:
825.61
6.35
72.15%
10.15%
8.75%
10.03%
0.30%
3.84%
5.90%
4.41%
818.54
4.79
72.72%
9.67%
8.65%
9.85%
0.39%
3.86%
5.60%
4.01%
-7.07
-1.56
0.56
-0.49
-0.11
-0.18
0.10
0.02
-0.30
-0.40
•
Sales is slightly lower due to product mix changes.
• Other income is lower due to
reinstatement of foreign currency forward covers and MTM provision.
• MSR is slightly higher due to change
in product mix.
Employee cost is lower due to less direct manpower cost and alignment of shift optimization.
Interest cost is slightly higher due to increased working capital requirement.
•
•
.
Positive
Moderate – variation upto 5%
Negative – variation exceeding 5%
Financial Results & Highlights
Results Analysis - 9M FY 2024-25 v/s 9M FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q3 FY 2023-24
Results Analysis - Q3 FY 2024-25 v/s Q2 FY 2024-25
Way Forward
WAY FORWARD
Market and Revenue Potential
Growth in Line with the performance of Indian Automobile Industry
Business Expansion in Railways, Truck AC, Bus, Home AC and Refrigeration Trucks
Preparation to meet all regulatory changes including BSVI, RDE, CAFÉ and EV
Operational Aspects
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 of FE Impact)
Cost Optimization by Consolidation of Plants/Shift Optimization/Renewable energy / Optimisation of Carbon footprint (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