Subros Limited has informed the Exchange about Investor Presentation
SL/BSE/NSE/2025-26 May 22, 2025
The Manager, Listing Department, National Stock Exchange of India Ltd., ‘Exchange Plaza’ C-1 , Block G, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051. Security ID: SUBROS
Dear Sir/Madam,
Dy. General Manager, Department of Corporate Services, BSE LIMITED, First Floor, P.J. Towers, Dalal Street, Fort, Mumbai – 400001. Security ID: 517168
Sub: Investor Presentation on the audited financial results for the year ended 31st March, 2025
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we
enclose herewith the investor presentation on the audited financial results for the year ended 31st March, 2025.
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). Tel: 23414946-49I Fax: 01123414945Website: www.subros.com I CIN: L74899DL1985PLC020134
Financial Results Quarter 4, FY 2024-25 Investor Presentation
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.
Company Profile
Established in 1985, Subros is the Largest Air Conditioning & Thermal Products company in India. A Joint Venture company between
OUR PRESENCE
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
Segments for Thermal products
Car, Bus, Truck, Tractor, Reefer, Railways and Home AC.
Plants Technical Centre Tool Engineering Centre
8 Locations (Pan India Presence) 2 Location (Noida) 1 Location (Noida)
Certifications
Market Shares
IATF 16949:2016; ERM ISO 31000:2018 ESH ISO 14001:2015, 45001:2018
42% (Passenger Car AC) 43% (Truck Aircon/Blower)
Revenue from Operation
Rs. 3368 Cr. (2024-25) US$ 401 Mn
Our Board
Ms. Shradha Suri Chairperson & Managing Director
Dr. Jyotsna Suri Director
Mr. P. K. Duggal Executive Director and Chief Executive Officer
Mr. Hisahi Takeuchi Representative of Suzuki Motor Corporation, Japan
Mr Yusuke Hara Representative of DENSO Corporation, Japan
Mr. Tomoaki Yoshimori Representative of DENSO Corporation, Japan
Mr. Yoshuira IIDA Alternate Director
Independent Directors
Mrs. Smita Mankad
Mr. Ashok Lavasa (IAS-Retd)
Mr. A K Sikri (Justice- Retd)
Mrs. Deepa Wahhwa (IFS-Retd)
Mr. Arvind Kapur
Mrs. Vanaja N Sarna (IRS-Retd)
Total 12 members 3 from Promoter, 3 from Collaborators and 6 Independent
SEC Team
Shradha Suri Marwah CMD
Mr P K Duggal ED & CEO
Mr. Srini Dampur EVP (Technical Centre & STEC)
OEC Team
Mr Hemant Agarwal CFO & SVP Finance
Mr. AK Parashar EVP & COO Operations
Mr. Ajay Agarwal VP SCM
Mr. Roopak Agarwal VP R&D
Mr S.S. Gill AVP Finance
Mr Gaurav Gupta VP HRD
Mr Harish Kumar AVP Operations
Rahul Shalya AVP CQF & Service
Customer Map
Passenger Car Segment (AC+ECM)
Refrigeration Trucks
Commercial Vehicle Segment (Bus, Truck, Tractor)
Railways (Driver Cabin + Coach)
Residential and Commercial
Tooling
Core Competencies
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
Strong manufacturing & process technology infrastructure
Proven capabilities In full-system design, validation, manufacturing & supplies
Pan-India presence
Availability of cutting-edge technology through in-house technology development & technical collaboration with Denso Japan
Diversified business into multiple segments
Financial Results & Highlights
Results Analysis - Revenue
Results Analysis - EBITDA
Results Analysis - PBT
Results Analysis - PAT
Financial key Indicators
Way Forward
Highlights- Financial Performance
FY 2024-25 v/s FY 2023-24
(Rs. in Cr.)
REVENUES
EBITDA
PBT
PAT
3367.57
343.12
203.46
150.40
Q4 2024-25 v/s Q4 2023-24
REVENUES
EBITDA
PBT
PAT
99.23
61.83
46.20
9.67%
27.61%
44.61%
53.99%
(Rs. in Cr.)
9.25%
22.72%
36.49%
50.57%
Q4 2024-25 v/s Q3 2024-25
(Rs. in Cr.)
REVENUES
EBITDA
PBT
PAT
99.23
61.83
46.20
10.66%
23.06%
35.01%
40.67%
Revenue
EBITDA
PBT
PAT
Business Highlights (Q4 2024-25)
Q4 24-25 vs Q4 23-24
Revenue growth is 9.25%
PV Segment Thermal business growth is 19%
EBIDTA growth is 22.72% Revenue growth is 10%
PBT growth is 36.49% EBIDTA growth is 14%
PAT growth is 50.57% PBT growth is 26%
Q4 2024-25 Highlights
Highest ever Revenue reported for Rs. 748 Cr. in quarter 4
Highest ever Revenue reported for Rs. 908.46 Cr. in quarter 4
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 3 new model started in Q4 Q1 2023-24
Development in progress for EV and Truck new business, SOP planned in Q1 2025-26
Development in progress of new EV business awarded in 2022-23
Standalone Results For Quarter Ending and Year Ending 31.03.2025
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
31.03.2025
Quarter Ended 31.12.2024
31.03.2024
31.03.2025
31.03.2024
Year Ended
90,568 279 90,846 646 91,492 66,028 72.90% 8,032 8.87% 7,509 8.29% 9,923 10.96% 3,424 3.78% 315 0.35% 6,183 6.83% 1,812 (249) 1,563 25.27% 4,620 5.10% 71 4,691 5.18% 7.08
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
82,829 322 83,151 372 83,523 60,899 73.52% 7,370 8.90% 7,168 8.65% 8,086 9.76% 3,184 3.84% 372 0.45% 4,530 5.47% 898 564 1,462 32.27% 3,068 3.70% (23) 3,045 3.68% 4.70
3,35,700 1,057 3,36,757 2,078 3,38,835 2,43,217 72.45% 32,245 9.61% 29,061 8.66% 34,312 10.22% 12,817 3.82% 1,148 0.34% 20,346 6.06% 6,276 (970) 5,306 26.08% 15,040 4.48% (58) 14,982 4.46% 23.05
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 - Revenue
Results Analysis - EBITDA
Results Analysis - PBT
Results Analysis - PAT
Financial key Indicators
Way Forward
Financial Performance Summary
Rs. in Cr.
FY 2023-24 vs FY 2024-25
9.67%
3,367.57
3,070.57
T B P
Revenue
Q4 FY24 vs Q4 FY25
9.25%
Q3 FY25 vs Q4 FY25
10.66%
831.51
820.98
908.46
FY 2023-24
FY 2024-25
Q4 FY 2023-24
Q3 FY 2024-25
Q4 FY 2024-25
•
•
•
Key Aspects (YoY):
Revenue is higher by 9.67% during the current financial year due to increase in volume and Start of Production (SOP) of new business award
Key Aspects (QoQ):
Revenue is higher by 9.25% in Q4 from corresponding quarter of last year due to increase in volume and Start of Production (SOP) of new business award
Key Aspects (PQ):
Revenue is higher by 10.66% in Q4 from previous quarter due to increase in volume
Financial Results & Highlights
Results Analysis - Revenue
Results Analysis - EBITDA
Results Analysis - PBT
Results Analysis - PAT
Financial key Indicators
Way Forward
Financial Performance Summary
Rs. in Cr.
EBITDA
Q4 FY24 vs Q4 FY25
22.72%
Q3 FY25 vs Q4 FY25
23.06%
FY 2023-24 vs FY 2024-25
27.61%
343.12
268.88
T B P
80.86
80.64
99.23
8.78%
10.22%
9.76%
9.85%
10.96%
FY 2023-24
FY 2024-25
Q4 FY 2023-24
Q3 FY 2024-25
Q4 FY 2024-25
•
•
•
Key Aspects (YoY):
EBIDTA is higher by 27.61% during the current financial year due to Cost down initiatives taken by the organisation
Key Aspects (QoQ):
EBIDTA is higher by 22.72% in Q4 from corresponding quarter of last year due to Cost down initiatives and process cost optimisation
Key Aspects (PQ):
EBIDTA is higher by 23.06% in Q4 from previous quarter due to increased volume.
Financial Results & Highlights
Results Analysis - Revenue
Results Analysis - EBITDA
Results Analysis - PBT
Results Analysis - PAT
Financial key Indicators
Way Forward
Financial Performance Summary
Rs. in Cr.
FY 2023-24 vs FY 2024-25
203.46
44.61%
140.70
T B P
PBT
Q4 FY24 vs Q4 FY25
36.49%
Q3 FY25 vs Q4 FY25
35.01%
45.30
45.80
61.83
4.60%
6.06%
5.47%
5.60%
6.83%
FY 2023-24
FY 2024-25
Q4 FY 2023-24
Q3 FY 2024-25
Q4 FY 2024-25
•
•
•
Key Aspects (YoY):
PBT is higher by 44.61% during the current financial year due to Cost down initiatives taken by the organisation
Key Aspects (QoQ):
PBT is higher by 36.49% in Q4 from corresponding quarter of last year due to Cost down initiatives and process cost optimisation
Key Aspects (PQ):
PBT is higher by 35.01% in Q4 from previous quarter due to increased volume
Financial Results & Highlights
Results Analysis - Revenue
Results Analysis - EBITDA
Results Analysis - PBT
Results Analysis - PAT
Financial key Indicators
Way Forward
Financial Performance Summary
Rs. in Cr.
Key Aspects:
•
PAT is higher due to lower tax rate after adoption of new tax regime w,e.f. 01.04.2024
FY 2023-24 vs FY 2024-25
150.40
53.99%
97.66
T B P
PAT
Q4 FY24 vs Q4 FY25
50.57%
Q3 FY25 vs Q4 FY25
40.67%
30.68
32.84
46.20
3.19%
4.48%
3.70%
4.01%
5.10%
FY 2023-24
FY 2024-25
Q4 FY 2023-24
Q3 FY 2024-25
Q4 FY 2024-25
Financial Results & Highlights
Results Analysis - Revenue
Results Analysis - EBITDA
Results Analysis - PBT
Results Analysis - PAT
Financial key Indicators
Way Forward
Key Indicators FY 2024-25 v/s FY 2023-24
Rs. in Cr.
Indicators
FY 2023-24
FY 2024-25
Change
Status
Revenue from Operation
3070.57
3367.57
297.00
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
14.67
20.78
74.07%
72.45%
9.28%
8.66%
8.78%
0.38%
3.81%
4.60%
3.19%
9.61%
8.66%
10.22%
0.34%
3.82%
6.06%
4.48%
6.11
-1.62
0.33
0.00
1.44
-0.04
0.01
1.46
1.29
n
n
n
g
n
n
n
g
n
n
n Positive
g Moderate – variation upto 5% n Negative – variation exceeding 5%
Key Aspects:
•
Revenue is higher by 9.67% 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.
Key Indicators Q4 FY 2024-25 v/s Q4 FY 2023-24
Rs. in Cr.
Indicators
Q4 FY 2023-24 Q4 FY 2024-25 Change
Status
Revenue from Operation
831.51
908.46
76.95
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
3.72
6.46
73.52%
72.90%
8.90%
8.65%
9.76%
0.45%
3.84%
5.47%
3.70%
8.87%
8.29%
10.96%
0.35%
3.78%
6.83%
5.10%
2.74
-0.62
-0.03
-0.36
1.20
-0.10
-0.06
1.36
1.40
n
n
n
n
n
n
n
n
n
n
n Positive
g Moderate – variation upto 5% n Negative – variation exceeding 5%
Key Aspects:
•
Revenue is higher by 9.25% in Q4 from corresponding quarter of last year 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
• MSR is lower due to softening in Commodity prices, cost down initiatives and Product Mix.
•
•
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.
Key Indicators Q4 FY 2024-25 v/s Q3 FY 2024-25
Rs. in Cr.
Indicators
Q3 FY 2024-25 Q4 FY 2024-25
Change
Status
Revenue from Operation
820.98
908.46
87.48
Other Income
Material Cost
Employee Cost
Other Expenses
Op. EBIDTA
Finance Cost
Depreciation
PBT
PAT
4.79
6.46
72.72%
72.90%
9.67%
8.65%
9.85%
0.39%
3.86%
5.60%
4.01%
8.87%
8.29%
10.96%
0.35%
3.78%
6.83%
5.10%
1.67
0.19
-0.80
-0.36
1.11
-0.04
-0.08
1.23
1.09
n
n
g
n
n
n
n
n
n
n
n Positive
g Moderate – variation upto 5% n Negative – variation exceeding 5%
Key Aspects:
•
Revenue is higher by 10.66% in Q4 from previous quarter due to increase in volume
• Other Income is higher due to positive MTM on currency reinstatement.
• MSR is higher due to Product Mix.
•
•
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 - Revenue
Results Analysis - EBITDA
Results Analysis - PBT
Results Analysis - PAT
Financial key Indicators
Way Forward
WAY FORWARD
Market and Revenue Potential
Company Growth aligned to Industry Growth in all segments
Business Expansion in CV Segment (Bus, rail, Truck)
To Realize business opportunities Green Mobility ( EV, SHEV, CNG etc)
Operational Aspects
Technology upgrade to meet regulatory changes (BSVI, RDE, CAFÉ etc)
Mitigating Impact of Foreign Exchange thru Hedging and Aggressive Localization
Capacity thru Internal efficiency optimization and Expansion plans
Cost Optimization by improvement in Operational Efficiencies.
Human Skill development and Organization structure to meet Future requirement
ESG goals to meet future sustainability and social requirements
Thank You
Cooling the Planet