HDFC Securities: Subros To Benefit From The ‘Make In India’ Theme
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HDFC Securities Report
Subros Ltd.’s Ebitda margin surprised at 11.7% (versus 9.5% in FY20), led by higher localisation levels.
The management highlights that the double-digit margin range is sustainable, driven by its cost-cutting initiatives and improving production levels.
We believe that the parts supplier would benefit from a revival in passenger car volumes and the company’s diversification initiatives.
The comapny is scaling up its presence in home air conditioners and railways segment (under the Make in India theme).
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