Subros Q1 Review - On The Right Direction: Dolat Capital
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Dolat Capital Report
Subros Ltd. reported better than expected numbers in a Covid-19 impacted quarter.
Revenue de-grew 27% QoQ to Rs. 4.8bn mainly impacted by disruption in original equipment manufacturers sales due to lockdown restriction and weak revenue from home AC segment.
Ebitda de-grew by 58% QoQ to Rs 268 million with 410 basis points QoQ contraction in margin to 5.6% due to higher employee cost and negative operating leverage.
Subros' management indicated that outlook is improving with sharp recovery in passenger vehicles volume from June 2021 onwards and guided a double digit revenue growth in FY22.
However, uncertainty to remain high in near term due to shortage of Semiconductors.
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