Subros Q3 Review - Growth Acceleration Continues: Dolat Capital
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Dolat Capital Report
Driven by strong growth in core passenger vehicle air conditioner business and recovery in home ACs segment , Subros Ltd. printed impressive numbers in Q3 FY21.
Revenue (up 30% YoY, Rs. 6 billion) and Ebitda (up 37% YoY, Rs 663 million) beat expectations.
Despite a fall in gross margin (225 basis points QoQ, 186bps YoY), Ebitda margin expanded to 11% (up 62bps YoY) led by operating leverage and cost control measures.
Management expect gross margin to improve from next quarter due to pass on input cost to original equipment manufacturers.
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