Subros Q3 Review - Growth Acceleration Continues: Dolat Capital 
An employee inspects an evaporator for vehicle air conditioners on the production line (Photographer SeongJoon Cho/Bloomberg)

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.

Click on the attachment to read the full report:

Dolat Capital Subros Q3FY21 Result update.pdf


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