Subros Q4 Review - Operationally In-Line Quarter; Outlook Positive: IDBI Capital
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IDBI Capital Report
Subros Ltd. Q4 FY21 result was above our estimates at revenue and Ebitda level.
Ebitda margin for the quarter stood at 9.7% versus our estimates of 10% mainly on account of higher raw material cost and other expenses.
We believe pent up demand and preference for personal mobility has helped passenger vehicle industry to register decent volumes in Q4 FY21.
For the company, we build PV revenue growth of 20%/15% for FY22E/FY23E respectively on account of lower base.
We expect government Infra push would help commercial vehicle segment to recover in coming quarters.
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