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Dolat Capital Report
Driven by strong growth in core passenger vehicle air conditioner business and recovery in home AC segment, Subros Ltd. recorded strong revenue in Q4 FY21 (up 44/9% YoY/QoQ to Rs 6.6 billion).
However, the Ebitda margin was suppressed by higher raw material cost.
Management expects gross margin to improve from next quarter as it'll pass on the impact of input cost to original equipment manufacturers.
Although Q1 washout due to lockdown, we expect volume growth to be strong in the PV segment in FY22 led by strong order backlog, traction in personal mobility and low inventory.
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