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IDBI Capital Report
Subros Ltd. Q4 FY22 profit after tax was below our estimates primarily on account of lower Ebitda margin which stood at 7.0% versus our estimates of 9.9%.
The semiconductor shortages led to auto original equipment manufacturer plant closures impacted Subros production during Q4 FY22. The semi-conductor shortage continues to be a challenge for auto Industry.
However, we believe, preference for personal mobility and pent up demand will help passenger vehicle industry to register double digit growth over next two years.
We have increased our profit after tax estimates by 9% for FY24 to factor in better business environment for Subros.
We expect the company's sales and profit after tax to grow at ~17% and 139% compound annual growth rate over FY22-FY24E.
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