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    Subros: Leadership position and attractive valuations

    Subros' March quarter numbers driven by a rich product mix and an improvement in the aftermarket

    Nitin Agrawal
    July 01, 2020 / 12:57 PM IST
    Subros: Leadership position and attractive valuations

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    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Despite the overall weakness in the Indian automobile sector, Subros Ltd (CMP: Rs171, Mcap: Rs 1,119crore), a leader in auto air conditioning systems, posted a decent set of numbers in the March quarter driven by a rich product mix and an improvement in the aftermarket. We remain positive on the company due to its leadership position (44 percent market share in the passenger vehicle segment) in automotive air conditioner (AC) components, improvement in PV demand post COVID-19 and other growth...

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