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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

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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