Subros

Subros manufactures compressors, Condensers, Heat Exchangers and all connecting elements required to complete AC loop and caters to all segments viz. Passenger Vehicles, Buses, Trucks, Refrigeration Transport, off- roaders & Railways. It took ten months but finally on 29th March, the company reopened its Manesar plant, which had gutted its building, plants, stocks and other assets. The customer supplies are reinstated in full, insurance claim had been filed and it has received an interim payment; the ground floor of the plant is ready and resumed production and first floor is expected to go on stream from June.

The company did well but for its exceptional expense. Net sales rose 15% (YoY) at Rs.415 crore. EBITDA was up 12% at Rs.46 crore and margins were at 11.07% v/s 11.54%. The company’s net profit before exceptional expense was at Rs.13 crore, up 44% but after the exceptional expense of Rs.7 crore, net profit for the quarter was down 12.5% at Rs.7 crore.

Ditto for the fiscal too. Exceptional expense of Rs.31 crore pushed down the net profit which came in at Rs.14 crore, down 42%. These are expenses incurred to restart the operations post the fire. Equity stands at Rs.12 crore and EPS was at Rs.2.33 v/s Rs.3.99 (FV of Rs.2). Reserve is at Rs.333 crore.