Subros reported a decent performance in Q4FY20, despite several headwinds, including moderation in PV segment, impact of lockdown and input cost pressures. Revenue declined 11.5% YoY to Rs 4.5bn led by slowdown in PV segment and absence of revenue from the home AC segment. EBITDA margin contracted by 153bps YoY to 9.1% on account of negative operating leverage. The Company is the key player in the Automotive AC market and commands ~45% market share in PV segment. We expect the company...