For
quarter ended March 2023, standalone Net sales (including other operating income) of Swaraj Engines has increased 48.46% to Rs 359.79 crore compared to quarter ended Mar 2022. Operating profit margin has jumped from 12.83% to 13.34%, leading to 54.28% rise in operating profit to Rs 47.98 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 78.16% to 79.81%. Employee cost decreased from 4.16% to 2.80%. Other expenses fell from 4.79% to 4.14%. Other income up 61.57% to Rs 3.7 crore. PBIDT rose 54.78% to Rs 51.68 crore. Provision for interest up 300% to Rs 0.04 crore. Loan funds remained nil. Inventories rose to Rs 69.61 crore as of 31 March 2023 from Rs 62.07 crore as of 31 March 2022. Sundry debtors were higher at Rs 128.09 crore as of 31 March 2023 compared to Rs 103.61 crore as of 31 March 2022. Cash and bank balance rose to Rs 109.07 crore as of 31 March 2023 from Rs 90.94 crore as of 31 March 2022. Investments declined from Rs 36.21 crore as of 31 March 2022 to Rs 26.13 crore as of 31 March 2023.
PBDT rose 54.70% to Rs 51.64 crore. Provision for depreciation rose 8.57% to Rs 4.56 crore. Fixed assets declined from Rs 96.50 crore as of 31 March 2022 to Rs 89.50 crore as of 31 March 2023. Intangible assets increased from Rs 0.05 crore to Rs 0.10 crore.
Profit before tax grew 61.34% to Rs 47.08 crore. Provision for tax was expense of Rs 12.12 crore, compared to Rs 7.32 crore. Effective tax rate was 25.74% compared to 25.09%.
Profit after tax rose 59.93% to Rs 34.96 crore.
Equity capital increased from Rs 12.14 crore as of 31 March 2022 to Rs 12.15 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 52.13% as of 31 March 2023 ,compared to 52.13% as of 31 March 2022 .
Full year results analysis
Net sales (including other operating income) of Swaraj Engines has increased 24.92% to Rs 1,421.82 crore. Operating profit margin has declined from 13.65% to 13.11%, leading to 19.97% rise in operating profit to Rs 186.41 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 78.24% to 79.80%. Employee cost decreased from 3.85% to 3.07%. Other expenses fell from 4.27% to 4.06%. Other income up 23.71% to Rs 11.95 crore. PBIDT rose 20.19% to Rs 198.36 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 69.61 crore as of 31 March 2023 from Rs 62.07 crore as of 31 March 2022. Sundry debtors were higher at Rs 128.09 crore as of 31 March 2023 compared to Rs 103.61 crore as of 31 March 2022. Cash and bank balance rose to Rs 109.07 crore as of 31 March 2023 from Rs 90.94 crore as of 31 March 2022. Investments declined from Rs 36.21 crore as of 31 March 2022 to Rs 26.13 crore as of 31 March 2023.
PBDT rose 20.20% to Rs 198.28 crore. Provision for depreciation rose 2.43% to Rs 18.54 crore. Fixed assets declined from Rs 96.50 crore as of 31 March 2022 to Rs 89.50 crore as of 31 March 2023. Intangible assets increased from Rs 0.05 crore to Rs 0.10 crore.
Profit before tax grew 22.39% to Rs 179.74 crore. Provision for tax was expense of Rs 46.13 crore, compared to Rs 37.39 crore. Effective tax rate was 25.66% compared to 25.46%.
Profit after tax rose 22.05% to Rs 133.61 crore.
Equity capital increased from Rs 12.14 crore as of 31 March 2022 to Rs 12.15 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 52.13% as of 31 March 2023 ,compared to 52.13% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 132.83 crore for year ended March 2023 from Rs 100.26 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 12.88 crore, compared to Rs 19.24 crore during the year ended March 2022.
Other Highlights
Board
recommended an equity dividend of 920 % (Rs 92 per share) for the financial
year ended 31st March, 2023.
In
Q4 FY23, company’s engine sales grew 45% to 34,841 units compared to 23,937 units
in Q4 FY22.
In
FY23, company’s engine sales grew 17.3% to 1,37,005 units compared to 1,16,811 units
in FY22.
Company
achieving its highest ever engine sales volume for the fourth quarter and
financial year FY23.
Board
earlier in October 22 had approved the capacity enhancement from 1,50,000
engines to 1,80,000 engines per annum. Considering the expected future engine
demand in the coming years, the Board approval to further enhance the engine
capacity to 1,95,000 units per annum. The total projected outlay for the same
would be financed through internal generations/surplus available with the
Company.