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Results
26-Oct-21
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Analysis
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Swaraj Engines
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Net up 25% largely on higher sales and lower depreciation
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Standalone net sales (including other operating income) of Swaraj Engines for
the quarter ended Sep 2021 has increased 17.56% to Rs 343.59 crore. With
volume growth stand at 2% to 35291 numbers, the growth in revenue was driven
largely by 15% jump in per unit realisation. The sharp jump in realisation
seems largely due to better product mix as well as passing on incremental cost
to customers. Operating profit margin has jumped from 13.69% to 13.89%, leading
to 19.33% rise in operating profit to Rs 47.73 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 78.35% to
79.06%. Employee cost decreased from 3.88% to 3.26%.
Other expenses fell from 4.04% to 3.98%. The impact of
higher RMC was offset by fall in other cost heads. Other income up 12.50% to Rs
2.34 crore. PBIDT rose 18.99% to Rs 50.07
crore. Provision for interest remained nil. PBDT rose 18.99% to Rs
50.07 crore. Provision for depreciation down 15.60% to Rs 4.76
crore. Profit before tax grew 24.34% to Rs 45.31
crore. Provision for tax was expense of Rs 11.54 crore, compared to
Rs 9.32 crore. Effective tax rate was 25.47% compared to 25.58%. Profit
after tax rose 24.52% to Rs 33.77 crore.
Half yearly performance
Net sales (including other operating income) of Swaraj Engines has
increased 60.85% to Rs 658.30 crore. Operating profit margin has
jumped from 12.92% to 14.44%, leading to 79.77% rise in operating profit to Rs
95.06 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 77.75% to 78.28%. Employee cost
decreased from 5.02% to 3.42%. Other expenses fell from 4.45% to
3.95%. Other income up 19.57% to Rs 4.95 crore. PBIDT rose
75.39% to Rs 100.01 crore. Provision for interest remained
nil. PBDT rose 75.39% to Rs 100.01 crore. Provision for
depreciation down 3.24% to Rs 9.55 crore. Profit before
tax grew 91.86% to Rs 90.46 crore. Provision for tax was expense of
Rs 23.04 crore, compared to Rs 12.19 crore. Effective tax rate was
25.47% compared to 25.85%. Profit after tax rose 92.85% to Rs 67.42
crore.
Other developments
Rajinder Arora, Chief Financial Officer and
Key Managerial Personnel of the Company, retires with effect from the close of
business hours on 31st October, 2021, upon his attaining the age of
superannuation. The BOD taking note of that and approved appointment of Mahesh Gupta as the Chief Financial Officer
and Key Managerial Personnel of the Company with effect from 1st November,
2021.
Equity capital increased from Rs 12.13 crore as of 30 September 2020 to
Rs 12.14 crore as of 30 September 2021. Per share face Value
remained same at Rs 10.00.
Promoters’ stake was 52.15% as of 30 September 2021 ,compared to 52.18%
as of 30 September 2020 .
Cash flow from operating activities has turned positive Rs 77.34 crore
for YTD ended September 2021 from negative Rs 23.24 crore for YTD ended
September 2020. Cash flow used in acquiring fixed assets during the
YTD ended September 2021 stood at Rs 15.55 crore, compared to Rs 1.97 crore
during the YTD ended September 2020.
Swaraj
Engines: Results
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2109
(3)
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2009
(3)
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Var.
(%)
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2109
(6)
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2009
(6)
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Var.
(%)
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2103
(12)
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2003
(12)
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Var.
(%)
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Sales
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343.59
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292.28
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18
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658.30
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409.27
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61
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986.57
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773.30
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28
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OPM (%)
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13.9
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13.7
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14.4
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12.9
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13.8
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13.0
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OP
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47.74
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40.00
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19
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95.07
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52.88
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80
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135.66
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100.43
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35
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Other
income
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2.34
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2.08
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13
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4.95
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4.14
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20
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8.59
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12.78
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-33
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PBIDT
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50.08
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42.08
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19
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100.02
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57.02
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75
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144.25
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113.21
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27
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Interest
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0.01
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0.00
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0.01
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0.00
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0.00
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0.01
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-100
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PBDT
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50.07
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42.08
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19
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100.01
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57.02
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75
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144.25
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113.20
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27
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Depreciation
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4.76
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5.64
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-16
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9.55
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9.87
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-3
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19.77
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20.13
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-2
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PBT
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45.31
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36.44
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24
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90.46
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47.15
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92
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124.48
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93.07
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34
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EO
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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PBT
after EO
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45.31
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36.44
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24
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90.46
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47.15
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92
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124.48
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93.07
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34
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Current
tax
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11.54
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9.32
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24
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23.04
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12.19
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89
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31.94
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22.03
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45
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PAT
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33.77
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27.12
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25
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67.42
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34.96
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93
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92.54
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71.04
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30
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EPS*
(Rs)
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#
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#
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#
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#
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76.2
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58.5
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*
Annualised on current equity of Rs 12.14 crore. Face Value: Rs 10
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Var.
(%) exceeding 999 has been truncated to 999
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LP: Loss
to Profit PL: Profit to Loss
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EO:
Extraordinary items
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EPS is
calculated after excluding EO and relevant tax
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# EPS
can not be annualised due to seasonality in business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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Peer Comparision (Standalone)
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Q-202109
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Sales
(Rs. Crs)
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var.(%)
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OP
(Rs. Crs)
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var.(%)
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Net Profit
(Rs. Crs)
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var.(%)
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Share Price(Rs)
25-Oct-2021
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var.(%)
over
One year
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TTM EPS
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TTM PE
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Swaraj Engines Ltd
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343.59
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17.56
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47.73
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19.33
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33.77
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24.52
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1,677.80
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17.86
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102.96
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16.30
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Industry
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343.59
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17.56
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47.73
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19.33
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33.77
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24.52
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1,975.95
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11.55
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13.84
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