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Net sales for Swaraj Engines was up by 9% in Mar'16 quarter to Rs 113.99 crore. The domestic tractor industry after recording a steep decline in first 2 quarters of FY'16, recovered to remain almost flat in the 3rd quarter and grew in single digit in Mar'16 quarter. Company's engine sales witnessed a growth of 13% and stood at 13972 units for Mar'16 quarter, thus continue to out beat the industry growth.
OPM was up by about 110 bps to 13.9%, thus leading a 19% rise in OP to Rs 15.85 crore. Other income was lower by 2% to Rs 4.02 crore. Depreciation was higher by 16% to Rs 3.50 crore. After providing total tax of Rs 4.72 crore, down by 24%, PAT for quarter ended Mar'16 stood at Rs 11.65 crore as compared to PAT of Rs 8.25 crore for Mar'15 quarter.
Performance for the 12 months ended Mar 2016
While the tractor industry after witnessing a de-growth in FY 2014-15, remained sluggish and registered further decline during FY 2015-16. However, net sales for Swaraj Engines stood at 64088 units more or less flat on YoY basis for FY'16.
Net sales of the company for 12 months ended Mar'16 stood at Rs 525.91 crore, down by 3% YoY. OPM was up by about 20 bps to 14%, thus leading a 2% fall in OP to Rs 73.59 crore. Other income was more or less flat at Rs 16.30 crore. Depreciation was up by 5% to Rs 13.80 crore. After providing total tax of Rs 24.85 crore, down by 4%, PAT for the 12 months ended Mar'16 stood at Rs 51.20 crore as compared to PAT of Rs 51.84 crore for the 12 months ended Mar'15.
Board of Directors declared a dividend of Rs 15 per share and a special dividend of Rs 18 per share, taking total dividend for FY 2015-16 to Rs 33 per share of face value of Rs 10 each.
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