For
quarter ended March 2022, standalone net sales (including other operating income) of Swaraj Engines has declined 20.52% to Rs 242.35 crore compared to quarter ended March 2021.
Operating profit margin has declined from 15.15% to 12.83%, leading to 32.65% decline in operating profit to Rs 31.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 77.52% to 78.16%. Employee cost increased from 3.59% to 4.16%. Other expenses rose from 3.96% to 4.79%. Other income up 2.23% to Rs 2.29 crore. PBIDT fell 31.04% to Rs 33.39 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 62.07 crore as of 31 March 2022 from Rs 61.71 crore as of 31 March 2021. Sundry debtors were lower at Rs 103.61 crore as of 31 March 2022 compared to Rs 113.38 crore as of 31 March 2021. Cash and bank balance declined from Rs 117.46 crore as of 31 March 2021 to Rs 90.94 crore as of 31 March 2022. Investments rose to Rs 36.21 crore as of 31 March 2022 from Rs 34.17 crore as of 31 March 2021 . PBDT fell 31.06% to Rs 33.38 crore. Provision for depreciation down 11.02% to Rs 4.2 crore. Fixed assets increased to Rs 96.50 crore as of 31 March 2022 from Rs 92.64 crore as of 31 March 2021. Intangible assets declined from Rs 0.48 crore to Rs 0.05 crore. Profit before tax down 33.23% to Rs 29.18 crore. Provision for tax was expense of Rs 7.32 crore, compared to Rs 11.14 crore. Effective tax rate was 25.09% compared to 25.49%. Profit after tax fell 32.86% to Rs 21.86 crore. Equity capital stood at Rs 12.14 crore as of 31 March 2022 to Rs 12.14 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 52.13% as of 31 March 2022 ,compared to 52.16% as of 31 March 2021 .
Full year results analysis
Net sales (including other operating income) of Swaraj Engines has increased 15.36% to Rs 1,138.15 crore. Operating profit margin has declined from 13.75% to 13.65%, leading to 14.54% rise in operating profit to Rs 155.38 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 77.81% to 78.24%. Employee cost decreased from 4.31% to 3.85%. Other expenses rose from 4.25% to 4.27%. Other income up 12.46% to Rs 9.66 crore. PBIDT rose 14.41% to Rs 165.04 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 62.07 crore as of 31 March 2022 from Rs 61.71 crore as of 31 March 2021. Sundry debtors were lower at Rs 103.61 crore as of 31 March 2022 compared to Rs 113.38 crore as of 31 March 2021. Cash and bank balance declined from Rs 117.46 crore as of 31 March 2021 to Rs 90.94 crore as of 31 March 2022. Investments rose to Rs 36.21 crore as of 31 March 2022 from Rs 34.17 crore as of 31 March 2021 . PBDT rose 14.36% to Rs 164.96 crore. Provision for depreciation down 8.45% to Rs 18.1 crore. Fixed assets increased to Rs 96.50 crore as of 31 March 2022 from Rs 92.64 crore as of 31 March 2021. Intangible assets declined from Rs 0.48 crore to Rs 0.05 crore. Profit before tax grew 17.98% to Rs 146.86 crore. Provision for tax was expense of Rs 37.39 crore, compared to Rs 31.94 crore. Effective tax rate was 25.46% compared to 25.66%. Profit after tax rose 18.29% to Rs 109.47 crore. Equity capital stood at Rs 12.14 crore as of 31 March 2022 to Rs 12.14 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters’ stake was 52.13% as of 31 March 2022 ,compared to 52.16% as of 31 March 2021 .
Other Highlights
The board has
recommended an equity dividend of 800% (Rs 80 per share) for the financial year
ended 31st March, 2022. The Register of Members and Share Transfer Books of the
Company will remain closed from 2nd July, 2022 to 8th July, 2022 (both days
inclusive) for the purpose of determining the Members eligible to receive the
dividend, if declared by the shareholders at the ensuing Annual General Meeting
(AGM) scheduled to be held on 25 th July, 2022.
In Q4
FY22, Company`s engines sales fell 29% to 23,937 units on YoY basis.
For FY22, Company`s
engines sales went up 3% to 1,16,811 units on YoY basis.
| Swaraj Engines : Standalone Results | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 242.35 | 304.91 | -20.52 | 1,138.15 | 986.57 | 15.36 | | OPM (%) | 12.83 | 15.15 | -231 bps | 13.65 | 13.75 | -10 bps | | OP | 31.10 | 46.18 | -32.65 | 155.38 | 135.66 | 14.54 | | Other Inc. | 2.29 | 2.24 | 2.23 | 9.66 | 8.59 | 12.46 | | PBIDT | 33.39 | 48.42 | -31.04 | 165.04 | 144.25 | 14.41 | | Interest | 0.01 | 0 | - | 0.08 | 0 | - | | PBDT | 33.38 | 48.42 | -31.06 | 164.96 | 144.25 | 14.36 | | Depreciation | 4.2 | 4.72 | -11.02 | 18.1 | 19.77 | -8.45 | | PBT | 29.18 | 43.70 | -33.23 | 146.86 | 124.48 | 17.98 | | PBT before EO | 29.18 | 43.7 | -33.23 | 146.86 | 124.48 | 17.98 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 29.18 | 43.7 | -33.23 | 146.86 | 124.48 | 17.98 | | Taxation | 7.32 | 11.14 | -34.29 | 37.39 | 31.94 | 17.06 | | PAT | 21.86 | 32.56 | -32.86 | 109.47 | 92.54 | 18.29 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 21.86 | 32.56 | -32.86 | 109.47 | 92.54 | 18.29 | | EPS (Rs)* | 18.00 | 26.81 | -32.86 | 90.14 | 76.20 | 18.29 | | | * EPS is on current equity of Rs 12.14 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
|