For
quarter ended Sept 2022, standalone net sales (including other operating income) of Swaraj Engines has increased 11.98% to Rs 384.75 crore compared to quarter ended sept 2021. Operating profit margin has declined from 13.89% to 13.13%, leading to 5.80% rise in operating profit to Rs 50.51 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 79.06% to 80.24%. Employee cost decreased from 3.26% to 2.83%. Other income up 6.84% to Rs 2.5 crore. PBIDT rose 5.85% to Rs 53.01 crore. Provision for interest up 100% to Rs 0.02 crore. Loan funds remained nil. Inventories declined from Rs 64.68 crore as of 30 September 2021 to Rs 64.47 crore as of 30 September 2022. Sundry debtors were lower at Rs 124.70 crore as of 30 September 2022 compared to Rs 138.92 crore as of 30 September 2021. Cash and bank balance declined from Rs 79.52 crore as of 30 September 2021 to Rs 60.74 crore as of 30 September 2022.
PBDT rose 5.83% to Rs 52.99 crore. Provision for depreciation down 1.68% to Rs 4.68 crore. Fixed assets declined from Rs 98.60 crore as of 30 September 2021 to Rs 92.82 crore as of 30 September 2022. Intangible assets declined from Rs 0.26 crore to Rs 0.04 crore.
Profit before tax grew 6.62% to Rs 48.31 crore. Provision for tax was expense of Rs 12.43 crore, compared to Rs 11.54 crore. Effective tax rate was 25.73% compared to 25.47%.
Profit after tax rose 6.25% to Rs 35.88 crore.
Equity capital stood at Rs 12.14 crore as of 30 September 2022 to Rs 12.14 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 52.13% as of 30 September 2022 ,compared to 52.15% as of 30 September 2021 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Swaraj Engines has increased 18.96% to Rs 783.10 crore.
Operating profit margin has declined from 14.44% to 13.45%, leading to 10.84% rise in operating profit to Rs 105.36 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 78.28% to 79.73%. Employee cost decreased from 3.42% to 2.92%. Other expenses fell from 3.95% to 3.87%. Other income up 10.71% to Rs 5.48 crore. PBIDT rose 10.83% to Rs 110.84 crore. Provision for interest remained nil. Loan funds remained nil. Inventories declined from Rs 64.68 crore as of 30 September 2021 to Rs 64.47 crore as of 30 September 2022. Sundry debtors were lower at Rs 124.70 crore as of 30 September 2022 compared to Rs 138.92 crore as of 30 September 2021. Cash and bank balance declined from Rs 79.52 crore as of 30 September 2021 to Rs 60.74 crore as of 30 September 2022.
PBDT rose 10.81% to Rs 110.82 crore. Provision for depreciation down 1.68% to Rs 9.39 crore. Fixed assets declined from Rs 98.60 crore as of 30 September 2021 to Rs 92.82 crore as of 30 September 2022. Intangible assets declined from Rs 0.26 crore to Rs 0.04 crore. Profit before tax grew 12.13% to Rs 101.43 crore. Provision for tax was expense of Rs 26.01 crore, compared to Rs 23.04 crore. Effective tax rate was 25.64% compared to 25.47%.Profit after tax rose 11.87% to Rs 75.42 crore. Equity capital stood at Rs 12.14 crore as of 30 September 2022 to Rs 12.14 crore as of 30 September 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 52.13% as of 30 September 2022 ,compared to 52.15% as of 30 September 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 30 September 2022 to Rs 12.14 crore as of 30 September 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 .
Cash flow from operating activities increased to Rs 103.42 crore for year ended March 2022 from Rs 28.01 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 22.24 crore, compared to Rs 5.62 crore during the year ended March 2021.
Other Highlights
In
Q2 FY23, company’s engine sales grew 4.3% to 36,792 units compared to 35,291
units in Q2 FY22.
In
H1 FY23, company’s engine sales grew 9% to 75,220 units compared to 69,038
units in H1 FY22.
Further,
to cater the expected future engine demand in the coming years, the Board
approved engine capacity expansion plan from the existing 1,50,000 units to
1,80,000 units per annum. The total projected outlay for the same would be
financed through internal generations / surplus available with the Company.