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For
quarter ended Dec 2022, standalone Net sales (including other operating income) of Swaraj Engines has increased 17.44% to Rs 278.93 crore compared to quarter ended Dec 2021. Operating profit margin has declined from 12.30% to 11.86%, leading to 13.21% rise in operating profit to Rs 33.07 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 78.21% to 79.96%. Employee cost decreased from 4.72% to 3.82%. Other expenses fell from 4.68% to 4.49%. Other income up 14.46% to Rs 2.77 crore. PBIDT rose 13.31% to Rs 35.84 crore. Provision for interest fell 66.67% to Rs 0.02 crore. PBDT rose 13.46% to Rs 35.82 crore. Provision for depreciation rose 5.52% to Rs 4.59 crore. Profit before tax grew 14.73% to Rs 31.23 crore. Provision for tax was expense of Rs 8 crore, compared to Rs 7.03 crore. Effective tax rate was 25.62% compared to 25.83%. Profit after tax rose 15.06% to Rs 23.23 crore. Promoters’ stake was 52.13% as of 31 December 2022 ,compared to 52.15% as of 31 December 2021 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Swaraj Engines has increased 18.56% to Rs 1,062.03 crore. Operating profit margin has declined from 13.87% to 13.03%, leading to 11.39% rise in operating profit to Rs 138.43 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 78.26% to 79.79%. Employee cost decreased from 3.77% to 3.16%. Other expenses fell from 4.14% to 4.04%. Other income up 11.94% to Rs 8.25 crore. PBIDT rose 11.42% to Rs 146.68 crore. Provision for interest fell 42.86% to Rs 0.04 crore. PBDT rose 11.45% to Rs 146.64 crore. Provision for depreciation rose 0.58% to Rs 13.98 crore. Profit before tax grew 12.73% to Rs 132.66 crore. Provision for tax was expense of Rs 34.01 crore, compared to Rs 30.07 crore. Effective tax rate was 25.64% compared to 25.55%.Profit after tax rose 12.60% to Rs 98.65 crore. Promoters’ stake was 52.13% as of 31 December 2022 ,compared to 52.15% as of 31 December 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. 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
Q3 FY23, company’s engine sales grew 13% to 26,944 units compared to 23,836 units
in Q3 FY22.
During
9M FY23, company’s engine sales grew 10% to 1,02,164 units compared to 92,874 units
in 9M FY22.
| Swaraj Engines : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 278.93 | 237.50 | 17.44 | 1,062.03 | 895.80 | 18.56 | 1,138.15 | 986.57 | 15.36 | | OPM (%) | 11.86 | 12.30 | -44 bps | 13.03 | 13.87 | -84 bps | 13.65 | 13.75 | -10 bps | | OP | 33.07 | 29.21 | 13.21 | 138.43 | 124.28 | 11.39 | 155.38 | 135.66 | 14.54 | | Other Inc. | 2.77 | 2.42 | 14.46 | 8.25 | 7.37 | 11.94 | 9.66 | 8.59 | 12.46 | | PBIDT | 35.84 | 31.63 | 13.31 | 146.68 | 131.65 | 11.42 | 165.04 | 144.25 | 14.41 | | Interest | 0.02 | 0.06 | -66.67 | 0.04 | 0.07 | -42.86 | 0.08 | 0 | - | | PBDT | 35.82 | 31.57 | 13.46 | 146.64 | 131.58 | 11.45 | 164.96 | 144.25 | 14.36 | | Depreciation | 4.59 | 4.35 | 5.52 | 13.98 | 13.9 | 0.58 | 18.1 | 19.77 | -8.45 | | PBT | 31.23 | 27.22 | 14.73 | 132.66 | 117.68 | 12.73 | 146.86 | 124.48 | 17.98 | | PBT before EO | 31.23 | 27.22 | 14.73 | 132.66 | 117.68 | 12.73 | 146.86 | 124.48 | 17.98 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 31.23 | 27.22 | 14.73 | 132.66 | 117.68 | 12.73 | 146.86 | 124.48 | 17.98 | | Taxation | 8 | 7.03 | 13.80 | 34.01 | 30.07 | 13.10 | 37.39 | 31.94 | 17.06 | | PAT | 23.23 | 20.19 | 15.06 | 98.65 | 87.61 | 12.60 | 109.47 | 92.54 | 18.29 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 23.23 | 20.19 | 15.06 | 98.65 | 87.61 | 12.60 | 109.47 | 92.54 | 18.29 | | EPS (Rs)* | 19.13 | 16.62 | 15.06 | 81.23 | 72.14 | 12.60 | 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 |
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