Results     18-Apr-24
Analysis
Swaraj Engines
PAT up 3.19% YoY in FY24
For quarter ended March 2024, standalone Net sales (including other operating income) of Swaraj Engines has declined 2.45% to Rs 350.96 crore compared to quarter ended March 2023.  Operating profit margin has jumped from 13.34% to 13.71%, leading to 0.27% rise in operating profit to Rs 48.11 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.81% to 78.59%.   Other expenses rose from 4.14% to 4.88%.   

Other income fell 14.86% to Rs 3.15 crore.  PBIDT fell 0.81% to Rs 51.26 crore.  Provision for interest up 50% to Rs 0.06 crore.  Loan funds rose to Rs 0.36 crore as of 31 March 2024 from Rs 0.34 crore as of 31 March 2023.  Inventories rose to Rs 70.80 crore as of 31 March 2024 from Rs 69.61 crore as of 31 March 2023.  Sundry debtors were lower at Rs 120.19 crore as of 31 March 2024 compared to Rs 128.09 crore as of 31 March 2023.  Cash and bank balance rose to Rs 175.69 crore as of 31 March 2024 from Rs 109.07 crore as of 31 March 2023.  Investments declined from Rs 26.13 crore as of 31 March 2023 to Rs 20.11 crore as of 31 March 2024.  

PBDT fell 0.85% to Rs 51.2 crore.  Provision for depreciation down 12.06% to Rs 4.01 crore.  Fixed assets increased to Rs 113.28 crore as of 31 March 2024 from Rs 89.50 crore as of 31 March 2023.  Intangible assets declined from Rs 0.10 crore to Rs 0.09 crore.  

Profit before tax grew 0.23% to Rs 47.19 crore.  Provision for tax was expense of Rs 12.01 crore, compared to Rs 12.12 crore.  Effective tax rate was 25.45% compared to 25.74%.

Profit after tax rose 0.63% to Rs 35.18 crore.  

Equity capital stood at Rs 12.15 crore as of 31 March 2024 to Rs 12.15 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 52.12% as of 31 March 2024 ,compared to 52.13% as of 31 March 2023 .  

Full year results analysis

Net sales (including other operating income) of Swaraj Engines has declined 0.18% to Rs 1,419.24 crore.  Operating profit margin has jumped from 13.11% to 13.26%, leading to 0.94% rise in operating profit to Rs 188.17 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.80% to 78.97%.   Employee cost decreased from 3.07% to 3.03%.   Other expenses rose from 4.06% to 4.71%.   

Other income up 20.17% to Rs 14.36 crore.  PBIDT rose 2.10% to Rs 202.53 crore.  Provision for interest up 212.50% to Rs 0.25 crore.  Loan funds rose to Rs 0.36 crore as of 31 March 2024 from Rs 0.34 crore as of 31 March 2023.  Inventories rose to Rs 70.80 crore as of 31 March 2024 from Rs 69.61 crore as of 31 March 2023.  Sundry debtors were lower at Rs 120.19 crore as of 31 March 2024 compared to Rs 128.09 crore as of 31 March 2023.  Cash and bank balance rose to Rs 175.69 crore as of 31 March 2024 from Rs 109.07 crore as of 31 March 2023.  Investments declined from Rs 26.13 crore as of 31 March 2023 to Rs 20.11 crore as of 31 March 2024.  

PBDT rose 2.02% to Rs 202.28 crore.  Provision for depreciation down 6.63% to Rs 17.31 crore.  Fixed assets increased to Rs 113.28 crore as of 31 March 2024 from Rs 89.50 crore as of 31 March 2023.  Intangible assets declined from Rs 0.10 crore to Rs 0.09 crore.  

Profit before tax grew 2.91% to Rs 184.97 crore.  Provision for tax was expense of Rs 47.1 crore, compared to Rs 46.13 crore.  Effective tax rate was 25.46% compared to 25.66%.

Profit after tax rose 3.19% to Rs 137.87 crore.  

Equity capital stood at Rs 12.15 crore as of 31 March 2024 to Rs 12.15 crore as of 31 March 2023.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 52.12% as of 31 March 2024 ,compared to 52.13% as of 31 March 2023 .  

Cash flow from operating activities increased to Rs 142.38 crore for year ended March 2024 from Rs 132.83 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 47.79 crore, compared to Rs 12.88 crore during the year ended March 2023.  

Other Highlights

Board has recommended an equity dividend of Rs 95 per share for the financial year ended 31 March 2024.

The Company`s Q4 FY24 engine sales stood at 35,344 units as compared to 34,841 units sold during same period last year.

In FY24, company recorded engine sales of 1,38,761 units up by 1.28% YoY.


Swaraj Engines : Standalone Results
Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)350.96359.79-2.451,419.241,421.82-0.18
OPM (%)13.7113.3437 bps13.2613.1115 bps
OP48.1147.980.27188.17186.410.94
Other Inc.3.153.70-14.8614.3611.9520.17
PBIDT51.2651.68-0.81202.53198.362.10
Interest0.060.0450.000.250.08212.50
PBDT51.2051.64-0.85202.28198.282.02
Depreciation4.014.56-12.0617.3118.54-6.63
PBT47.1947.080.23184.97179.742.91
PBT before EO47.1947.080.23184.97179.742.91
EO Income00-00-
PBT after EO47.1947.080.23184.97179.742.91
Taxation12.0112.12-0.9147.146.132.10
PAT35.1834.960.63137.87133.613.19
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations35.1834.960.63137.87133.613.19
EPS (Rs)*28.9628.780.63113.50109.993.19
* EPS is on current equity of Rs 12.15 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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