Results     17-Jan-25
Analysis
Swaraj Engines
PAT surged 32.57%
On standalone basis

Quarter ended December 2024 compared with Quarter ended December 2023.

Net sales (including other operating income) of Swaraj Engines has increased 23.59% to Rs 345.50 crore.  Operating profit margin has jumped from 11.72% to 12.82%, leading to 35.20% rise in operating profit to Rs 44.29 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.30% to 79.22%.   Employee cost decreased from 3.62% to 3.28%.   Other expenses fell from 5.42% to 4.95%.   

Other income up 8.28% to Rs 3.66 crore.  PBIDT rose 32.68% to Rs 47.95 crore.  Provision for interest up 42.86% to Rs 0.1 crore.  

PBDT rose 32.66% to Rs 47.85 crore.  Provision for depreciation rose 27.66% to Rs 5.03 crore.  

Profit before tax grew 33.27% to Rs 42.82 crore.  Provision for tax was expense of Rs 10.87 crore, compared to Rs 8.03 crore.  Effective tax rate was 25.39% compared to 24.99%.

Profit after tax rose 32.57% to Rs 31.95 crore.  

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

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Swaraj Engines has increased 14.93% to Rs 1,227.73 crore.  

Operating profit margin has jumped from 13.11% to 13.47%, leading to 18.07% rise in operating profit to Rs 165.37 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.10% to 78.82%.   Employee cost decreased from 3.11% to 2.99%.   Other expenses rose from 4.66% to 4.71%.   

Other income up 4.82% to Rs 11.75 crore.  PBIDT rose 17.09% to Rs 177.12 crore.  Provision for interest up 31.58% to Rs 0.25 crore.  

PBDT rose 17.07% to Rs 176.87 crore.  Provision for depreciation rose 13.08% to Rs 15.04 crore.  Profit before tax grew 17.46% to Rs 161.83 crore.  Provision for tax was expense of Rs 41.27 crore, compared to Rs 35.09 crore.  Effective tax rate was 25.50% compared to 25.47%.Profit after tax rose 17.40% to Rs 120.56 crore.  

Promoters’ stake was 52.12% as of 31 December 2024 ,compared to 52.12% as of 31 December 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.  

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

In Q3 FY25, the company achieved its highest-ever Q3 engine sales reaching 34,415 units, a 27% increase from 27,104 units in the same quarter last year, driven by strong demand.

During 9M FY25, engine sales totaled 1,23,226 units, up 19% from last year’s 1,03,417 units.


Swaraj Engines : Standalone Results
Quarter endedYear to DateYear ended
Particulars202412202312Var.(%)202412202312Var.(%)202403202303Var.(%)
Net Sales (including other operating income)345.50279.5523.591,227.731,068.2814.931,419.241,421.82-0.18
OPM (%)12.8211.72110 bps13.4713.1136 bps13.2613.1115 bps
OP44.2932.7635.20165.37140.0618.07188.17186.410.94
Other Inc.3.663.388.2811.7511.214.8214.3611.9520.17
PBIDT47.9536.1432.68177.12151.2717.09202.53198.362.10
Interest0.10.0742.860.250.1931.580.250.08212.50
PBDT47.8536.0732.66176.87151.0817.07202.28198.282.02
Depreciation5.033.9427.6615.0413.313.0817.3118.54-6.63
PBT42.8232.1333.27161.83137.7817.46184.97179.742.91
PBT before EO42.8232.1333.27161.83137.7817.46184.97179.742.91
EO Income00-00-00-
PBT after EO42.8232.1333.27161.83137.7817.46184.97179.742.91
Taxation10.878.0335.3741.2735.0917.6147.146.132.10
PAT31.9524.132.57120.56102.6917.40137.87133.613.19
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations31.9524.132.57120.56102.6917.40137.87133.613.19
EPS (Rs)*26.3019.8432.5799.2584.5417.40113.50109.993.19
* 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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