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Swaraj Engines Posts Highest Ever Quarterly Sales with 30% Jump in PBT

Posted On: 2020-10-26 04:19:58


The Board of Directors of Swaraj Engines Limited (SEL) met today to consider and approve the financial results for the second quarter and half year ended 30th September, 2020.

Q2 FY 21 (Jul. - Sept. 2020)

On the backdrop of impressive growth witnessed in the tractor industry during Q2 FY21 and consequent increase in engine demand from the Company's key customer, Swaraj Engines Limited posted its highest ever quarterly engines sale of 34,489 units during the second quarter of current financial year 2020-21 up by 31.3% over same period last year's sale of 26,271 units. The net operating revenue for second quarter stood at Rs. 292.28 crores as against Rs. 222. 72 crores for the corresponding quarter of last fiscal - up 31.2%.

Despite continued challenges on account of COVID 19, more so at suppliers' end with regard to production ramp up, the Company through its focused efforts on managing supply chain, could achieve full capacity utilization during the second quarter.

Having benefitted by rise in engines sale and the Company's continued focus on all operating costs, SEL posted operating profit of Rs. 40.00 crores as against Rs. 30.00 crores for Q2 of last year - a growth 33.3%. Further, operating margin also registered an improvement by 20 basis points to reach 13.7%. While the PBT for the second quarter stood at Rs. 36.44 crores (last year Rs. 28.09 crores), the PAT was Rs. 27.12 crores (last year Rs. 25.39 crores). However, the current year's Q2 PAT is not fully comparable with corresponding quarter of last year in view of change in taxation rules during FY20, the full impact of which was reflected in Q2 of last year.

H1 FY 21 (Apr. - Sept. 2020)

With the lower engine sales volume during Q1 FY21 in view of nationwide lockdown and thereafter gradual start of operations in May'20, the cumulative engine sales for the half year ended 30th September, 2020 stood at 48,245 units as against 49,304 units during same period of last fiscal. On the net operating revenue of Rs. 409.27 crores (last year Rs. 428.10 crores), the Company posted a PBT .of Rs. 47.15 crores (last year Rs. 54.31 crores) and PAT of Rs.34.96 crores (last year Rs. 42.31 crores).

Further, taking note of the expected enhanced engine demand in the coming years, the Board in its today's meeting also approved the engine capacity expansion plan from existing 1,35,000 units to 1,50,000 units per annum. The total projected outlay for the same would be financed through internal generations I surplus available with the Company.

Shares of SWARAJ ENGINES LTD. was last trading in BSE at Rs.1424.45 as compared to the previous close of Rs. 1442. The total number of shares traded during the day was 677 in over 290 trades.

The stock hit an intraday high of Rs. 1456 and intraday low of 1416.05. The net turnover during the day was Rs. 970123.


Source: Equity Bulls

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