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Swaraj Engines

PAT down 19.30%

January 25, 2022 8:21 IST | capital market
For quarter ended Dec 2021, Net sales (including other operating income) of Swaraj Engines has declined 12.81% to Rs 237.50 crore compared to quarter ended Dec 2020.

Operating profit margin has declined from 13.44% to 12.30%, leading to 20.19% decline in operating profit to Rs 29.21 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 78.22% to 78.21%.   Employee cost increased from 4.04% to 4.72%.   Other expenses rose from 4.28% to 4.68%.   

Other income up 9.50% to Rs 2.42 crore.  PBIDT fell 18.50% to Rs 31.63 crore.  Provision for interest remained nil.  

PBDT fell 18.65% to Rs 31.57 crore.  Provision for depreciation down 16.02% to Rs 4.35 crore.  

Profit before tax down 19.06% to Rs 27.22 crore.  Provision for tax was expense of Rs 7.03 crore, compared to Rs 8.61 crore.  Effective tax rate was 25.83% compared to 25.60%.

Profit after tax fell 19.30% to Rs 20.19 crore.  

Promoters stake was 52.15% as of 31 December 2021 ,compared to 52.17% as of 31 December 2020 .  

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Swaraj Engines has increased 31.41% to Rs 895.80 crore.  

Operating profit margin has jumped from 13.13% to 13.87%, leading to 38.89% rise in operating profit to Rs 124.28 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 77.94% to 78.26%.   Employee cost decreased from 4.63% to 3.77%.   Other expenses fell from 4.39% to 4.14%.   

Other income up 16.06% to Rs 7.37 crore.  PBIDT rose 37.38% to Rs 131.65 crore.  Provision for interest remained nil.  

PBDT rose 37.31% to Rs 131.58 crore.  Provision for depreciation down 7.64% to Rs 13.9 crore.  

Profit before tax grew 45.68% to Rs 117.68 crore.  Provision for tax was expense of Rs 30.07 crore, compared to Rs 20.8 crore.  Effective tax rate was 25.55% compared to 25.75%.

Profit after tax rose 46.07% to Rs 87.61 crore.  

Promoters stake was 52.15% as of 31 December 2021 ,compared to 52.17% as of 31 December 2020 .  


Full year results analysis

Net sales (including other operating income) of Swaraj Engines has increased 27.58% to Rs 986.57 crore.  

Operating profit margin has jumped from 12.99% to 13.75%, leading to 35.08% rise in operating profit to Rs 135.66 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 76.33% to 77.81%.   Employee cost decreased from 5.47% to 4.31%.   Other expenses fell from 5.06% to 4.25%.   

Other income fell 32.79% to Rs 8.59 crore.  PBIDT rose 27.42% to Rs 144.25 crore.  Provision for interest remained nil.  Loan funds remained nil.  Inventories rose to Rs 61.71 crore as of 31 March 2021 from Rs 37.01 crore as of 31 March 2020.  Sundry debtors were higher at Rs 113.38 crore as of 31 March 2021 compared to Rs 4.14 crore as of 31 March 2020.  Cash and bank balance rose to Rs 117.46 crore as of 31 March 2021 from Rs 18.19 crore as of 31 March 2020.  Investments declined from Rs 111.08 crore as of 31 March 2020 to Rs 34.17 crore as of 31 March 2021.  

PBDT rose 27.43% to Rs 144.25 crore.  Provision for depreciation down 1.79% to Rs 19.77 crore.  Fixed assets declined from Rs 106.58 crore as of 31 March 2020 to Rs 92.64 crore as of 31 March 2021.  Intangible assets declined from Rs 0.93 crore to Rs 0.48 crore.  

Profit before tax grew 33.75% to Rs 124.48 crore.  Provision for tax was expense of Rs 31.94 crore, compared to Rs 22.03 crore.  Effective tax rate was 25.66% compared to 23.67%.

Profit after tax rose 30.26% to Rs 92.54 crore.  

Promoters stake was 52.16% as of 31 March 2021 ,compared to 52.18% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 28.01 crore for year ended March 2021 from Rs 99.61 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 5.62 crore, compared to Rs 15.77 crore during the year ended March 2020.  

Other Highlights

In Q3 FY22, company sold 23,836 units of engines compared to the sale of 31 ,193 engines in Q3 FY21.

For 9M FY22, cumulative engines sale grew 16.9% and reached 92,874 units as compared 79,438 units in 9M FY21.

While inflationary trend continued in commodity prices, companys focus on operational efficiencies has helped it to keep the drop in profit lower than the volume degrowth.

Swaraj Engines : Standalone Results

 

2112 (3) 2012 (3) Var (%) 2112 (9) 2012 (9) Var (%) 2103 (12) 2003 (12) Var (%)
Sales 237.5 272.39 -12.81% 895.8 681.66 31.41% 986.57 773.3 27.58%
OPM (%) 12.30% 13.44% -114 bps 13.87% 13.13% 74 bps 13.75% 12.99% 76 bps
OP 29.21 36.6 -20.19% 124.28 89.48 38.89% 135.66 100.43 35.08%
Other inc. 2.42 2.21 9.50% 7.37 6.35 16.06% 8.59 12.78 -32.79%
PBIDT 31.63 38.81 -18.50% 131.65 95.83 37.38% 144.25 113.21 27.42%
Interest 0.06 0.00 PL 0.07 0.00 PL 0 0.01 LP
PBDT 31.57 38.81 -18.65% 131.58 95.83 37.31% 144.25 113.2 27.43%
Dep. 4.35 5.18 -16.02% 13.90 15.05 -7.64% 19.77 20.13 -1.79%
PBT 27.22 33.63 -19.06% 117.68 80.78 45.68% 124.48 93.07 33.75%
Share of profit/loss from JV 0.00 0.00 0.00% 0.00 0.00 0.00% 0 0 0.00%
PBT Befor EO 27.22 33.63 -19.06% 117.68 80.78 45.68% 124.48 93.07 33.75%
Execptional items 0.00 0.00 0.00% 0.00 0.00 0.00% 0 0 0.00%
PBT After EO 27.22 33.63 -19.06% 117.68 80.78 45.68% 124.48 93.07 33.75%
Total Tax 7.03 8.61 -18.35% 30.07 20.80 44.57% 31.94 22.03 44.98%
PAT 20.19 25.02 -19.30% 87.61 59.98 46.07% 92.54 71.04 30.26%
Minority Interest 0.00 0.00 0.00% 0.00 0.00 0.00% 0 0 0.00%
Net Profit 20.19 25.02 -19.30% 87.61 59.98 46.07% 92.54 71.04 30.26%
EPS (Rs)* # # # # 76.23 58.52
* EPS is on current equity of Rs 12.14 crore, Face value of Rs 10 Each
# EPS is not annualised due to seasonality of business
BPS- Basis points
LP: Loss to profit
PL: Profit to Loss
Figures in Rs crore
Source: Capitaline Corporate Database

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