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ICICI Direct Report
Swaraj Engines Ltd. reported a robust performance in Q4 FY21, primarily tracking healthy wholesale tractors volume and likely inventory restocking at its key client Mahindra and Mahindra Ltd.
Engine sales volume for Q4 FY21 came in at 33,831 units, up 62% YoY, 8% QoQ.
Sales volume for FY21 came in at an all-time high of 1,13,269 units, up 26% YoY amid approximately 20% volume growth in the tractor segment for FY21.
Net sales were at Rs 305 crore with Ebitda at Rs 46.2 crore and corresponding Ebitda margins at 15.1%, up 170 basis points QoQ.
Margins for the quarter were supported by improvement in gross margins as well as operating leverage benefits.
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