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ICICI Direct Report
Swaraj Engines Ltd. is involved in manufacturing diesel engines for Mahindra and Mahindra Ltd.’s Swaraj brand of tractors.
Steady ~13% compounding of revenues, Ebitda, profit after tax over past five years.
Net cash positive balance sheet; consistent cash flow generation; highly capital efficient player with history of more than 30% return ratios and high dividend payouts.
Swaraj Engines reported healthy Q1 FY22 results.
Diesel engine volumes were flattish QoQ at 33,747 units. Net sales rose 3.2% QoQ to Rs 315 crore tracking 3.5% average selling price increase.
Margins dipped minimally to 15%; profit after tax up 3.3% QoQ to Rs 33.7 crore.
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