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ICICI Direct: Swaraj Engines - Healthy Macros In Place; Balance Sheet Strength Unmatched  

ICICI Direct: Swaraj Engines - Healthy Macros In Place; Balance Sheet Strength Unmatched

Swaraj Engines. (Image: Company website)
Swaraj Engines. (Image: Company website)

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ICICI Direct Report

Swaraj Engines Ltd. reported healthy Q2 FY21 numbers amid record quarterly volumes (34,489 engines, up 31.3% YoY).

Net revenues rose 31.2% YoY (entirely volume led, average selling prices flat) to Rs 292 crore, tracking a strong quarter for the domestic tractor industry.

Margins rose 20 basis points YoY to 13.7% courtesy savings in employee and other expenses with consequent profit after tax up 7% YoY to Rs 27 crore.

The company would be expanding capacities by 15,000 units per annum to 1.5 lakh units per annum, to be funded by internal accruals.

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ICICI Direct Swaraj Engines Company Update.pdf

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