ICICI Direct: Swaraj Engines - Healthy Macros In Place; Balance Sheet Strength Unmatched  
Swaraj Engines. (Image: Company website)

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

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Direct Swaraj Engines Company Update.pdf

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