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