Swaraj Engines - Robust Performance, Attractive Dividend Yield At Play: ICICI Direct 
A petrol engine passes along the production line. (Photographer Chris Ratcliffe/Bloomberg)

Swaraj Engines - Robust Performance, Attractive Dividend Yield At Play: ICICI Direct 


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 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.

Click on the attachment to read the full report:

ICICI Direct Swaraj Engines Company Update.pdf


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