Swaraj Engines – Superior Financial Strength Set To Persist: ICICI Direct

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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.

Click on the attachment to read the full report:

ICICI Direct Swaraj Engines Company Update.pdf


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