Swaraj Engines Ltd

About

Swaraj Engines was established in 1989 it manufactures diesel engines specifically for tractors in the range of 22 HP to above 65 HP and hi-tech engine components. [1] [2]
[3]

Key Points

Company History
The company has been promoted jointly by Punjab Tractors Ltd. and Kirloskar Oil Engines Ltd.
In 1995 it expanded its capacity to 42,000 engines p.a. [1]
The current promoters of the company are Mahindra & Mahindra Limited ("M&M") and Kirloskar Industries Limited ("KIL") holding 34.76% and 17.43% respectively in the Company. [2]

See full details
  • Market Cap 1,965 Cr.
  • Current Price 1,619
  • High / Low 2,000 / 1,255
  • Stock P/E 16.6
  • Book Value 231
  • Dividend Yield 3.09 %
  • ROCE 48.1 %
  • ROE 35.7 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Stock is providing a good dividend yield of 3.09%.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.55%
  • Company has been maintaining a healthy dividend payout of 77.47%

Cons

  • Stock is trading at 7.02 times its book value
  • Debtor days have increased from 17.25 to 41.95 days.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
247 199 191 205 223 170 175 117 292 272 305 315
207 171 164 178 193 150 152 104 252 236 259 267
Operating Profit 40 27 27 27 30 20 23 13 40 37 46 47
OPM % 16% 14% 14% 13% 13% 12% 13% 11% 14% 13% 15% 15%
Other Income 4 4 4 4 3 3 3 2 2 2 2 3
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 5 5 5 5 5 5 5 4 6 5 5 5
Profit before tax 39 27 26 26 28 17 21 11 36 34 44 45
Tax % 35% 35% 35% 35% 10% 26% 26% 27% 26% 26% 25% 25%
Net Profit 25 17 17 17 25 13 16 8 27 25 33 34
EPS in Rs 20.92 14.30 13.73 13.95 20.93 10.62 13.06 6.46 22.35 20.62 26.82 27.72

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
282 361 449 479 608 540 526 666 771 872 773 987 1,184
234 300 380 408 518 465 452 562 650 740 673 851 1,014
Operating Profit 48 61 68 72 91 75 74 105 122 132 100 136 170
OPM % 17% 17% 15% 15% 15% 14% 14% 16% 16% 15% 13% 14% 14%
Other Income 11 8 13 15 16 16 16 17 19 15 13 9 9
Interest 0 0 0 0 0 0 0 0 1 0 0 0 0
Depreciation 5 4 4 7 9 13 14 16 17 20 20 20 20
Profit before tax 55 64 77 80 98 78 76 105 123 127 93 124 159
Tax % 32% 32% 32% 30% 32% 33% 33% 35% 35% 35% 24% 26%
Net Profit 37 44 53 55 67 52 51 69 80 82 71 93 118
EPS in Rs 30.07 35.35 42.53 44.61 53.95 41.74 41.31 55.43 66.05 67.95 58.55 76.24 97.51
Dividend Payout % 27% 28% 31% 74% 65% 79% 80% 78% 76% 74% 68% 91%
Compounded Sales Growth
10 Years:11%
5 Years:13%
3 Years:9%
TTM:73%
Compounded Profit Growth
10 Years:8%
5 Years:12%
3 Years:6%
TTM:91%
Stock Price CAGR
10 Years:13%
5 Years:6%
3 Years:4%
1 Year:12%
Return on Equity
10 Years:29%
5 Years:31%
3 Years:34%
Last Year:36%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
12 12 12 12 12 12 12 12 12 12 12 12
Reserves 110 140 174 181 197 200 251 271 216 226 223 268
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0
45 60 77 107 124 113 73 89 119 128 120 178
Total Liabilities 168 212 263 301 334 325 337 372 348 366 355 458
23 24 42 81 84 84 101 91 92 110 103 92
CWIP 1 0 9 2 2 5 0 1 6 2 4 1
Investments 58 58 81 74 72 42 11 49 76 84 111 34
86 130 132 144 176 195 224 231 173 170 136 331
Total Assets 168 212 263 301 334 325 337 372 348 366 355 458

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
37 31 50 47 67 56 63 82 89 69 100 28
-29 1 -42 -28 -16 -11 -14 -32 47 4 -27 56
-7 -12 -14 -19 -48 -51 -49 -49 -136 -73 -73 -49
Net Cash Flow 0 20 -6 0 3 -6 0 1 1 -0 -0 36

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 5 8 10 7 5 5 5 7 7 8 2 42
Inventory Days 35 48 36 39 37 30 26 19 20 26 23 29
Days Payable 44 49 47 44 47 43 50 52 63 58 61 78
Cash Conversion Cycle -3 7 -1 2 -5 -9 -19 -25 -35 -24 -36 -7
Working Capital Days -16 -9 -15 -31 -29 -38 34 54 3 6 2 13
ROCE % 49% 47% 45% 39% 48% 37% 32% 39% 47% 55% 39% 48%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
50.74 50.73 50.73 52.20 52.19 52.19 52.18 52.18 52.18 52.17 52.16 52.15
2.59 2.57 2.62 1.17 1.16 1.16 1.17 1.22 1.18 1.17 1.58 1.86
12.67 11.39 11.22 11.12 11.01 9.98 10.39 10.52 12.97 12.06 10.43 10.68
0.43 0.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
33.57 34.83 35.43 35.51 35.64 36.67 36.25 36.08 33.68 34.60 35.83 35.31

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