Swaraj Engines Ltd

About [ edit ]

Swaraj Engines is in the business of manufacturing diesel engines and hi-tech engine components. Diesel Engines are specifically designed for tractor application.

  • Market Cap 1,573 Cr.
  • Current Price 1,296
  • High / Low 1,709 / 803
  • Stock P/E 20.8
  • Book Value 183
  • Dividend Yield 1.93 %
  • ROCE 39.3 %
  • ROE 30.0 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31.84%
  • Company has been maintaining a healthy dividend payout of 72.53%

Cons

  • Stock is trading at 7.07 times its book value
  • The company has delivered a poor sales growth of 7.46% over past five years.
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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
185 235 247 199 191 205 223 170 175 117 292 272
157 198 207 171 164 178 193 150 152 104 252 236
Operating Profit 29 37 40 27 27 27 30 20 23 13 40 37
OPM % 15% 16% 16% 14% 14% 13% 13% 12% 13% 11% 14% 13%
Other Income 4 4 4 4 4 4 3 3 3 2 2 2
Interest 1 0 -0 -0 0 -0 0 -0 -0 -0 -0 -0
Depreciation 4 5 5 5 5 5 5 5 5 4 6 5
Profit before tax 28 36 39 27 26 26 28 17 21 11 36 34
Tax % 35% 35% 35% 35% 35% 35% 10% 26% 26% 27% 26% 26%
Net Profit 18 23 25 17 17 17 25 13 16 8 27 25
EPS in Rs 14.74 19.02 20.92 14.30 13.73 13.95 20.93 10.62 13.06 6.46 22.35 20.62
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
208 282 361 449 479 608 540 526 666 771 872 773 857
176 233 300 379 408 520 465 452 561 650 740 673 744
Operating Profit 32 50 61 69 72 88 75 74 105 122 132 100 113
OPM % 15% 18% 17% 15% 15% 15% 14% 14% 16% 16% 15% 13% 13%
Other Income 5 10 8 12 15 18 16 16 17 19 15 13 9
Interest 0 0 0 0 0 0 0 0 0 1 0 0 0
Depreciation 5 5 4 4 7 9 13 14 16 17 20 20 20
Profit before tax 32 55 64 77 80 98 78 76 105 123 127 93 102
Tax % 34% 32% 32% 32% 30% 32% 33% 33% 35% 35% 35% 24%
Net Profit 21 37 44 53 55 67 52 51 69 80 82 71 76
EPS in Rs 17.13 30.07 35.35 42.53 44.61 53.95 41.74 41.31 55.43 66.05 67.95 58.55 62.49
Dividend Payout % 29% 27% 28% 31% 74% 65% 79% 80% 78% 76% 74% 68%
Compounded Sales Growth
10 Years:11%
5 Years:7%
3 Years:5%
TTM:9%
Compounded Profit Growth
10 Years:7%
5 Years:7%
3 Years:1%
TTM:6%
Stock Price CAGR
10 Years:11%
5 Years:9%
3 Years:-13%
1 Year:6%
Return on Equity
10 Years:29%
5 Years:28%
3 Years:32%
Last Year:30%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
12 12 12 12 12 12 12 12 12 12 12 12 12
Reserves 85 110 140 174 181 197 200 251 271 216 226 224 210
Borrowings -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
29 45 60 77 107 124 113 73 89 119 128 119 175
Total Liabilities 126 168 212 263 301 334 325 337 372 348 366 355 398
26 23 24 42 81 84 84 101 91 92 110 103 95
CWIP 0 1 0 9 2 2 5 0 1 6 2 4 5
Investments 20 58 58 81 74 72 42 11 49 76 84 111 20
79 86 130 132 144 176 195 224 231 173 170 136 279
Total Assets 126 168 212 263 301 334 325 337 372 348 366 355 398

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
32 37 31 50 47 67 56 63 82 89 69 100
0 -29 1 -42 -28 -16 -11 -14 -32 47 4 -27
-6 -7 -12 -14 -19 -48 -51 -49 -49 -136 -73 -73
Net Cash Flow 25 0 20 -6 0 3 -6 0 1 1 -0 -0

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 36% 49% 47% 45% 39% 48% 37% 32% 39% 47% 55% 39%
Debtor Days 9 5 8 10 7 5 5 5 7 7 8 2
Inventory Turnover 14.88 12.74 9.85 10.03 10.12 10.90 10.40 13.14 18.61 20.00 16.67 14.14

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
50.74 50.74 50.74 50.73 50.73 52.20 52.19 52.19 52.18 52.18 52.18 52.17
2.51 2.64 2.59 2.57 2.62 1.17 1.16 1.16 1.17 1.22 1.18 1.17
13.05 12.98 12.67 11.39 11.22 11.12 11.01 9.98 10.39 10.52 12.97 12.06
0.02 0.02 0.43 0.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
33.68 33.61 33.57 34.83 35.43 35.51 35.64 36.67 36.25 36.08 33.68 34.60

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