Swaraj Engines Ltd

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

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 3.61%.
Company has a good return on equity (ROE) track record: 3 Years ROE 25.85%
Company has been maintaining a healthy dividend payout of 77.73%
Cons:
Stock is trading at 7.07 times its book value
The company has delivered a poor growth of 9.99% over past five years.

Peer Comparison Sector: Capital Goods-Non Electrical Equipment // Industry: Engines

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
172 179 155 161 194 209 183 185 235 247 199 191
143 150 132 137 162 174 158 157 198 207 171 164
Operating Profit 28 29 23 24 32 35 26 29 37 40 27 27
OPM % 17% 16% 15% 15% 17% 17% 14% 15% 16% 16% 14% 14%
Other Income 5 4 4 4 5 5 5 4 4 4 4 4
Interest 0 0 0 -0 0 0 0 1 0 0 0 0
Depreciation 4 4 4 4 4 4 4 4 5 5 5 5
Profit before tax 29 29 23 23 33 36 26 28 36 39 27 26
Tax % 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%
Net Profit 19 19 15 15 22 24 17 18 23 25 17 17
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
129 125 208 282 361 449 479 608 540 526 666 771 872
103 102 176 233 300 379 408 520 465 452 561 650 740
Operating Profit 26 23 32 50 61 69 72 88 75 74 105 122 132
OPM % 20% 18% 15% 18% 17% 15% 15% 15% 14% 14% 16% 16% 15%
Other Income 1 3 5 10 8 12 15 18 16 16 17 19 15
Interest 0 0 0 0 0 0 0 0 0 0 0 1 0
Depreciation 4 5 5 5 4 4 7 9 13 14 16 17 20
Profit before tax 23 22 32 55 64 77 80 98 78 76 105 123 127
Tax % 34% 35% 34% 32% 32% 32% 30% 32% 33% 33% 35% 35%
Net Profit 15 14 21 37 44 53 55 67 52 51 69 80 82
EPS in Rs 11.96 10.71 16.27 28.74 33.74 40.42 39.00 48.00 35.02 41.31 55.42 66.05
Dividend Payout % 0% 43% 29% 27% 28% 31% 74% 65% 79% 80% 78% 76%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.92%
5 Years:9.99%
3 Years:12.63%
TTM:13.04%
Compounded Profit Growth
10 Years:18.45%
5 Years:8.64%
3 Years:14.67%
TTM:2.90%
Return on Equity
10 Years:27.80%
5 Years:26.81%
3 Years:25.85%
Last Year:30.42%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
12 12 12 12 12 12 12 12 12 12 12 12 12
Reserves 63 71 85 110 140 174 181 197 200 251 271 216 226
Borrowings 0 0 0 0 0 0 0 0 0 0 0 0 0
60 25 29 46 61 78 108 125 114 74 90 121 128
Total Liabilities 136 108 126 169 213 264 301 335 326 338 374 349 366
32 30 26 23 24 42 81 84 84 101 91 92 110
CWIP 1 0 0 1 0 9 2 2 5 0 1 6 2
Investments 0 17 20 58 58 81 74 72 42 11 49 76 84
104 61 79 87 131 132 144 177 196 225 233 175 170
Total Assets 136 108 126 169 213 264 301 335 326 338 374 349 366

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
14 39 32 37 31 50 47 67 56 63 82 89
-1 -16 0 -29 1 -42 -28 -16 -11 -14 -32 47
-10 -0 -6 -7 -12 -14 -19 -48 -51 -49 -49 -136
Net Cash Flow 3 24 25 0 20 -6 0 3 -6 0 1 1

Ratios Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 33% 28% 36% 49% 47% 45% 39% 48% 37% 32% 39% 47%
Debtor Days 103 49 9 5 8 10 7 5 5 5 7 7
Inventory Turnover 13.27 13.52 19.58 17.29 13.12 13.09 13.16 14.19 13.57 17.27 24.75 26.59