Swaraj Engines Ltd. News and Updates

Name: Latest research reports of Swaraj Engines Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Swaraj Engines Ltd.
Rating: 1
Author: ICICI Securities Limited

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Swaraj Engines Ltd.

31 Jul 2019

4208.30

-3.61%

Swaraj Engines

Sell: Swaraj Engines Ltd.

Recommendation Target

ICICI Securities Limited

Domestic tractor industry staring at de-growth in FY20E The tractor industry registered record sales volume of 785,409 units (up 10.4% YoY) in FY19 after ending FY18 at 711,478 units (up 22.1% YoY). However, the growth momentum was reversed with the industry seeing degrowth in Q1FY20. Industry volumes declined 13.8% YoY in Q1FY20 to 191,305 units. We expect this weakness to continue in the near to medium term. SEL's parent has also struggled in the same period. However, it maintains its leadership position with market share in excess of 40%. Long term trends intact despite near term uncertainty...

Swaraj Engines Ltd. has gained 40.54% in the last 1 Year

Swaraj Engines Ltd.

28 Jan 2019

4208.30

-3.61%

Swaraj Engines (3QFY19): Growth drivers intact. Maintain BUY

Buy: Swaraj Engines Ltd.

Target

HDFC Securities

Maintain BUY with a reduced TP of Rs 1828 (20x Dec-20E EPS). Swaraj Engines Ltd (SEL)s 3QFY19 revenue was in line with estimate (Rs 1.99bn, +8% YoY) while operating margin saw a dip of 17bps YoY/-241bps QoQ to 13.8% owing to 104bps contraction in gross margin. APAT stood at Rs 173mn (flat YoY). Engine volumes grew by 2.7% YoY to 22.569k units while tractor sales at the parent level (M&M;) were at 90.72k units (+11% YoY). During 9MFY19, M&M;s tractor production grew by 9% YoY and sales grew 8.5%, inventory is at normal level.

Swaraj Engines Ltd. has gained 40.54% in the last 1 Year

Swaraj Engines Ltd.

28 Jan 2019

4208.30

-3.61%

Swaraj Engines

Hold: Swaraj Engines Ltd.

ICICI Securities Limited

Engine sales volumes grew 2.7% YoY to 22,569 units vs. 13.3% tractor growth witnessed at the parent company Consequent net sales in Q3FY19 were at | 198.7 crore (up 8.4% YoY) EBITDA in Q2FY19 came in at | 27.5 crore with corresponding EBITDA margins at 13.8%, down 18 bps YoY. Margins for the quarter were lower tracking marginally higher raw material costs as well as employee costs partly compensated by lower other expenses PAT in Q3FY19 was at | 17.3 crore, up 0.5% YoY...

Swaraj Engines Ltd. is trading above all available SMAs

Swaraj Engines Ltd.

01 Nov 2018

4208.30

-3.61%

Swaraj Engines Ltd. - Q2FY19 Result Update - Mixed quarter; growth to moderate going forward

Buy: Swaraj Engines Ltd.

Target

Religare

Swaraj Engines Ltd (SEL) reported mixed set of numbers for Q2FY19. Its net revenue grew by 18.4% YoY, which was largely in line, driven by healthy volume growth of 14.3%. However, the profit growth was muted and below our projections. EBITDA grew by 14.4%, while EBITDA margins contracted 57bps YoY to 16.2%.

Swaraj Engines Ltd. has gained 36.45% in the last 6 Months

Swaraj Engines Ltd.

31 Oct 2018

4208.30

-3.61%

Swaraj Engines (2QFY19): On track. Maintain BUY

Buy: Swaraj Engines Ltd.

Target

HDFC Securities

Maintain BUY with a TP of Rs 2,027 (21x Sept-20E EPS). Swaraj Engines Ltd (SEL) delivered strong performance in 2Q. Revenue jumped by 18.4% at Rs 2.47bn led by 14.3% increase in Engine volumes (28.56k units )and 3.6% at net ASP. EBITDA rose by 14.4% YoY to Rs 401mn with margin at 16.2% (-56bps YoY/+63bps), hit by 40bps drop in gross margin, partially offset by operating leverage. APAT grew by 8% YoY to Rs 254mn impacted by lower other income (-24% YoY).

Swaraj Engines Ltd. is trading above all available SMAs

Swaraj Engines Ltd.

30 Oct 2018

4208.30

-3.61%

Swaraj Engines

Hold: Swaraj Engines Ltd.

Target

ICICI Securities Limited

Monsoon 2018 ended the season with rainfall deficiency at ~9% of LPA pan India. It lagged the monthly numbers with each month witnessing rainfall deficiency. In terms of spatial distribution, it was normal in the southern (98% of LPA) as well as north west belt (98% of LPA) while it was near normal in Central India (93% of LPA) and deficient in eastern India (76% of LPA). In terms of coverage, it was normal to positive in 69% of geographical area while deficient in 31% of area. However, on the flip side, water level at key reservoirs is ahead of last year (4% higher). while...

Swaraj Engines Ltd. has gained 40.54% in the last 1 Year

Swaraj Engines Ltd.

08 Aug 2018

4208.30

-3.61%

Swaraj Engines Ltd. - Q1FY19 Result Update - Volume offtake remains healthy

Economy Update: Swaraj Engines Ltd.

Religare

Swaraj Engines Ltd's (SEL) Q1FY19 numbers were in-line with our estimates on the revenue front, while profit growth was marginally below our projections. Net revenue increased by 20.9% YoY, led by a combination of healthy volume growth ( 14.8%) and better realizations. However, EBITDA & PAT grew by 13.4% & 7.3% respectively, impacted by input cost inflation and lower other income.

Swaraj Engines Ltd. has gained 36.45% in the last 6 Months

Swaraj Engines Ltd.

31 Jul 2018

4208.30

-3.61%

Swaraj Engines (1QFY19): A steady quarter. Maintain BUY

Buy: Swaraj Engines Ltd.

HDFC Securities

Maintain BUY with a TP of Rs 2,476 (27x FY20E EPS). Swaraj Engines Ltd (SEL) 1Q results were largely in line estimates. Revenue at Rs 2.34bn (+21% YoY) driven by 15% increase in Engine volumes (26.72k) and 5% at net ASP. EBITDA rose by 14% YoY to Rs 366mn with margin at 15.6% (-103bps YoY/+20bps QoQ), hit by 166bps drop in gross margin, partially offset by operating leverage.

Swaraj Engines Ltd. has gained 40.54% in the last 1 Year

Swaraj Engines Ltd.

31 Jul 2018

4208.30

-3.61%

Swaraj Engines

Hold: Swaraj Engines Ltd.

Recommendation Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a steady Q1FY19 performance with engine sales volume coming in at 26,742 units, up 14.8% YoY This lags the tractor volume growth of ~19% at its parent in the corresponding period, signalling some loss of market share by Swaraj brand of tractors in the domestic market Consequent sales in Q1FY19 were at | 264.5 crore, up 20.9% YoY EBITDA in Q1FY19 was at | 36.6 crore with corresponding EBITDA...

Swaraj Engines Ltd. has gained 40.54% in the last 1 Year

Swaraj Engines Ltd.

23 May 2018

4208.30

-3.61%

Swaraj Engines Ltd. - Q4FY18 Result Update - New launches, good monsoon to drive growth

Buy: Swaraj Engines Ltd.

Religare

Swaraj Engines Ltds (SEL) Q4FY18 numbers were more or less in-line with our estimates with net revenue and PAT growth of 15.2% & 17% YoY respectively. An expansion of 49bps in EBITDA margins (at 15.4%) was encouraging, led by relatively lower growth in operating expenses and material cost.

Swaraj Engines Ltd. is trading above all available SMAs

Is Swaraj Engines Ltd. worth buying?

134 Votes:

Buy 80.6%

Sell 11.19%

Hold 8.21%