ICICI Securities Ltd | Retail Equity Research Swaraj Engines (SEL) reported a robust Q4FY17 performance with engine sales volume growing 42.0% YoY to 19842 units. Robust sales volume is attributable to strong tractor sales at parent M&M; The sales volume growth at SEL vastly outpaced tractor sales at M&M; largely implying build-up of inventory at the parent level Consequent net sales were at | 160.8 crore (up 41.0% YoY) EBITDA for the quarter came in at | 24.1 crore with corresponding...