Swaraj Engines (SEL) achieved its highest ever quarterly profit on the strength of impressive growth witnessed in the tractor industry and resultant higher engine demand emerged during Q4 of fiscal 2021. SEL achieved its ever best Q4 engine sales of 33,831 units by registering a growth of 62.4% over same period last year's sale of 20,827 units.
Operating profit for Q4 FY21 stood at Rs 46.18 crore as against last year's operating profit of Rs 23.38 crore, recording a 97.5% Y-o-Y jump. With better spread of fixed costs over higher engine sales, the operating margin has also improved over last year.
The board, while approving the annual accounts, recommended an equity dividend of Rs 50 per share for the financial year ended 31 March 2021. Further, the board, over and above the said normal dividend, has recommended a special dividend payment of Rs 19 per share, taking the total dividend to Rs 69 per share for FY 2020-21.
Meanwhile, the company also appointed M.S. Grewal, the current chief executive officer (CEO), as whole-time director designated as whole-time director & CEO for a period from 20 April 2021 to 31 July 2022.
SEL is into manufacturing and supplying of diesel engines in the range of 22 HP to above 65 HP. It also manufactures hi-tech engine components.
Shares of SEL fell 0.32% to close at Rs 1,360.15 on Tuesday.
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