Swaraj Engines posts PBT of Rs. 10.71 crores in Q1 FY21

The Board of Directors of Swaraj Engines Limited (SEL) met today and announced the financial results for the first quarter ended 30th June, 2020.

To contain the spread of COVID-19, the Government of India instituted nationwide lockdown from 25th March, 2020, which was then extended on multiple occasions and the reopening of the economy had begun in May 2020 by allowing resumption of services and businesses in a phased manner. This has adversely impacted business segments partially in Q1FY21 as well.

Following the Govt.'s guidelines, the Company resumed its operations from 5th May, 2020 with all safety protocols. Initially it took some time to smoothen the operations and to establish the supply chain from across India, the activity level was then increased gradually. The Company was able to reach close to 100% of its capacity utilization in the month of June 2020.

In the above backdrop, the Company could post engine sales of 13,756 units for Q1FY21 against last year's 23,033 units. The net operating revenue for the first quarter stood at Rs. 116.99 crores as compared to Rs. 205.38 crores for the same period last year. While the Profit Before Tax for the quarter was Rs. 10.71 crores (last year - Rs. 26.22 crores), Profit After Tax for the quarter was Rs. 7.84 crores (last year - Rs. 16.92 crores).

Shares of SWARAJ ENGINES LTD. was last trading in BSE at Rs.1512.55 as compared to the previous close of Rs. 1430.7. The total number of shares traded during the day was 3616 in over 869 trades.

The stock hit an intraday high of Rs. 1545.1 and intraday low of 1430. The net turnover during the day was Rs. 5464334.

Source : Equity Bulls

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