Works:

SWARAJ ENGINES LIMITED Plot No.2, Indl. Focal Point,

Phase-IX, SAS. Nagar
Distt. S.A.S. Nagar (Mohali)
(Near Chandigarh)
Tel. : 0172-2234941-47,2234950

02/SP/EXCH
21st October, 2024

BSE Limited National Stock Exchange of India Limited

Listing Department Capital Market-Listing, Exchange Plaza,
P.J. Towers, 1st Floor, Bandra Kurla Complex,
Dalal Street, Fort, Bandra (E),
Mumbai - 400 001 Mumbai- 400051
Email: [email protected] Email: [email protected]

Scrip Code: 500407 Scrip Name: SWARAJENG

SUB: Outcome of the Board Meeting

This is to inform that Board of Directors of Swaraj Engines Limited in their meeting held today on 21st
October, 2024 has approved the Unaudited Financial Results of the Company for the second quarter
and half year ended 30th September, 2024. Copies of the Unaudited Financial Results, Limited Review
Report from the Company's Statutory Auditors and Press Release are enclosed herewith.

The meeting of the Board of Directors of the Company commenced at 12.15 P.M. and concluded
at \ ·~O P.M.

You are requested to kindly take note of the above.

With regards,

For Swaraj Engines Limited

~~

(Rajesh K. Kapila)
Company Secretary
M.No.: ACS-9936

Regd. Office: Industrial Area, Phase IV, SAS. Nagar, Mohali,Near Chandigarh-160 055
Tel. : 91-172-2271620-27, Fax: 91-172-2271307 & 2272731
Website: www.swarajenterprise.com
CIN - L50210PB1985PLC006473
 SWARAJ ENGINES LIMITED
CIN: L50210PB19B5PLC006473
Regd. Office: Phase IV, Industrial Area, S.A.S.Nagar (Mohali), Punjab - 160055
Tel: 0172-2271620-27, Fax: 0172-2272731, Email: [email protected], Website: www.swarajenterprise.com

STA TEMENT OF UNAUDITED FINANCIAL RESUL TS FOR THE

QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2024
" Lakhs
Particulars Quarter Ended Half Year Ended Year Ended
30.09.2024 30.06.2024 30.09,2023 30.09.2024 30.09.2023 31.03.2024
(Unauditgdl (Unauditedl (Unaudited (Unaudited) (Unaudited) (Audited)

Revenue from Operations 46424 41799 38890 88223 78873 141924

Other Income 372 437 324 809 783 1436
Total Income 46796 42236 39214 89032 79656 143360

Expenses
a) Cost of Materials Consumed 36484 32244 30861 68728 62098 111903
b) Changes in Inventories of Finished Goods and 162 686 (169) 848 299 227
Work-in-Progress
c) Employee Benefits Expense 1272 1236 1183 2508 2301 4300
d) Finance Costs 8 7 6 15 12 25
e) Depreciation and Amortization Expense 550 451 472 1001 936 1731
f) Other Expenses 2222 1809 1801 4031 3445 6677
Total Expenses 40698 36433 34154 77131 69091 124863

Profit before Exceptional Items and Tax 6098 5803 5060 11901 10565 18497

Exceptional Items - - - - - -

Profit before Tax 6098 5803 5060 11901 10565 18497

Tax Expense - Current 1583 1508 1338 3091 2774 4845

- Deferred (27) (24) (45) (51) (68) (135)
- Total 1556 1484 1293 3040 2706 4710

Profit for the Period 4542 4319 3767 8861 7859 13787

Other Comprehensive Income

A) (i) Items that will not be reclassified to Profit or Loss - - - - - 7
(ii) Income Tax relating to items that will not be reclassified
to profit or loss
- - - - - (2)
B) (i) Items that will be reclassified to Profit or Loss - - - - - -
(ii) Income Tax relating to items that will be
reclassified to profit or loss
- - - - - -
Other Comprehensive Income (Net of Tax) - - - - - 5

Total Comprehensive Income for the Period 4542 4319 3767 8861 7859 13792

Paid-up Equity Share Capital (Face Value ~101-) 1215 1215 1215 1215 1215 1215
Other Equity - - - - - 35642
Earning Per Share (not annualized)
- Basic ~ 37.39 ~ 35.56 ~ 31.01 ~ 72.95 ~ 64.70 ~ 113.50
- Diluted ~ 37.38 ~ 35.55 ~ 31.01 ~ 72.93 ~ 64.69 ~ 113.48
 SWARAJ ENGINES LIMITED
CIN: L50210PB1985PLC006473
Regd. Office: Phase IV, Industrial Area, S.A.S.Nagar (Mohali), Punjab -160 055
Tel: 0172-2271620-27, Fax: 0172-2272731, Email: [email protected], Website: www.swarajenterprise.com

STA TEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE

QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2024

Balance Sheet as at 30th September 2024

" Lakhs
Particulars As At As At
30.09.2024 31.03.2024
(Unaudited) (Audited)

I. ASSETS

Non-Current Assets
a) Property, Plant & Equipment 11235 7531
b) Capital Work-in-Progress 499 3776
c) Investment Property 21 21
d) Intangible Assets 7 9
e) Financial Assets 1082 1092
f) Income tax assets (net) 257 257
g) Other Non-Current Assets 156 624
h) Deferred tax assets (net) 312 261
Total - Non-Current Assets 13569 13571

Current Assets
a) Inventories 6978 7080
b) Financial Assets
i) Investments 1435 2011
ii) Trade Receivables 17002 12019
iii) Cash and Cash Equivalents 836 418
iv) Other Balances with Banks 16152 17151
v) Other Financial Assets 521 765
c) Other Current Assets 2203 2665
Total - Current Assets 45127 42109

Total Assets 58696 55680

II. EQUITY AND LIABILITIES

Equity
a) Equity Share Capital 1215 1215
b) Other Equity 32972 35642
Total Equity 34187 36857

Liabilities
Non-Current Liabilities
a) Financial Liabilities - Lease Liabilities 112 86
b) Long Term Provisions 702 705
Total - Non-Current Liabilities 814 791

Current Liabilities
a) Financial Liabilities
i) Lease Liabilities 43 36
ii) Trade Payables 20885 15840
iii) Other Financial Liabilities 1531 1639
b) Short Term Provisions 450 363
c) Current Tax Liabilities 677 7
d) Other Current Liabilities 109 147
Total - Current Liabilities 23695 18032

Total - Equity And Liabilities 58696 55680

 SWARAJ ENGINES LIMITED
CIN : L50210PB1985PLC006473
Regd. Office: Phase IV, Industrial Area, S.A.S.Nagar (Mohali), Punjab - 160055
Tel: 0172-2271620-27, Fax: 0172-2272731, Email: [email protected], Website: www.swarajenterprise.com

STA TEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE

QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2024

Statement of Cash Flow for the Half Year ended 30th September 2024
f Lakhs
Particulars As At As At
30.09.2024 30.09.2023
(Unaudited) (Unaudited)

A. CASH FLOW FROM OPERATING ACTIVITIES

Profit before Exceptional Items and Tax 11901 10565
Adjustments for:
Depreciation and Amortisation 1001 936
Employee Stock Compensation 9 6
Interest (Received) I Paid (Net) (701) (661)
(Profit)/Loss on Mutual Fund Investment (90) (100)
(Profit)/Loss on disposal of Property, Plant and Equipment (Net) 10 6
Net gain on financial assets measured at FVTPL (4) (7)
Operating Profit Before Working Capital Changes 12126 10745
Movements in working capital:
(Increase)/Decrease in Trade and Other Receivables (4263) (712)
(Increase)/Decrease in Inventories 102 (100)
(Decrease)lIncrease in Trade and Other Payables 5061 1352
Cash generated from Operations 13026 11285
Income taxes paid (Net) (2421) (2154)
Net cash generated from Operating Activities 10605 9131

B. CASH FLOW FROM INVESTING ACTIVITIES

Investments Sales I (Purchase) - Net 580 (1367)
Bank Deposit (Placed) I Matured - Net (3000) 3696
Other Corporate Deposits (Placed)/Matured - Net - 2000
Interest received 717 673
Net Proceeds from disposal of Mutual Fund Investments 90 100
Purchase of Property, Plant and Equipment (1015) (839)
Changes in earmarked balances and margin accounts with banks 4009 (1988)
Proceeds from disposal of Property, Plant and Equipment 5 63
Net cash (used in) I generated from Investing Activities 1386 2338

C. CASH FLOW FROM FINANCING ACTIVITIES

Repayment of lease liabilities (including interest) (23) (18)
Dividends paid to Shareholders of the Company (11540) (11175)
Equity Shares issued under ESOp· - -
Interest and Finance Charges paid (10) (8)
Net cash used in Financing Activities (11573) (11201)

Net Increase I (Decrease) in Cash and Cash Equivalents 418 268

Opening Balance of Cash and Cash Equivalents 418 363
Closing Balance of Cash and Cash equivalents 836 631

* Equity Shares issued under ESOP as at 30.09.2024- Rs. Nil (30.09.2023- Rs. 0.03 Lakhs)

Notes:

1. The financial results for the quarter and half year ended 30th September, 2024 were reviewed by the Audit Committee and thereafter approved
by the Board of Directors in their meeting held on 21st October, 2024. The Statutory Auditors of the Company has conducted a Limited Review of
the said financial results.
 SWARAJ ENGINES LIMITED
CIN : L50210PB1985PLC006473
Regd. Office: Phase IV, Industrial Area, SAS.Nagar (Mohali), Punjab - 160 055
Tel: 0172-2271620-27, Fax: 0172-2272731, Email: [email protected], Website:www.swarajenterprise.com

STA TEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE

QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2024

2. These financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 'Interim
Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting
principles relevant thereto.

3. The Company is primarily engaged in the business of diesel engines, diesel engine components and spare parts. As the basic nature of these
activities are governed by the same set of risk, returns and internal business reporting system, accordingly these have been grouped as single
segment in above disclosures as per Ind AS-108 dealing with" Operating Segment".

4. The Company have no Subsidiary, Associate or Joint Venture company(ies), as on 30th September, 2024.

5. Previous year/period figures have been regrouped / recast, wherever necessary, to make them comparable.

for and on behalf of

the Board of Directors

:~
Place: SAS. Nagar (Mohali) ~ DevfltSarkar
Date: 21st October, 2024 Whole Time Director &
Chief Executive Officer
DIN: 10745850
 SWARAJ ENGINES LIMITED
CIN : L50210PB1985PLC006473
Regd. Office: Phase IV, Industrial Area, SAS.Nagar (Mohali), Punjab - 160 055
Tel: 0172-2271620-27, Fax: 0172-2272731, Email: [email protected], Website: www.swarajenterprise.com

EXTRACT OF UNAUDITED FINANCIAL RESULTS FOR THE

QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2024

~ Lakhs
Quarter Ended Half Year Ended Quarter Ended
S.No. Particulars 30.09.2024 30.09.2024 30.09.2023
(Unaudited) (Unaudited) (Unaudited)
1 Total Income from Operations 46424 88223 38890

2 Net Profit for the period (before tax and exceptional items) 6098 11901 5060

3 Net Profit for the period before tax (after exceptional items) 6098 11901 5060

4 Net Profit for the period after tax (after exceptional items) 4542 8861 3767
Total Comprehensive Income for the period [Comprising
5 Profit for the period (after tax) and Other Comprehensive 4542 8861 3767
Income (after tax)]
6 Paid-up Equity Share Capital (Face Value ~101-) 1215 1215 1215

7 Other Equity - - -
Earning Per Share (of ~1 0 each)
8
(not annualized)
- Basic ~ 37.39 ~ 72.95 ~ 31.01

- Diluted ~ 37.38 ~ 72.93 ~ 31.01

NOTES:
1. The financial results for the quarter and half year ended 30th September, 2024 were reviewed by the Audit Committee and
thereafter approved by the Board of Directors in their meeting held on 21st October. 2024. The Statutory Auditors of the
Company has conducted a Limited Review of the said financial results.

2.The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial
Results are available on the Stock Exchange Websites, www.nseindia.com and www.bseindia.com, and on the Company's
website www.swarajenterprise.com.

for and on behalf of

the Board of Directors

.=::0-~~ Devjit Sarkar

Place: SAS. Nagar (Mohali) Whole Time Director &
Date: 21st October, 2024 Chief Executive Officer
DIN: 10745850
 B. K. Khare & Co.
Chartered Accountants
706/708, Sharda Chambers, New Marine
Lines, Mumbai - 400020, India

Independent Auditor's Review Report on the Unaudited Financial Results of the Company for the Quarter
and six months ended 30th September 2024 Pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended

Review report to,

The Board of Directors
Swaraj Engines Limited

1. We have reviewed the accompanying Statement of unaudited financial results of Swaraj Engines Limited
(the Company') for the quarter and six months ended 30th September 2024 ('the Statement'), being
submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company's management and has approved by the
Board of Directors of the Company in its meeting held on 21 October, 2024. Our responsibility is to issue
a report on the statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
{SREl 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and
perform the review to obtain moderate assurance as to whether the Statement is free of material
misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures
applied to financial data and thus provides less assurance than an audit. We have not performed an audit
and accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the accompanying Statement, prepared in accordance with applicable accounting standards and
other recognized accounting practices and policies has not disclosed the information required to be
disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material
misstatement.

For B. K. Khare & Co.

Chartered Accountants
ICAI Firm Registration No. 105102W
Digitally signed by Aniruddha
Aniruddha Mohan Joshi
Date: 2024.10.21 12:30:11
Mohan Joshi +05'30'

Aniruddha Joshi
Partner
Membership No. 040852
UDIN: 24040852BKCCIT9750
S.A.S. Nagar [Mohall],
21 October 2024
 Swaraj Engines Ltd.

Press Release

Swaraj Engines posts All Time High Quarterly PBT of Rs. 60.98 crores

• Ever best quarterly engine sales volume

• 10th successive quarter of profit growth (YoY)

21st October, 2024: The Board of Directors of Swaraj Engines Limited (SEL) today approved the financial
results of the Company for the second quarter and the half year ended 30th September, 2024.

Q2 FY25 (Jul. - Sept. 2024)

Driven by the robust engine demand, the company maintained its growth momentum and posted a sale of
46,962 engines for the second quarter ended 30th September 2024, as compared to last year's 37,876
engines. Net operating revenue for the second quarter reached Rs. 464.24 crores compared to Rs.
388.90 crores for the same period last year. The operating profit for the quarter surged to Rs. 62.84
crores compared to last year's Rs. 52.14 crores - up by 20.5%. VVhile the PBT stood at Rs. 60.98 crores
(last year Rs. 50.60 crores), the PAT at Rs. 45.42 crores registered a growth of 20.6% over last year's Rs.
37.67 crores - the highest ever PBT & PAT for any quarter.

The financial summary for the Q2 is given below:

Rs. Crores
FY25 FY24
Engine Sale Volume (Nos.) 46,962 37,876
Net Operating Revenue 464.24 388.90
Operating Profit 62.84 52.14
Profit Before Tax (PBT) 60.98 50.60
Profit After Tax (PAT) 45.42 37.67

H1 FY25 (Apr. - Sept. 2024)

Against the backdrop of higher engine demand during the first two quarters, the H1 of FY25 also recorded
the highest ever half yearly engine sales of 88,811 units as compared to last year's sale of 76,313 units -
up by 16.4%. On the net operating revenue of Rs. 882.23 crores (last year Rs. 788.73 crores) for the said
period, the Company posted a Profit Before Tax of Rs. 119.01 crores (last year Rs. 105.65 crores) and
Profit After Tax of Rs. 88.61 crores (last year Rs. 78.59 crores) - the highest ever PBT & PAT.

About Swaraj Engines Ltd.

Swaraj Engines Limited (SEL) was set up in 1985 in Mohali, Punjab. SEL is primarily in the business of
supplying engines to the Swaraj Division of Mahindra & Mahindra Ltd. (M&M).

For further information please contact:

Mr. Devjit Sarkar
Whole Time Director & CEO
Swaraj Engines Ltd.
Phone: (+91-172) 2234941-47