New Delhi, 27th January, 2012: The Board of Directors of Swaraj Engines Limited has met today to consider and approve the unaudited financial results for the third quarter and nine month period ended 31st December, 2011.

On the strength of sustained engines demand, Swaraj Engines net profit at Rs. 14.1 crores for the third quarter ended 31st December, 2011 posted an increase of 24% over last year's corresponding quarter profit of Rs. 11.3 crores. On a sequential basis, the net profit rose by 20% from Rs. 11.8 crores during the previous quarter ended 30th September, 2011.

Engine supplies during third quarter moved to 14,273 units as against 12,294 units supplied during the third quarter of last fiscal. Reflecting increased sale volumes, net revenue for the third quarter of the current fiscal reached Rs. 117.6 crores, as against Rs. 92.6 crores for the corresponding quarter of the last financial year.  

For the nine month period ended 31st December 2011, net revenue reached Rs. 330.7 crores, as against Rs. 263.7 crores for the same period last year. PBT for this nine month period reached Rs. 57.0 crores, as against Rs. 47.9 crores for the corresponding nine month period of the last financial year - up19%. Profit After Tax of Rs. 39.4 crores (last year Rs.32.8 crores) has translated into an earning per share of Rs. 31.72 (last year Rs. 26.44) for the first nine months of the current fiscal.

On expansion of annual capacity to 75,000 engines in two phases, the work is progressing well and it is expected that capacity of 60,000 engines per annum under the first phase would be available by the end of the current fiscal.

Financial results taken on record by the Company's Board of Directors are attached.

About Swaraj Engines Ltd.

Swaraj Engines Limited (SEL) was set up in 1985 in Mohali, Punjab, to manufacture engines for fitment into the Swaraj brand of tractors for Punjab Tractors Ltd. (PTL), which has since been merged with Mahindra & Mahindra Ltd. (M&M). Subsequently, SEL has also become a supplier of hi-tech engine components to SML Isuzu Ltd., the erstwhile Swaraj Mazda Ltd.

Since start of commercial operations in 1989-90, SEL has supplied around 4,45,000 engines for fitment into Swaraj tractors. SEL's engine business currently constitutes around 95% of the company's product revenue. The balance 5% represents the value of hi-tech engine components being supplied to SML Isuzu for assembly of commercial vehicle engines.

After the M&M-PTL merger in 2009, M&M now holds 33.2% equity stake in SEL. 

For further information please contact:

Ms. Roma Balwani

Senior Vice President and Group Head, Corporate Communications

Mahindra & Mahindra Ltd.

Mumbai, India

Phone: (+91-22) 2497 5176

Email: balwani.roma@mahindra.com

Mr. M.N.Kaushal

Director - Swaraj Engines Limited                                   

Mohali, Punjab, India

Phone: (+91-172) 2271649

Email: kaushal.mahesh@mahindraswaraj.com

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