Endurance Technologies Ltd share Price Today

Endurance Technologies (ETL) is the largest aluminium die casting company in India by installed capacity and also a leading (top-two) player by market share in other served segments i.e. suspension, braking and transmission.

• FY22 product mix: - ~60% from 2-W, ~10% from 3-W, ~30% from PV
• FY22 geographical mix: - ~75% India; ~25% Europe

ETL reported healthy Q4FY22 results.

• Total operating income came in at ₹ 2,079 crore, up 10% QoQ
• EBITDA margin came in at 12.4%, up 160 bps QoQ
• PAT was up 45.2% QoQ at ₹ 136.2 crore

Auto Parts & Equipment company Endurance Technologies announced 9MFY24 results:

• Consolidated Total Income, including Other Income, increased by 15.5% YoY, reaching Rs 76,152 million from Rs 65,943 million.
• 77% of Consolidated Total Income, including Other Income, originated from Indian operations (including Maxwell), with the remaining from European operations.
• Standalone Total Income, including Other Income, for the period experienced a growth of 13.5%.
• Consolidated EBITDA Margin improved to 13.1% from 11.8% last year, with margin expansion observed in both standalone and European businesses.
• Consolidated Profit After Tax (PAT) amounted to Rs 4,703 million, marking a 37.1% increase compared to the previous year.
• Aftermarket sales from Indian operations stood at Rs 3,257 million, compared to Rs 3,085 million in the corresponding period of the previous year.
• Consolidated Basic and Diluted Earnings Per Share (EPS) for the period stood at Rs 33.44 per share (not annualized), up from Rs 24.39 per share (not annualized) in the corresponding period of the previous year.

Commenting on the Company's performance and recent developments, Anurang Jain, Managing Director of the Company, stated: "On a YoY basis, Indian two-wheeler sales volumes in Q3FY24 have grown by 18.7%. Endurance standalone Total Income rose 25.1% despite lower metal costs. Our European business turnover in Euro terms grew at 5.4%, in line with the growth in EU new car registration numbers.

The Indian EV two-wheeler market is at an interesting juncture. Phasing out of FAME-II subsidies in June led to a sharp drop in market size, but the market has since recovered. The recovery has been largely led by certain OEMs who were relatively late entrants in the EV fray. With subsidy allocation for two-wheelers widely expected to be lower in FAME-III, OEMs are cognizant about the need to ensure cutting-edge capabilities in the ecosystem to grow the EV market and their own market share.

Two-wheeler EV OEMs, both traditional and new-age, recognize us for our ability to design, develop, and produce components such as suspensions, brakes, machined aluminum castings, and BMS, with a focus on performance, durability, and cost. We achieve excellence in this area by offering technology acquired from international players, which is further cost-optimized, localized, and improved by our 300 R&D engineers.

For EV two-wheelers, we already have capacity for incremental production for suspensions and brakes and have embarked upon projects at Aurangabad and Chennai to add capacity for casting and machining of aluminum components. We have also commenced today, commercial production of BMS ECUs on our newly installed SMT line at Aurangabad.

In the Indian passenger vehicles market, the pace of powertrain electrification has been slow, but the signs are encouraging. Our European subsidiaries have won orders for a large number of parts for EVs and Hybrid vehicles. Several of these parts are already in production. As the Indian market matures, we would use our experience in Europe to improve our process technology for EV and hybrid-focused casting and machining in India.

While the future pace of electrification in mobility is not ascertained, it appears quite certain that the Indian economy will see good growth, and a large number of families will experience personal mobility for the first time, and that bodes well for our sector."

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