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Endurance Technologies Results: Latest Quarterly Results & Analysis

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Endurance Technologies Ltd. 13 Nov 2025 12:17 PM
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Q2FY26 Quarterly Result Announced for Endurance Technologies Ltd.

Auto Parts & Equipment company Endurance Technologies announced Q2FY26 results

  • Total Income: Rs 3,604 crore against Rs 2,939 crore during Q2FY25, change 22.6%.
  • EBITDA: Rs 498 crore against Rs 409 crore during Q2FY25, change 21.9%.
  • EBITDA Margin: 13.8% for Q2FY26.
  • PBT: Rs 304 crore against Rs 266 crore during Q2FY25, change 14.4%.
  • PAT: Rs 227 crore against Rs 203 crore during Q2FY25, change 12.0%.
  • PAT Margin: 6.3% for Q2FY26.

Anurang Jain, Managing Director, said: "For Indian OEMs, total two-wheeler sales volumes grew 10.3% YoY in Q2FY26; three-wheeler volumes at 21.4% and four-wheeler volumes at 3.5%. Endurance outperformed industry by recording topline growth of 16.2% in the standalone business.

In Europe, new car registrations grew 7.7%. Our topline before Stoferle consolidation grew despite certain key countries like France and Italy having reported de-growth in registrations. With Sti:iferle consolidation, we grew 32.5% in Euro terms.

Customer Centricity is one of our core values. Our R&D centers are being expanded and modernised to ensure that the product offered to customers is well-designed, tested and validated. Our operations are geared-up to deliver goods on time and with consistent quality. We are engaged in cost optimisation initiatives such as backward integration. Some of the resultant benefits are passed on to customers, leading to a long term competitive advantage.

For large volume business, we evaluate and if required, we set up manufacturing facilities in close proximity to our customers. This helps us service the customers better, save on freight costs and diversify geographically. Our decision to put up a brakes plant near Chennai is a step in this direction."

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Auto Parts & Equipment company Endurance Technologies announced Q4FY25 & FY25 results

Consolidated Q4FY25 Financial Highlights:

  • Consolidated Total Income Incl Other Income: Rs 29,981 million, Q4FY24: Rs 27,113 million, % Change: 10.6%
  • EBITDA: Rs 4,571 million, Q4FY24: Rs 4,159 million, % Change: 9.9%
  • PBT (after exceptional items): Rs 3,144 million, Q4FY24: Rs 2,748 million, % Change: 14.4%
  • PAT: Rs 2,451 million, Q4FY24: Rs 2,102 million, % Change: 16.6%

Consolidated FY25 Financial Highlights:

  • Consolidated Total Income Incl Other Income: Rs 116,778 million, FY24: Rs 103,265 million, % Change: 13.1%
  • EBITDA: Rs 16,681 million, FY24: Rs 14,136 million, % Change: 18.0%
  • PBT (after exceptional items): Rs 10,947 million, FY24: Rs 8,969 million, % Change: 22.0%
  • PAT: Rs 8,364 million, FY24: Rs 6,805 million, % Change: 22.9%

Standalone Q4FY25 Financial Highlights:

  • Standalone Total Income Incl Other Income: Rs 22,694 million, Q4FY24:Rs 20,931 million, % Change: 8.4%
  • EBITDA: Rs 3,259 million, Q4FY24:Rs 3,118 million, % Change: 4.5%
  • PBT (after exceptional items): Rs 2,336 million, Q4FY24: Rs 2,440 million, % Change: -4.3%
  • PAT: Rs 1,741 million, Q4FY24: Rs 1,823 million, % Change: -4.5%

Standalone FY25 Financial Highlights:

  • Standalone Total Income Incl Other Income: Rs 89,127 million, FY24: Rs 79,205 million, % Change: 12.5%
  • EBITDA: Rs 12,176 million, FY24: Rs 10,558 million, % Change: 15.3%
  • PBT (after exceptional items): Rs 9,081 million, FY24: Rs 7,903 million, % Change: 14.9%
  • PAT: Rs 6,787 million, FY24: Rs 5,878 million, % Change: 15.5%

Commenting on the Company's performance and recent developments, Anurang Jain, Managing Director of the Company said: "FY25 was yet another year of profitable growth where we posted our best ever results in terms of standalone and consolidated topline and bottom line. In India, we recorded Total Income growth of 12.5%, ahead of industry volume growth of 11.1 % for two-wheelers and 9.2% for all vehicles. Sales from our European business grew 15.4% in a market where new car registrations saw a drop of 0.8%.

During the year, we laid the foundation for further growth by way of greenfield and brownfield expansions, M&A, technology agreements, and new order wins. Three new plants are coming up in India. We concluded the acquisition of Stoferle, which adds two new plants to our European operations. These measures support our aspiration to consolidate our leadership position in the 2W space and to grow significantly in the 4W and EV space.

While we run a global business today, it is a matter of great pride for us to see the developments in Chhatrapati Sambhajinagar district, where our journey began. Here, we are seeing large scale development in transport and industrial infrastructure, as this district is part of the Mumbai-Nagpur road corridor and the Delhi-Mumbai industrial corridor. The new investments planned here by several automotive OEMs will further accelerate our growth.

The Board of Directors has reviewed the Company's financial performance for the fiscal year and has recommended a dividend of Rs. 10 per equity share of face value of Rs. 10 each."

Result PDF

Auto Parts & Equipment company Endurance Technologies announced Q2FY25 results

Standalone Financial Highlights:

  • Standalone Total Income Incl Other Income: Rs 23,171 million compared to Rs 19,843 during Q2FY24, change 16.8%.
  • EBITDA Rs 3,161 million compared to Rs 2,584 million during Q2FY24, change  22.3%.
  • EBITDA margin: 13.6% for Q2FY25.
  • PBT Rs 2,429 million compared to Rs 1924 million during Q2FY24, change 26.2%.
  • PAT Rs 1,848 million compared to Rs 1425 million during Q2FY24, change  29.7%.
  • PAT margin: 8.0% for Q2FY25.

Consolidated Financial Highlights:

  • Standalone Total Income Incl Other Income: Rs 29,392 million compared to Rs 25,605 during Q2FY24, change 14.8%.
  • EBITDA Rs 4 085 million compared to Rs 3 338 million during Q2FY24, change  22.4%.
  • EBITDA margin: 13.9% for Q2FY25.
  • PBT Rs 2 658 million compared to Rs 2 056 million during Q2FY24, change 29.3%.
  • PAT Rs 2,030 million compared to Rs 1,546 million during Q2FY24, change  31.3%.
  • PAT margin: 6.9% for Q2FY25.

Anurang Jain, Managing Director of the Company said: "Two-wheeler sales volumes for Indian OEMs grew 13.1 % YoY in Q2FY25; three-wheeler growth stood at 4.9%. Passenger vehicle volumes recorded marginal de-growth in India, while Europe new car registrations degrew 7.8%. Endurance outperformed industry by recording topline growth of 16.8% in the standalone business and 6.4% in Euro terms in Europe. In both geographies, we have grown with higher operating margins.

Our growth strategy is built on two pillars - building on core strengths and tapping oppurtunities in new areas.

Our core strengths are in our traditional products of machined aluminium castings, suspensions, brakes and transmissions, and in strong relationships with our top customers. We augment our strengths here through more premium offerings to cater to higher cc vehicles, addition of sophisticated machining lines in our 4W casting operations, and gaining competitive advantage by deploying advanced process technology, backward integration and scale. We offer our products to suit the technologies that our key customers in India and Europe want to offer to riders, and thereby gain market share. Further, in the aftermarket, we strengthen our distribution network and launch new products.

On the other hand, tapping new opportunities involves addressing needs of customers where our presence is limited. We also strengthen our presence in new product areas through technology arrangements as in the case of ABS and aluminium forgings, M&A as in the case of BMS, and internal development as in the case of driveshafts.

We will continue to invest judiciously on both these pillars of growth. Currently, we are investing in two greenfield projects in India, several brownfield expansions in India and Europe, backward integration projects, green energy and a brand new R&D center for Suspensions. We continue to engage with counterparties and intermediaries to pursue technology tie-ups and acquisitions."

Result PDF

Auto Parts & Equipments company Endurance Technologies announced FY24 results:

  • Consolidated Total Income including Other Income for the year rose by 16.7% YoY, to Rs 103,265 million from Rs 88,495 million.
  • 77% of Consolidated Total Income including Other Income came from Indian operations (including Maxwell) and the balance came from European operations.
  • Standalone Total Income including Other Income for the year grew by 16.6%.
  • Consolidated EBITDA Margin was 13.7% vs. 12.2% last year, with margin expansion both in the standalone and the Europe business.
  • Consolidated PAT at Rs 6,805 million was 41.9% higher than last year.
  • Aftermarket sales from Indian operations stood at Rs 4,609 million vs. Rs 4,311 million in the last year.
  • Consolidated Basic and Diluted EPS for the year stood at Rs 48.38 per share compared to Rs 34.09 per share in the corresponding period of last year. 

Commenting on the Company's performance and recent developments, Anurang Jain, Managing Director of the Company said: "We have posted our best ever quarter and annual results in terms of standalone and consolidated topline and bottomline. New vehicle sales in the Indian 2W market and in the European car market have seen YOY improvement, but are still below 90% of pre-pandemic levels. Our record results have come on the back of our customer centric approach, as we continue not only to deliver quality products but also expand our product basket with an eye on the needs of OEM customers and vehicle owners.

During FY24, Indian two-wheeler sales volumes grew by 9.8%. Endurance standalone Total Income rose 16.6% despite lower metal costs. Our European business turnover in Euro terms grew at 7.2%. Adjusted for aluminium price reduction passed through in sales, our growth stood at 9.5%, a shade lower than the 10.3% growth in EU new car registration numbers - which, in key markets, were bolstered by destocking of earlier produced cars.

The team at Endurance takes pride in achieving Rs 100 billion of Total Income with impressive margins, Rs 50 billion of Net Worth and Rs 5 billion of Net Cash balance. Our strategy is to take the Company to greater heights, in terms of growth, profitability and financial strength. We also aim to diversify and derisk such that we meet OEM needs across a larger array of vehicle segments with a larger basket of products across geographies, and also grow our non-automotive and aftermarket businesses.

The Board of Directors has reviewed the Company's financial performance for the fiscal year and has recommended a dividend of Rs 8.50 per equity share of face value of Rs 10 each."

Result PDF

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."

 

Result PDF

Auto Parts & Equipment company Endurance Technologies announced H1FY24 results:

  • Consolidated Total Income, including Other Income, for the period rose by 12% YoY to Rs 50,271 million from Rs 44,876 million.
  • 77% of Consolidated Total Income including Other Income came from Indian operations (including Maxwell) and the balance came from European operations.
  • Standalone Total Income, including Other Income, for the period grew by 8.2%.
  • Consolidated EBITDA Margin was 13.4% vs. 11.7% last year, with margin expansion both in the standalone and the Europe business.
  • Consolidated PAT at Rs 3,181 million was 35.4% higher than last year.
  • Aftermarket sales from Indian operations stood at Rs 2,177 million vs Rs 2,007 million in the corresponding period of last year, with export markets showing signs of recovery.
  • Consolidated Basic and Diluted EPS for the period stood at Rs 22.61 per share (not annualized) compared to Rs 16.70 per share (not annualized) in the corresponding period of last year.

Commenting on the company’s performance and recent developments, Anurang Jain, Managing Director of the Company said, “On a YoY basis, Indian two-wheeler sales volumes in Q2FY24 have de-grown by 2.4%. Endurance standalone Total Income rose 3.8% despite lower metal costs. EU new car registration numbers grew by 14.8%. This was significantly on account of the drawdown of vehicle inventory, as is evidenced by Germany's car production growth of 3.7% trailing their new car registration growth of 17.7%. Our European business turnover in Euro terms rose 10.1%.

While Indian OEMs sold 24.5 million two-wheelers in FY19, this number had dropped for 3 consecutive years to 18 million in FY22. Thereafter, the industry recorded 8.3% growth in FY23 to reach 19.5 million and has again de-grown in H1FY24. Consumer sentiment is bound to improve in the long run with stabilization on the geo-political front, economic well-being percolating down to the masses, and buyers making their decisions on alternative powertrains. We have increased production capacity in brakes, alloy wheels, and castings to meet the requirements of new customer orders. As demand bounces back, we will also see higher utilization of our suspensions and transmission capacities. 

In the first 9 months of 2023, the EU car market has seen battery electric vehicle (BEV) penetration of 15%, as against 12% and 9% in the preceding two calendar years. Out of Euro 104 million orders booked by our European subsidiaries in the last 18 months, Euro 60 million is for this growing BEV market. This includes orders for cooling jackets, housings and covers for a German major, housings for
another leading German OEM, and also for covers, housings, and spacers from a French/Italian group for PVs and CVs.

OEM customers place their trust in Tier-1 companies like ours which can channel technology, operational excellence, and resources to provide them a competitive edge. We too recognize that businesses thrive when their counterparties are capable and growth-oriented, therefore, we have consciously built long-standing relationships with very strong customers and vendors.”

 

Result PDF

Auto Parts & Equipment company Endurance Technologies announced Q1FY24 results:

  • Consolidated total income including other income increased by 16.4% on a YoY basis.
  • 75.1% of consolidated total income including other Income came from Indian operations (including Maxwell) and the balance came from European operations.
  • Standalone total income including other income for Q1FY24 grew by 13.3% YoY.
  • Consolidated EBITDA margin was 13.7% vs. 11.5% in Q1FY23.
  • Consolidated PAT at Rs 1,635 million was 58.1% higher than Q1FY23.
  • Aftermarket sales from Indian operations stood at Rs 922 million vs. Rs 963 million in Q1FY23.
  • Consolidated Basic and Diluted EPS for Q1FY24 stood at Rs 11.62 per share (not annualised) compared to Rs 7.35 (not annualised) in Q1FY23.

Commenting on the Company’s performance and recent developments, Anurang Jain, Managing Director of the Company said, “Two-wheeler sales volumes for Indian OEMs have recorded a marginal YoY growth of 1.2% in Q1FY24, based on 9.2% growth in scooter volumes and 1.6% de-growth in motorcycle volumes. Growth in three-wheeler volumes stood at 25.5%, while passenger cars grew 7.2%. Endurance standalone revenues for Q1FY24 rose 13.3% compared to Q1FY23.

In Europe, average energy prices softened compared to the preceding quarter but remained significantly higher than the long-term average before 2021. New car registration numbers for the EU grew 17.9% YoY. While most countries in the EU reported double-digit growth, the growth was not even across major OEMs. Certain key customers of our Company reported low/mid-single-digit growth.
Against this backdrop, our Q1 sales in Europe in Euro terms grew 12.6% over Q1FY23.

The Indian two-wheeler market is at an interesting juncture. In the scooter market, EVs are expected to soon take a lead over ICE, despite the recent setback to volumes post the reduction in government subsidies. All traditional products of our company, barring clutches, are required in EVs. Moreover, Battery Management System (BMS), where Maxwell is a key player, forms a key part of the overall electric vehicle cost. In the last month, we increased our shareholding in Maxwell from 51% to 56%, and the same will be increased to 100% in the next 4 years.

Leading 2W OEMs have taken cognizance of the growing aspirations and spending ability of riding enthusiasts, and have launched new premium motorcycle models. We have won orders to supply key components to certain vehicles in this category.

In the country, there are a large number of households that have experienced some economic progress and now aspire to own a vehicle. This section of our population also recognises that quick personal mobility assists them in their work and productivity. This bodes well for two-wheelers at lower price points and for the aftermarket. Endurance will continue to play a key role in these markets as well.”

 

Result PDF

Auto Parts and Equipments company Endurance Technologies announced FY23 results: 

  • Consolidated Total Income including Other Income for the year rose by 16.6%, supported by industry growth, order intake and capacity creation in India, and by higher metal prices.
  • 77% of Consolidated Total Income including Other Income came from Indian operations and the balance came from European operations.
  • Standalone Total Income including Other Income for the year grew by 18.8% YoY.
  • Consolidated EBITDA Margin was 12.2% vs. 13.2% last year. The margin was impacted by higher metal cost component in our product price and increased energy costs, particularly in Europe.
  • Consolidated PAT at Rs 4,796 million was 4.1% higher than last year.
  • Aftermarket sales from Indian operations stood at Rs 4,311 million vs. Rs 4,189 million in the last year, despite key export markets facing economic challenges.
  • Consolidated Basic and Diluted EPS for the year stood at Rs 34.09 per share, compared to Rs 32.75 per share in the last year.

Commenting on the Company's performance and recent developments, Mr. Anurang Jain, Managing Director of the Company said: "During Q4, the aggregate two-wheeler sales volumes for Indian OEMs witnessed a YOY drop of 4.1 %, primarily due to significantly lower exports. Our India business recorded a topline growth of 6.1%. For the full year also, we have continued our trend of 'better than industry' growth. While two-wheeler industry sales volumes grew 8.3% over FY22, our topline grew 18.8%. While our topline benefited from pass-through of elevated metal prices, a large part of the growth came from higher volumes produced and sold from our plants, particularly in brakes, alloy wheels, machined castings and front forks.

The EU new car registration numbers for the full year grew by 2.9% over the previous year, but degrew by 24% from the pre-pandemic base of FY19. Our European business turnover in Euro terms rose 12.7% YOY. Normalised for the impact of higher aluminium prices, the increase stood at 9.8%. Our European business EBIDTA margins improved to 14.5% in FY23 from 14.1% in FY22 despite high energy costs, which were partially compensated by customers and government support.

A number of measures taken by us in FY23 will serve us well, as we continue to pursue our objective of profitable growth. During the year, we have made acquisitions in key areas of embedded electronics and European aftermarkets. We have booked new orders aggregating Rs 9.4 billion from OEMs (excluding Bajaj Auto) in ETL India, Rs 1.3 billion in Maxwell and Euro 84 million in Europe. In the EV space, we have booked orders of Rs. 3.8 billion in ETL India, Rs 1.3 billion in Maxwell and Euro 41 million in Europe during the year. Additionally, our European plants have booked orders of Euro 27 million for hybrid vehicles. We have set up facilities to augment manufacturing capacities for existing and new products, and also for backward integration.

The Board of Directors has reviewed the Company's financial performance for the fiscal year and has recommended a dividend of Rs. 7 per equity share of face value of Rs. 10 each."

Result PDF

Auto parts & equipment firm Endurance Technologies announced Q3FY23 results:

  • Consolidated Q3FY23 & 9MFY23:
    • Total Income including Other Income for the period rose by 19.9% YoY, supported by industry growth, order intake and capacity creation in India, and by higher metal prices.
    • 79% of Total Income including Other Income came from Indian operations and the balance came from European operations.
    • Standalone Total Income including Other Income for the period grew by 23.5% YoY.
    • EBITDA Margin was 11.8% vs 13.4% last year. The margin was impacted by higher metal cost component in our product price and increased energy costs, pafticularly in Europe.
    • PAT at Rs 3,431 million was 5.7% higher than last year.
    • Aftermarket sales from Indian operations stood at Rs 3,085 million vs Rs 2,874 million in the corresponding period of last year, despite key export markets facing economic challenges.
    • Basic and Diluted EPS for the period stood at Rs 24.39 per share (not annualised) compared to Rs 23.07 per share (not annualised) in the corresponding period of last year.

Commenting on the Company's performance and recent developments, Mr. Anurang Jain, Managing Director of the Company said: "On a YoY basis, Indian two-wheeler sales volumes in Q3FY23 have been flat. Endurance standalone revenues for the quarter rose 7.4% compared to the last year. Our topline benefited from elevated metal prices, and higher volumes from plants, particularly in brakes and alloy wheels, where capacity was augmented to service new customer orders.

The EU and UK industry numbers grew by 14.9%, with our key markets of Italy and Germany recording higher-than-average growth. Despite this, the quarter's industry numbers translate to a drop of 19.4% compared to 3.6m new car registrations in Q3FY20, which was the pre-pandemic level. Our European business turnover in Euro terms rose 26.10% YoY. Normalized for the impact of higher aluminum prices, our topline saw a YoY increase of 23.60%. Our European business margins have recovered, primarily due to falling energy prices, and energy cost-related compensation from governments and customers.

Macro events concerning public health, government policy, geo-political matters, commodity prices, etc, have a significant impact on businesses. Our strengths, including the strength of our Balance Sheet, enable us to effectively counter the impact of such events. These strengths were seen playing out both during the Covid lockdowns, and more recently during the European energy crisis.

Moreover, our derisked portfolio of businesses ensures that the impact of such events is cushioned. We have recently embarked upon derisking our 4-wheeler OEM focussed European business, where we have additionally focussed on growing our 2-wheeler Aftermarket business in Europe by the acquisition of Adler, Grimeca, Frenotecnica and New Fren, and created a pool of Aftermarket brands."

 

Result PDF

Auto parts and equipment firm  Endurance Technologies announced Q2FY23 results:

  • Consolidated Total Income, including Other Income, for the period rose by 24.6% YoY, supported by a low base, higher metal prices and addition/expansion of plants in India.
  • 78.60% of Consolidated Total Income, including Other Income, came from Indian operations and the rest from European operations.
  • Standalone Total Income, including Other Income, for the period grew by 32.6%.  
  • Consolidated EBITDA Margin was 11.7% vs 14.6% last year. It was impacted by a higher metal cost component in our product price and increased energy costs, particularly in Europe.
  • Consolidated PAT at Rs 2,349 million was 2.2% higher than last year.
  • Aftermarket sales from Indian operations stood at Rs 2,007 million vs Rs 1,727 million in the corresponding period of last year despite key export markets facing economic challenges.
  • Consolidated Basic and Diluted EPS for the period stood at Rs 16.70 per share (not annualised) compared to Rs 16.34 per share (not annualised) last year.

Anurang Jain, Managing Director of the company, said: "On a YoY basis, Indian two-wheeler sale volumes in Q2FY23 grew by 7.4%. The sales numbers crossed 5.5 million for the first time in seven quarters. Endurance standalone revenues for Q2FY23 rose 26.90% compared to the last year. Our topline benefited from elevated metal prices and higher volumes due to industry numbers and our capacity additions.

EU and UK industry numbers grew only 0.4% on a weak base of 2.6m new car registrations. This reflects a 28% drop compared to 3.6m registrations in Q2FY20, which was the pre-pandemic level. Our European business turnover in Euro rose 25.9% YoY. Normalised for the impact of higher aluminium prices, our topline saw a YoY increase of 19.3%. The quarter saw a further increase in energy prices in Europe, severely impacting our margins.

At the start of the quarter, we concluded acquisition of a 51% stake in Maxwell, with an identified path to acquire 100%. With the current order book, order pipeline, technical capabilities and other synergies between Endurance and Maxwell, we are confident of achieving our goals in the embedded electronics space.

Our consolidated net worth is now in excess of Rs 40 billion. Our customers recognise us as a strong participant in their value chain, both in terms of technological capability and financial stability. This has enabled us to garner new orders. During H1FY23, new orders won an aggregate of Rs 7 billion in India and Euro 25 million in our European business. Consistently booking new orders for different products, from multiple OEMs with end-markets in diverse geographies, helps us deliver stable business performance even if specific markets underperform."

Result PDF

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