Endurance Technologies Ltd share Price

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

FY23 Annual Result Announced for Endurance Technologies Ltd.

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."

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