Endurance Technologies Q3 Results Review- Focus On Four Wheeler To Help Diversify Revenue Base: Yes Securities

Yes Securities Report

Endurance Technologies Ltd.'s Q3 FY24 consolidated results were weak as margins in India business at 11.6% (versus plus 50 basis points/+20bp YoY/QoQ, estimate 12.3%) disappointed while the same for Europe business was at 15.5% (plus 120bp/plus 60bp YoY/QoQ).

New order wins pace in Q3 moderated at ~Rs 1.64 billion/€ 9.3 million (versus Rs 9.4 billion/€ 29 million in 9M FY24), especially for Europe business. Endurance Technologies electric vehicle specific orders too is stable with cumulative order of ~Rs 6.8 billion (including Bajaj Auto Ltd.).

The management indicated key focus areas for the growth ahead would be,

1. to increase four wheelers share in consolidated business from 26% to 45% by FY30,

2. increase share of business in premium two wheelers,

3. deeper penetrate EV original equipment manufacturer,

4. focus on non-Auto for large opportunities in aluminium castings and

5. ~10% of India sales from aftermarket by FY28.

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