For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Endurance Technologies has declined 7.44% to Rs 1889.12 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 17.25% to 10.76%, leading to 42.29% decline in operating profit to Rs 203.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.35% to 59.92%. Purchase of finished goods cost fell from 1.51% to 1.25%. Employee cost decreased from 8.79% to 8.75%. Other expenses rose from 19.40% to 19.43%. Other income rose 27.91% to Rs 7.47 crore. PBIDT fell 41.15% to Rs 210.67 crore. Provision for interest fell 66.98% to Rs 1.4 crore. PBDT fell 40.84% to Rs 209.27 crore. Provision for depreciation fell 12.54% to Rs 91.35 crore. Profit before tax down 52.70% to Rs 117.92 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 23.29 crore, compared to Rs 48 crore. Effective tax rate was 19.75% compared to 20.16%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 50.21% to Rs 94.63 crore. Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Endurance Technologies has increased 23.93% to Rs 5470.34 crore. Operating profit margin has declined from 16.04% to 12.93%, leading to 0.08% decline in operating profit to Rs 707.51 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 51.96% to 57.41%. Purchase of finished goods cost fell from 1.47% to 1.19%. Employee cost decreased from 10.88% to 9.44%. Other expenses fell from 19.73% to 19.25%. Other income rose 18.96% to Rs 28.36 crore. PBIDT rose 0.54% to Rs 735.87 crore. Provision for interest fell 60.84% to Rs 4.66 crore. PBDT rose 1.56% to Rs 731.21 crore. Provision for depreciation fell 1.29% to Rs 283.61 crore. Profit before tax grew 3.45% to Rs 447.60 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -31.45 crore. Provision for tax was expense of Rs 91.63 crore, compared to Rs 89.16 crore. Effective tax rate was 22.02% compared to 21.16%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 2.34% to Rs 324.52 crore. Promoters’ stake was 75.00% as of 31 December 2021 ,compared to 75.00% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Endurance Technologies has declined 5.36% to Rs 6547.02 crore. Operating profit margin has declined from 16.35% to 15.89%, leading to 8.01% decline in operating profit to Rs 1,040.22 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.57% to 53.29%. Purchase of finished goods cost rose from 0.40% to 1.37%. Employee cost increased from 9.80% to 10.30%. Other expenses fell from 19.88% to 19.20%. Other income fell 35.48% to Rs 30.71 crore. PBIDT fell 9.12% to Rs 1070.93 crore. Provision for interest fell 21.55% to Rs 13.76 crore. Loan funds rose to Rs 641.10 crore as of 31 March 2021 from Rs 548.19 crore as of 31 March 2020. Inventories rose to Rs 611.85 crore as of 31 March 2021 from Rs 550.10 crore as of 31 March 2020. Sundry debtors were higher at Rs 1,040.98 crore as of 31 March 2021 compared to Rs 672.74 crore as of 31 March 2020. Cash and bank balance declined from Rs 620.95 crore as of 31 March 2020 to Rs 513.33 crore as of 31 March 2021. Investments rose to Rs 444.33 crore as of 31 March 2021 from Rs 166.02 crore as of 31 March 2020 . PBDT fell 8.93% to Rs 1057.17 crore. Provision for depreciation fell 3.65% to Rs 399.14 crore. Fixed assets increased to Rs 2,524.74 crore as of 31 March 2021 from Rs 2,516.88 crore as of 31 March 2020. Intangible assets declined from Rs 215.38 crore to Rs 173.98 crore. Profit before tax down 11.86% to Rs 658.03 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 127.23 crore, compared to Rs 181.01 crore. Effective tax rate was 19.67% compared to 24.25%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 8.10% to Rs 519.71 crore. Equity capital stood at Rs 140.66 crore as of 31 March 2021 to Rs 140.66 crore as of 31 March 2020. Per share face Value remained same at Rs 10.00. Promoters’ stake was 75.00% as of 31 March 2021 ,compared to 75.00% as of 31 March 2020 . Cash flow from operating activities decreased to Rs 621.48 crore for year ended March 2021 from Rs 1,011.40 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 375.07 crore, compared to Rs 582.52 crore during the year ended March 2020.
Other Highlights
For 9M FY22,
Aftermarket sales from Indian operations rose 49.9% to Rs 287.4 crore as
against Rs 191.7 crore in the corresponding period of last year.
Management Comments :
Mr.
Anurang Jam, Managing Director of the Company said: “In terms of YOY change in
the number of two-wheelers sold by Indian OEMs, Q3 saw a drop of 19.7%. In
FY21, post the lockdowns, the two-wheeler market saw excellent demand in Q3,
which resulted from pent-up demand and a strong preference for personal
mobility. On the other hand, the market this year is subdued with headwinds in
the form of weak rural demand and higher cost of ownership. Endurance
standalone revenues in Q3 this year declined 2.5% compared to the same quarter
last year. In the EU (including UK), the number of new car registrations was
down by 23.4% YQY in Q3. The European automotive market has been deeply
impacted by semi-conductor shortages and soaring energy prices. In Euro terms,
our Q3 revenues this year were lower than last year by 19.4%. All the large 2W
QEMs in the country have placed their confidence in our ability to deliver
solutions for safety-critical braking components. During 2021, we have added
multiple facilities to augment our manufacturing capabilities in brakes. In
December 2021, we commenced operations at our second brakes plant in
Aurangabad. We also introduced Grimeca brakes in the Indian market. In
September, we had commenced production of ABS modulators. Earlier in the year,
we had implemented a backward integration project to manufacture wire braided
hoses for brake assemblies. Apart from such infrastructure creation in
Aurangabad, we had also added manufacturing / integration facilities in
Pantnagar and Chennal. During the quarter, we acquired 100% stake in Veicoli
SrI, Italy. Veicoli enables fleet operators to increase route efficiency,
enhance safety, optimise maintenance activity and reduce fuel costs. These
benefIts are derived by monitoring vehicle movement, engine parameters and
driving habits on Veicoli’s software platform. Through this acquisition, we
seek to expand our innovative solutions offerings in the mobility sector in
Europe. During Q3, our factories in India and Europe did not face any government
mandated lockdowns. We continue to take measures to ensure a safe workplace for
our people.”
| Endurance Technologies : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,889.12 | 2,040.86 | -7.44 | 5,470.34 | 4,414.12 | 23.93 | 6,547.02 | 6,917.71 | -5.36 | | OPM (%) | 10.76 | 17.25 | -650 bps | 12.93 | 16.04 | -311 bps | 15.89 | 16.35 | -46 bps | | OP | 203.20 | 352.13 | -42.29 | 707.51 | 708.05 | -0.08 | 1,040.22 | 1,130.76 | -8.01 | | Other Inc. | 7.47 | 5.84 | 27.91 | 28.36 | 23.84 | 18.96 | 30.71 | 47.60 | -35.48 | | PBIDT | 210.67 | 357.97 | -41.15 | 735.87 | 731.89 | 0.54 | 1,070.93 | 1,178.36 | -9.12 | | Interest | 1.40 | 4.24 | -66.98 | 4.66 | 11.90 | -60.84 | 13.76 | 17.54 | -21.55 | | PBDT | 209.27 | 353.73 | -40.84 | 731.21 | 719.99 | 1.56 | 1,057.17 | 1,160.82 | -8.93 | | Depreciation | 91.35 | 104.45 | -12.54 | 283.61 | 287.32 | -1.29 | 399.14 | 414.28 | -3.65 | | PBT | 117.92 | 249.28 | -52.70 | 447.6 | 432.67 | 3.45 | 658.03 | 746.54 | -11.86 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 117.92 | 249.28 | -52.70 | 447.6 | 432.67 | 3.45 | 658.03 | 746.54 | -11.86 | | EO Income | 0 | -11.23 | - | -31.45 | -11.23 | -180.05 | -11.23 | 0 | - | | PBT after EO | 117.92 | 238.05 | -50.46 | 416.15 | 421.44 | -1.26 | 646.8 | 746.54 | -13.36 | | Taxation | 23.29 | 48 | -51.48 | 91.63 | 89.16 | 2.77 | 127.23 | 181.01 | -29.71 | | PAT | 94.63 | 190.05 | -50.21 | 324.52 | 332.28 | -2.34 | 519.57 | 565.53 | -8.13 | | Minority Interest (MI) | 0 | 0 | - | 0 | -0.03 | - | -0.14 | 0 | - | | Net profit | 94.63 | 190.05 | -50.21 | 324.52 | 332.31 | -2.34 | 519.71 | 565.53 | -8.10 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 94.63 | 190.05 | -50.21 | 324.52 | 332.31 | -2.34 | 519.71 | 565.53 | -8.10 | | EPS (Rs)* | 6.73 | 14.15 | -52.45 | 24.81 | 24.25 | 2.31 | 37.59 | 40.20 | -6.51 | | | * EPS is on current equity of Rs 140.66 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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