|
For the quarter ending june 2022 consolidated net sales (including other operating income) of Endurance Technologies has increased 24.81% to Rs 2113.83 crore compared to quarter ended june 2021.Operating profit margin has declined from 14.43% to 11.34%, leading to 1.86% decline in operating profit to Rs 239.77 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.62% to 60.12%. Purchase of finished goods cost fell from 1.87% to 1.70%. Employee cost decreased from 11.04% to 8.54%. Other expenses fell from 19.58% to 18.70%. Other income fell 63.12% to Rs 4.68 crore. PBIDT fell 4.89% to Rs 244.45 crore. Provision for interest rose 31.51% to Rs 1.92 crore. PBDT fell 5.09% to Rs 242.53 crore. Provision for depreciation rose 0.90% to Rs 99.15 crore. Profit before tax down 8.84% to Rs 143.38 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs -10.29 crore. Provision for tax was expense of Rs 29.7 crore, compared to Rs 29.27 crore. Effective tax rate was 22.32% compared to 23.26%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 7.07% to Rs 103.39 crore. Promoters' stake was 75.00% as of 30 June 2022 ,compared to 75.00% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of Endurance Technologies has increased 15.31% to Rs 7549.14 crore. Operating profit margin has declined from 15.89% to 12.78%, leading to 7.27% decline in operating profit to Rs 964.64 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.29% to 57.93%. Purchase of finished goods cost fell from 1.37% to 1.13%. Employee cost decreased from 10.30% to 9.08%. Other expenses rose from 19.20% to 19.23%. Other income rose 33.64% to Rs 41.04 crore. PBIDT fell 6.09% to Rs 1005.68 crore. Provision for interest fell 53.85% to Rs 6.35 crore. Loan funds declined from Rs 641.10 crore as of 31 March 2021 to Rs 429.61 crore as of 31 March 2022. Inventories rose to Rs 701.14 crore as of 31 March 2022 from Rs 611.85 crore as of 31 March 2021. Sundry debtors were lower at Rs 970.37 crore as of 31 March 2022 compared to Rs 1,040.98 crore as of 31 March 2021. Cash and bank balance declined from Rs 513.33 crore as of 31 March 2021 to Rs 402.64 crore as of 31 March 2022. Investments rose to Rs 486.78 crore as of 31 March 2022 from Rs 444.33 crore as of 31 March 2021 . PBDT fell 5.47% to Rs 999.33 crore. Provision for depreciation fell 4.36% to Rs 381.73 crore. Fixed assets increased to Rs 2,574.88 crore as of 31 March 2022 from Rs 2,524.74 crore as of 31 March 2021. Intangible assets increased from Rs 173.98 crore to Rs 259.12 crore. Profit before tax down 6.14% to Rs 617.60 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 125.44 crore, compared to Rs 127.23 crore. Effective tax rate was 21.40% compared to 19.67%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 11.35% to Rs 460.71 crore. Equity capital stood at Rs 140.66 crore as of 31 March 2022 to Rs 140.66 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00. Promoters' stake was 75.00% as of 31 March 2022 ,compared to 75.00% as of 31 March 2021 . Cash flow from operating activities increased to Rs 741.55 crore for year ended March 2022 from Rs 621.48 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 529.03 crore, compared to Rs 375.07 crore during the year ended March 2021. Other Highlights
In
Q1 FY23, Aftermarket sales from Indian operations rose
53.8% to Rs 96.3 crore on YoY basis.
Management Comments :
Mr. Anurang Jain, Managing Director of the Company said: "Compared to Q1 of last year, two-wheeler sales volumes have grown 37.2% in Q1FY23. While growth
in number of CVs and PVs sold was also very strong at 100% and 38% respectively, the growth in
three-wheeler sales numbers was tepid at 7%. Sale of higher-cc two-wheelers was impacted by semiconductor shortages. Endurance standalone revenues for Q1FY23 rose 39.9% compared to the last
year. Our topline benefited from higher volumes and elevated metal prices, while mix had an adverse
effect.
The geo-political situation and Russia`s stance vis-a-vis energy supply to Western Europe has severely
affected the economy there. While inflation has affected demand, the supply side has also faced
challenges for OEMs in terms of procuring critical parts. During Q1FY23, only 2. 74 million new cars
were registered in the EU and UK. This reflects a 16.4% YOY drop and a sharp 33.8% drop compared
to Q1FY20 which was the pre-pandemic sales level. Our European business turnover in Euro terms fell
1.9% YOY. Normalised for the impact of higher aluminium prices, our topline saw a YOY fall of 6.9%.
In Europe, electricity tariffs increased to 3 times and gas prices to 4.5 times over last year`s level,
severely impacting our margins.
Unanticipated and impactful changes in the macro-environment is now a way of life for most businesses.
Our focus, therefore, is to derisk through customer acquisition, product portfolio expansion, being
present in multiple vehicle segments including higher cc motorcycles and strengthening our presence
in the Aftermarket.
During Q1 of FY23, our factories in India and Europe did not face any government mandated lockdowns.
Employee well-being is a key focus area for us, and several initiatives have been undertaken to ensure
their health and safety.
The Company has a very positive outlook based on its recent acquisitions and new business wins
including for electric vehicles, both in India and Europe."
| Endurance Technologies : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,113.83 | 1,693.67 | 24.81 | 7,549.14 | 6,547.02 | 15.31 | | OPM (%) | 11.34 | 14.43 | -308 bps | 12.78 | 15.89 | -311 bps | | OP | 239.77 | 244.32 | -1.86 | 964.64 | 1,040.22 | -7.27 | | Other Inc. | 4.68 | 12.69 | -63.12 | 41.04 | 30.71 | 33.64 | | PBIDT | 244.45 | 257.01 | -4.89 | 1,005.68 | 1,070.93 | -6.09 | | Interest | 1.92 | 1.46 | 31.51 | 6.35 | 13.76 | -53.85 | | PBDT | 242.53 | 255.55 | -5.09 | 999.33 | 1,057.17 | -5.47 | | Depreciation | 99.15 | 98.27 | 0.90 | 381.73 | 399.14 | -4.36 | | PBT | 143.38 | 157.28 | -8.84 | 617.6 | 658.03 | -6.14 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 143.38 | 157.28 | -8.84 | 617.6 | 658.03 | -6.14 | | EO Income | -10.29 | -31.45 | 67.28 | -31.45 | -11.23 | -180.05 | | PBT after EO | 133.09 | 125.83 | 5.77 | 586.15 | 646.8 | -9.38 | | Taxation | 29.7 | 29.27 | 1.47 | 125.44 | 127.23 | -1.41 | | PAT | 103.39 | 96.56 | 7.07 | 460.71 | 519.57 | -11.33 | | Minority Interest (MI) | 0 | 0 | - | 0 | -0.14 | - | | Net profit | 103.39 | 96.56 | 7.07 | 460.71 | 519.71 | -11.35 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 103.39 | 96.56 | 7.07 | 460.71 | 519.71 | -11.35 | | EPS (Rs)* | 7.92 | 8.58 | -7.72 | 34.51 | 37.59 | -8.19 | | | * 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 |
|
|