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For
the quarter ended Dec 2023, consolidated Net sales (including other operating income) of Endurance Technologies has increased 22.23% to Rs 2561.11 crore compared to quarter ended Dec 2022.Operating profit margin has jumped from 11.43% to 11.67%, leading to 24.83% rise in operating profit to Rs 299.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 59.23% to 58.99%. Purchase of finished goods cost rose from 1.47% to 1.78%. Employee cost decreased from 9.05% to 8.52%. Other expenses rose from 19.05% to 19.23%. Other income rose 134.32% to Rs 26.97 crore. PBIDT rose 29.85% to Rs 325.97 crore. Provision for interest rose 138.65% to Rs 10.93 crore. PBDT rose 27.83% to Rs 315.04 crore. Provision for depreciation rose 12.61% to Rs 114.42 crore. Profit before tax grew 38.51% to Rs 200.62 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 48.34 crore, compared to Rs 36.61 crore. Effective tax rate was 24.10% compared to 25.28%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 40.70% to Rs 152.28 crore. Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Endurance Technologies has increased 15.01% to Rs 7556.1 crore. Operating profit margin has jumped from 11.43% to 12.42%, leading to 25% rise in operating profit to Rs 938.58 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 60.27% to 58.61%. Purchase of finished goods cost rose from 1.38% to 1.59%. Employee cost increased from 8.29% to 8.56%. Other expenses rose from 18.84% to 18.94%. Other income rose 140.07% to Rs 59.08 crore. PBIDT rose 28.65% to Rs 997.66 crore. Provision for interest rose 136.19% to Rs 29.76 crore. PBDT rose 26.87% to Rs 967.9 crore. Provision for depreciation rose 15.25% to Rs 345.77 crore. Profit before tax grew 34.41% to Rs 622.13 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 151.8 crore, compared to Rs 109.47 crore. Effective tax rate was 24.40% compared to 24.19%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 37.08% to Rs 470.33 crore. Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Endurance Technologies has increased 16.62% to Rs 8804.05 crore. Operating profit margin has declined from 12.78% to 11.77%, leading to 7.43% rise in operating profit to Rs 1,036.28 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 57.93% to 59.79%. Purchase of finished goods cost rose from 1.13% to 1.17%. Employee cost decreased from 9.08% to 8.58%. Other expenses fell from 19.23% to 18.82%. Other income rose 10.70% to Rs 45.43 crore. PBIDT rose 7.56% to Rs 1081.71 crore. Provision for interest rose 224.09% to Rs 20.58 crore. Loan funds rose to Rs 514.76 crore as of 31 March 2023 from Rs 429.61 crore as of 31 March 2022. Inventories rose to Rs 820.58 crore as of 31 March 2023 from Rs 701.14 crore as of 31 March 2022. Sundry debtors were higher at Rs 1,162.03 crore as of 31 March 2023 compared to Rs 970.37 crore as of 31 March 2022. Cash and bank balance declined from Rs 402.64 crore as of 31 March 2022 to Rs 287.71 crore as of 31 March 2023. Investments rose to Rs 671.84 crore as of 31 March 2023 from Rs 486.78 crore as of 31 March 2022 . PBDT rose 6.18% to Rs 1061.13 crore. Provision for depreciation rose 10.44% to Rs 421.58 crore. Fixed assets increased to Rs 2,923.74 crore as of 31 March 2023 from Rs 2,658.32 crore as of 31 March 2022. Intangible assets increased from Rs 175.68 crore to Rs 390.02 crore. Profit before tax grew 3.55% to Rs 639.55 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 149.68 crore, compared to Rs 125.44 crore. Effective tax rate was 23.79% compared to 21.40%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 4.10% to Rs 479.58 crore. Equity capital stood at Rs 140.66 crore as of 31 March 2023 to Rs 140.66 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00. Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 . Cash flow from operating activities increased to Rs 861.99 crore for year ended March 2023 from Rs 741.55 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 636.26 crore, compared to Rs 529.03 crore during the year ended March 2022. Other Highlights
In
9M FY24, Aftermarket sales from Indian operations stood
at Rs 325.7 crore compared to Rs 308.5 crore in the corresponding period of
last year, up by 5.5%.
Forging capacity at Waluj expanded to 1250
tpa in FY24. Addition of another new press shall take the capacity to 1750 tpa
in Q1FY25. Alloy wheel capacity to increase from 4.5 to 5.5 mn wheels per annum
by Q1 FY25.
New machining and assembly lines at
Chivasso, Italy to produce transmission housings for an European OEM.
Production to commence by Q1 FY25 and peak in Q4FY25.
In 9M FY24, India contributed 76.4% of
total consolidated revenue, Europe 22.9% and Maxwell 0.7%.
Company Won 15 EV programs from 11
customers in FY23, as against 35 ICE programs. Company has Cumulative orders of
Rs 6.8 bn in India EV space, including Bajaj Auto.
In 9M FY24, Motorcycle contributed 55.3% of
total revenue, Scooter 8.3%, 3W 8.1%, four wheelers 25.9% and others 2.4%.
In 9M FY24, Die Casting contributed 43.2%
to total revenue, Suspension 28.6%, Transmission 4.4%, After Market 4.9%, Alloy
Wheel 6.9%, Disc Brake 9.4% and Others 2.6%.
Management Comments :
Mr. Anurang Jain, Managing Director of the
Company said: "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, recognise us for our ability to design, develop and produce components
such as suspensions, brakes, machined aluminium castings and BMS, with focus on
performance, durability and cost. We are able to achieve excellence in this
area, by offering technology acquired from international players, which is
further cost-optimised, localised 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 aluminium 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 focussed 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."
| Endurance Technologies : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,561.11 | 2,095.25 | 22.23 | 7,556.10 | 6,569.71 | 15.01 | 8,804.05 | 7,549.14 | 16.62 | | OPM (%) | 11.67 | 11.43 | 24 bps | 12.42 | 11.43 | 99 bps | 11.77 | 12.78 | -101 bps | | OP | 299.00 | 239.52 | 24.83 | 938.58 | 750.88 | 25.00 | 1,036.28 | 964.64 | 7.43 | | Other Inc. | 26.97 | 11.51 | 134.32 | 59.08 | 24.61 | 140.07 | 45.43 | 41.04 | 10.70 | | PBIDT | 325.97 | 251.03 | 29.85 | 997.66 | 775.49 | 28.65 | 1,081.71 | 1,005.68 | 7.56 | | Interest | 10.93 | 4.58 | 138.65 | 29.76 | 12.60 | 136.19 | 20.58 | 6.35 | 224.09 | | PBDT | 315.04 | 246.45 | 27.83 | 967.90 | 762.89 | 26.87 | 1,061.13 | 999.33 | 6.18 | | Depreciation | 114.42 | 101.61 | 12.61 | 345.77 | 300.02 | 15.25 | 421.58 | 381.73 | 10.44 | | PBT | 200.62 | 144.84 | 38.51 | 622.13 | 462.87 | 34.41 | 639.55 | 617.6 | 3.55 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 200.62 | 144.84 | 38.51 | 622.13 | 462.87 | 34.41 | 639.55 | 617.6 | 3.55 | | EO Income | 0 | 0 | - | 0 | -10.29 | - | -10.29 | -31.45 | 67.28 | | PBT after EO | 200.62 | 144.84 | 38.51 | 622.13 | 452.58 | 37.46 | 629.26 | 586.15 | 7.35 | | Taxation | 48.34 | 36.61 | 32.04 | 151.8 | 109.47 | 38.67 | 149.68 | 125.44 | 19.32 | | PAT | 152.28 | 108.23 | 40.70 | 470.33 | 343.11 | 37.08 | 479.58 | 460.71 | 4.10 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 152.28 | 108.23 | 40.70 | 470.33 | 343.11 | 37.08 | 479.58 | 460.71 | 4.10 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 152.28 | 108.23 | 40.70 | 470.33 | 343.11 | 37.08 | 479.58 | 460.71 | 4.10 | | EPS (Rs)* | 10.83 | 7.69 | 40.70 | 33.44 | 24.95 | 34.03 | 34.65 | 34.51 | 0.41 | | | * 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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