|
For
the quarter ending March 2024, consolidated net sales (including other operating income) of Endurance Technologies has increased 20.16% to Rs 2684.78 crore compared to quarter ended March 2023.Operating profit margin has jumped from 12.77% to 14.50%, leading to 36.44% rise in operating profit to Rs 389.40 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 58.31% to 55.28%. Purchase of finished goods cost rose from 0.54% to 0.75%. Employee cost decreased from 9.47% to 8.65%. Other expenses rose from 18.75% to 20.48%. Other income rose 27.47% to Rs 26.54 crore. PBIDT rose 35.83% to Rs 415.94 crore. Provision for interest rose 61.65% to Rs 12.9 crore. Loan funds rose to Rs 765.34 crore as of 31 March 2024 from Rs 514.76 crore as of 31 March 2023. Inventories rose to Rs 872.21 crore as of 31 March 2024 from Rs 820.58 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,262.38 crore as of 31 March 2024 compared to Rs 1,162.03 crore as of 31 March 2023. Cash and bank balance rose to Rs 504.68 crore as of 31 March 2024 from Rs 287.71 crore as of 31 March 2023. Investments rose to Rs 792.59 crore as of 31 March 2024 from Rs 671.84 crore as of 31 March 2023 . PBDT rose 35.14% to Rs 403.04 crore. Provision for depreciation rose 5.49% to Rs 128.23 crore. Fixed assets increased to Rs 3,290.37 crore as of 31 March 2024 from Rs 2,803.04 crore as of 31 March 2023. Intangible assets declined from Rs 510.71 crore to Rs 499.14 crore. Profit before tax grew 55.54% to Rs 274.81 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 64.66 crore, compared to Rs 40.21 crore. Effective tax rate was 23.53% compared to 22.76%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 53.99% to Rs 210.15 crore. Equity capital stood at Rs 140.66 crore as of 31 March 2024 to Rs 140.66 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 75.00% as of 31 March 2024 ,compared to 75.00% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Endurance Technologies has increased 16.32% to Rs 10240.87 crore. Operating profit margin has jumped from 11.77% to 12.97%, leading to 28.15% rise in operating profit to Rs 1,327.98 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 59.79% to 57.76%. Purchase of finished goods cost rose from 1.17% to 1.37%. Other expenses rose from 18.82% to 19.33%. Other income rose 88.47% to Rs 85.62 crore. PBIDT rose 30.68% to Rs 1413.6 crore. Provision for interest rose 107.29% to Rs 42.66 crore. Loan funds rose to Rs 765.34 crore as of 31 March 2024 from Rs 514.76 crore as of 31 March 2023. Inventories rose to Rs 872.21 crore as of 31 March 2024 from Rs 820.58 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,262.38 crore as of 31 March 2024 compared to Rs 1,162.03 crore as of 31 March 2023. Cash and bank balance rose to Rs 504.68 crore as of 31 March 2024 from Rs 287.71 crore as of 31 March 2023. Investments rose to Rs 792.59 crore as of 31 March 2024 from Rs 671.84 crore as of 31 March 2023 . PBDT rose 29.20% to Rs 1370.94 crore. Provision for depreciation rose 12.43% to Rs 473.99 crore. Fixed assets increased to Rs 3,290.37 crore as of 31 March 2024 from Rs 2,803.04 crore as of 31 March 2023. Intangible assets declined from Rs 510.71 crore to Rs 499.14 crore. Profit before tax grew 40.25% to Rs 896.95 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 216.46 crore, compared to Rs 149.68 crore. Effective tax rate was 24.13% compared to 23.79%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 41.89% to Rs 680.49 crore. Equity capital stood at Rs 140.66 crore as of 31 March 2024 to Rs 140.66 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 75.00% as of 31 March 2024 ,compared to 75.00% as of 31 March 2023 . Cash flow from operating activities increased to Rs 1,057.09 crore for year ended March 2024 from Rs 861.99 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 834.83 crore, compared to Rs 636.26 crore during the year ended March 2023. Other Highlights
The board Recommended
dividend of Rs 8.50 per equity share of face value of Rs 10 each (85%), for the
financial year 2023-24.
The company
approved capex to set up a greenfield project at Aurangabad Industrial City
(AURIC). The manufacturing facility shall produce aluminum die casting parts
for automotive (ICE and EV) and non-automotive segments, with value added
processes like machining, assemblies, friction stir welding and surface
treatments. Total capacity of the plant will be 900 MT castings parts per
month. The start of production is envisaged in Q1 FY26. Further expansion to
reach above capacity is expected to be completed in stages by March, 2028.
In
FY24, Aftermarket sales from Indian operations stood at
Rs 460.9 crore compared to Rs 431.1 crore in the corresponding period of last year,
up by 6.9%.
The company Commissioned 3rd aluminium
forging press in Waluj, 4th press to be commissioned in Q1 of FY25.
In FY24, India contributed 76.6% of total
consolidated revenue, Europe 22.8% and Maxwell 0.6%.
In FY24, Motorcycle contributed 55.3% of
total revenue, Scooter 8.4%, 3W 8.1%, four wheelers 25.3% and others 2.9%.
In FY24, Die Casting contributed 42.5% to
total revenue, Suspension 25.5%, Transmission 4.6%, After Market 5.3%, Alloy
Wheel 7.6% and Disc Brake 11.2%.
Management Comments :
Mr. Anurang Jain, Managing Director of the
Company said: "We have posted our best ever quarter and annual results in
terms of standalone and consolidated topline and bottomline. New vehicle sales
in the Indian 2W market and in the European car market have seen YOY
improvement, but are still below 90% of pre-pandemic levels. Our record results
have come on the back of our customer centric approach, as we continue not only
to deliver quality products but also expand our product basket with an eye on
the needs of OEM customers and vehicle owners. During FY24, Indian two-wheeler
sales volumes grew by 9.8%. Endurance standalone Total Income rose 16.6%
despite lower metal costs. Our European business turnover in Euro terms grew at
7.2%. Adjusted for aluminium price reduction passed through in sales, our
growth stood at 9.5%, a shade lower than the 10.3% growth in EU new car
registration numbers - which, in key markets, were bolstered by destocking of
earlier produced cars. The team at Endurance takes pride in achieving INR 100+
billion of Total Income with impressive margins, INR 50 billion of Net Worth
and INR 5 billion of Net Cash balance. Our strategy is to take the Company to
greater heights, in terms of growth, profitability and financial strength. We
also aim to diversify and derisk such that we meet OEM needs across a larger
array of vehicle segments with a larger basket of products across geographies,
and also grow our non-automotive and aftermarket businesses. The Board of
Directors has reviewed the Company`s financial performance for the fiscal year
and has recommended a dividend of Rs. 8.50 per equity share of face value of
Rs. 10 each."
| Endurance Technologies : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,684.78 | 2,234.34 | 20.16 | 10,240.87 | 8,804.05 | 16.32 | | OPM (%) | 14.50 | 12.77 | 173 bps | 12.97 | 11.77 | 120 bps | | OP | 389.40 | 285.40 | 36.44 | 1,327.98 | 1,036.28 | 28.15 | | Other Inc. | 26.54 | 20.82 | 27.47 | 85.62 | 45.43 | 88.47 | | PBIDT | 415.94 | 306.22 | 35.83 | 1,413.60 | 1,081.71 | 30.68 | | Interest | 12.90 | 7.98 | 61.65 | 42.66 | 20.58 | 107.29 | | PBDT | 403.04 | 298.24 | 35.14 | 1,370.94 | 1,061.13 | 29.20 | | Depreciation | 128.23 | 121.56 | 5.49 | 473.99 | 421.58 | 12.43 | | PBT | 274.81 | 176.68 | 55.54 | 896.95 | 639.55 | 40.25 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 274.81 | 176.68 | 55.54 | 896.95 | 639.55 | 40.25 | | EO Income | 0 | 0 | - | 0 | -10.29 | - | | PBT after EO | 274.81 | 176.68 | 55.54 | 896.95 | 629.26 | 42.54 | | Taxation | 64.66 | 40.21 | 60.81 | 216.46 | 149.68 | 44.62 | | PAT | 210.15 | 136.47 | 53.99 | 680.49 | 479.58 | 41.89 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 210.15 | 136.47 | 53.99 | 680.49 | 479.58 | 41.89 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 210.15 | 136.47 | 53.99 | 680.49 | 479.58 | 41.89 | | EPS (Rs)* | 14.94 | 9.70 | 53.99 | 48.38 | 34.65 | 39.61 | | | * 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 |
|
|