Q1FY23 Quarterly Result Announced for Endurance Technologies Ltd.
Auto Parts & Equipment firm Endurance Technologies announced Q1FY23 Result : Consolidated Total Income including Other Income for the year rose by 24.2%, supported by a weak base and higher metal prices. In this year, 76.5% of Consolidated Total Income including Other Income came from Indian operations and the balance came from European operations. Standalone Total Income including Other Income for the year grew by 39.9%, again supported by a weak Q1 of last year and increased metal prices. Consolidated EBITDA Margin was 11.5% vs. 15.1 % last year. Consolidated PAT at INR 1,034 million was 7.1 % higher than last year. Aftermarket sales from Indian operations rose 53.8% to INR 963 million vs. INR 626 million in the corresponding quarter of last year. Consolidated Basic and Diluted EPS for the quarter stood at INR 7.35 per share (not annualised) compared to INR 6.86 per share (not annualised) in the corresponding quarter of last year Commenting on the Company's performance and recent developments, Mr. Anurang Jain, Mana 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% YoYdrop 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." Result PDF11-08-2022