FY24 Annual Result Announced for Endurance Technologies Ltd.
Auto Parts & Equipments company Endurance Technologies announced FY24 results: Consolidated Total Income including Other Income for the year rose by 16.7% YoY, to Rs 103,265 million from Rs 88,495 million. 77% of Consolidated Total Income including Other Income came from Indian operations (including Maxwell) and the balance came from European operations. Standalone Total Income including Other Income for the year grew by 16.6%. Consolidated EBITDA Margin was 13.7% vs. 12.2% last year, with margin expansion both in the standalone and the Europe business. Consolidated PAT at Rs 6,805 million was 41.9% higher than last year. Aftermarket sales from Indian operations stood at Rs 4,609 million vs. Rs 4,311 million in the last year. Consolidated Basic and Diluted EPS for the year stood at Rs 48.38 per share compared to Rs 34.09 per share in the corresponding period of last year. Commenting on the Company's performance and recent developments, 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 Rs 100+ billion of Total Income with impressive margins, Rs 50 billion of Net Worth and Rs 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." Result PDF17-05-2024
