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Prabhudas Lilladher Report
Endurance Technologies Ltd.'s Q1 FY22 standalone revenues declined 28% QoQ at Rs 11.5 billion (our estimate: 12.5 billion) against two-wheeler industry decline of 35%, led by higher share of Bajaj Auto Ltd.
Europe business revenue grew 105% YoY at €63.2 million.
New business win remained strong in India (Rs 514 million) and Europe business (€7.13 million).
We believe Endurance Technologies will continue to outperform industry led by-
addition of new products,
Increasing share value added products like disk brakes and alloy wheels
ability to add new customer and increase penetration with existing customers and
increasing share of AM & Exports.
We further believe operating leverage benefits, backward integration and mix improvement will aid margins going ahead.
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