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Yes Securities Report
Endurance Technologies Ltd.'s Q3 FY24 consolidated results were weak as margins in India business at 11.6% (versus plus 50 basis points/+20bp YoY/QoQ, estimate 12.3%) disappointed while the same for Europe business was at 15.5% (plus 120bp/plus 60bp YoY/QoQ).
New order wins pace in Q3 moderated at ~Rs 1.64 billion/€ 9.3 million (versus Rs 9.4 billion/€ 29 million in 9M FY24), especially for Europe business. Endurance Technologies electric vehicle specific orders too is stable with cumulative order of ~Rs 6.8 billion (including Bajaj Auto Ltd.).
The management indicated key focus areas for the growth ahead would be,
to increase four wheelers share in consolidated business from 26% to 45% by FY30,
increase share of business in premium two wheelers,
deeper penetrate EV original equipment manufacturer,
focus on non-Auto for large opportunities in aluminium castings and
~10% of India sales from aftermarket by FY28.
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