Automobile parts manufacturer Endurance Technologies has declared Q1 FY2023-24 revenue of INR 2,467 crore after analysing the company's finances. There has been an influx of 16 per cent in comparison to INR 2,118 crore accumulated one year back. The EBITDA arrived at INR 338 crore with a margin of 13.7 per cent, which is more than INR 244 crore with an 11.5 per cent margin experienced last year.
The company claims to have invested INR 72 crore in CAPEX for added propulsion in creating aluminium alloy wheels, brake assemblies, aluminium casting and suspensions, machining and BMS line in India. Whereas, INR 90 crore or €10.1 million was allotted for solar panel installation and product line expansion in the company's European manufacturing site, where it has to serve car giants like Volkswagen group (inclusive of Porsche and Audi) and Stellantis.
The Managing Director of Endurance Technologies, Anurang Jain, exemplified: "Two-wheeler sales volumes for Indian OEMs have recorded a marginal YoY growth of 1.2 per cent in Q1FY24, based on 9.2 per cent growth in scooter volumes and 1.6 per cent de-growth in motorcycle volumes. Growth in three-wheeler volumes stood at 25.5 per cent, while passenger cars grew at 7.2 per cent. Endurance standalone revenues for Q1FY24 rose 13.3 per cent compared to Q1 of the last year. In Europe, average energy prices softened compared to the preceding quarter but remained significantly higher than the long-term average prior to 2021. New car registration numbers for the EU grew 17.9 per cent YoY."
"While most countries in the EU reported double-digit growth, the growth was not even across major OEMs. Certain key customers of our company reported low/mid-single-digit growth. Against this backdrop, our Q1 sales in Europe in Euro terms grew 12.6 per cent over the corresponding quarter of the previous year. The Indian two-wheeler market is at an interesting juncture. In the scooter market, EVs are expected to soon take the lead over ICE, despite the recent setback to volumes post the reduction in government subsidies. All traditional products of our company, barring clutches, are required in EVs. Moreover, Battery Management System (BMS), where Maxwell is a key player, forms a key part of the overall electric vehicle cost," Jain added.
Endurance Technologies' net profit surged INR 60.5 crore in comparison with INR 103 crore recorded one year back, logging an increase of 58 per cent to reach INR 163.5 crore. The company's good fortune can be technically attributed to the various orders it already had from conventional clients and also the sudden demand for raw material and aluminium components from the Electric Vehicle (EV) sector.
To practically state the truth, Honda Motorcycle & Scooter India (HMS) can be considered a maiden customer of Endurance Technologies, boosting the company's outreach in the EV sector. Other active clients of the tech body are Ampere, Okinawa, Hero Electric, Bajaj Auto, Bounce, Ather Energy and Mahindra Electric.
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