The leading auto component manufacturer Endurance Technologies reported that the company’s profit after tax (PAT) reduced to half, which amounted to INR 94.6 crore in the December quarter (Q3FY22) due to infirm operational performance.
The aluminium auto parts & equipment company had posted a PAT of INR 190 crore in the previous financial quarter (Q3FY21).
Endurance Technologies consolidated revenue from operations was slashed 7% year-on-year (YoY) at INR 1,889 crore against INR 2,041 crore in the existing year quarter.
However, EBITDA shrunk 41% Y-o-Y at INR 210.7 crore, while margins contracted 640 bps at 11.1% during the quarter.
The management of Endurance Technologies said, “The market, this year, is subdued with headwinds in the form of weak rural demand and higher cost of ownership.”
"In the EU (including the UK), the number of new car registrations was down by 23.4% Y-o-Y in Q3. The European automotive market has been deeply impacted by semi-conductor shortages and soaring energy prices.”
India headquartered Endurance Technologies is recognised as one of the leading automotive component producers, having a wide range of technology intensified products with operations in India and Europe (Italy and Germany). In India, the company largely caters to two and three-wheeler OEM and its products incorporate aluminium castings, suspensions, transmission and braking systems, while in Europe, the company predominantly serves four-wheeler OEM and majorly supply aluminium casting products.
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