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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 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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