BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
Endurance Technologies Ltd.’s consolidated revenue came marginally below our estimate (by ~2.6%), mainly due to the decline in car production in Europe amid the ongoing semiconductor shortage.
Standalone revenue increased by ~16.4% YoY (~30% YoY) to ~Rs 15 billion, in-line with our estimate and much better than the ~4.5% YoY decline in domestic two-wheeler industry volume.
Revenue from European operations declined by ~19.5% YoY. Consolidated Ebitda margin at 13.8% was a miss (by 120 basis points), largely due to raw material cost pressure and negative operating leverage (on lower-than-expected revenue in Europe).
Endurance Technologies' gross margin in India/Europe businesses declined by ~140 basis points/~480 bps QoQ mainly due to steep raw material cost inflation. Consolidated adjusted profit after tax stood at Rs 1.33 billion, up 10.5% YoY and down 20.2% QoQ.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR