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Prabhudas Lilladher Report
Endurance Technologies Ltd.’s Q3 FY22 standalone revenues declined 1% YoY at Rs 14.9 billion 7% ahead of our estimate against two-wheeler industry decline of 19.7%, in volume terms.
Europe’s business revenues were impacted by low scale of operations due to chip shortage and declined 19.4% YoY at Euro 47.6 million.
However, new business win remained strong for India (Rs 5.9 billion) and Europe (€ 53.9 million) in nine months.
Endurance Technologies also forayed into new products like drive shaft (commencing supply from May 2022) and non-auto casting (new orders ~1 billion); also won orders from electric vehicle worth Rs 1.4 billion.
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