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Endurance Technologies Ltd.’s Q4 FY21 consolidated results exceeded our revenue/Ebitda/profit after tax estimates by 10%/11%/28% led by beat in standalone and Europe business along with better cost control.
We believe the company will be able to navigate current raw material headwinds led by-
- focus on increasing aftermarket mix to ~10% (versus 6.5% currently),
- increasing capacity of high added products like disk brakes, alloy wheel and tyre trading and
- operating leverage.
Considering customer wins across internal combustion engine, electric vehicle and hybrids, the company will continue to outperform the underlying domestic two-wheeler and European passenger vehicle industry growth.
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