Endurance Technologies Q2 - India Hurt By Raw Material Cost, Europe By Semiconductor Shortages: Motilal Oswal
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Motilal Oswal Report
Endurance Technologies Ltd.'s Q2 FY22 was impacted by raw material cost inflation and semiconductor shortage.
The near term outlook was impacted by weak two-wheeler demand and the semiconductor shortage in India and the Europe. However, recovery in underlying two-wheeler demand, improvement in the Europe business from Q1 CY22, and possibility of new product technology are potential catalysts for the stock.
We cut our FY22E/FY23E earnings per share estimate of Endurance Technologies by 12.5%/2% to factor in weak two-wheeler original equipment manufacturer demand and impact of the semiconductor shortage in India and the Europe business.
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