Tier 1 supplier Endurance Technologies has announced its financial results for Q3 FY2024.
The company reported revenue of Rs 1,588 crore, up 22.8 percent YoY, EBITDA at Rs 326 crore, up 29 percent YoY and net profit of Rs 152 crore, up 40 percent YoY.
For 9-monhts period the revenue came at Rs 7,615 crore, up 15 percent YoY, EBITDA at Rs 997 crore, up 28 percent YoY and net profit of Rs 470 crore, up 37 percent YoY.
The company says during the 9-months period 77 percent of consolidated total income came from India operations (including Maxwell) and the balance from European operations. Aftermarket sales contributed Rs 325 crore in revenue versus Rs 308 crore for the same period last year.
The Board of Endurance Technologies also approved the appointment of Rajendra Abhange, as COO – Designate, who is set to succeed Ramesh Gehaney, Whole Time Director and COO, whose term of appointment is upto June 5, 2024.
Abhange has experience of over 38 years and has worked in leadership roles as top management executive. He started his career with Roberto Bosch India in 1984. He was associated with Gabriel India as a Senior Director and Chief Technology Officer till 2021. He was also associated with Auto Ignition as President and CEO.
He holds a Bachelor of Mechanical Engineering (B.E.) from Government College of Engineering, Aurangabad. And a Fellow of Institution of Engineers; an alumnus of Oxford Strategic Leadership Program.
Anurang Jain, MD, Endurance Technologies said: “On a YoY basis, Indian two-wheeler sales volumes in Q3FY24 have grown by 18. 7%. Endurance standalone Total Income rose 25.1 % despite lower metal costs. Our European business turnover in Euro terms grew at 5.4%, in line with the growth in EU new car registration numbers. The Indian electric two-wheeler market is at an interesting juncture. Phasing out of FAME-II subsidies in June led to a sharp drop in market size, but the market has since recovered. The recovery has been largely led by certain OEMs who were relatively late entrants in the EV fray. With subsidy allocation for two-wheelers widely expected to be lower in FAME-III, OEMs are cognisant about the need to ensure cutting-edge capabilities in the ecosystem to grow the EV market and their own market share. Two-wheeler EV OEMs, both traditional and new-age, recognise us for our ability to design, develop and produce components such as suspensions, brakes, machined aluminium castings and BMS, with focus on performance, durability and cost.”
He further stated that the company was able to achieve excellence in the area by offering technology acquired from international players, which is further cost-optimised, localised and improved through its over 300 R&D engineers.
“For EV two-wheelers, we already have capacity for incremental production for suspensions and brakes, and have embarked upon projects at Aurangabad and Chennai to add capacity for casting and machining of aluminium components. We have also commenced today, commercial production of BMS ECUs on our newly installed SMT line at Aurangabad. In the Indian passenger vehicles market, the pace of powertrain electrification has been slow, but the signs are encouraging. Our European subsidiaries have won orders for a large number of parts for EVs and Hybrid vehicles. Several of these parts are already in production. As the Indian market matures, we would use our experience in Europe to improve our process technology for EV and hybrid focussed casting and machining in India. While the future pace of electrification in mobility is not ascertained, it appears quite certain that the Indian economy will see good growth, and a large number of families will experience personal mobility for the first time, and that bodes well for our sector,” he concluded.
