Endurance Tech slips 3% despite strong Q2 results

The company’s consolidated total income rose 8 percent on-year in Q2FY24 led by Indian as well as European operations

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Shares of Endurance Technologies was down over 3 percent on November 9 morning even automotive component manufacturer posted strong July-September quarter (Q2FY24) results.

The company’s consolidated total income rose 8 percent on-year in Q2FY24 led by Indian as well as European operations. Consolidated profit-after-tax (PAT), too, jumped 17.5 percent on-year to Rs 154 crore in the September-ended quarter.

Segment-wise, revenues from the Indian business grew 4 percent year-on-year (YoY), driven by higher demand from three-wheelers, while European Union (EU) revenues were up by 10 percent YoY in Q2FY24.

Analysts at Motilal Oswal shared a “buy” rating for the stock post results, underlining that the stock trades at 33.1 times (x)/27.5x FY24/25E consolidated earnings per share (EPS).

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Endurance Tech is one of India’s leading automotive component manufacturers, with operations at home and in Europe. It mainly caters to domestic two- and three-wheeler original equipment makers and supplies aluminium casting products to four-wheeler OEMs in Europe.

ALSO READ: Daily Voice | Auto OEMs with strong pipeline, premium product mix to outperform, says this fund manager

Strong order book

In the first half of FY24, around Rs 800 crore worth of business was secured in India and Rs 2,000 crore in European markets.

The company expects order book to be robust with Rs 1,900 crore of request for quotes (RFQs) under discussion with various customers.

An order of Rs 125 crore from Hero MotoCorp is yet to be serviced from Halol. Suzuki, on the other hand, has fronted order worth Rs 25 crore for scooters in FY24.

In addition, new 4-wheeler order of Rs 24 crore for forgings exports to Jaguar Land Rover is due and Rs 58 crore of castings order to Punch Powertrain.

At 10.16 am, the stock was trading at Rs 1,668.60 on BSE, down 3.29 percent from the previous close. The stock has surged 25 percent this year against a 6 percent rise in the benchmark Sensex.

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