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Submission Details • Date of submission: May 24, 2024 • Conference call date: May 17, 2024 • Directed to: BSE and NSE, in compliance with SEBI regulations • Key personnel: Managing Director, COO, CFO, moderated by Axis Capital Limited • Transcript availability: On the company's website
Financial Performance • Q4 FY24 Results: • Consolidated total income: Rs. 27,113.14 million (up 20.2%) • Net profit: Rs. 2,101.54 million (up 54%) • Standalone results: • Total income: up 26.1% • Net profit: up 74.4% • FY24 Milestones: • Consolidated total income: over Rs. 100 billion (up 16.7%) • New business secured: • Rs. 11,980 million from OEMs • Rs. 2,810 million from four-wheeler orders
Production and Expansion • Production Capacity: • ABS assemblies: increased to 640,000 per annum, targeting 1.2 million by FY26 • New plant in Chakan for alloy wheels: aiming for 5.5 million wheels annually by April 2024 • European Market: • Secured €30.8 million in business, primarily from Volkswagen Group • Future Strategies: • Increase four-wheeler business share • Enhance electric vehicle offerings • Expand aftermarket segment to achieve 10% of sales by FY28 • Commitment to over 50% carbon neutrality by FY30
Q&A Highlights • Margin Improvements: • Attributed to increased volumes, improved product mix, and one-time gains • European Market Concerns: • Slowdown in new order wins linked to market conditions • Optimism for future volume increases with major clients • EV Market Challenges: • Impact of FAME II subsidy withdrawal on 2-wheeler EV OEMs • Commitment to securing EV orders despite challenges • Aluminum Prices: • Fluctuations expected, with a downward trend anticipated • U.S. Market Insights: • Recent decline in demand noted • Focus on increasing share in domestic 4-wheeler market
Conclusion • Endurance Technologies is optimistic about future growth driven by new business wins, production expansions, and technological advancements, particularly in the electric vehicle sector.
Submission Details • Date of submission: February 13, 2024 • Earnings call date: February 7, 2024 • Directed to: BSE and NSE, in compliance with SEBI regulations • Key personnel: Managing Director, COO, CFO, moderated by Axis Capital Limited • Transcript availability: Company website
Financial Performance Highlights • Growth Metrics: • 18.74% increase in India's two-wheeler industry sales • 15.89% growth in overall automotive sector • Consolidated total income: Rs. 25,880.76 million (up 22.8%) • Profit after tax (PAT): Rs. 1,522.78 million (up 40.7%) • Standalone total income: up 25.1%, PAT up 43.6% • Overseas sales growth: 5.4% • First Nine Months of FY24: • Consolidated total income: up 15.5% • PAT growth: 37.1% • Financial Position: • No net debt, significant cash reserves
Strategic Initiatives • Electric Vehicle (EV) Market Expansion: • Majority stake acquisition in Maxwell Energy Systems (BMS for two-wheeler EVs) • Secured Rs. 3,785 million in BMS contracts since FY22 • New contracts anticipated, including one from Royal Enfield in January 2025 • Production Capacity Increases: • Plans to ramp up disc brake and ABS assembly production by FY26 • Expanded aluminum alloy wheel production • European Market Contracts: • Significant contracts in the battery EV sector • Focus on enhancing product mix and profit margins
Future Goals • Increase four-wheeler business share from 26% to 45% by FY30 • Expand into non-automotive sectors and grow aftermarket sales • Commitment to sustainability and carbon neutrality
Q&A Session Insights • New Orders: • Total new orders: Rs. 164 crores, including Rs. 60 crores from EV sector • Major clients: Punch Powertrain, Jaguar Land Rover, Tata Motors, Mahindra & Mahindra • Market Trends: • Growth in two-wheeler segment, particularly high-end bikes • Optimism about EV prospects despite delays from FAME II subsidy • Diversification Strategy: • Focus on four-wheelers, two-wheelers, three-wheelers, and non-automotive sectors • Mitigating risks from fluctuating industry growth • Cost Management: • Rising expenses attributed to maintenance and wage increases in Europe • Positive order intake in Europe, especially in the EV sector
Conclusion • Endurance Technologies remains optimistic about future growth opportunities across various segments and markets, with a strong focus on profitability and strategic expansion in the EV sector.
Conference Call Details • Date: November 9, 2023 • Hosted by: Axis Capital • Key Management: Managing Director, COO, CFO • Transcript Availability: On company website • Compliance: SEBI regulations
Industry Performance • Two-Wheeler Sales in India: • Decline of 2.44% • Scooters: +1.13% • Motorcycles: -4.1% • Overseas Operations: • EU and UK passenger car sales: +16.2%
Financial Highlights • Consolidated Total Income: Rs. 25,605.46 million (+8.1%) • EBITDA: +19.2%, margin at 13% • Profit After Tax: Rs. 1,545.55 million (+17.5%) • Debt Status: Debt-free with net cash of Rs. 4,561.62 million
Business Operations • H1 FY24 Income: 77% from Indian operations • New Business Wins: Rs. 7,774 million from various OEMs • Focus Areas: • Growth in two-wheeler sales • Expansion in electric vehicle (EV) components • Acquisition of Maxwell Energy Systems for battery management
Strategic Advancements • Manufacturing Initiatives: • ABS valves production • New plant in Chakan to increase capacity to 5.5 million wheels by April 2024 • European Market: • Secured EUR 19.76 million for FY24 • Focus on battery EV market with significant orders
Environmental Goals • Carbon Neutrality: • 30% reduction in carbon emissions • Targeting over 50% reduction in three years
Q&A Session Insights • EV Market Challenges: • Sluggish order intake in India and Europe • Impact of FAME II subsidy removal in India • Market Sentiment: • Cautious optimism for recovery in two-wheeler and three-wheeler demand • Economic conditions affecting consumer behavior and production forecasts
Additional Discussions • Royalty Payments: No payments to KTM for suspension know-how • Future Margins: • 12% increase in consolidated total income • Improved margins despite market challenges • Aluminum Casting Exports: Growth opportunities with better margins • Government Incentives: Expectations for more support in the future
Conclusion • Positive outlook for growth in both traditional and electric vehicle markets, contingent on economic conditions and government support.
Endurance Technologies Limited Q1 FY24 Conference Call Summary
Conference Call Overview • Date: August 11, 2023 • Moderated by: Nishit Jalan, Axis Capital • Key Participants: Managing Director Anurang Jain and other directors • Structure: Opening remarks followed by Q&A session • Transcript available on company website and communicated to BSE and NSE
Financial Highlights • Consolidated Net Income: Increased by 16.4% to Rs. 24,666 million • Profit After Tax: Rose by 58.1% to Rs. 1,635 million • Two-Wheeler Industry Growth: Modest growth of 1.21% in India • Scooters: +9.16% • Motorcycles: -1.57% • Overseas Market Performance: EU and UK passenger car sales up by 18%
Business Developments • New Business Wins: • Rs. 3,070 million from various OEMs in India • Rs. 6,000 million in EV-related orders • Contracts with TVS, Royal Enfield, and Hero Electric • Expansion in Advanced Electronics: Stake in Maxwell Energy Systems for EV growth • New Disc Brake Assembly Plant: • Capacity: 6.2 million units annually • Supply to Hero MotoCorp (March 2024) and HMSI (February 2025)
Production Capacity Enhancements • Two-Wheeler ABS Assemblies: • Current run rate: 400,000 units/year • Target: 600,000 by Q3 FY24 and 1.2 million by H2 FY25 • ABS Valve Manufacturing: Started in March 2023 • New Plant in Chakan: Enhancing alloy wheel supply to 4.5 million wheels/year • European Business: Secured €16.93 million from Volkswagen Group for EVs
Market Challenges and Outlook • Aftermarket Sales: Declined by 4.25% due to tighter credit controls • Export Sales: Grew by 31.2% • Environmental Commitment: Aiming for carbon neutrality and zero waste to landfill • Positive Outlook: Driven by recent business wins in India and Europe
Q&A Session Insights • New Orders in India: Significant wins in suspension, brakes, and aluminum casting • Export Growth: New business from TVS and KTM • EV Sector Challenges: Optimism for recovery starting September • European Operations: 12.6% increase in EBITDA margins, focus on Volkswagen and Audi • Three-Wheeler EV Market: Strength in aluminum casting positions for growth
Production and Margin Expectations • ABS Production: Current 400,000 units/year, targeting 600,000 • Margin Improvement: Current margins at 13.1%, expected to improve with declining raw material costs • CAPEX Plans: • India: Rs. 350 crores • Europe: €60 million for EV projects
Strategic Focus • Diversification: Significant order wins in the four-wheeler segment, particularly with Mahindra • Conclusion: Jain thanked participants for their engagement.