Endurance Technologies Ltd. · NSE:ENDURANCE
Endurance Technologies — Q3 FY2025 Earnings Presentation
27 slides from Endurance Technologies's earnings presentation, Feb 12, 2025
Slide 1: Quarterly Results Presentation Q3FY25
Quarterly Results Presentation Q3FY25 12th Feb 2025
Slide 2: Forward-looking statements disclaimer
The presentation may contain, without limitation, certain statements that could be considered forward- looking. Such forward-looking statements do not guarantee future performance; and may involve risks and uncertainties that could cause actual performance or results to be materially different from
Slide 3: Capacity expansion and project updates
Setting up AURIC Shendra project in Chh. Sambhajinagar, focused on machined castings for 4W and non-automotive. SOP expected in mid 2025. Production has commenced for machined casting expansion in Waluj/Pantnagar for EV, petrol, CNG models for 2W/3W OEM Increased Chakan Alloy wheel capacity from 4.5
Slide 4: Business won till date in FY25
Business won till date in FY25: Rs 10.3 Bn in India*, including Rs. 2.5Bn in Maxwell. Further, won business worth Euro 36 Mn in Europe. 16 new patents approvals received taking the total to 91. 19 new design registrations approvals received taking the total to 61. Production ramp up in new machining
Slide 5: Order Wins
Order Wins 5
Slide 6: Last 5 years orders (Rs billion)
(RUPEES BILLION) Last 5 years Orders Order Split last 5 years 42.73 27.5* 9.32 24 Replacement Orders 14.3 11.99 33.41 6.8 9.35 7.80 6.14 7.45 Ramp Up of 3.3 New New Orders Orders FY23 FY24 FY25 FY26 FY27 FY21 FY22 FY23 FY24 9MFY25 Total TVS business wins for suspensions, brakes New orders from HMCL
Slide 7: EV order value and orders
Excluding BAL FY22 FY23* FY24 9M FY25 EV order value Rs. 0.8 Bn Rs. 2.6 Bn Rs. 0.6 Bn Rs. 3.9 Bn Total Rs 7.8bn includes Rs 3.6bn for castings, Rs 3bn for brakes and Rs 0.8bn As % of total 10% 33% 8% 49% for suspensions. orders EV suspension orders from Ather, Cumulative orders of Rs. 9.6bn in Amper
Slide 8: Europe orders and ramp up schedule (Euro million)
(EURO MILLION) 244 Last 5 years Orders 35 Replacement Orders 151 144 108 84 74 209 65 Ramp Up New Schedule 31 36 Orders 19 FY 25 FY26 FY27 FY28 FY21 FY22 FY23 FY24 FY25 Total Owing to transition to EV/Hybrid in Europe, we Large orders in hybrid segment from VW and BMW expect reduction in future reve
Slide 9: Europe orders by end-use: EV, hybrid, ICE
(EURO MILLION) Out of Euro 244mn of cumulative orders won in the last 5 years, Euro 94mn (39%) are for EV applications and Euro 84 109mn (45%) for Hybrid Applications 74 ICE end-use, currently at ~50% of Endurance Europe 11% revenues, is expected to reduce to 25% in FY28. 49% 65% 36 31 32% 19 50% 66
Slide 10: Orders booked in last 3 years: Maxwell
Entered SOP with a new Tractor project in Off- Orders booked in last 3 years : Rs. 2.5* Bn of Highway category for Montra; peak business peak annual sales potential of 0.1bn. Supplied close to 200k BMS to largest Won LOI from Govecs - large European E-2W customer as they ramp up to full scale OEM. R
Slide 11: Q3 Industry Data & ETL Financials
Q3 Industry Data & ETL Financials 11
Slide 12: Indian vehicle sales: total vehicles Q3
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from Q3 Mn) Q3 FY19 Q3 FY25 Q3 FY24 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 5.98 5.59 7.0% 12.3% 4.0% 77.9% Motorcycles 4.00 3.83 4.6% 10.8% 3.3% 66.4% Scooters 1.84 1.62 13.3% 23.1% 11.0% 215.0% 3W 0.26 0.26 0.2% 14.2% -14
Slide 13: EU new car registrations and energy prices Q3
EU new Car registration % Change from Q3 FY25 Q3 FY24 % Change (in 000) Q3 FY20 France 453 486 -6.9% -21% Germany 701 707 -0.7% -19.1% Italy 357 391 -8.8% -20.5% Spain 272 238 14.4% -7.1% Others 860 786 9.4% -8.4% Total EU 2,643 2,607 1.3% -15.3% Source: National Automobile Manufacturer Associations
Slide 14: Total income by entity Q3
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 25.88 28.81 21.92 6.92 5.68 0.26 0.19 20.07 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 YOY growth of 37.4%. 9.2% YOY growth. Industry 2W 21.8% YOY growth in INR terms. YOY growth of 11.3% Key customer recorded healthy sales growth
Slide 15: EBITDA by entity Q3
(RUPEES BILLION) YoY: 17.4% Consolidated YoY: 21.0% Standalone 2.45 2.87 3.94 3.26 13.1% 13.7% 12.2% Q3FY25 Standalone 12.6% EBITDA would be up ~30bps if metal prices were at last year levels. Q3FY24 Q3FY25 Q3FY24 Q3FY25 YoY: 27.4% Europe 0.88 1.12 16.2% Maxwell Q3FY25 EBITDA Rs. (-)9mn vs 15.5% Q3F
Slide 16: PAT by entity Q3
(RUPEES BILLION) YoY: 18.5% YoY: 21.1% 1.57 Consolidated Standalone 1.32 1.84 1.52 7.2% 6.6% 6.4% 5.9% Q3FY24 Q3FY25 Q3FY24 Q3FY25 YoY: 18.1% Europe 0.29 0.35 Maxwell Q3FY25 PAT Rs. (-)34 mn vs 5.2% 5.0% Q3FY24 Rs. (-)55 mn. Q3FY24 Q3FY25 16
Slide 17: 9M Industry Data & ETL Financials
9M Industry Data & ETL Financials 17
Slide 18: Indian vehicle sales: total vehicles 9M
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from 9M Mn) 9M FY19 9M FY25 9M FY24 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 18.10 16.01 13.0% 17.6% -4.9% 71.8% Motorcycles 12.05 10.09 10.6% 15.0% -5.3% 62.5% Scooters 5.65 4.76 18.9% 35.7% 0.3% 160.6% 3W 0.79 0.76 4.2% 13
Slide 19: EU new car registrations and energy prices 9M
EU new Car registration % Change from 9M FY25 9M FY24 % Change (in 000) 9MFY20 France 1274 1354 -5.9% -23.3% Germany 2123 2178 -2.5% -22.2% Italy 1108 1140 -2.8% -19.6% Spain 772 712 8.5% -18.0% Others 2587 2513 3.0% -13.4% Total EU 7,864 7,897 -0.4% -18.9% Source: National Automobile Manufacturer A
Slide 20: Total income by entity 9M
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 58.27 0.49 76.15 66.43 0.52 20.3 86.8 17.48 9MFY24 9MFY25 9MFY24 9MFY25 9MFY24 9MFY25 9MFY24 9MFY25 14% YOY growth. Industry 2W sales growth of 13% with a key customer recording only 4% 16.1% YOY growth in INR terms. YOY de-growth of 6.8%. YOY
Slide 21: EBITDA by entity 9M
(RUPEES BILLION) YoY: 19.9% Consolidated YoY: 21.4% Standalone 7.44 8.92 12.11 9.98 13.4% 14.0% 12.8% 9MFY25 Standalone 13.1% EBITDA would be up ~15bps if metal prices were at last year levels. 9MFY24 9MFY25 9MFY24 9MFY25 YoY: 22.1% Europe 2.70 3.30 Maxwell 9MFY25 EBITDA Rs. (-)68mn 16.2% vs 9MFY24
Slide 22: PAT by entity 9M
(RUPEES BILLION) YoY: 24.4% YoY: 25.7% 5.05 Consolidated Standalone 4.06 5.91 4.70 7.6% 6.8% 7.0% 6.2% 9MFY24 9MFY25 9MFY24 9MFY25 YoY: 16.8% Europe 0.90 1.05 Maxwell 9MFY25 PAT Rs. (-)144 mn 5.1% 5.2% vs 9MFY24 Rs. (-)168 mn. 9MFY24 9MFY25 22
Slide 23: 9M revenue by entity, products and vehicles
By Entity By Products By Vehicles Transmission After Market 4.2% Others Maxwell 4.9% 1.5% Others Europe 0.6% 2.9% 23.4% Alloy Wheel 4 Wheeler 7.7% Suspension 25.5% Disc Brake 25.9% India 11.7% 9M 76.1% 9M 9M 3 Wheeler Motorcycle 8.1% Die Casting 55.6% 42.8% Scooter 9.2% Transmission 4.6% Others Afte
Slide 24: Revenue by products and vehicle type
By Products By Vehicle Type Transmission 4 Wheeler 4.7% 5.8% Others After Market 0.7% 3 Wheeler 5.3% Others 10.7% 1.5% Alloy Wheel 10.0% Suspension Scooter 33.8% 11.9% 9M 9M Motorcycle Disc Brake 70.9% 15.3% Die Casting 29.4% Transmission 5.0% 4 Wheeler Others Aftermarket After Market 6.6% Others 2.
Slide 25: 9MFY25 capex
9MFY25- Expansion Capex and Dies account for >75% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 3,664M wheels, aluminium casting and machining, aluminium forging, suspensions, and SMT line. Europe: Includes production capacity expansion to cater to n
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Slide 27: Quarterly total income, EBITDA and PAT by entity
(RUPEES BILLION) FY24 FY25 Q1 Q2 Q3 9M Q4 Full Year Q1 Q2 Q3 9M Total Income ETL-Standalone 18.36 19.84 20.07 58.27 20.93 79.21 21.35 23.17 21.92 66.43 Maxwell 0.16 0.17 0.19 0.52 0.11 0.63 0.03 0.19 0.26 0.49 Europe 6.15 5.65 5.68 17.48 6.16 23.63 7.21 6.17 6.92 20.30 Consolidated Adjustments - -0.
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