Endurance Technologies Ltd. · NSE:ENDURANCE
Endurance Technologies — Q1 FY2025 Earnings Presentation
22 slides from Endurance Technologies's earnings presentation, Aug 13, 2024
Slide 1: Cover letter to stock exchanges: Financial Results Presentation
ENDURANCE TECHNOLOGIES LIMITED 2nd Floor, Kumar Solitaire, S. No. 216B/218A/215A, Near Aga Khan Palace, Shastri Nagar, Nagar Road, Pune‐411 006 (M.S.), India Tel: +91‐20‐68284200 Fax: +91‐20‐26680894 Website: www.endurancegroup.com CIN No. L34102MH1999PLC123296 13th August, 2024 The Manager, The Man
Slide 2: Quarterly Results Presentation Q1FY25
Quarterly Results Presentation Q1FY25 13th Aug 2024
Slide 3: The presentation may contain, without limitation, certain statements that could be considered forward- looking.
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 4: Capacity expansions and new programs
4th forging press at Waluj to be commissioned in Q2FY25 To increase Chakan Alloy wheel capacity from 4.5 to 5.5 mn wheels p.a. in Q2FY25 BMS Commissioned Waluj SMT plant for BMS in Feb-24; BMS with optimized design for a key OEM audited and validated in lab and on vehicle. Production lot in May-24.
Slide 5: Business won till date in FY25
Business won till date in FY25 Rs.2.3 Bn in India*, including Rs. 0.46 Bn in Maxwell. Further, won business Euro 3.1 Mn in Europe. 6 new patents approvals received taking the total to 88. 9 new design registrations approvals received taking the total to 51. Production ramp up in new machining and as
Slide 6: Order Wins
Order Wins 5
Slide 7: Last 5 years orders (India)
(RUPEES BILLION) Last 5 years Orders Order Split last 5 years 24.5* 36.77 22.8 8.41 Replacement Orders 14.3 11.99 28.36 6.8 9.35 7.45 6.14 Ramp Up of 3.3 1.84 New New Orders Orders FY23 FY24 FY25 FY26 FY27 FY21 FY22 FY23 FY24 Q1FY25 Total New TVS business wins for suspensions, New orders worth Rs. 0
Slide 8: Cumulative orders in India EV space
Excluding BAL FY22 FY23 FY24 Q1 FY25 Won 8 EV programs from 5 customers in EV order value Rs. 0.9 Bn Rs. 3.8 Bn Rs. 0.8 Bn Rs. 1.1 Bn FY24, followed by 9 EV programs from 4 customers in Q1FY25. As % of total 12% 42% 6.7% 57% 3W orders won from Mahindra worth Rs. orders 0.88 bn for brakes and drivesh
Slide 9: Europe orders and ramp up schedule
(EURO MILLION) Last 5 years Orders 211 33 Replacement Orders 126 134 104 84 74 178 62 Ramp Up New Schedule 31 Orders 19 3 FY 25 FY26 FY27 FY28 FY21 FY22 FY23 FY24 FY25 Total Recently won first business from VW for a specialty Owing to transition to EV/Hybrid in Europe, we plastic component and scout
Slide 10: Europe orders by EV, hybrid and ICE
(EURO MILLION) Out of Euro 211mn of cumulative orders won in the last 5 years, Euro 76mn (36%) are for EV applications and Euro 84 96mn (45%) for Hybrid Applications 74 While end-markets and OEMs would drive the pace of 11% electrification, our aim is to win orders in all programs 49% keenly pursued
Slide 11: Orders booked in last 3 years: BMS
Orders booked in last 3 years : Rs. 4.2* Bn of First LOI received for a Non–BMS embedded peak annual sales electronics application (MCU). ~ INR 0.34 Bn Supplied more than 100k BMS to largest Won LOI from Govecs - large European E-2W customer as they ramp up to full scale OEM. Rs. 0.13 Bn annual reve
Slide 12: Q1 Industry Data & ETL Financials
Q1 Industry Data & ETL Financials 11
Slide 13: Indian vehicle sales and ETL growth
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from Q1 Mn) Q1 FY19 Q1 FY25 Q1 FY24 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 5.91 4.93 19.8% 21.9% -9.63% 70.0% Motorcycles 3.96 3.40 16.5% 19.1% -10.0% 63.8% Scooters 1.82 1.42 27.9% 42.7% -5.2% 123.6% 3W 0.24 0.22 8.5% 11.
Slide 14: EU new car registrations and energy prices
EU new Car registration % Change from Q1 FY25 Q1 FY24 % Change (in 000) Q1 FY19 France 470 469 0.2% -23.3% Germany 777 730 6.4% -19.8% Italy 435 414 5.0% -20.2% Spain 290 268 8.4% -22.7% Others 943 907 4.0% -12.7% Total EU 2,915 2,788 4.6% -18.6% Source: National Automobile Manufacturer Associations
Slide 15: Total income: Standalone, Maxwell, Europe, Consolidated
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 21.35 28.59 24.67 18.36 7.21 6.15 0.16 0.03 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 16.3% YOY growth. Industry 2W YOY de-growth of 80%. Key sales growth of 19.8% with 17.2% YOY growth in INR terms. YOY growth of 15.9% customer a
Slide 16: EBITDA: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 19.7% Consolidated YoY: 20.8% Standalone 2.41 2.88 4.08 3.38 13.5% 14.3% 13.1% 13.7% Q1FY25 Standalone EBITDA would be down ~9bps if metal prices were at last year levels. Q1FY24 Q1FY25 Q1FY24 Q1FY25 YoY: 20.7% Europe 0.99 1.19 16.5% Maxwell Q1FY25 EBITDA Rs. (-)42mn 16.1% vs Q
Slide 17: PAT: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 24.8% YoY: 24.7% 1.63 Consolidated Standalone 1.31 2.04 1.64 7.6% 7.1% 7.1% 6.6% Q1FY24 Q1FY25 Q1FY24 Q1FY25 YoY: 16.2% Europe 0.38 0.44 6.1% 6.1% Maxwell Q1FY25 PAT Rs. (-)66 mn vs Q1FY24 Rs. (-)48 mn. Q1FY24 Q1FY25 16
Slide 18: Revenue by entity, products and vehicles
By Entity By Products By Vehicles Transmission After Market 4.0% Others Maxwell 4.7% 2.4% Others Europe 0.1% 3.0% 25.2% Alloy Wheel 4 Wheeler 6.7% Suspension 27.1% Disc Brake 26.0% India 11.4% Q1FY’25 74.7% Q1FY’25 Q1FY’25 3 Wheeler Motorcycle 6.9% Die Casting 55.1% 44.2%% Scooter 8.5% Transmission
Slide 19: India revenue by products and vehicle type
By Products By Vehicle Type Transmission 4 Wheeler 4.6% 6.0% Others After Market 1.9% 3 Wheeler 5.0% Others 9.2% 1.5% Alloy Wheel 9.0% Suspension Scooter 34.8% 11.3% Q1FY’25 Q1FY’25 Motorcycle Disc Brake 71.6% 15.3% Die Casting 29.8% Transmission 5.4% 4 Wheeler Others Aftermarket – After Market 7.2%
Slide 20: Q1FY25 capex
Q1FY25- Expansion Capex and Dies account for >75% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 717M wheels, aluminium casting and machining, aluminium forging, suspensions, and BMS line. Europe: Includes production capacity expansion to cater to new
Slide 21: Value Velocity
Value Velocity
Slide 22: Quarterly total income, EBITDA and PAT by entity
FY24 FY25 Q1 Q2 Q3 Q4 Full Year Q1 Total Income ETL-Standalone 18.36 19.84 20.07 20.93 79.21 21.35 Maxwell 0.16 0.17 0.19 0.11 0.63 0.03 Europe 6.15 5.65 5.68 6.16 23.63 7.21 Consolidated Adjustments - -0.06 -0.06 -0.08 -0.20 - Consolidated 24.67 25.60 25.88 27.11 103.27 28.59 EBITDA ETL-Standalone
Endurance Technologies — Q1 FY2025 Earnings Presentation on 6ix