Endurance Technologies Ltd. · NSE:ENDURANCE
Endurance Technologies — Q2 FY24 Earnings Presentation
26 slides from Endurance Technologies's earnings presentation, Nov 8, 2023
Slide 1: Financial Results Presentation cover letter to exchanges
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: +91-02-68284200 Fax: +91-02-26680894 Website: www.endurancegroup.com CIN No. L34102MH1999PLC123296 8th November, 2023 The Manager – Listi
Slide 2: Quarterly Results Presentation Q2FY24
Quarterly Results Presentation Q2FY24
Slide 3: 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 4: Business won in H1 FY24 and key updates
Business won in H1 FY24 Rs. 8 Bn in India* and Euro 20 Mn in Europe. ABS capacity increased from 400,000 to 640,000 units per annum. Alloy wheel capacity to increase from 4.5 to 5.5 mn wheels per annum by April 2024. Successful trials at our Waluj plant for certain BMS BMS boards. Awaiting productio
Slide 5: Order Wins
Order Wins 4
Slide 6: Last 5 years orders (Rs. billion)
(RUPEES BILLION) Last 5 years Orders Order Split last 5 years 36.64 25.71 22.6 10.93 Replacement Orders 12.6 9.35 5.93 6.14 7.45 7.77 25.71 Ramp Up of 4.4 New New Orders Orders FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 H1FY24 Total Al. die castings, alloy wheels, Rs. 1.25bn orders from HMCL in H1FY24
Slide 7: Cumulative orders of Rs. 6.2 bn in India EV space
Excluding BAL FY22 FY23 H1 FY24 EV customers include Ather, Bajaj Auto, Ampere EV order value Rs. 0.9 Bn Rs. 3.8 Bn Rs. 0.19 Bn Mahindra Electric, Bounce, Hero Electric, Okinawa, Tata Motors As % of total orders 12% 42% 2.4% Won 15 EV programs from Cumulative orders of Rs. 6.2 bn in 11 customers in
Slide 8: Europe orders ramp up schedule (Euro million)
(EURO MILLION) 240 Last 5 years Orders Projected ramp-up of Euro 189m new orders 51 are expected to peak at Euro 167m, due to Replacement certain orders peaking in earlier years. Orders 158 167 132 84 74 189 90 Ramp Up 43 New Orders Schedule 25 19 20 FY 24 FY 25 FY26 FY27 FY28 FY20 FY21 FY22 FY23 H1
Slide 9: Europe orders by EV, hybrid and ICE applications
(EURO MILLION) Out of Euro 240mn of cumulative orders won in the last 5 years, Euro 90mn (37%) are for EV applications and Euro 84 112mn (47%) for Hybrid Applications 74 11% ICE end-use comprised 45% of Endurance Europe revenues in FY23, and are expected to reduce to 22% in 49% FY27 43 65% 36% 32% 1
Slide 10: Orders booked in last 2.5 years
Won Business from Battrixx for 2W and Tractor Orders booked in last 2.5 years : Rs. 3.7 Bn of Application for Rs 0.2 Bn annual revenue at peak. annual sales – expected to peak in FY26 Business starting in Q4FY24. Won LOI from Ampere for ~ Rs. 0.5 Bn annual Commenced supplies against PO from Hero rev
Slide 11: Q2 Industry Data & ETL Financials
Q2 Industry Data & ETL Financials 10
Slide 12: Indian vehicle sales and ETL total income
Indian Vehicle Sales ETL Total Income Q2 FY24 Q2 FY 23 % Change (in Mn) (Rs. Mn) growth % Total 2W 5.49 5.63 -2.4% 1.6% Motorcycles 3.67 3.83 -4.1% 1.6% Scooters 1.71 1.69 1.1% 1.8% 3W 0.28 0.24 17.8% 16.3% Total 4W 1.52 1.44 5.5% 0.6% Total Vehicles 7.29 7.31 -0.2% 3.8% 11 Source: Society of Indian
Slide 13: EU new car registrations and energy prices
EU new Car registration % Change from Q2 FY24 Q2 FY 23 % Change (in 000) Q2 FY19 France 399 340 17.3% -16.0% Germany 741 630 17.7% -16.8% Italy 335 292 14.9% -12.9% Spain 206 193 7.0% -24.5% Others 821 725 13.3% -15.3% Total EU 2,502 2,179 14.8% -16.4% Source: National Automobile Manufacturer Associ
Slide 14: Total income: Standalone, Maxwell, Europe, Consolidated
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 25.61 19.11 19.84 23.69 5.65 4.58 0.17 0.04 Q2FY23 Q2FY24 Q2FY23 Q2FY24 Q2FY23 Q2FY24 Q2FY23 Q2FY24 3.8% YOY growth against a 23.4% YOY growth in INR terms. backdrop of industry 2W sales Against EU new car registrations Maxwell was acquired on
Slide 15: EBITDA: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 8.7% YoY: 19.2% 2.58 Consolidated Standalone 2.38 3.34 2.80 13.0% 12.4% 13.0% Q2FY24 Standalone 11.8% EBITDA would be down ~35bps if metal prices were at last year levels. Q2FY23 Q2FY24 Q2FY23 Q2FY24 YoY: 59.2% Europe 0.84 0.52 14.8% Q2FY24 Europe EBITDA would Maxwell Q2FY24 EB
Slide 16: H1 FY24 Industry Data & ETL Financials
H1 FY24 Industry Data & ETL Financials 15
Slide 17: Indian vehicle sales and ETL total income, H1
Indian Vehicle Sales ETL Total Income H1 FY24 H1 FY23 % Change (in Mn) (Rs. Mn) growth % Total 2W 10.43 10.50 -0.7% 5.2% Motorcycles 7.07 7.28 -2.9% 4.8% Scooters 3.13 2.99 4.6% 8.4% 3W 0.49 0.41 21.1% 19.3% Total 4W 2.91 2.76 5.4% 9.3% Total Vehicles 13.83 13.67 1.1% 8.2% 16 Source: Society of Indi
Slide 18: EU new car registrations and energy prices, H1
EU new Car registration % Change from H1 FY24 H1 FY23 % Change (in 000) H1 FY19 France 868 747 16.2% -20.2% Germany 1471 1242 18.5% -20.9% Italy 749 638 17.4% -19.5% Spain 474 436 8.7% -26.9% Others 1728 1481 16.7% -15.7% Total Vehicles 5,290 4,543 16.4% -19.6% % Change from Energy Prices H1 FY24 H1
Slide 19: Total income H1: Standalone, Europe, Maxwell
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 50.27 35.31 38.2 44.88 11.8 9.6 0.33 H1 FY23 H1 FY24 H1 FY23 H1 FY24 H1 FY24 H1 FY23 H1 FY24 8.2% YOY growth against a 22.9% YOY growth in INR terms. backdrop of 0.7% degrowth in Against EU new car registrations Maxwell was acquired on industry
Slide 20: EBITDA H1: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 20.0% YoY: 28.1% Standalone Consolidated 4.16 4.99 6.72 5.24 13.1% H1FY24 Standalone 13.4% 11.8% EBITDA would be down 11.7% ~35bps if metal prices were at last year levels. H1 FY23 H1 FY24 H1 FY23 H1 FY24 YoY: 50.2% Europe 1.82 1.21 Maxwell H1 FY24 EBITDA H1FY24 Europe EBITDA w
Slide 21: By Entity, By Products, By Vehicles
By Entity By Products By Vehicles Transmission After Market 4.6% Others Maxwell 5.2% 2.3% Others Europe 0.7% 3.5% 23.4% Alloy Wheel 4 Wheeler 7.7% Suspension 26.8% Disc Brake 24.6% India 11.0% H1FY’24 75.9% H1FY’24 H1FY’24 3 Wheeler Motorcycle 8.0% Die Casting 54.7% 43.4% Scooter 8.2% Transmission 4
Slide 22: By Products, By Vehicle Type
By Products By Vehicle Type Transmission 4 Wheeler 5.1% 6.8% Others After Market 3.1% 3 Wheeler 5.7% Others 10.5% 1.8% Alloy Wheel 10.2% Suspension Scooter 32.5% 9.9% H1FY’24 H1FY’24 Motorcycle Disc Brake 69.7% 14.4% Die Casting 30.3% Transmission 5.4% 4 Wheeler Others Aftermarket – After Market 6.8
Slide 23: Share in total income by customer
Share in Total Income H1FY24 H1FY23 Bajaj auto Ltd 38.4% 38.9% Honda MC & Scooters 7.9% 10.9% VW-Audi-Porsche 7.7% 6.5% Stellantis 5.7% 5.6% Royal Enfield India 5.5% 6.2% India Yamaha Motors 4.0% 4.7% Hero Motorcorp 3.2% 3.2% TVS Motors 2.6% 0.9% Mercedes 2.5% 3.0% Hyundai/ Kia 2.0% 1.8% Tata Motors
Slide 24: Capex: Standalone and Europe
Expansion Capex and Dies account for 81% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 1560 M wheels, aluminium casting and machining, suspensions, and BMS line. Europe: Includes solar panels and production capacity expansion to cater to new orders f
Slide 25: Innovatively Agile
“V¥V ~ INNOVATIVELY AGILE ENDURANCE :. : Complete Solitiont
Slide 26: Total income, EBITDA and PAT by entity
Rs. Billion FY23 FY24 Q1 Q2 H1 Full Year Q1 Q2 H1 Total Income ETL- Standalone 16.20 19.11 35.31 67.96 18.36 19.84 38.20 Maxwell 0.04 0.04 0.18 0.16 0.17 0.33 Europe 5.02 4.58 9.60 20.53 6.15 5.65 11.80 Consolidation Adjustments -0.04 -0.04 -0.08 -0.18 -0.06 -0.06 Consolidated 21.18 23.69 44.87 88.4
Endurance Technologies — Q2 FY24 Earnings Presentation on 6ix