Endurance Technologies Ltd. · NSE:ENDURANCE
Endurance Technologies — Q1 FY2024 Earnings Presentation
19 slides from Endurance Technologies's earnings presentation, Aug 10, 2023
Slide 1: Quarterly Results Presentation Q1FY24
Quarterly Results Presentation Q1FY24 10th August, 2023
Slide 2: 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: Business won in FY24 Rs. 3 Bn in India and Euro 17 Mn in Europe
Business won in FY24 Rs. 3 Bn in India* and Euro 17 Mn in Europe. Stake in Maxwell raised to 56% from 51%. Trial Production commenced for BMS boards 4 new patents approvals received taking the total to 36. 9 new design registrations approvals received taking the total to 33. 3 *excludes orders from
Slide 4: Order Wins
Order Wins 4
Slide 5: Last 5 years Orders (India)
(RUPEES BILLION) Last 5 years Orders Order Split last 5 years 24.1 31.94 22.6 7.82 Replacement Orders 12.6 9.35 5.93 6.14 7.45 24.12 4.4 Ramp Up of 3.07 New New Orders Orders FY 23 FY 24 FY 25 FY26 FY 2020 FY 2021 FY 2022 FY 2023 FY2024 Total Al. die castings, alloy wheels, Rs. 1.25bn new order from
Slide 6: Cumulative orders of Rs. 6 bn in India EV space
Excluding BAL FY22 FY23 EV customers include Bajaj Auto, Ampere Mahindra Electric, Bounce, Hero Electric, Ather, Okinawa EV order value Rs. 0.9 Bn Rs. 3.8 Bn Update FY24: As % of total orders 12% 42% Added HMSI as a new EV customer in August 2023. Won 15 EV programs from Cumulative orders of Rs. 6 b
Slide 7: Europe Orders Ramp Up Schedule
(EURO MILLION) 237 Last 5 years Orders Projected ramp-up of Euro 186m new orders 51 are expected to peak at Euro 164m, due to certain orders peaking in earlier years. Replacement Orders 158 164 132 84 74 186 90 Ramp Up 43 New Orders Schedule 25 19 17 FY 24 FY 25 FY26 FY27 FY28 FY20 FY21 FY22 FY23 Q1
Slide 8: Europe orders by powertrain: EV, Hybrid, ICE
(EURO MILLION) Out of Euro 237mn of cumulative orders won in the last 5 years, Euro 86mn (36%) are for EV applications and Euro 84 112mn (47%) for Hybrid Applications 74 11% ICE end-use comprised 45% of Endurance Europe 49% revenues in FY23, and are expected to reduce to 22% in FY27 43 65% 36% 32% 1
Slide 9: Orders booked in last 2 years
Orders booked in last 2 years : Rs. 3.4 Bn of Commenced electronics R&D center in annual sales – expected to peak in FY26 Bangalore Won LOI from Ampere for ~ Rs. 0.5 Bn Commenced supplies against PO from Hero annual revenue at peak. Production starting Motocorp for over Rs. 1Bn from Q4FY24 LOI recei
Slide 10: Q1 Industry Data & ETL Financials
Q1 Industry Data & ETL Financials 10
Slide 11: Indian Vehicle Sales and ETL Total Income
Indian Vehicle Sales ETL Total Income Q1 FY24 Q1 FY 23 % Change (in Mn) (Rs. Mn) growth % Total 2W 4.93 4.87 1.2% 9.1% Motorcycles 3.40 3.46 -1.6% 8.0% Scooters 1.42 1.31 9.2% 17.7% 3W 0.22 0.17 25.5% 22.5% Total 4W 1.38 1.32 5.0% 19.2% Total Vehicles 6.53 6.36 2.7% 13.3% 11 Source: Society of India
Slide 12: EU new car registrations and energy prices
EU new Car registration % Change from Q1 FY24 Q1 FY 23 % Change (in 000) FY19 France 469 407 15.3% -23.5% Germany 730 612 19.3% -24.7% Italy 414 346 19.6% -24.1% Spain 268 243 10.1% -28.7% Others 907 756 20.0% -16.0% Total EU 2,788 2,364 17.9% -22.2% Source: National Automobile Manufacturers’ Associ
Slide 13: Total Income: Standalone, Europe, Maxwell
(RUPEES BILLION) Standalone Europe Consolidated Maxwell 24.67 21.18 18.36 16.20 6.15 5.02 0.16 Q1FY23 Q1FY24 Q1FY23 Q1FY24 Q1FY24 Q1FY23 Q1FY24 13.3% YOY growth against a 22.4% YOY growth in INR terms; backdrop of industry 2W 12.6% in EUR terms, while EU new sales growth of 1.2% Maxwell has been acq
Slide 14: EBITDA: Standalone, Consolidated, Europe
(RUPEES BILLION) YoY: 35.2% YoY: 38.2% Consolidated Standalone 1.78 2.41 3.38 2.44 13.1% 13.7% 11.0% 11.5% Maxwell Q1FY 24 EBITDA Rs.(-)28 million. Q1FY23 Q1FY24 Q1FY23 Q1FY24 YoY: 43.3% Europe 0.99 0.69 16.1% Q1 Europe EBITDA would be down ~20 bps if metal prices 13.7% were at last year levels. Low
Slide 15: Revenue by Geography, Products, Vehicles
By Geography By Products By Vehicles Transmission After Market 4.0% 3.7% Others Others Europe 2.5% 3.0% 24.9% Alloy Wheel 4 Wheeler India 7.7% Suspension 28.5% 75.1 % Disc Brake 24.1% 10.7% Q1FY’24 Q1FY’24 Q1FY’24 3 Wheeler Motorcycle 7.1% Die Casting 53.9% 47.3% Scooter 7.5% Transmission 4.3% Other
Slide 16: Europe revenue by Products and Vehicle Type
By Products By Vehicle Type Transmission 4 Wheeler 5.4% 7.2% Others After Market 4.1% 3 Wheeler 5.0% Others 9.6% 2.4% Alloy Wheel Suspension 10.4% 32.3% Scooter Disc Brake 9.2% Q1FY’24 14.4% Q1FY’24 Motorcycle 69.9% Die Casting 30.1% Transmission 5.6% 4 Wheeler Others After Market Aftermarket - Othe
Slide 17: Share in Total Income
Share in Total Income Q1FY24 Q1FY23 Bajaj Auto 38.6% 37.7% VW Group (incl. Porsche, Audi) 8.4% 8.4% Honda (HMSI) 6.9% 9.7% Stellantis 6.0% 5.6% Royal Enfield 5.4% 6.9% India Yamaha Motors 4.0% 4.6% Hero Motorcorp 2.8% 3.1% TVS Motors 2.6% 0.6% Mercedes 2.5% 3.1% Hyundai/ Kia 2.0% 1.7% CNHI 1.5% 1.5%
Slide 18: Expansion Capex
Expansion Capex and Dies account for 75% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 722 M wheels, aluminium casting and machining, suspensions, and BMS line. Europe: Includes solar panels and production capacity expansion to cater to new orders fr
Slide 19: Innovatively Agile Endurance
ENDURANCE A . Complete Solutions
Endurance Technologies — Q1 FY2024 Earnings Presentation on 6ix