Endurance Technologies Ltd. · NSE:ENDURANCE
Endurance Technologies — Q2 FY2025 Earnings Presentation
28 slides from Endurance Technologies's earnings presentation, Nov 6, 2024
Slide 1: Quarterly Results Presentation Q2FY25
Quarterly Results Presentation Q2FY25 6th Nov 2024
Slide 2: 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 3: Capacity expansion projects and new plants
Setting up AURIC-1 project in Chh. Sambhajinagar, focused on machined castings for 4W and non-auto applications. Expanding Chakan plant for Aluminium castings with high-end machining, primarily for 4W applications. Increased Chakan Alloy wheel capacity from 4.5 to 5.5 mn wheels p.a. Setting up AURIC
Slide 4: Alloy wheel capacity expansion and land bank
2W AW penetration FY21 FY22 FY23 FY24 in India 77% 81% 84% 85% Q2FY25 9.8 10 * Post commissioning 8 Aug-24 Nov-22 Jan-24 of new plant at Chh. Oct-22 5.5 6 Mar-22 4.5 4.8 Sambhajinagar 3.9 4 3.0 2 0 Mar-22 Oct-22 Nov-22 Jan-24 Aug-24 Oct-25* Serving 2 To serve existing customers, Now serving 4 motorc
Slide 5: Business won in FY25, patents and acquisitions
Business won till date in FY25 Rs.3.73 Bn in India*, including Rs. 0.65 Bn in Maxwell. Further, won business Euro 24 Mn in Europe. 8 new patents approvals received taking the total to 90. 15 new design registrations approvals received taking the total to 57. Production ramp up in new machining and a
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Slide 7: Orders won in last years (India)
(RUPEES BILLION) Last 5 years Orders Order Split last 5 years 25* 38.01 23 8.74 Replacement Orders 14.3 11.99 29.27 6.8 9.35 7.45 6.14 Ramp Up of 3.3 3.08 New New Orders Orders FY23 FY24 FY25 FY26 FY27 FY21 FY22 FY23 FY24 H1FY25 Total New TVS business wins for suspensions, New orders worth Rs. 0.3bn
Slide 8: EV orders in India
Excluding BAL FY22 FY23 FY24 H1 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. 1.5 Bn FY24, followed by 9 EV programs from 7 customers in H1FY25. As % of total 12% 42% 6.7% 57% Aggregate orders won from Ather Rs. 2.7 bn orders and from Mahindra Rs. 0.9
Slide 9: Europe orders and ramp up schedule
(EURO MILLION) 232 Last 5 years Orders 33 Replacement Orders 136 149 105 84 74 199 65 Ramp Up New Schedule 31 Orders 19 24 FY 25 FY26 FY27 FY28 FY21 FY22 FY23 FY24 FY25 Total Large orders from e-axle manufacturer for BMW EVs. Owing to transition to EV/Hybrid in Europe, we First specialty plastic com
Slide 10: Europe orders by EV, hybrid and ICE mix
(EURO MILLION) Out of Euro 232mn of cumulative orders won in the last 5 years, Euro 94mn (41%) are for EV applications and Euro 84 97mn (42%) for Hybrid Applications 74 ICE end-use, currently at ~50% of Endurance Europe 11% revenues, is expected to reduce to 25-30% in FY28. 49% 65% 31 32% 24 19 66%
Slide 11: Electronics orders booked in last 3 years
First LOI received for a Non BMS embedded Orders booked in last 3 years : Rs. 2.8* Bn of electronics application (MCU). ~ INR 0.34 Bn, peak annual sales SOP from Q4 FY25 Supplied more than 150k BMS to largest Won LOI from Govecs - large European E-2W customer as they ramp up to full scale OEM. Rs. 0
Slide 12: Q2 Industry Data & ETL Financials
Q2 Industry Data & ETL Financials 12
Slide 13: Indian vehicle sales Q2
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from Q2 Mn) Q2 FY19 Q2 FY24 Q2 FY25 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 5.49 6.21 13.1% 19.4% -8.1% 68.0% Motorcycles 3.67 4.08 11.3% 15.9% -8.4% 57.7% Scooters 1.71 1.99 16.7% 42.6% -3.3% 158.1% 3W 0.28 0.29 4.9% 15.7%
Slide 14: EU new car registrations and energy prices Q2
EU new Car registration % Change from Q2 FY24 Q2 FY25 % Change (in 000) Q2 FY19 France 399 351 -12.0% -26.1% Germany 741 644 -13.0% -27.7% Italy 335 317 -5.6% -17.7% Spain 206 209 1.7% -23.2% Others 821 784 -4.4% -19.0% Total EU 2,502 2,306 -7.8% -22.9% Source: National Automobile Manufacturer Assoc
Slide 15: Total income Q2
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 25.61 29.39 23.17 19.84 6.17 5.65 0.19 0.17 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 Q2FY24 Q2FY25 9.3% YOY growth in INR terms. YOY growth of 12.7%. Key 16.8% YOY growth. Industry 2W YOY growth of 14.8% 6.4% growth in EUR terms. This is custo
Slide 16: EBITDA Q2
(RUPEES BILLION) YoY: 22.3% Consolidated YoY: 22.4% Standalone 2.58 3.16 4.09 3.34 13.6% 13.0% 13.9% 13.0% Q2FY24 Q2FY25 Q2FY24 Q2FY25 YoY: 18.1% Europe 0.84 0.99 16.0% Maxwell Q2FY25 EBITDA Rs. (-)17mn 14.8% vs Q2FY24 Rs. (-)43mn. Q2FY24 Q2FY25 16
Slide 17: PAT Q2
(RUPEES BILLION) YoY: 29.7% YoY: 31.3% 1.85 Consolidated Standalone 1.43 2.03 8.0% 1.55 7.2% 6.9% 6.0% Q2FY24 Q2FY25 Q2FY24 Q2FY25 YoY: 16.6% Europe 0.27 0.23 Maxwell Q2FY25 PAT Rs. (-)44 mn vs Q2FY24 Rs. (-)64 mn. 4.3% 4.1% Q2FY24 Q2FY25 17
Slide 18: H1 Industry Data & ETL Financials
H1 Industry Data & ETL Financials 18
Slide 19: Indian vehicle sales H1
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from H1 Mn) H1 FY19 H1 FY24 H1 FY25 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 10.42 12.12 16.3% 20.4% -8.8% 68.9% Motorcycles 7.07 8.05 13.8% 17.3% -9.1% 60.6% Scooters 3.13 3.81 21.8% 42.6% -4.3% 141.3% 3W 0.49 0.53 6.5% 13.
Slide 20: EU new car registrations and energy prices H1
EU new Car registration % Change from H1 FY24 H1 FY25 % Change (in 000) H1 FY19 France 868 821 -5.4% -24.5% Germany 1,471 1,421 -3.4% -23.6% Italy 749 751 0.3% -19.2% Spain 474 500 5.5% -22.9% Others 1,727 1,728 0.0% -15.7% Total EU 5,289 5,221 -1.3% -20.6% Source: National Automobile Manufacturer A
Slide 21: Total income H1
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 38.20 44.52 50.27 13.38 57.99 11.80 0.33 0.23 H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25 H1FY24 H1FY25 16.5% YOY growth. Industry 2W sales growth of 16.3% 13.4% YOY growth in INR terms. YOY de-growth of 32.1%. Offtake YOY growth of 15.3% 11.8% g
Slide 22: EBITDA H1
YoY: 21.1% (RUPEES BILLION) Consolidated YoY: 21.6% Standalone 4.99 6.04 6.72 8.16 13.6% 13.1% 14.1% 13.4% H1FY24 H1FY25 H1FY24 H1FY25 YoY: 19.5% Europe 1.82 2.18 16.3% Maxwell H1FY25 EBITDA Rs. (-)59mn 15.5% vs H1FY24 Rs. (-)71mn. H1FY24 H1FY25 22
Slide 23: PAT H1
(RUPEES BILLION) YoY: 27.3% YoY: 27.9% 3.48 Consolidated Standalone 2.73 4.07 3.18 7.8% 7.0% 7.1% 6.3% H1FY24 H1FY25 H1FY24 H1FY25 YoY: 16.2% Europe 0.70 0.61 Maxwell H1FY25 PAT Rs. (-)110 mn vs 5.1% 5.3% H1FY24 Rs. (-)113 mn. H1FY24 H1FY25 23
Slide 24: Revenue by entity, products and vehicles
By Entity By Products By Vehicles Transmission After Market 4.2% Others Maxwell 4.8% 2.4% Others Europe 0.4% 3.1% 22.8% Alloy Wheel 4 Wheeler 7.4% Suspension 24.9% Disc Brake 26.2% India 11.8% H1 76.8% H1 3 Wheeler Motorcycle 7.9% Die Casting 55.2% 42.5%% Scooter 9.6% Transmission 4.7% Others After
Slide 25: India revenue by products and vehicle type
By Products By Vehicle Type Transmission 4 Wheeler 4.6% 5.8% Others After Market 1.6% 3 Wheeler 5.2% Others 10.3% 1.5% Alloy Wheel 9.7% Suspension Scooter 34.1% 12.1% H1 H1 Motorcycle Disc Brake 70.2% 15.3% Die Casting 29.6% Transmission 5.1% 4 Wheeler Others Aftermarket After Market 6.8% Others 3.1
Slide 26: H1FY25 capex
H1FY25- Expansion Capex and Dies account for >80% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 1951M wheels, aluminium casting and machining, aluminium forging, suspensions, and BMS line. Europe: Includes 26.1M for production capacity expansion to c
Slide 27: Value || Velocity
‘ 7 » Value || Velocity ENDURANCE h Complete Solutions
Slide 28: Quarterly financial summary by entity
Billion FY24 FY25 Qi Q2 H1i Q3 Q4 Full Year Qi Q2 Hi Total Income ETL-Standalone 18.36 19.84 38.20 20.07 20.93 79.21 21.35 23.17 44.52 Maxwell 0.16 0.17 0.33 0.19 0.11 0.63) 0.03 0.19 0.23) Europe 6.15 5.65 11.80 5.68 6.16 23.63} 7.21 6.17 13.38} Consolidated Adjustments - -0.06 -0.06 -0.06 -0.08 -0
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