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: +91-20-68284200 Fax: +91-20-26680894 Website: www.endurancegroup.com CIN No. L34102MH1999PLC123296 6th February, 2024 The Manager, The Ma
Slide 2: Quarterly Results Presentation Q3FY24
Quarterly Results Presentation Q3FY24
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: Capacity expansion and new lines
Forging capacity at Waluj expanded to 1250 tpa in FY24. Addition of another new press shall take the capacity to 1750 tpa in Q1FY25. 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 Q1 FY25 BMS Commenced commercia
Slide 5: Business won in 9M FY24 and patents
Business won in 9M FY24 Rs. 9.41 Bn in India* and Euro 29 Mn in Europe. 27 new patents approvals received taking the total to 59. 15 new design registrations approvals received taking the total to 39. New machining and assembly lines at Chivasso, Italy to produce transmission housings for an Europea
Slide 6: Order Wins
Order Wins 5
Slide 7: Last 5 years orders (Rupees billion)
(RUPEES BILLION) Last 5 years Orders Order Split last 5 years 38.28 26.73 24.4 11.55 Replacement Orders 12.6 9.35 9.41 7.45 26.73 4.4 5.93 6.14 Ramp Up of New New Orders Orders FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 9MFY24 Total Al. die castings, alloy wheels, Rs. 1.5bn orders from HMCL in FY24 to
Slide 8: Cumulative orders in India EV space
Excluding BAL FY22 FY23 9M FY24 EV customers include Ather, Bajaj Auto, Ampere, HMSI EV order value Rs. 0.9 Bn Rs. 3.8 Bn Rs. 0.8 Bn Mahindra Electric, Bounce, Hero Electric, Okinawa, Tata Motors As % of total orders 12% 42% 8.5% Won 15 EV programs from Cumulative orders of Rs. 6.8 bn in 11 customer
Slide 9: Europe orders ramp up schedule
(EURO MILLION) 249 Last 5 years Orders Projected ramp-up of Euro 198m new orders 51 are expected to peak at Euro 169m, due to Replacement certain orders peaking in earlier years. Orders 164 169 139 84 74 198 95 43 Ramp Up New Schedule 19 29 Orders 26 FY 24 FY 25 FY26 FY27 FY28 FY20 FY21 FY22 FY23 9M
Slide 10: Europe orders by EV, hybrid and ICE
(EURO MILLION) Out of Euro 249mn of cumulative orders won in the last 5 years, Euro 90mn (36%) are for EV applications and Euro 84 119mn (48%) 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% 29 32
Slide 11: Orders booked in last 3 years
Orders booked in last 3 years : Rs. 3.8 Bn of Won BMS Business from RE for Rs 0.3 Bn annual annual sales – expected to peak in FY27 revenue at peak. Business starting in Q1FY25. Won LOI from Govecs - large European E-2W Commenced supplies against PO from Hero OEM. Rs. 0.13 Bn annual revenue at peak.
Slide 12: Q3 Industry Data & ETL Financials
Q3 Industry Data & ETL Financials 11
Slide 13: Total Vehicles: Indian vehicle sales
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from Q3 Mn) Q3 FY 19 Q3 FY24 Q3 FY 23 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 5.59 4.71 18.7% 29.6% -2.9% 58.5% Motorcycles 3.82 3.30 16.2% 29.3% -1.1% 50.3% Scooters 1.62 1.31 24.5% 32.3% -2.3% 155.9% 3W 0.26 0.23 13.9% 12
Slide 14: EU new car registrations and energy prices
EU new Car registration % Change from Q3 FY24 Q3 FY 23 % Change (in 000) Q3 FY19 France 486 417 16.6% -15.2% Germany 707 783 -9.8% -18.5% Italy 389 341 14.3% -13.2% Spain 238 213 11.7% -18.8% Others 787 718 9.5% -16.2% Total EU 2,607 2,473 5.4% -16.5% Source: National Automobile Manufacturer Associa
Slide 15: Total income: Standalone, Maxwell, Europe, Consolidated
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 20.07 25.88 21.07 16.05 5.68 5.04 0.19 0.06 Q3FY23 Q3FY24 Q3FY23 Q3FY24 Q3FY23 Q3FY24 Q3FY23 Q3FY24 25.1% YOY growth against a backdrop of industry 2W sales 12.7% YOY growth in INR terms. YOY growth of 22.8% YOY growth of 228% growth of 18.7% 5
Slide 16: EBITDA: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 31.8% YoY: 29.9% 2.45 Consolidated Standalone 1.86 3.26 2.51 12.2% 11.6% 12.6% Q3FY24 Standalone 11.9% EBITDA would be down ~20bps if metal prices were at last year levels. Q3FY23 Q3FY24 Q3FY23 Q3FY24 YoY: 21.8% Europe 0.72 0.88 Q3FY24 Europe EBITDA would 15.5% Maxwell Q3FY24 E
Slide 17: PAT: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 43.6% YoY: 40.7% 1.32 Consolidated Standalone 1.52 0.92 1.08 6.6% 5.9% 5.7% 5.1% Q3FY23 Q3FY24 Q3FY23 Q3FY24 YoY: 15.6% 0.25 0.29 Europe 5.1% 5.2% Maxwell Q3FY24 PAT Rs. (-)55 mn vs Q3FY23 Rs. (-)66 mn. 16
Slide 18: 9M FY24 Industry Data & ETL Financials
9M FY24 Industry Data & ETL Financials 17
Slide 19: Total Vehicles: Indian vehicle sales 9M
ETL Total ETL TI (Rs. Indian Vehicle Sales 9M 9M % % change Mn) 9M FY19 Income (Rs. from 9M FY19 (in Mn) FY24 FY23 Change Mn) growth % growth % Total 2W 16.01 15.21 5.3% 12.6% -15.9% 46.1% Motorcycles 10.9 10.58 3.0% 12.2% -14.4% 41.3% Scooters 4.75 4.30 10.7% 15.8% -15.7% 92.1% 3W 0.76 0.64 18.5% 1
Slide 20: EU new car registrations and energy prices 9M
EU new Car registration % Change from 9M FY24 9M FY23 % Change (in 000) 9M FY19 France 1,354 1,164 16.3% -18.5% Germany 2,178 2,025 7.5% -20.1% Italy 1,138 979 16.3% -17.5% Spain 712 649 9.7% -24.4% Others 2,515 2,199 14.4% -15.8% Total Vehicles 7,897 7,016 12.6% -18.6% Source: National Automobile M
Slide 21: 9M total income by entity
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 76.15 58.27 51.36 65.94 17.48 14.64 0.52 9M FY23 9M FY24 9M FY23 9M FY24 9M FY24 9M FY23 9M FY24 13.5% YOY growth against a 19.4% YOY growth in INR terms. backdrop of 5.3% growth in Maxwell was acquired on Against EU new car registrations indus
Slide 22: 9M EBITDA by entity
(RUPEES BILLION) YoY: 23.7% YoY: 28.7% Standalone 7.44 Consolidated 6.02 7.75 9.98 12.8% 11.7% 9MFY24 Standalone 13.1% EBITDA would be down 11.8% ~30bps if metal prices were at last year levels. 9M FY23 9M FY24 9M FY23 9M FY24 YoY: 39.6% Europe 2.70 1.94 Maxwell 9M FY24 EBITDA 9MFY24 Europe EBITDA w
Slide 23: 9M PAT by entity
(RUPEES BILLION) YoY: 33.2% YoY: 37.1% Standalone 4.05 Consolidated 3.04 4.70 7.0% 3.43 5.9% 6.2% 5.2% 9M FY23 9M FY24 9M FY23 9M FY24 YoY: 43.7% Europe 0.90 0.63 5.1% Maxwell 9M FY24 PAT Rs.(-) 168mn; Q2 FY23 & Q3 FY23 (post acquisition) was 4.3% Rs. (-)148mn 9M FY23 9M FY24 22
Slide 24: By Entity, By Products, By Vehicles
By Entity By Products By Vehicles Transmission After Market 4.7% Others Maxwell 4.3% 2.4% Others Europe 0.7% 3.2% 22.9% Alloy Wheel 4 Wheeler 7.6% Suspension 25.9% Disc Brake 25.9% India 11.0% 9M FY’24 76.4% 9MFY’24 9MFY’24 3 Wheeler Motorcycle 8.1% Die Casting 55.3% 43.3% Scooter 8.3% Transmission
Slide 25: By Products, By Vehicle Type
By Products By Vehicle Type Transmission 4 Wheeler 5.0% 6.6% Others After Market 2.5% 3 Wheeler 5.6% Others 10.7% 1.4% Alloy Wheel 9.9% Suspension Scooter 33.0% 10.0% 9MFY’24 9MFY’24 Motorcycle Disc Brake 70.3% 14.4% Die Casting 30.7% Transmission 5.6% 4 Wheeler Others Aftermarket – After Market 7.2
Slide 26: Share in Total Income 9MFY24 9MFY23
Share in Total Income 9MFY24 9MFY23 Bajaj auto Ltd 39.5% 38.5% Honda MC & Scooters 8.0% 10.3% VW-Audi-Porsche 7.4% 6.5% Stellantis 5.7% 6.0% Royal Enfield India 5.2% 6.0% India Yamaha Motors 4.0% 4.6% Hero Motorcorp 3.5% 3.1% TVS Motors 2.5% 1.3% Mercedes 2.4% 3.0% Hyundai/ Kia 1.9% 1.9% Tata Motors
Slide 27: 9M FY24 capex
9M FY24- Expansion Capex and Dies account for 81% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 2446 M wheels, aluminium casting and machining, suspensions, and BMS line. Europe: Includes solar panels and production capacity expansion to cater to new
Slide 28: Innovatively Agile
“V¥V ~ INNOVATIVELY AGILE ENDURANCE :. : Complete Solitiont
Slide 29: Quarterly financials by entity (Rs. Billion)
Rs. Billion FY23 FY24 Q1 Q2 Q3 9M Full year Q1 Q2 Q3 9M Total Income ETL-Standalone 16.20 19.11 16.05 51.36 67.96 18.36 19.84 20.07 58.27 Maxwell 0.00 0.04 0.06 0.10 0.18 0.16 0.17 0.19 0.52 Europe 5.02 4.58 5.04 14.64 20.53 6.15 5.65 5.68 17.48 Consolidated Adjustments -0.04 -0.04 -0.07 -0.15 -0.18