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 16th May, 2024 The Manager, The Manage
Slide 2: Quarterly Results Presentation Q4FY24
Quarterly Results Presentation Q4FY24 16th May 2024
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 expansions and new lines
Commissioned 3rd Aluminium forging press in Waluj, 4th press to be commissioned in Q1 of FY25. Established new assembly line for scooter suspensions in Waluj, for a Japanese OEM. Increased Waluj ABS capacity from 400,000 to 640,000 units per annum. To increase Chakan Alloy wheel capacity from 4.5 to
Slide 5: Business won in FY24 and patents
Business won in FY24 Rs.11.99 Bn in India* and Euro 31 Mn in Europe. 50 new patents approvals received taking the total to 82. 18 new design registrations approvals received taking the total to 42. New machining and assembly lines at Chivasso, Italy to produce transmission housings for an European O
Slide 6: Order Wins
Order Wins 5
Slide 7: Last 5 years orders in India
(RUPEES BILLION) Last 5 years Orders Order Split last 5 years 40.86 26.9* 23.8 11.55 15.8 Replacement Orders 9.2 11.99 9.35 29.31 5.93 6.14 7.45 Ramp Up # of 4.4 New New Orders Orders FY23 FY24 FY25 FY26 FY27 FY20 FY21 FY22 FY23 FY24 Total New TVS business booked during the year Rs. Further Alloy wh
Slide 8: Cumulative EV orders in India
Excluding BAL FY22 FY23 FY24 Won 15 EV programs from 11 customers in FY23, followed by 8 EV order value Rs. 0.9 Bn Rs. 3.8 Bn Rs. 0.8 Bn EV programs from 5 customers in FY24. EV policy changes impacted As % of total orders 12% 42% 6.7% market sentiment. EV suspension orders from Ather, Cumulative or
Slide 9: Europe orders and ramp up schedule
(EURO MILLION) 251 Last 5 years Orders Replacement Orders 51 165 170* 141 74 84 96 Ramp Up 43 New Schedule 26 Orders 19 31 200 FY 24 FY 25 FY26 FY27 FY28 FY20 FY21 FY22 FY23 FY24 Total Owing to rapid transition to EV/Hybrid in Europe, FY 24 includes key order from VW for EV motor cover we expect sig
Slide 10: Europe orders by EV, hybrid and ICE
(EURO MILLION) Out of Euro 251mn of cumulative orders won in the last 5 years, Euro 91mn (36%) are for EV applications and Euro 84 120mn (48%) for Hybrid Applications 74 11% ICE end-use expected to reduce to 27% of Endurance Europe revenues in FY27, from current level of 45-50%. 49% 43 65% 36% 31 32
Slide 11: Maxwell orders
MAXWELL Won BMS Business from one of India’s largest Orders booked in last 3 years : Rs. 3.8* Bn 2W OEM for their first EV platform. Expected annual revenue SOP: Q4FY25. Peak annual business of Rs. 0.3Bn. Won BMS LOI from Govecs - large European E-2W Commenced supplies against PO from Hero OEM. Peak
Slide 12: Q4 Industry Data & ETL Financials
Q4 Industry Data & ETL Financials 11
Slide 13: Q4 Indian vehicle sales
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from Q4 Mn) Q4 FY19 Q4 FY24 Q4 FY 23 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 5.42 4.31 25.9% 26.1% -0.04% 61.4% Motorcycles 3.70 2.88 28.2% 24.2% -1.1% 50.1% Scooters 1.60 1.31 21.8% 40.3% 9.2% 226.6% 3W 0.23 0.22 8.9% 16.8
Slide 14: Q4 EU car registrations and energy prices
EU new Car registration % Change from Q4 FY24 Q4 FY 23 % Change (in 000) Q4 FY19 France 445 421 5.7% 21.9% Germany 695 667 4.2% -0.9% Italy 451 427 5.7% 30.0% Spain 245 238 3.1% 11.9% Others 933 899 3.8% 10.0% Total EU 2,769 2,651 4.4% 11.7% Source: National Automobile Manufacturer Associations % Ch
Slide 15: Q4 Total income
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 27.11 20.93 22.55 16.60 5.90 6.16 0.08 0.11 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 Q4FY23 Q4FY24 4.4% YOY growth in INR terms. 26.1% YOY growth against a YOY growth of 32.9% YOY growth of 20.2% Growth in EUR terms 1.4%; 4.1% at backdrop of i
Slide 16: Q4 EBITDA
(RUPEES BILLION) YoY: 51.5% 3.12 Consolidated YoY: 35.8% Standalone 4.16 2.06 3.06 14.9% 12.4% Q4FY24 Standalone 15.3% EBITDA would be down 13.6% ~18bps if metal prices were at last year levels. Q4FY23 Q4FY24 Q4FY23 Q4FY24 YoY: 5.3% Europe 1.09 1.04 Q4FY24 Europe EBITDA would be down ~50 bps if Maxw
Slide 17: Q4 PAT
(RUPEES BILLION) YoY: 74.4% YoY: 54.0% 1.82 Consolidated Standalone 2.10 1.04 1.36 8.7% 7.8% 6.3% 6.1% Q4FY23 Q4FY24 Q4FY23 Q4FY24 YoY: 8.1% 0.39 Europe 0.36 6.6% 5.8% Maxwell Q4FY24 PAT Rs. (-)37 mn vs Q4FY23 Rs. (-)29 mn. Q4FY23 Q4FY24 16
Slide 18: FY24 Industry Data & ETL Financials
FY24 Industry Data & ETL Financials 17
Slide 19: FY24 Indian vehicle sales
ETL Total ETL TI (Rs. Indian Vehicle Sales % % change Mn) FY19 FY24 FY23 Income (Rs. from FY19 (in Mn) Change Mn) growth % growth % Total 2W 21.43 19.52 9.8% 15.9% -12.4% 49.8% Motorcycles 14.60 13.46 8.4% 15.1% -11.3% 43.5% Scooters 6.35 5.61 13.3% 21.6% -10.5% 116.3% 3W 0.99 0.85 16.1% 16.8% -21.8
Slide 20: FY24 EU car registrations and energy prices
EU new Car registration % Change from FY24 FY23 % Change (in 000) FY19 France 1,799 1,585 13.5% -11.2% Germany 2,873 2,692 6.7% -16.2% Italy 1,589 1405 13.1% -7.9% Spain 957 887 7.9% -17.5% Others 3,448 3,099 11.3% -10.1% Total Vehicles 10,666 9,667 10.3% -12.4% Source: National Automobile Manufactu
Slide 21: FY24 Total income
(RUPEES BILLION) Consolidated Standalone Europe Maxwell 79.21 103.27 67.96 23.63 88.49 20.53 0.63 FY23 FY24 Maxwell was acquired on FY24 FY23 FY24 FY23 FY24 16.6% YOY growth against a 15.1% YOY growth in INR terms. Maxwell was acquired on 1st July, backdrop of 9.8% growth in industry Growth in EUR t
Slide 22: FY24 EBITDA
(RUPEES BILLION) YoY: 30.8% YoY: 30.7% Standalone 10.56 Consolidated 8.07 10.82 14.14 13.3% FY24 Standalone 13.7% 11.9% EBITDA would be down 12.2% ~28bps if metal prices were at last year levels. FY23 FY24 FY23 FY24 YoY: 27.6% Europe 3.80 2.97 FY24 Europe EBITDA would be Maxwell FY24 EBITDA 16.1% do
Slide 23: FY24 PAT
(RUPEES BILLION) YoY: 43.7% YoY: 41.9% Standalone 5.88 Consolidated 4.09 6.81 4.80 7.4% 6.6% 6.0% 5.4% FY23 FY24 FY23 FY24 YoY: 23.9% Europe 1.25 1.01 5.3% Maxwell FY24 PAT Rs.(-) 205mn; 4.9% FY23 post acquisition (Q2 to Q4) PAT was Rs. (-)177mn FY23 FY24 22
Slide 24: Revenue by entity, products and vehicles
By Entity By Products By Vehicles Transmission After Market 4.6% Others Maxwell 5.3% 2.9% Others Europe 0.6% 3.3% 22.8% Alloy Wheel 4 Wheeler 7.6% Suspension 25.3% Disc Brake 25.5% India 11.2% FY’24 76.6% FY’24 FY’24 3 Wheeler Motorcycle 8.1% Die Casting 55.3% 42.5% Scooter 8.4% Transmission 5.2% Ot
Slide 25: India revenue by products and vehicle type
By Products By Vehicle Type Transmission 4 Wheeler 4.9% 6.5% Others After Market 2.8% 3 Wheeler 5.8% Others 10.5% 1.4% Alloy Wheel 9.8% Suspension Scooter 33.3% 10.1% FY’24 FY’24 Motorcycle Disc Brake 70.1% 14.7% Die Casting 30.1% Transmission 5.6% 4 Wheeler Others Aftermarket – After Market 7.5% Ot
Slide 26: Share in total income by customer
Share in Total Income FY24 FY23 Bajaj Auto Ltd 39.4% 38.1% Honda MC & Scooters 8.3% 9.3% VW-Audi-Porsche 7.1% 6.6% Stellantis 5.6% 6.1% Royal Enfield India 5.1% 5.8% India Yamaha Motors 4.0% 4.4% Hero Motorcorp 3.5% 3.0% Mercedes 2.7% 3.2% TVS Motors 2.5% 1.6% Hyundai/ Kia 1.8% 2.0% Tata Motors 1.4%
Slide 27: Capex FY24
FY24- Expansion Capex and Dies account for 81% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 3.8 Bn wheels, aluminium casting and machining, aluminium forging, suspensions, and BMS line. Europe: Includes solar panels and production capacity expansion
Slide 28: Innovatively Agile
“V¥V ~ INNOVATIVELY AGILE ENDURANCE :. : Complete Solitiont
Slide 29: Quarterly total income, EBITDA and PAT by entity
FY23 FY24 Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full Year Total Income ETL-Standalone 16.20 19.11 16.05 16.60 67.96 18.36 19.84 20.07 20.93 79.21 Maxwell 0.04 0.06 0.08 0.18 0.16 0.17 0.19 0.11 0.63 Europe 5.02 4.58 5.04 5.90 20.53 6.15 5.65 5.68 6.16 23.63 Consolidated Adjustments -0.04 -0.04 -0.07 -0.