Endurance Technologies Ltd. · NSE:ENDURANCE

Endurance Technologies — Q3 FY2024 Earnings Presentation

28 slides from Endurance Technologies's earnings presentation, Feb 6, 2024

  1. Slide 1: Quarterly Results Presentation Q3FY24

    Quarterly Results Presentation Q3FY24 6th February 2024

  2. Slide 2: 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

  3. Slide 3: Capacity expansion and operational highlights

    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

  4. Slide 4: Business won in 9M FY24

    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

  5. Slide 5: Order Wins

    Order Wins 5

  6. Slide 6: Last 5 years orders and order split

    (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

  7. Slide 7: Cumulative orders of Rs. 6.8 bn 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

  8. Slide 8: 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

  9. Slide 9: 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

  10. Slide 10: 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 Q1CY25. Won LOI from Govecs - large European E-2W Commenced supplies against PO from Hero OEM. Rs. 0.13 Bn annual revenue at peak.

  11. Slide 11: Q3 Industry Data & ETL Financials

    Q3 Industry Data & ETL Financials 11

  12. Slide 12: Indian vehicle sales and ETL income growth Q3

    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

  13. Slide 13: EU new car registrations and energy prices Q3

    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

  14. Slide 14: Total income Q3: 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

  15. Slide 15: EBITDA Q3: 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

  16. Slide 16: PAT Q3: 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

  17. Slide 17: 9M FY24 Industry Data & ETL Financials

    9M FY24 Industry Data & ETL Financials 17

  18. Slide 18: Indian vehicle sales and ETL income growth 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

  19. Slide 19: 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

  20. Slide 20: Total income 9M FY24

    (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

  21. Slide 21: EBITDA 9M FY24

    (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

  22. Slide 22: PAT 9M FY24

    (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

  23. Slide 23: Revenue by entity, products and 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

  24. Slide 24: Revenue by products and 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

  25. Slide 25: Share in total income by customer

    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

  26. Slide 26: 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

  27. Slide 27: Innovatively Agile

    “V¥V ~ INNOVATIVELY AGILE ENDURANCE :. : Complete Solitiont

  28. Slide 28: Quarterly financials by entity: income, EBITDA, PAT

    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

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