Endurance Technologies Ltd. · NSE:ENDURANCE
Endurance Technologies — Q4 FY2023 Earnings Presentation
27 slides from Endurance Technologies's earnings presentation, May 17, 2023
Slide 1: Quarterly Results Presentation Q4FY23
Quarterly Results Presentation Q4FY23
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: Rs. 10.7 Bn total business won in FY23 in India
Rs. 10.7 Bn total business won in FY23 in India*, of which Rs.5.1 Bn in EV Euro 84 Mn business won in FY23 in Europe, of which Euro 68 Mn in EV/Hybrid space Adjudged as among India’s “Best Managed Companies” by Deloitte Acquired Maxwell in India Acquired Frenotecnica and New Fren in Italy New Facili
Slide 4: Projects Initiated and patents received
10 new patents approvals received in FY23 taking the total to 32 6 new design registrations approvals received in FY23 taking the total to 24 Projects Initiated: ABS expansion SMT for BMS APTC Assist & Slip technology Air suspension and off-road front forks clutches Suspension, Brakes and Machined C
Slide 5: Order Wins
Order Wins 5
Slide 6: Last 4 years orders and order split (India)
(RUPEES BILLION) Last 4 years Orders Order Split last 4 years 28.87 21.06 7.82 Replacement 15.65 Orders 11.33 9.35 6.14 7.45 21.06 4.41 5.93 Ramp Up of New New Orders Orders FY 23 FY 24 FY 25 FY26 FY 2020 FY 2021 FY 2022 FY 2023 Total Suzuki Scooter Front Forks Rs. 1.4 bn. Includes Rs. 3.8 bn EV ord
Slide 7: Cumulative orders of Rs. 6 bn in India EV space
Excluding BAL FY22 FY23 EV customers include Bajaj Auto, Ampere EV order value Rs. 0.9 Bn Rs. 3.8 Bn Mahindra Electric, Bounce, Hero Electric, Ather, Okinawa As % of total orders 12% 42% Won 15 EV programs from Cumulative orders of Rs. 6 bn in 11 customers in FY23, as India EV space, including Bajaj
Slide 8: Europe orders and ramp-up schedule
(EURO MILLION) Last 4 years Orders 220 Projected ramp-up of Euro 170m new orders are expected to peak at Euro 150m, due to 50 certain orders peaking in earlier years Replacement Orders 150 130 84 90 74 170 Ramp Up 43 New Schedule 25 19 Orders FY 24 FY 25 FY26 FY27 FY20 FY21 FY22 FY23 Total Owing to
Slide 9: Europe EV and Hybrid orders
(EURO MILLION) Out of Euro 220mn of cumulative orders won in the last 4 years, Euro 71mn (32%) are for EV applications and Euro 112mn (51%) for Hybrid Applications ICE end-use comprised 45% of Endurance Europe revenues in FY23, and are expected to reduce to 22% in FY27 . 9 All values cited above are
Slide 10: Orders booked in last 2 years
Orders booked in last 2 years : Rs. 3.3 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 annual Commenced supplies against PO from Hero revenue at peak. Production starting from Motocorp for over Rs. 1Bn Q3FY24 LOI recei
Slide 11: Q4 Industry Data & ETL Financials
Q4 Industry Data & ETL Financials 11
Slide 12: Indian Vehicle Sales vs ETL Total Income, Q4
Indian Vehicle Sales ETL Total Income Q4 FY23 Q4 FY 22 % Change (in Mn) (Rs. Mn) growth % Total 2W 4.31 4.49 -4.1% 8.1% Motorcycles 2.88 3.21 -10.1% 7.6% Scooters 1.31 1.17 11.9% 12.6% 3W 0.22 0.19 9.5% 8.1% Total 4W 1.49 1.35 10.1% 2.8% Total Vehicles 6.01 6.04 -0.5% 6.1% 12 Source: Society of Indi
Slide 13: EU new car registrations and energy prices, Q4
EU new Car registration % Change from Q4 FY23 Q4 FY 22 % Change (in 000) Q4FY19 France 421 365 15.2% -23.9% Germany 667 626 6.5% -24.2% Italy 427 338 26.2% -20.6% Spain 238 164 44.5% -25.0% Others 898 753 19.2% -14.0% Total Vehicles 2,651 2,248 17.9% -20.5% Source: National Automobile Manufacturer A
Slide 14: Q4FY23 total income: Standalone, Europe, Maxwell
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 22.55 20.92 15.64 16.60 5.9 5.31 0.08 Q4FY23 6.1% YOY growth against a 11.1% YOY growth in INR terms; backdrop of industry 2W sales 7.6% in EUR terms against a Maxwell has been acquired this degrowth of 4.1% YOY growth of 7.8% backdrop of 17.9%
Slide 15: Q4FY23 EBITDA: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 0% YoY: 13.5% Consolidated Standalone 2.06 2.06 3.06 2.70 13.2% 12.4% 13.6% Maxwell Q4FY 23 EBITDA 12.9% Rs.(-)10 million Q4FY22 Q4FY23 Q4FY22 Q4FY23 YoY: 56% Europe 1.04 0.67 Q4 Europe EBITDA would be 17.8% down ~20 bps if metal prices were at last year levels 12.6% Lower elec
Slide 16: Annual Industry Data & ETL Financials
Annual Industry Data & ETL Financials 16
Slide 17: Indian Vehicle Sales vs ETL Total Income, FY23
Indian Vehicle Sales ETL Total Income (in Mn) FY23 FY 22 % Change (Rs. Mn) growth % Total 2W 19.51 18.01 8.3% 19.1% Motorcycles 13.46 13.07 3% 16.1% Scooters 5.61 4.46 25.6% 47.4% 3W 0.85 0.76 12.2% 18.2% Total 4W 5.6 4.5 25.5% 30.5% Total Vehicles 25.97 23.23 11.8% 18.8% 17 Source: *HRC Society pri
Slide 18: EU new car registrations and energy prices, FY23
EU new Car registration % Change from FY23 FY22 % Change (in 000) FY19 France 1585 1583 0.1% -27.0% Germany 2692 2592 3.9% -21.7% Italy 1406 1349 4.2% -25.0% Spain 887 838 5.8% -31.7% Others 3092 3026 2.2% -20.6% Total Vehicles 9,661 9,387 2.9% -23.8% Source: National Automobile Manufacturer Associa
Slide 19: FY23 total income: Standalone, Europe, Maxwell
(RUPEES BILLION) Standalone Maxwell Consolidated Europe 88.49 67.96 75.9 57.22 20.53 18.85 0.18 FY23 18.8% YOY growth against a backdrop of 8.3% growth in 8.9% YOY growth in INR terms; industry 2W sales 12.7% in EUR terms against a Maxwell has been acquired this backdrop of 2.9% growth in EU year on
Slide 20: FY23 EBITDA: Standalone, Europe, Consolidated
(RUPEES BILLION) YoY: 7.2% YoY: 7.6% Standalone Consolidated 7.53 8.07 10.82 10.06 13.2% 11.9% FY23 Standalone 13.2% EBITDA would be up 12.2% ~50bps if metal prices were at last year levels FY22 FY23 FY22 FY23 YoY: 11.9% Europe 2.66 2.97 FY23 Europe EBITDA would be 14.5% Maxwell FY23 EBITDA 14.1% up
Slide 21: By Product, By Vehicle Type
By Product By Vehicle Type Transmission 4 Wheeler 5.6% 7.5% Others After Market 1.3% 3 Wheeler 6.3% Others 10.48% 1.2% Alloy Wheel 8.9% Suspension Scooter Disc Brake 35.1% FY’23 9.69% 12.3% FY’23 Motorcycle 70.9% Die Casting 30.6% Transmission 4 Wheeler Others 6.6% 6.8% 2.2% After Market Aftermarket
Slide 22: By Entity, By Product, By Vehicle Type
By Entity By Product By Vehicle Type Transmission After Market 4.3% Maxwell 4.9% Others Others Europe 0.2% 0.8% 1% 23.2% Alloy Wheel 4 Wheeler India 6.9% Suspension 27.3% 76.6 % Disc Brake 27.0% 9.5% FY’23 FY’23 FY’23 3 Wheeler Motorcycle 10.5% Die Casting 56.2% 46.6% Scooter 7.4% Transmission 5.0%
Slide 23: Share in Total Income by customer
Share in Total Income FY23 FY22 Bajaj Auto 38.1% 39.9% Honda (HMSI) 9.3% 9.1% VW Group (incl. Porsche, Audi) 6.6% 6.1% Stellantis 6.1% 6.6% Royal Enfield 5.8% 5.4% India Yamaha Motors 4.4% 3.1% Daimler 3.2% 4.4% Hero MotoCorp 3.0% 2.9% Hyundai/Kia 2.0% 1.9% Tata Motors 1.6% 1.3% TVS Motors 1.6% 0.5%
Slide 24: Capex: Standalone and Europe
Expansion Capex and Dies account for 82% of total capex. Standalone: Includes land purchase and capacity addition in brake assemblies, Rs. 3914 M aluminium alloy wheels, aluminium casting and machining, driveshaft, aluminium forging, Suspensions, and BMS line. Europe: Includes capacity expansion to
Slide 25: Sustainability
Sustainability 25
Slide 26: GRI Parameters FY23 Achievement
GRI Parameters Unit FY23 for India Achievement business Carbon neutrality % 22.6 Specific electrical energy 4.2% Reduction in Kwh/ INR Sales consumption Specific thermal energy Reduction in Mkcal/ INR 5.1% consumption Sales Specific water footprint 3.8% Reducton in kL/INR Sales reduction Water recov
Slide 27: Innovatively Agile - Endurance
ENDURANCE A . Complete Solutions
Endurance Technologies — Q4 FY2023 Earnings Presentation on 6ix