For
the quarter ended dec 2022, consolidated Net sales (including other operating income) of Endurance Technologies has increased 10.91% to Rs 2095.25 crore compared to quarter ended Dec 2021. Operating profit margin has jumped from 10.76% to 11.43%, leading to 17.87% rise in operating profit to Rs 239.52 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 59.92% to 59.23%. Purchase of finished goods cost rose from 1.25% to 1.47%. Employee cost increased from 8.75% to 9.05%. Other expenses fell from 19.43% to 19.05%. Other income rose 54.08% to Rs 11.51 crore. PBIDT rose 19.16% to Rs 251.03 crore. Provision for interest rose 227.14% to Rs 4.58 crore.
PBDT rose 17.77% to Rs 246.45 crore. Provision for depreciation rose 11.23% to Rs 101.61 crore.
Profit before tax grew 22.83% to Rs 144.84 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 36.61 crore, compared to Rs 23.29 crore. Effective tax rate was 25.28% compared to 19.75%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 14.37% to Rs 108.23 crore. Promoters’ stake was 75.00% as of 31 December 2022 ,compared to 75.00% as of 31 December 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Endurance Technologies has increased 20.10% to Rs 6569.71 crore.
Operating profit margin has declined from 12.93% to 11.43%, leading to 6.13% rise in operating profit to Rs 750.88 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 57.41% to 60.27%. Purchase of finished goods cost rose from 1.19% to 1.38%. Employee cost decreased from 9.44% to 8.29%. Other expenses fell from 19.25% to 18.84%. Other income fell 13.22% to Rs 24.61 crore. PBIDT rose 5.38% to Rs 775.49 crore. Provision for interest rose 170.39% to Rs 12.6 crore.
PBDT rose 4.33% to Rs 762.89 crore. Provision for depreciation rose 5.79% to Rs 300.02 crore.
Profit before tax grew 3.41% to Rs 462.87 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs -10.29 crore. Provision for tax was expense of Rs 109.47 crore, compared to Rs 91.63 crore. Effective tax rate was 24.19% compared to 22.02%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 5.73% to Rs 343.11 crore.
Promoters’ stake was 75.00% as of 31 December 2022 ,compared to 75.00% as of 31 December 2021 .
Full year results analysis.
Net sales (including other operating income) of Endurance Technologies has increased 15.31% to Rs 7549.14 crore. Operating profit margin has declined from 15.89% to 12.78%, leading to 7.27% decline in operating profit to Rs 964.64 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.29% to 57.93%. Purchase of finished goods cost fell from 1.37% to 1.13%. Employee cost decreased from 10.30% to 9.08%. Other expenses rose from 19.20% to 19.23%. Other income rose 33.64% to Rs 41.04 crore. PBIDT fell 6.09% to Rs 1005.68 crore. Provision for interest fell 53.85% to Rs 6.35 crore. Loan funds declined from Rs 641.10 crore as of 31 March 2021 to Rs 429.61 crore as of 31 March 2022. Inventories rose to Rs 701.14 crore as of 31 March 2022 from Rs 611.85 crore as of 31 March 2021. Sundry debtors were lower at Rs 970.37 crore as of 31 March 2022 compared to Rs 1,040.98 crore as of 31 March 2021. Cash and bank balance declined from Rs 513.33 crore as of 31 March 2021 to Rs 402.64 crore as of 31 March 2022. Investments rose to Rs 486.78 crore as of 31 March 2022 from Rs 444.33 crore as of 31 March 2021 .
PBDT fell 5.47% to Rs 999.33 crore. Provision for depreciation fell 4.36% to Rs 381.73 crore. Fixed assets increased to Rs 2,658.32 crore as of 31 March 2022 from Rs 2,524.74 crore as of 31 March 2021. Intangible assets increased from Rs 173.98 crore to Rs 175.68 crore.
Profit before tax down 6.14% to Rs 617.60 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -31.45 crore. Provision for tax was expense of Rs 125.44 crore, compared to Rs 127.23 crore. Effective tax rate was 21.40% compared to 19.67%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 11.35% to Rs 460.71 crore.
Equity capital stood at Rs 140.66 crore as of 31 March 2022 to Rs 140.66 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 March 2022 ,compared to 75.00% as of 31 March 2021 .
Cash flow from operating activities increased to Rs 741.55 crore for year ended March 2022 from Rs 621.48 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 529.03 crore, compared to Rs 375.07 crore during the year ended March 2021.
Other Highlights
In Q3 FY23, Aftermarket sales from Indian operations stood
at Rs 308.5 crore compared to Rs 287.4 crore in the corresponding period of
last year, despite key export markets facing economic challenges.
Management Comments :
Mr.
Anurang Jain, Managing Director of the Company said: "On a YOY basis,
Indian two-wheeler sales volumes in Q3FY23 have been flat. Endurance standalone
revenues for the quarter rose 7.4o/o compared to the last year. Our topline
benefited from elevated metal prices, and higher volumes from plants,
particularly in brakes and alloy wheels, where capacity was augmented to
seruice new customer orders. The EU and UK industry numbers grew by !4.9o/o,
with our key markets of Italy and Germany recording higher than average growth.
Despite this, the quarter`s industry numbers translate to a drop of 19.4o/o
compared to 3.6m new car registrations in Q3FY20, which was the pre-pandemic
level. Our European business turnover in Euro terms rose 26.10/o YOY.
Normalised for the impact of higher aluminium prices, our topline saw a YOY
increase of 23.60/o. Our European business margins have recovered, primarily
due to falling energy prices, and energy cost related compensation from
governments and customers. Macro events concerning public health, government
policy, geo-political matters, commodity prices etc, have a significant impact
on businesses. Our strengths, including the strength of our Balance Sheet,
enable us to effectively counter the impact of such events. These strengths
were seen playing out both during the Covid lockdowns, and more recently during
the European energy crisis. Moreover, our derisked portfolio of businesses
ensures that the impact of such events is cushioned. We have recently embarked
upon derisking our 4-wheeler OEM focussed European business, where we have
additionally focussed on growing our 2-wheeler Aftermarket business in Europe
by the acquisition
| Endurance Technologies : Consolidated Results |
| | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,095.25 | 1,889.12 | 10.91 | 6,569.71 | 5,470.34 | 20.10 | 7,549.14 | 6,547.02 | 15.31 | | OPM (%) | 11.43 | 10.76 | 68 bps | 11.43 | 12.93 | -150 bps | 12.78 | 15.89 | -311 bps | | OP | 239.52 | 203.20 | 17.87 | 750.88 | 707.51 | 6.13 | 964.64 | 1,040.22 | -7.27 | | Other Inc. | 11.51 | 7.47 | 54.08 | 24.61 | 28.36 | -13.22 | 41.04 | 30.71 | 33.64 | | PBIDT | 251.03 | 210.67 | 19.16 | 775.49 | 735.87 | 5.38 | 1,005.68 | 1,070.93 | -6.09 | | Interest | 4.58 | 1.40 | 227.14 | 12.60 | 4.66 | 170.39 | 6.35 | 13.76 | -53.85 | | PBDT | 246.45 | 209.27 | 17.77 | 762.89 | 731.21 | 4.33 | 999.33 | 1,057.17 | -5.47 | | Depreciation | 101.61 | 91.35 | 11.23 | 300.02 | 283.61 | 5.79 | 381.73 | 399.14 | -4.36 | | PBT | 144.84 | 117.92 | 22.83 | 462.87 | 447.6 | 3.41 | 617.6 | 658.03 | -6.14 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 144.84 | 117.92 | 22.83 | 462.87 | 447.6 | 3.41 | 617.6 | 658.03 | -6.14 | | EO Income | 0 | 0 | - | -10.29 | -31.45 | 67.28 | -31.45 | -11.23 | -180.05 | | PBT after EO | 144.84 | 117.92 | 22.83 | 452.58 | 416.15 | 8.75 | 586.15 | 646.8 | -9.38 | | Taxation | 36.61 | 23.29 | 57.19 | 109.47 | 91.63 | 19.47 | 125.44 | 127.23 | -1.41 | | PAT | 108.23 | 94.63 | 14.37 | 343.11 | 324.52 | 5.73 | 460.71 | 519.57 | -11.33 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | -0.14 | - | | Net profit | 108.23 | 94.63 | 14.37 | 343.11 | 324.52 | 5.73 | 460.71 | 519.71 | -11.35 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 108.23 | 94.63 | 14.37 | 343.11 | 324.52 | 5.73 | 460.71 | 519.71 | -11.35 | | EPS (Rs)* | 7.69 | 6.73 | 14.37 | 24.95 | 24.81 | 0.53 | 34.51 | 37.59 | -8.19 | | | * EPS is on current equity of Rs 140.66 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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