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Endurance Technologies

OPM declined to 13.77%

December 01, 2021 8:33 IST | capital market
For the quarter ending Sept 2021, Net sales (including other operating income) of Endurance Technologies has increased 6.63% to Rs 1887.55 crore compared to quarter ended sept 2020.  

Operating profit margin has declined from 17.69% to 13.77%, leading to 16.98% decline in operating profit to Rs 259.99 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 51.94% to 58.41%.   Purchase of finished goods cost fell from 1.54% to 0.51%.   Employee cost decreased from 9.61% to 8.66%.   Other expenses fell from 19.01% to 18.75%.   

Other income rose 14.69% to Rs 8.2 crore.  PBIDT fell 16.27% to Rs 268.19 crore.  Provision for interest fell 48.57% to Rs 1.8 crore.  Loan funds declined from Rs 581.73 crore as of 30 September 2020 to Rs 551.04 crore as of 30 September 2021.  Inventories rose to Rs 719.74 crore as of 30 September 2021 from Rs 561.91 crore as of 30 September 2020.  Sundry debtors were higher at Rs 941.79 crore as of 30 September 2021 compared to Rs 908.81 crore as of 30 September 2020.  Cash and bank balance declined from Rs 673.43 crore as of 30 September 2020 to Rs 320.05 crore as of 30 September 2021.  Investments rose to Rs 584.64 crore as of 30 September 2021 from Rs 237.64 crore as of 30 September 2020 .  

PBDT fell 15.91% to Rs 266.39 crore.  Provision for depreciation fell 3.41% to Rs 93.99 crore.  Fixed assets increased to Rs 2,543.37 crore as of 30 September 2021 from Rs 2,519.40 crore as of 30 September 2020.  Intangible assets declined from Rs 241.33 crore to Rs 173.56 crore.  

Profit before tax down 21.46% to Rs 172.40 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 39.07 crore, compared to Rs 52.35 crore.  Effective tax rate was 22.66% compared to 23.85%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 20.24% to Rs 133.33 crore.  

Equity capital stood at Rs 140.66 crore as of 30 September 2021 to Rs 140.66 crore as of 30 September 2020.  Per share face Value remained same at Rs 10.00.  

Promoters stake was 75.00% as of 30 September 2021 ,compared to 75.00% as of 30 September 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Endurance Technologies has increased 50.90% to Rs 3581.22 crore.  

Operating profit margin has declined from 15% to 14.08%, leading to 41.70% rise in operating profit to Rs 504.31 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 50.73% to 56.11%.   Purchase of finished goods cost fell from 1.44% to 1.16%.   Employee cost decreased from 12.73% to 9.81%.   Other expenses fell from 20.02% to 19.15%.   

Other income rose 16.06% to Rs 20.89 crore.  PBIDT rose 40.46% to Rs 525.2 crore.  Provision for interest fell 57.44% to Rs 3.26 crore.  Loan funds declined from Rs 581.73 crore as of 30 September 2020 to Rs 551.04 crore as of 30 September 2021.  Inventories rose to Rs 719.74 crore as of 30 September 2021 from Rs 561.91 crore as of 30 September 2020.  Sundry debtors were higher at Rs 941.79 crore as of 30 September 2021 compared to Rs 908.81 crore as of 30 September 2020.  Cash and bank balance declined from Rs 673.43 crore as of 30 September 2020 to Rs 320.05 crore as of 30 September 2021.  Investments rose to Rs 584.64 crore as of 30 September 2021 from Rs 237.64 crore as of 30 September 2020 .  

PBDT rose 42.51% to Rs 521.94 crore.  Provision for depreciation rose 5.14% to Rs 192.26 crore.  Fixed assets increased to Rs 2,543.37 crore as of 30 September 2021 from Rs 2,519.40 crore as of 30 September 2020.  Intangible assets declined from Rs 241.33 crore to Rs 173.56 crore.  

Profit before tax grew 79.77% to Rs 329.68 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 68.34 crore, compared to Rs 41.16 crore.  Effective tax rate was 22.92% compared to 22.44%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 61.60% to Rs 229.89 crore.  

Equity capital stood at Rs 140.66 crore as of 30 September 2021 to Rs 140.66 crore as of 30 September 2020.  Per share face Value remained same at Rs 10.00.  

Promoters stake was 75.00% as of 30 September 2021 ,compared to 75.00% as of 30 September 2020 .  

Cash flow from operating activities increased to Rs 383.69 crore for YTD ended September 2021 from Rs 174.46 crore for YTD ended September 2020.  Cash flow used in acquiring fixed assets during the YTD ended September 2021 stood at Rs 268.23 crore, compared to Rs 157.79 crore during the YTD ended September 2020.  


Full year results analysis.

Net sales (including other operating income) of Endurance Technologies has declined 5.36% to Rs 6547.02 crore.  

Operating profit margin has declined from 16.35% to 15.89%, leading to 8.01% decline in operating profit to Rs 1,040.22 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.57% to 53.29%.   Purchase of finished goods cost rose from 0.40% to 1.37%.   Employee cost increased from 9.80% to 10.30%.   Other expenses fell from 19.88% to 19.20%.   

Other income fell 35.48% to Rs 30.71 crore.  PBIDT fell 9.12% to Rs 1070.93 crore.  Provision for interest fell 21.55% to Rs 13.76 crore.  Loan funds rose to Rs 641.10 crore as of 31 March 2021 from Rs 548.19 crore as of 31 March 2020.  Inventories rose to Rs 611.85 crore as of 31 March 2021 from Rs 550.10 crore as of 31 March 2020.  Sundry debtors were higher at Rs 1,040.98 crore as of 31 March 2021 compared to Rs 672.74 crore as of 31 March 2020.  Cash and bank balance declined from Rs 620.95 crore as of 31 March 2020 to Rs 513.33 crore as of 31 March 2021.  Investments rose to Rs 444.33 crore as of 31 March 2021 from Rs 166.02 crore as of 31 March 2020 .  

PBDT fell 8.93% to Rs 1057.17 crore.  Provision for depreciation fell 3.65% to Rs 399.14 crore.  Fixed assets increased to Rs 2,524.74 crore as of 31 March 2021 from Rs 2,516.88 crore as of 31 March 2020.  Intangible assets declined from Rs 215.38 crore to Rs 173.98 crore.  

Profit before tax down 11.86% to Rs 658.03 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 127.23 crore, compared to Rs 181.01 crore.  Effective tax rate was 19.67% compared to 24.25%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 8.10% to Rs 519.71 crore.  

Equity capital stood at Rs 140.66 crore as of 31 March 2021 to Rs 140.66 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters stake was 75.00% as of 31 March 2021 ,compared to 75.00% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 621.48 crore for year ended March 2021 from Rs 1,011.40 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 375.07 crore, compared to Rs 582.52 crore during the year ended March 2020.  

Management commentary: Mr. Anurang Jain/ Managing Director of the Company said; In terms of YOY change in the number of two-wheelers sold by Indian OEMs, Q2 saw a drop of 4.5%. Endurance standalone revenues in Q2 this year were 16.5% above last years level. Our growth was in high single digits even if we remove the impact of meta! prices and government incentive. In the EU (including UK), the number of new car registrations was down by 23.6% YOY in Q2. In Euro terms/ our Q2 revenues this year were lower than last year by 19.5%. We continue to focus on garnering new business/ and have secured new orders during the first half of the year/ both in India and Europe. Customer Centridty is our cherished value. Our efforts to meet customer needs/ coupled with our strength in R&D and operations and our cost competitiveness/ helps us grow with our customers. In end-September/ we commenced production of ABS modulators in our Aurangabad facility. We are the only 2W brake manufacturer in India to produce the entire braking system along with ABS modulators and wire-braided hoses. Launch of value-added high-technoiogy products is a key part of our growth strategy. During Q2, our factories in India and Europe did not face any government mandated lockdowns. We continue to take measures to ensure a safe workplace for our people.

Endurance Technologies : Consolidated Results

 

Quarter ended Year to Date Year ended
Particulars 202109 202009 Var.(%) 202109 202009 Var.(%) 202103 202003 Var.(%)
Net Sales (including other operating income) 1,887.55 1,770.15 6.63 3,581.22 2,373.26 50.9 6,547.02 6,917.71 -5.36
OPM (%) 13.77 17.69 -392 bps 14.08 15 -91 bps 15.89 16.35 -46 bps
OP 259.99 313.16 -16.98 504.31 355.91 41.7 1,040.22 1,130.76 -8.01
Other Inc. 8.2 7.15 14.69 20.89 18 16.06 30.71 47.6 -35.48
PBIDT 268.19 320.31 -16.27 525.2 373.91 40.46 1,070.93 1,178.36 -9.12
Interest 1.8 3.5 -48.57 3.26 7.66 -57.44 13.76 17.54 -21.55
PBDT 266.39 316.81 -15.91 521.94 366.25 42.51 1,057.17 1,160.82 -8.93
Depreciation 93.99 97.31 -3.41 192.26 182.86 5.14 399.14 414.28 -3.65
PBT 172.4 219.5 -21.46 329.68 183.39 79.77 658.03 746.54 -11.86
Share of Profit/(Loss) from Associates 0 0 - 0 0 - 0 0 -
PBT before EO 172.4 219.5 -21.46 329.68 183.39 79.77 658.03 746.54 -11.86
EO Income 0 0 - -31.45 0 - -11.23 0 -
PBT after EO 172.4 219.5 -21.46 298.23 183.39 62.62 646.8 746.54 -13.36
Taxation 39.07 52.35 -25.37 68.34 41.16 66.03 127.23 181.01 -29.71
PAT 133.33 167.15 -20.23 229.89 142.23 61.63 519.57 565.53 -8.13
Minority Interest (MI) 0 -0.01 - 0 -0.03 - -0.14 0 -
Net profit 133.33 167.16 -20.24 229.89 142.26 61.6 519.71 565.53 -8.1
P/(L) from discontinued operations net of tax 0 0 - 0 0 - 0 0 -
Net profit after discontinued operations 133.33 167.16 -20.24 229.89 142.26 61.6 519.71 565.53 -8.1
EPS (Rs)* 9.48 11.88 -20.24 18.07 10.11 78.64 37.59 40.2 -6.51
* 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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