Endurance Technologies Share Price Endurance Tech.
|Managing Director||Anurang Jain|
|Independent Director||Partho S Datta|
|Independent Director||Soumendra Mohan Basu|
|Independent Director||Roberto Testore|
|Director & COO||Ramesh Gehaney|
|Director & CFO||Satrajit Ray|
|Independent Director||Anjali Seth|
|Independent Director||Falguni Nayar|
|Company Secretary||Sunil Lalai|
Endurance Technologies is one of the leading automotive component manufacturers, having a diversified portfolio of technology-intensified products with operations both in India and Europe (Italy and Germany). In India, the company predominantly caters to two and three wheeler OEMs and the products include aluminium die-castings, suspensions, transmissions and braking systems for products with operations for two-wheelers. In Europe, the company predominantly caters to four-wheeler OEMs and mainly supplies aluminum-casting products. Besides, the Company has a significant presence in European markets through its overseas subsidiaries that are trusted manufacturers of auto components used in four-wheeled passenger vehicles. Its subsidiaries are primarily engaged in manufacturing and selling of aluminium die-castings (including alloy wheel) for passenger and commercial vehicles and have eight facilities in Europe. Endurance is a complete solutions provider, providing end-to-end services by engaging its customers from conception to end user delivery and also catering to replacement market. The company has a total 25 manufacturing plants of which 16 are in India, 3 are in Germany and 6 plants are in Italy. The company also has an in-house tool room in India, 4 DSIR approved R&D facilities in India and a technical centre in Italy. Endurance Technologies Limited was originally incorporated as private limited company under the name Endurance Suspension Systems (India) Pvt Ltd on 27th December 1999. Subsequently, the company was changed into a public limited company and its name was changed to Endurance Suspension Systems (India) Limited on 1st July 2000. Further, the company changed its name as Endurance Transmission Systems (India) Limited on Dec 6th 2000, Endurance Transmission Systems (India) Private Limited on Jan 27th 2001, Endurance Technologies Private Limited on Aug 11th 2006, Endurance Technologies Limited on Jul 9th 2010, Endurance Technologies Private Limited on Jan 18th 2012 and finally changed its name as Endurance Technologies Limited on May 31st 2016.In 2016, Endurance Technologies entered into a technical collaboration agreement with Grimeca Srl, Italy for manufacture of combined brake system for motorcycles.On 19 October 2016, the companys shares were listed on the bourses. The stock debuted at Rs 570 on BSE against initial public offer (IPO) price of Rs 472.On 10 January 2017, Endurance Technologies announced that its wholly owned subsidiary in Germany viz. Endurance Amann GmbH has commenced operations at its new machining plant from 10 January 2017. The plant is located at Massenbachhausen, Germany, in proximity to the existing two plants of Endurance Amann GmbH. The new plant admeasuring about 4,500 square meters will contain machining operations, warehouse and office facilities.On 17 April 2017, Endurance Technologies announced that the company has entered into a License and Technical Assistance Agreement with BWI North America Inc., USA, on 15 April 2017, for joint development of ABS products for application in two and three wheelers. This would help the company cater to its OEM customers to comply with new regulations that would require all existing two-wheeler models to be fitted with ABS by April 2019.On 19 May 2017, Endurance Technologies announced that it has completed acquisition of a leasehold plot of land admeasuring about 7.4 acre in Halol Industrial Estate of Gujarat Industrial Development Corporation, Tal. Kalol, Dist. Panchmahal, Gujarat. The company shall set up a plant to manufacture front forks and shock absorbers on the acquired leasehold plot of land. The plant will cater to the requirement of one of the companys leading OEM customers in Halol, Gujarat. On 7 June 2017, Endurance Technologies announced the initiation of expansion of installed capacity for manufacture of aluminium diecasting (high pressure) and machining components/parts at its plant in Chennai. The installed capacity will be enhanced from 8,161 M. Tonnes to 12,250 M. Tonnes in a phased manner over a period of four to six quarters. The estimated cost of the expansion is Rs 9.12 crore to be funded through internal accruals. On 1 January 2018, Endurance Technologies announced the completion of consolidation of plant operations in Pune region. The operations at the companys plant located at Takve, Taluka Vadgaon Maval, and Dist. Pune have been discontinued effective 1 January 2018 and the manufacturing activities have been consolidated with the companys other plants in the Pune region. This consolidation exercise is expected to improve operating efficiencies of plants and shall prove beneficial in the long term, as inter alia overhead costs will also reduce. The discontinuation of operations at Takve plant shall not have any loss of turnover/revenue, as the manufacturing activities have been shifted to other plants in a phased manner. The company has initiated Voluntary Separation Scheme (VSS) during the period to achieve this consolidation. The last VSS saw 158 workmen exercising this option at the plant located in Takve, which led to a payout of Rs 26.87 crore. On 5 February 2018, Endurance Technologies announced that the company has initiated setting up of a plant at its plot of land admeasuring over 7 acre at Karinayakanahalli Village, Kasaba Hobli, Malur Taluka, Kolar District, taken on lease-cum-sale basis from Karnataka Industrial Areas Development Board (KIADB). The company shall manufacture its suspension product range at the new plant from the third quarter of 2018-19, to cater predominantly to one of its leading OEM customers situated in the vicinity.On 18 May 2018, Endurance Technologies announced that the Directorate of Industries, Government of Maharashtra has issued an Eligibility Certificate dated 15 May 2018 to the company for Expansion under Mega Projects - Investment Based under the Package Scheme of Incentives - 2013 (the Scheme). Under the Scheme, the company is eligible for incentives for addition in fixed assets in eligible units during the period 1 April 2013 to 31 March 2018. Based on the Eligibility Certificate, and subject to certain conditions and compliances, the Company is entitled to incentive to the extent of Rs 283.11 crore on the investments made in fixed assets during the period from 1 April 2013 to 30 September 2017. The company intends to avail this incentive as Industrial Promotion Subsidy (IPS) by way of SGST refund, payable by the eligible units of the company during the period from 1 August 2017 to 31 July 2024. The total admissible incentive for each year is up to Rs 40.44 crore based on investment in fixed assets up to 30 September 2017. For the remainder period from 1 October 2017 to 31 March 2018, the company expects to receive Eligibility Certificate in due course.The Board of Directors, at its meeting held on 14th February 2018, approved shifting of the registered office of the Company to E-92, MIDC Industrial Area, Waluj, Aurangabad - 431136 (Maharashtra) from K-228, MIDC Industrial Area, Waluj, Aurangabad - 431136 (Maharashtra). The change in address of registered office was effective 15th February 2018.As at 31st March 2018, the Company had five subsidiaries, mainly comprising of Endurance Overseas Srl, Italy (Direct subsidiary); Endurance Fondalmec SpA, Italy (Indirect subsidiary); Endurance FOA SpA, Italy (Indirect subsidiary); Endurance Engineering Srl, Italy (Indirect subsidiary); and Endurance Amann GmbH, Germany (Direct subsidiary).