Endurance Tech shares lower even after positive Q1 results, healthy growth led by India biz

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Shares of Endurance Technologieswere trading lower on Friday, August 14, as their react to their June quarter earnings.

The company reported a healthy growth led by its India business. Its total order wins in India were at ₹405 crore. It also bagged orders worth €13.9 million in Europe.

Endurance Tech’s revenue came in at ₹4,348 crore in the June quarter, up 30% from the previous year’s ₹3,355 crore.

Its earnings before interest, taxes, depreciation and amoritsation (EBITDA) increased 19% to ₹569 crore from ₹480 crore last year.

The company’s margins contracted to 13.1% from 14.3% in the year-ago period.

Endurance Tech’s managing director Anurang Jain said the continuing strength in demand for new vehicles has prompted announcement of significant capacity expansions among major Indian two-wheeler and four-wheeler original equipment manufacturers.

“Given our established content on two-wheeler platforms, deepening presence in four-wheelers and the pattern of our share of business growing with multiple OEMs, these expansion represent a strong runway for our profitable growth,” Jain added.Shares of Endurance Tech were down 1% at ₹2,949.7 apiece at 9.25 am on Friday. The stock has gained 10% in the past month and is up 16% this year, so far.

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