Endurance Technologies Q4 Review - Strong Order-Book To Drive Growth: Centrum Broking

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Centrum Broking Report

Endurance Technologies Ltd. reported a strong Q4 FY21 results on the back of continued outperformance over the underlying industry.

Consolidated profit after tax grew by 13.7% QoQ and Ebitda margins were marginally better even as commodity prices were high.

We expect order wins to continue as the company is expanding its product portfolio and capacities going forward.

Proprietary products (clutch, brakes, and suspensions) revenue share continues to improve which augurs well for its margins.

Its order wins in last three years (Rs 22.6 billion/ €120 million in India Europe) should drive good growth in FY22 and FY23 hence we expect 20%/26%/30% compound annual growth rate for revenue/Ebitda/profit after tax over F21-23E.

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