Motilal Oswal's research report on Endurance Technologies
ENDU posted EBITDA margin expansion in the India and EU businesses in 4QFY23. As a result, consol. EBITDA margin grew 140bp QoQ to 12.8% (est. 12.1%). We expect ENDU to sustain margin at the current level, aided by a recovery in the underlying industries, ramp-up in new orders and falling energy costs in EU (lower by 25% QoQ so far).
Outlook
We raise our FY24E/25E EPS by 5.8%/5.2% to factor in a gradual recovery in EU PV production, lower energy prices and favorable currency benefits. Maintain BUY with a TP of INR1,650 (27x Mar’25E EPS).
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