Tier 1 component major, Endurance Technologies posted a consolidated total income to Rs 7706.4 crore in Q1FY2022 (Q1FY2021 total income: Rs 614 crore) on the back of new order wins and improving sentiment across European markets. The consolidated profit after tax (PAT) came in at Rs 96.6 crore (Q1FY2021: Rs 25 crore).
According to Anurang Jain, MD, Endurance Technologies, the gradual easing of restrictions and likely reopening of educational institutions can help revival in demand. Speaking on the order pipeline, Jain added that "We continue to win orders for supply of products to European four-wheeler OEMs, including sizeable orders for EV and hybrid applications. In India, we continue efforts to supply all four of our products to all major two- and three-wheeler OEMs."
Speaking specifically about the sentiment, Jain said new registration in European and UK markets have shown improvements during Q1FY2022 year-on-year but "production of cars in markets such as Germany showed a decline. Our European operations recorded a marginal increase in total," continued Jain.