Endurance’s net profits down in Q3
Consoliddated revenues fell by 7.3 percent
Endurance Technologies has reported that its consolidated revenues fell by 7.3 percent to Rs 1896.6 crore during Q3 of the current fiscal as compared to Rs 2,046.7 crore during the year-earlier period.
The company's net profit fell by nearly 50.2 percent to Rs 94.6 crore during Q3FY2022 as against Rs 190 crore registered during corresponding period previous year, the company said in a regulatory filing.
Aurangabad-based Endurance Technologies offers a diverse range products and has operations in India, Italy and Germany. In India, the company is a supplier of aluminium castings, suspensions, transmission and braking systems predominantly catering to two and three-wheeler OEMs. On the other hand in Europe it supplies aluminium casting products for four-wheelers. Endurance Technologies has 28 plants, out of which 19 are in India, 3 in Germany and 6 in Italy.
According to Anurang Jain, MD, Endurance Technologies, in terms of YoY change in the number of two-wheelers sold by Indian OEMs, Q3 FY2022 saw a drop of l9.7 percent on account of headwinds in the form of weak rural demand and higher cost of ownership. In contrast to it, last year post the lock-downs, the two-wheeler market saw a robust demand in Q3 FY2021 resulting from the pent-up demand and a strong preference for personal mobility.
"During the quarter, we acquired 100 percent stake in Veicoli SrI, Italy which enables fleet operators to increase route efficiency, enhance safety, optimize maintenance activity and reduce fuel costs. These benefIts are derived by monitoring vehicle movement, engine parameters and driving habits on Veicoli’s software platform. Through this acquisition, we seek to expand our innovative solutions offerings in the mobility sector in Europe," said Jain.
The company has a £100 million project to produce hydrogen engines.
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The company will be announcing special year-end offers during the end of December 2023.