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	5	+= Summary =
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	7	+* Endurance Technologies Ltd s a leading auto component manufacturer with a global footprint.
	8	+* The company has strategically located facilities with close proximity to OEMs. Having 26 plants in multiple Locations across India & Europe.
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5	5	= Overview =
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7	7	Endurance Technologies Ltd (NSE:ENDURANCE) is a leading auto component manufacturer with an expanding global footprint. Endurance is the largest Aluminum Die-Casting company in India and the largest 2 & 3 wheeler auto component manufacturer in India. Endurance is an end-to-end supplier right from design to manufacturing – culminating into after sales service. Endurance has built a culture of fostering innovation which manifests in its state of the art R&D centers and technology oriented solutions. The company strive to deliver sustainable impact by empowering communities to attain self-reliance and by ensuring environment friendly operations.{{footnote}}https://endurancegroup.com/home{{/footnote}}
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204	204
205	205	= Recent developments =
206	206
207		-**Endurance Technologies Ltd results for quarter ended 30 th September, 2020 **{{footnote}}https://endurancegroup.com/media/pdf/20201110ou-b0d0500e81d8e88.pdf{{/footnote}}
	213	+**Endurance Techn Consolidated March 2021**
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209		-10th November, 2020; The results for the first half of the year include the abnormally adverse numbers of the first quarter, which was impacted by the prolonged suspension of operations due to the pandemic.
	215	+May 20, 2021; Reported Consolidated quarterly numbers for Endurance Technologies are: {{footnote}}https://www.moneycontrol.com/news/business/earnings/endurance-techn-consolidated-march-2021-net-sales-at-rs-2132-90-crore-up-33-58-y-o-y-6915581.html{{/footnote}}
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211		-Consolidated Total Income including other Income for Hl fell by 35.3% to INR 23,913 million vs INR 36,986 million, while Q2 Total Income remained flat.
	217	+* Net Sales at Rs 2,132.90 crore in March 2021 up 33.58% from Rs. 1,596.75 crore in March 2020.
	218	+* Quarterly Net Profit at Rs. 187.40 crore in March 2021 up 75.42% from Rs. 106.83 crore in March 2020.
	219	+* EBITDA stands at Rs. 339.05 crore in March 2021 up 32.8% from Rs. 255.30 crore in March 2020.
	220	+* Endurance Techn EPS has increased to Rs. 13.32 in March 2021 from Rs. 7.59 in March 2020.
212	212
213		-In Hl, 69% of Consolidated Total Income including other Income came from Indian operations and balance came from European operations. For Q2, 73% of the Total Income came from Indian operations.
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215		-Standalone Total Income including other Income degrew in Hl by 38% to INR 16,530 million vs INR 26,649 million, while the degrowth in Q2 was minimal.
	223	+**Performance Highlights:**
216	216
217		-Consolidated EBITDA Margin grew in Q2 to 18% from 17%. For Hl, the margin fell to 15.6% from 17.6%.
	225	+The results for the year include the abnormally adverse numbers of the first quarter, which was impacted by the prolonged suspension of operations due to the Covid-19 pandemic. In the last fiscal, operations were impacted during the end of Q4. {{footnote}}https://endurancegroup.com/media/pdf/20210519ou-05aca8035124f6a.pdf{{/footnote}}
218	218
219		-Consolidated PAT fell by 57.5% to INR 1,422 million vs INR 3,347 million in Hl. In Q2, PAT fell by 1.1 % primarily because the previous year Q2 results contained the cumulative favourable impact of reduction in Indian income tax rates for two quarters.
	227	+* Consolidated Total Income including Other Income for the year fell by 5.6% to INR 65,777 million vs INR 69,653 million, while Q4 Total Income grew YOY 32.6%.
	228	+* 73% of Consolidated Total Income including Other Income for the year came from Indian operations and balance 27% came from European operations.
	229	+* Consolidated EBITDA Margin for Q4 remained at the previous year corresponding quarter level of 15.8%. The year saw a drop in margin to 16.3%, as against 16.9%o last year
	230	+* Consolidated PAT for the year de-grew 8.1% to INR 5,196 million vs INR 5,655 million. Q4 witnessed YOY PAT growth of 75.3%
	231	+* Our Indian operations recorded Aftermarket sales of INR 3, 116 million, an increase of 4.7% over last year. Q4 witnessed YOY growth of 44.4%
	232	+* Consolidated Basic and Diluted EPS stood at INR 36.95 per share compared to INR 40.2 per share in the previous financial year.
220	220
221		-Aftermarket sales from Indian operations degrew in Hl by 34.1% to INR 883 million vs INR 1339 million. In Q2, Aftermarket sales degrew by 4.5%.
222	222
223		-Consolidated Basic and Diluted EPS for Hl stood at INR 10.11 per share (not annualised) compared to INR 23.79 per share (not annualised) in the corresponding half of the previous financial year.
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226	226	Commenting on the Company's performance, Mr. Anurang Jain, Managing Director of the Company said:
227	227
228		-"In terms of YOYchange in the number of two-wheelers sold by Indian OEMs, Ql saw a drop of 72.3%. Q2 saw a healthy recovery with motorcycles recording a growth of 4.0%, and overall 2W degrowth being limited to 2.4%. Moreover, the 2W numbers for September and October reflect double digit growth. The PV volumes have been very robust of late, but the 3W market continues to be subdued. High volumes in 2W and PV segments are due to a combination of factors such as restart of economic activity, preference for individual mobility, a good monsoon, government income/MSP support, lower interest rates, festival demand and pent-up demand. Endurance standalone revenues in Q2 this year were a shade lower than last year's level.
	237	+"H1FY21 had witnessed de-growth in the number of two.wheelers sold by Indian OEMs, and Q3 had witnessed strong demand recovery. Q4 saw a growth of 25.9% in the volumes, backed by demand recovery and a low base for the month of March. On a full year basis, there was de-growth of 12.1%
229	229
230		-In the EU, the number of new car registrations was down by 49.7% in Ql and 7.2% in Q2. Retail demand for cars in Q2 was partly boosted by incentives offered in several European countries. However, production of cars continued to be significantly below last year levels in key European markets. In Euro terms, its Q2 revenues this year were lower than last year by 8.7%.
	239	+Endurance standalone top-line growth for Q4 was 40.6% YOY, while de-growth for the full year was 3.8%. We have posted better-than-industry numbers with key two-wheeler OEMs in the country trusting us to deliver a wider range of products, including those in the high-end value-added category.
231	231
232		-The company continue to focus on garnering new business, and have secured new orders during the first half of the year, both in India and Europe. In September this year, its total eligibility for incentives under the Maharashtra PSI scheme was increased by almost Rs. 1 billion to Rs. 4.7 billion.
	241	+In Europe (European Union and United Kingdom), the market for new cars recorded de-growth of 19.4% for the year. After four quarters of de-growth, Q4FY21 witnessed a growth of 0.7%. ETL Europe's revenue performance beat the rndustry volume numbers, with 18.0% degrowth for the year and 3.4% growth YOY for Q4 in Euro terms. We contihue to win orders for supply of products to European four-wheeler OEMs, including sizeable orders for EV and hybrid applications.
233	233
234		-Consolidation of its Italy operations involving movement of employees and machines from the recently closed Grugliasco facility, and consequent overhead reduction has been largely achieved. The recent voluntary separation scheme at one of its plants in Aurangabad is another step aimed at ensuring that the company remain efficient and resilient.
	243	+While we focus on securing profitable growth by servicing new orders, gaining access to new technology and commissioning new facilities, we also keep a keen eye on our cost structure. During the year, we have consolidated operations in ltaly, offered voluntary separation to surplus manpower in India, and have taken a slew of other measures.
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236		-During Q2, its factories in India and Europe did not face any government mandated lockdowns, barring a few days of restrictions at its Aurangabad factories in July. The Company continues to take measures to ensure a safe workplace for its people."
	245	+During the second half of FY21, our factories in India and Europe did not face any government mandated lockdowns. The Company continues to take measures to ensure a safe workplace for its people.
237	237
	247	+The Board of Directors has reviewed the Company's financial perlormance for the fiscal year and has recommended dividend of Rs. 6.00 per equity share of face value of Rs.10 each."
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	249	+
239	239	= References =
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241	241	{{putFootnotes/}}