YES Securities is bullish on Endurance Technologies has recommended buy rating on the stock with a target price of Rs 1665 in its research report dated May 18, 2023.

YES Securities' research report on Endurance Technologies

Endurance (ENDU) 4QFY23 consol results were better-than-expected as margins in Europe business at 17.8% (vs 12.6% YoY) outpaced our estimates while margins in S/A at 11.9% (+80bp QoQ, est ~12%) were in-line. Europe margins recovery was led by falling energy prices, and energy cost related compensation from government (Italian government) and customers. New order wins of Rs9.35b/EUR84m in FY23 (v/s Rs8.8b/EUR67.4m in 9MFY23) is healthy considering weak volumes in domestic 2Ws and Europe. ENDU’s EV specific orders is seeing a ramp-up which now stands at ~Rs3.8b in S/A (42% of S/A orderbook vs 12% in FY22) with cumulative order of ~Rs6b (including BJAUT and do not include Rs1.3b orders at Maxwell) till date as well as EUR41m orders in EVs in Europe.


Source - Money Control