Indian auto component maker Endurance Technologies Ltd reported a 13.5% rise in quarterly core profit on Wednesday aided by strong orders from the automobile industry.
The company’s consolidated earnings before interest, tax, depreciation and amortization rose to 3.06 billion rupees (INR 37.42 million) in the fourth quarter ended March 31, from 2.70 billion rupees a year earlier.
Endurance’s revenue from operations during the quarter rose 7.5% to 22.34 billion rupees.
The Aurangabad-based company, which manufactures auto parts such as aluminium die castings, suspension, and shock absorbers, primarily sells its products to two-wheeler makers.
“While our topline benefited from pass-through of elevated metal prices, a large part of the growth came from higher volumes produced and sold from our plants, particularly in brakes, alloy wheels, machined castings and front forks,” said Managing Director Anurag Jain.
Orders at Indian auto-ancillary manufacturers were buoyed by healthy demand in the automobile industry during a prolonged festive season.
Excluding orders from its primary client Bajaj Auto , the company said it booked new orders worth 9.4 billion rupees in the financial year 2022-23 from original equipment manufacturers (OEMs) in India. New orders received by its European units were worth 84 million euros during the financial year, Endurance said.
Shares of the company closed 3.5% higher on Wednesday ahead of the results. (INR1 = 81.7800 Indian rupees)
