Equity Analysis /
India

IN : Endurance Technologies Ltd - Cost inflation pass-through provides comfort

    Pramod Amthe
    Hitesh Thakurani
    CGS-CIMB
    21 May 2022
    Published by

    4QFY22 EPS rose 44% qoq to Rs9.7, up 43% from our estimate, driven by European operations, while India business profits were in line. Higher aluminium and power cost leads to our 3% EPS cut for FY23F-24F. With Maxwell acquisition helping expansion into EV segment, we reiterate Add rating as the stock trades at -1SD below 5-year mean on P/E and EV/ EBITDA.