Endurance Technologies
BSE SENSEX
31,798
S&P CNX
9,908
9 August 2017
1QFY18 Results Update | Sector: Automobiles
CMP: INR923
TP: INR1,059(+15%)
Buy
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Consolidated performance in-line
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INR m
Free float (%)
ENDU IN
141
136.4 / 2.1
999 / 518
11/44/-
291
17.5
Financials & Valuations (INR b)
2017 2018E 2019E
Y/E Mar
55.9
63.7
72.7
Net Sales
7.6
8.9
10.5
EBITDA
3.3
4.1
5.3
PAT
23.5
29.3
37.9
EPS (INR)
9.9
24.7
29.5
Gr. (%)
122.9 148.0 177.7
BV/Sh (INR)
20.8
21.6
23.3
RoE (%)
15.6
18.1
20.7
RoCE (%)
39.3
31.5
24.3
P/E (x)
7.5
6.2
5.2
P/BV (x)
Estimate change
TP change
Rating change
India business drives consolidated performance:
Consolidated net sales grew
7.6% YoY to INR15.5b (our estimate: INR15.8b), led by India business.
Consolidated EBITDA margin expanded 80bp YoY (flat QoQ) to 13.8% (our
estimate: 13.7%), led by internal cost control initiatives and ramp-up in
supplies to domestic customers.
Ramp-up with HMSI, RE and Yamaha drives India business:
Standalone
revenue grew 11.8% YoY (v/s 7.8% increase in domestic 2W industry volumes),
led by strong growth with HMSI, Royal Enfield (RE) and Yamaha. However,
moderation in aftermarket sales due to GST restricted growth. EBITDA margin
expanded 30bp YoY to 12.6% (our estimate: 11.8%), supported by lower other
expenses. Higher tax restricted PAT growth to 22% YoY to INR679m (our
estimate: INR602m).
EU business – better mix drives margins:
EU revenue declined 0.7% in INR
terms to INR4.7b (our estimate: INR5.2b). In EUR terms, growth was 5.6% (v/s
1% PV industry growth). Margin improved 110bp YoY (declined 180bp QoQ) to
16.4% (our estimate: 17.4%), driven by better mix. EBITDA was INR766m v/s
our estimate of INR910m. Lower other income dented PAT (INR286m v/s our
estimate of INR409m).
Earnings call highlights:
(a) ENDU expects its ABS product to be ready by
January 2019 (in tie-up with BWI Group); (b) Aftermarket sales impacted due to
GST, expect recovery in coming quarters; (c) Expects to penetrate products like
CVT, brakes, and clutches with new customers like HMSI and HMCL over the
next two years; (d) Won contract to supply components for EV application from
Porsche; (e) Die casting business to benefit from EV, as product platform has
20-year lifecycle v/s IC engines’ 7-8 years.
Valuation and view:
We cut our EPS estimates by 4.5% for FY18 and 2.7% for
FY19, as we cut EU business earnings and factor in increase in RM costs. We
believe ENDU offers strong growth potential, driven by newer products and
technology. We retain P/E multiple at 25x Sep-19E due to higher visibility on
growth drivers beyond FY19. Maintain
Buy
with TP of INR1,055.
FY18
2QE
3QE
16,250 15,680
12.2
18.8
60.0
58.5
9.0
9.6
18.7
18.4
2,235
2,175
13.8
13.9
760
790
57
57
95
110
1,513
1,438
29.4
30.1
1,068
1,005
19.6
35.2
FY17
4QE
16,246
17.7
58.2
9.5
18.1
2,307
14.2
825
56
120
1,546
30.1
1,081
29.4
55,880
6.8
57.7
9.8
19.0
7,555
13.5
2,905
322
319
4,646
28.9
3,303
9.9
FY18E
63,679
14.0
58.9
9.4
17.7
8,852
13.9
3,117
226
385
5,894
30.1
4,120
24.7
FY18
Var
1QE
(%)
15,819
-2.0
10.0
57.4
170bp
9.8 -30bp
19.0 -140bp
2,159
-1.1
13.7
10bp
775
55
100
1,429
-2.2
29.3 160bp
1,011
-4.5
21.6
Consol - Quarterly
Y/E March
(INR Million)
Net Sales
YoY Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Expenses (% of sales)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Eff. Tax Rate (%)
Adj. PAT
YoY Change (%)
1Q
14,402
13.3
58.4
9.8
18.9
1,865
13.0
684
104
89
1,166
24.5
880
15.2
FY17
2Q
3Q
14,482 13,203
7.5
2.4
57.8
57.8
8.9
10.5
19.4
18.3
2,008
1,769
13.9
13.4
699
741
81
88
54
73
1,281
1,014
30.3
26.7
893
743
14.8
13.6
4Q
13,803
4.8
57.4
9.9
18.9
1,898
13.8
781
49
119
1,186
29.6
835
3.3
1Q
15,503
7.6
59.0
9.5
17.6
2,136
13.8
742
57
60
1,397
30.9
965
9.7
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Jinesh Gandhi - Research analyst
(Jinesh@MotilalOswal.com); +91 22 3982 5416
Jigar Shah - Research analyst
(Jigar.Shah@MotilalOswal.com); +91 22 3982 5402
/Deep Shah
- Research analyst
(Deep.Shah@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Endurance Technologies
S/A Performance
Y/E March
(INR Million)
Net Sales
YoY Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Expenses (% of sales)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Rate (%)
Adj. PAT
YoY Change (%)
1Q
9,626
10.0
64.1
6.0
17.7
1,184
12.3
399
63
40
762
27.1
555
1.8
FY17
2Q
3Q
10,648
8,929
9.7
-1.1
64.7
63.4
5.5
6.7
17.3
18.2
1,337
1,042
12.6
11.7
405
418
38
51
32
27
926
600
28.4
21.4
663
472
20.2
10.5
4Q
9,595
5.3
63.4
6.8
18.0
1,132
11.8
447
27
42
701
25.1
525
-6.6
1Q
10,760
11.8
65.1
6.1
16.2
1,360
12.6
408
29
44
967
29.8
679
22.3
FY18
2QE
3QE
12,032 10,894
13.0
22.0
65.3
64.5
5.6
6.3
16.0
16.8
1,582
1,356
13.1
12.4
420
450
35
35
55
60
1,182
931
28.3
28.3
848
668
27.9
41.5
FY17
4QE
11,276
17.5
64.2
6.2
17.0
1,420
12.6
490
38
66
958
28.2
688
31.1
38,798
5.6
63.9
6.2
17.7
4,710
12.1
1,669
179
125
2,989
25.9
2,215
6.2
FY18E
44,962
15.9
64.8
6.0
16.5
5,718
12.7
1,767
137
225
4,038
29.0
2,867
29.4
FY18
Var
1QE
(%)
10,589
1.6
10.0
64.0
110bp
6.2 -10bp
18.0 -180bp
1,249
8.9
11.8
80bp
445
35
50
819
18.0
26.5 330bp
602
12.8
8.5
EU Subs (Derived)
Y/E March
(INR Million)
Net Sales
YoY Change (%)
RM Cost (% of sales)
Staff Cost (% of sales)
Other Expenses (% of sales)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Rate (%)
Adj PAT
YoY Change (%)
1Q
4,776
20.6
47.0
17.3
21.4
682
14.3
41
285
49
404
19.7
324
48.8
FY17
2Q
3Q
3,834
4,274
1.9
10.5
38.6
46.2
18.5
18.3
25.4
18.5
670
727
17.5
17.0
43
37
294
322
22
46
355
414
35.1
34.4
230
271
1.7
19.3
4Q
4,208
3.6
43.8
17.0
21.0
766
18.2
22
334
77
486
46.0
262
6.7
1Q
4,743
-0.7
45.4
17.4
20.8
776
16.4
28
334
16
430
33.5
286
-11.8
FY18
2QE
3QE
4,217
4,786
10.0
12.0
45.0
45.0
18.5
17.1
21.0
20.8
653
819
15.5
17.1
22
22
340
340
40
50
331
507
33.5
33.5
220
337
-4.2
24.3
FY17
4QE
4,970
18.1
44.6
17.1
20.5
886
17.8
17
336
54
587
33.1
393
49.7
17,082
9.7
43.8
17.8
21.8
2,844
16.7
144
1,236
194
1,658
34.4
1,088
18.5
FY18E
18,717
9.6
45.0
17.5
20.8
3,135
16.7
89
1,350
160
1,856
32.5
1,252
15.1
FY18
Var
1QE
(%)
5,231
-9.3
10.0
44.0
140bp
17.1
30bp
21.5
-70bp
910
-14.7
17.4 -100bp
20
330
50
610
-29.5
33.0
50bp
409
-30.0
47.9
Exhibit 1: Consol revenues grew 7.6% YoY
Consol Net Sales (INR b)
12.7
13.5
12.9
13.2
14.4
14.5
13.2
13.8
15.5
Exhibit 2: Adverse currency impacts Europe revenues
India
4.0
3.8
3.9
4.1
4.8
Europe
3.8
4.3
4.2
4.7
8.7
9.7
9.0
9.1
9.6
10.6
8.9
9.6
10.8
Source: Company, MOSL
Source: Company, MOSL
9 August 2017
2

Endurance Technologies
Exhibit 3: EBITDA margin expands YoY/QoQ …
Consol EBITDA (INR b)
13.2
12.1
1.5
1.8
1.7
1.7
1.9
2.0
1.8
1.9
2.1
11.2
12.5
11.8
12.4
12.3
12.6
11.7
11.8
12.6
13.1
13.1
EBITDA Margins (%)
13.9
13.8 13.8
13.4
Exhibit 4: European margins contracts QoQ
EBITDA Margins (%)
16.1
India
17.5
14.6
14.3
Europe
17.0
18.2
16.4
13.0
14.3
14.9
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Concentration of Bajaj Auto reducing
Bajaj Auto (% of Consol Sales)
62
59
59
55
56
Bajaj Auto (% of S/A Sales)
56
52
49
47.5
42
42
41
37
38
41
35
34
31
Source:
Key takeaways from management interaction
GST impacted aftermarket sales:
2W volume recovery post demon and ramp up
with HMSI, Re and Yamaha drive domestic revenues. However, volumes in
aftermarket moderated led by GST impact. Management has indicated after
market growth of +15% for FY18.
Contract from Porsche to supply EV components:
ENDU has received contract
from Porsche to supply components for its EV application. The management
indicated the opportunity is huge as ENDU has strong relationship with other
European manufacturers.
Initial talks with HMSI for ASEAN supply:
The management indicated company
is in talks with HMSI to extend supply of clutch assemblies to ASEAN markets
beyond India. Further it has also received Letter of Interest (LOI) for Disc Brake
supply from HMSI as well.
Tie-up with BWI to tap ABS opportunity on track:
ENDU tied-up with BWI for
joint development of ABS products for application in two/three wheelers and
expect to be ready with the product by Jan-19.
CVT – next big opportunity:
It would start supplying clutch and CVT to HMCL in
end FY18. As indicated, CVT is huge opportunity and a focus area for the
company and currently working with HMSI on CVT opportunity. Similarly, it is
working on braking system for HMSI, which should start production in FY19.
9 August 2017
3

Endurance Technologies
EV –
evolving opportunity for Aluminum die-casting products: Die casting
business to benefit from EV as product platform has 20 year lifecycle v/s. 7-8
years of IC engines.
Halol plant for HMCL to start by 4QFY18:
Its Halol plant for supplying Front Fork
and Shock absorbers to HMCLs’ Halol plant (100% share) would start operations
by 4QFY18. Currently, it is supplying its from Waluj as HMCLs operations are yet
to ramp-up. Currently it is manufacturing ~1,200 units a day and expect to reach
~4,000 units by early 2018.
EU business – new projects improves growth visibility:
EU subsidiaries are
working on 5 new projects for VW, Daimler and Porsche, which would start
between CY17 to CY20. These projects lend visibility as booked business is till
2025 for engine components and 2028 for transmission components.
Diversification on track:
ENDUs focus to reduce dependence on Bajaj Auto and
Aluminum Die Casting business progressed well in FY17. Share of Bajaj reduced
to 37% of consol sales in fY17 (v/s 41% in FY16), whereas share of proprietary
products increased to 41% (from 37%).
Capex guidance:
FY18 capex guidance of INR2.75b for India and EUR15m for EU.
ENDU is considering capacity expansion at its Chennai plant with total capex of
INR600m.
Valuation and view
ENDU offers a strong management, diverse revenue profile, improving
technological content, increasing wallet share of customers, and financial
discipline.
ENDU is one of the few auto ancillary companies in India to boast of a truly
diversified revenue base, both in terms of product lines as well as customer
base, but still offers consistently respectable RoE.
At the helm is a proven management, as evident in the sustained profitable
growth while entering new segments and significant market share gains.
We believe that the strength in ENDU's business franchisee and its strong
management will help the stock continue commanding premium valuation
multiples in comparison to most domestic auto ancillary companies.
In the domestic auto ancillary space, there are only a handful of high-quality,
large-scaled, multi-product auto component suppliers. Considering ENDU's size
and strong market share in its operating segments, we believe that the stock
should command a premium to its domestic peers.
All this is reflected in the company’s strong growth prospects (revenue/EPS
CAGR of 15%/26% over FY17-20E) and robust return ratios (23% RoE).
We cut our EPS estimates by 4.5% for FY18 and 2.7% for FY19 as we cut EU
business earnings and we factor in increase in RM costs. We believe ENDU offers
strong growth potential over prolonged period of time, driven by newer
products and technology. We maintain PE multiple at 25x Sep-19 due to higher
visibility on growth drivers beyond FY19. Maintain
Buy
with TP of IN1,055.
9 August 2017
4

Endurance Technologies
Exhibit 6: Revised Forecast(Consol)
(INR M)
Net Sales
EBITDA (%)
Net Profit
EPS (INR)
Rev
63,523
13.9
4,099
29.1
FY18E
Old
64,275
13.9
4,292
30.5
Chg (%)
-1.2
0bp
-4.5
-4.5
Rev
72,515
14.4
5,311
37.8
FY19E
Old
73,250
14.3
5,459
38.8
Chg (%)
-1.0
10bp
-2.7
-2.7
Source: MOSL
Exhibit 7: Comparative valuations
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors
Auto Ancillaries
Bharat Forge
Exide Industries
Amara Raja Batteries
BOSCH
Endurance Tech
CMP
(INR)*
2,914
3,913
596
1,396
7,756
430
112
32,136
1,187
214
801
24,171
923
Rating
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
TP
(INR)
3,281
3,818
606
1,618
8,931
666
118
30,992
1,330
269
986
23,738
1,059
P/E (x)
FY18E FY19E
21.2
17.8
20.7
19.7
36.6
23.0
20.4
16.9
27.4
20.5
13.9
6.7
21.7
16.1
37.7
29.4
31.5
23.3
28.4
37.2
31.5
23.9
19.5
21.1
31.5
24.3
EV/EBITDA (x)
FY18E FY19E
15.4
12.7
13.4
12.8
24.1
15.7
14.6
12.4
17.0
13.1
4.1
2.6
11.0
8.4
29.0
24.9
18.6
14.5
15.5
24.9
15.0
15.0
12.2
11.5
21.2
12.5
RoE (%)
FY18E FY19E
22.2
24.0
34.6
31.5
28.6
35.2
13.9
14.9
20.2
22.9
16.5
27.3
23.2
27.0
37.0
35.4
19.8
14.1
17.3
21.1
21.6
22.3
15.0
19.9
21.9
23.3
Div Yield (%) EPS CAGR (%)
FY18E FY19E
FY17-19E
2.2
2.7
11.2
2.3
2.3
8.5
0.5
0.8
48.5
1.4
1.4
23.2
1.1
1.3
23.3
0.1
0.1
80.2
1.8
2.0
23.7
0.5
0.5
33.6
0.7
1.0
0.5
0.9
0.4
0.9
1.0
0.7
1.1
0.7
37.8
16.3
16.4
27.3
27.1
Source: MOSL
9 August 2017
5

Endurance Technologies
Story in Charts
Exhibit 8: Sales CAGR of 14.6% over FY17-20E
22.5
Sales (INR m)
16.7
10.2
-0.2
6.4
Sales Growth (%)
14.0
6.8
14.1
15.7
-7.1
Exhibit 9: PAT CAGR of 26% over FY17-20E
56.2
20.8
PAT (INR m)
23.4
19.0
PAT Growth (%)
9.9
24.7
29.5
23.4
Exhibit 10: Geography wise sales break-up FY17 (%)
Other, 2.1
Europe,
30.6
Exhibit 11: Market share in India business (%)
FY14
FY15
FY16
26.9 27.3
15.5 14.5 15.5
33.0
10.3 11.7
13.5
13.5
11.6
14.3
India, 67.4
Aluminium Braking SystemsShock Absorbers Transmission
casting and alloy
& Front forks
wheels
Exhibit 12: Customer-wise break-up (%)
Remaining
customers,
25.1
Exhibit 13: Segment-wise break-up (%, consolidated)
Aluminium Casting
Braking Systems
3.4
3.6
4.4 5.2 4.8
6.1
22.8
23.6
Suspension
Aftermarket
3.8
3.8
4.6
5.5
5.0 5.0
23.3
23.6
Transmission
5.3 5.1
25.9
4.2
4.4
5.6 5.2
Bajaj Auto,
36.2
27.2
62.5
Royal
Enfield, 7.3
FCA Italy
S.p.A, 15.8
63.7
62.8
62.6
59.5
57.6
9 August 2017
6

Endurance Technologies
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2013
38,225
-0.2
4,927
12.9
1,873
3,053
929
284
-80
2,329
632
27.2
3
1,693
1,751
-3.9
2013
193
7,164
7,357
9,556
5
16,932
23,410
12,766
10,645
316
82
11,178
2,247
6,207
1,502
1,222
6,457
6,098
359
4,722
16,932
2014
42,119
10.2
5,408
12.8
2,078
3,330
810
285
-48
2,757
704
25.6
7
2,045
2,081
18.8
2014
193
9,612
9,805
7,056
-108
16,867
26,386
15,053
11,333
137
95
12,099
2,651
6,750
1,194
1,503
8,176
7,684
493
3,923
16,867
2015
49,170
16.7
6,048
12.3
2,269
3,779
510
325
0
3,594
1,055
29.3
16
2,524
2,524
21.3
2015
176
11,397
11,573
7,731
-207
19,204
29,895
16,476
13,419
216
10
14,345
3,858
5,787
936
3,763
10,103
9,695
408
4,242
19,204
2016
52,304
6.4
6,795
13.0
2,432
4,363
490
330
0
4,203
1,199
28.5
0
3,005
3,005
19.0
2016
176
14,322
14,498
8,262
-185
22,576
35,138
19,136
16,002
1,034
482
15,238
4,099
5,928
1,674
3,537
11,650
11,186
464
3,588
22,576
2017
55,880
6.8
7,555
13.5
2,905
4,650
322
319
0
4,646
1,343
28.9
0
3,303
3,303
9.9
2017
1,407
15,887
17,293
5,158
-182
22,270
38,988
22,035
16,953
438
327
17,807
4,438
7,609
2,199
3,561
14,610
14,080
531
3,197
22,270
2018E
63,679
14.0
8,852
13.9
3,117
5,735
226
385
0
5,894
1,774
30.1
0
4,120
4,120
24.7
2018E
1,407
19,411
20,818
3,908
-182
24,544
42,938
25,152
17,786
438
1,327
18,881
5,035
8,671
1,117
4,058
15,242
14,272
970
3,639
24,545
2019E
72,686
14.1
10,464
14.4
3,427
7,037
(INR Million)
2020E
84,124
15.7
12,323
14.6
3,745
8,578
168
713
0
7,582
2,247
29.6
0
5,335
5,335
29.5
2019E
1,407
23,590
24,997
2,908
-182
27,723
47,188
28,579
18,609
438
1,827
22,667
5,715
9,897
2,423
4,632
17,172
16,074
1,099
5,495
27,724
136
908
0
9,349
2,768
29.6
0
6,581
6,581
23.4
2020E
1,407
28,192
29,598
1,908
-182
31,324
51,438
32,324
19,114
438
2,327
27,479
6,594
11,454
4,069
5,361
19,387
18,129
1,259
8,091
31,325
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
9 August 2017
7

Endurance Technologies
Financials and Valuations
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
Ratios
2013
12.4
25.8
52.3
0.3
2.3
2014
14.8
29.6
69.7
0.4
3.3
2015
17.9
34.1
82.3
0.9
5.9
2016
21.4
38.6
103.1
1.3
7.0
43.2
9.0
2.6
20.1
0.1
2017
23.5
44.1
122.9
1.9
9.6
39.3
7.5
2.4
17.6
0.2
20.8
15.6
17.1
2.5
50
29
56
0.2
2017
7,555
319
-891
-1,337
-237
5,410
-3,804
1,606
175
23
-3,607
0
-916
-338
-23
-1,278
525
1,674
2,199
2018E
29.3
51.4
148.0
3.5
14.4
31.5
6.2
2.1
15.0
0.4
21.6
18.1
19.6
2.6
50
29
53
0.1
2018E
8,852
0
-1,524
-1,774
0
5,554
-3,950
1,604
-1,000
385
-4,565
0
-1,250
-226
-595
-2,071
-1,082
2,199
1,117
2019E
37.9
62.3
177.7
6.8
21.7
24.3
5.2
1.8
12.5
0.7
23.3
20.7
22.2
2.6
50
29
52
-0.1
2019E
10,464
0
-550
-2,247
0
7,667
-4,250
3,417
-500
713
-4,038
0
-1,000
-168
-1,156
-2,324
1,306
1,117
2,423
2020E
46.8
73.4
210.4
11.7
30.1
19.7
4.4
1.5
10.4
1.3
24.1
22.5
25.4
2.7
50
29
51
-0.2
2020E
12,323
0
-951
-2,768
0
8,605
-4,250
4,355
-500
908
-3,843
0
-1,000
-136
-1,980
-3,117
1,646
2,423
4,069
26.0
14.8
15.3
2.3
59
21
52
1.1
2013
4,927
204
-1,109
-676
106
3,451
-1,983
1,467
17
70
-1,896
-424
-107
-947
-40
-1,518
36
1,466
1,502
24.2
15.9
16.3
2.5
58
23
59
0.6
2014
5,408
285
405
-795
387
5,690
-2,403
3,287
0
176
-2,227
0
-2,897
-830
-43
-3,770
-308
1,502
1,195
23.6
16.0
15.9
2.6
43
29
50
0.6
2015
6,048
325
-847
-1,088
-305
4,133
-3,001
1,132
0
-104
-3,106
-17
-817
-524
72
-1,285
-258
1,195
937
23.0
15.9
16.7
2.3
41
29
52
0.4
2016
6,795
330
301
-1,050
520
6,896
-4,686
2,209
-456
-291
-5,433
0
14
-486
-253
-725
737
937
1,674
Cash Flow Statement
(INR Million)
9 August 2017
8

Endurance Technologies
NOTES
9 August 2017
9

Disclosures:
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Endurance Technologies
Disclosure of Interest Statement
Analyst ownership of the stock
Endurance Technologies
No
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www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
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Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
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9 August 2017
10