BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Operating performance in Q1 FY23 was affected by higher raw material costs and a weaker mix in the domestic market. While Endurance Technologies Ltd. has been winning new orders (in the domestic and export market), the recent acquisition of Maxwell Energy Systems Pvt. Ltd. has opened up new opportunities in the electronic business (battery management system, telematics, etc.) for electric vehicles.
We have cut our FY23/FY24 earning per share estimate of Endurance Technologies by 16%/5% to reflect:
impact of semiconductor shortages on premium two-wheelers in India,
higher raw material cost impact till Q2 FY23, and
greater energy cost inflation in India and the Europe.
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