Motilal Oswal's research report on Endurance Technologies
3QFY23 consolidated performance was affected due to tepid India business growth trajectory, led by weakness in 2Ws. EU business demonstrated improvement, on the back of better supplies and compensation for cost inflation, but the outlook remains uncertain due to inflation and high interest rates.
Outlook
We have cut our FY23E/FY24E EPS estimates by 5%/5.5% to account for weakness in the India business. We reiterate our Buy rating with a TP of INR1,625 (27x Dec’24E EPS).
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