Buy Endurance Technologies; target of Rs 1154: Motilal Oswal

Motilal Oswal 's research report on Endurance Technologies

Endurance Technologies’ (ENDU) 1QFY21 performance was a mixed bag as the revenue miss was off-set by good cost management. ENDU continues to outperform the underlying 2W industry, which should further widen due to new customers and content increase. Thus, we believe it is the best proxy on the 2W industry in India.

Outlook

We have upgraded our estimates for FY21E by 15% to factor in the cost cutting initiatives in both its businesses. Maintain Buy with TP of INR1,154.

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