homebusiness NewsAuto component maker Endurance Technologies reveals expansion into EV segment through acquisitions
Auto component maker Endurance Technologies reveals expansion into EV segment through acquisitions
While discussing the company's financial performance, Ramesh Gehaney, ED & COO of Endurance Technologies expressed optimism about the margin improvement for their European business in the fiscal year 2024.
Recognising the growing significance of electric vehicle (EV) segment in the automotive industry, auto component maker Endurance Technologies have been acquiring new business in this area. The company has been actively seeking to expand its presence in this rapidly evolving sector tapping inorganic opportunities.
Speaking to CNBC-TV18, Ramesh Gehaney, ED & COO of Endurance Technologies said, “EV is now moving up as far as the revenues are concerned and even the volumes in the market are increasing like I believe that 780,000 vehicles have been made, which is close to 200 percent increase against the previous years. So it has gained traction on the numbers as far as vehicles are concerned.”
He added, “Our business have been close to Rs 600 crore in the past and we have one businesses in brakes, in castings and a suspension, all these product verticals that we have, we have been acquiring new businesses in EV segments also.”
While discussing the company's financial performance, Gehaney expressed optimism about the margin improvement for their European business in the fiscal year 2024.
“The good part is energy has now become an indexing element for our industry. So anything which goes down or is getting indexed, the impact is not as much. But if you look into what is happening currently, the energy costs are coming down, and which will have a positive impact on our margins.”
Gehaney also provided insights into the company's orderbook status, disclosing that it stands close to Rs 935 crore this year that are expected to drive the improvement in margins.
Furthermore, Gehaney highlighted that the order wins secured by Endurance Technologies have outperformed the industry average, reflecting their competitive strength and ability to deliver value to customers.
(Edited by : C H Unnikrishnan)
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