MOSL: THE CORNER OFFICE (ENDURANCE TECHNOLOGIES) — Focused growth strategy leveraging on trends in 2Ws

​THE CORNER OFFICE (Endurance Technologies) — Focused growth strategy leveraging on trends in 2Ws; Several levers to margins + Focused capital allocation = Improving RoEs

Mr. Anurang Jain is the Promoter and Managing Director of Endurance Technologies. He has been associated with ENDU since its incorporation as a Director.

He is responsible for the overall operations of the company. He holds a master’s degree in business administration from the University of Pittsburgh. He has over 31 years of experience in the automobile components industry.

• We met with Mr Anurang Jain (MD) and senior management of Endurance Technologies (ENDU) to discuss (i) strategic initiatives undertaken in its India business, (ii) evolving opportunities in India and EU (driven by changes in customer preference and government regulations) and (iii) strategic objectives. Our confidence in ENDU’s growth outlook has strengthened further post this meeting, given that the company appears well placed to benefit from a) deeper penetration within the existing customer base and b) scooterization and premiumization trends. Key takeaways:
• ENDU’s three-pronged strategy should facilitate faster growth in the India business compared to the underlying two-wheeler (2W) industry.
• First, it is targeting to increase content per 2W by strengthening its relationships with newer customers like Honda Motorcycle (HMSI) and Hero MotoCorp (HMCL).
• Second, it is working on increasing its revenue share from scooters by offering relevant products like CVT, front forks and disc brakes. All these products enjoy much higher realizations (up to 4x) than the existing products.