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Fifty-six-year-old businessman Anurang Jain is focused on growing his company's profit at a faster pace to revenue. In the last five consecutive years, auto component maker Endurance Technologies has delivered Jain's expectation. No wonder that the firm has created Rs 90 billion in wealth for shareholders in last twenty months after the listing.
The market gave thumbs up to Jain's firm on the day of listing (October 19, 2016): Endurance closed the day with a 37 per cent gain over the issue price of Rs 472 per share. The listing helped Endurance raise Rs 11.61 billion but also turned the promoters a billionaire with their shareholding valued at Rs 75.16 billion.
The fast run at Endurance has continued after the IPO. The stock was trading at Rs 1,260 in the early trading hours on Tuesday. The promoters' wealth is now valued at Rs 146 billion. Jain, a nephew of leading industrialist Rahul Bajaj, had started as a supplier of aluminium casting parts to Bajaj Auto along with twin brother Tarang. The duo parted ways in 2002 and Tarang now runs another auto parts firm Varroc Engineering which is in the process of raising Rs 19.51 billion through an IPO.
Endurance, originally known as Anurang Engineering set up its first plant in Waluj, Aurangabad where Bajaj Auto was establishing its scooter unit (around 1985-86). “The first eight years were difficult but there was lot of learning. Based on the learning we expanded the product range and in these newer products we owned the technology and got a better profitability,” Jain told Business Standard. The new products- suspension systems, clutch assembly, disk brakes and so on- helped Endurance in quickly diversifying and finding several new customers.
The company grew fifty times between 1996 and 2006, during which it also started catering tothe aftermarket. The dependence on Bajaj Auto was still high at 75 per cent. “We decided that we must diversify base further and also look for overseas acquisitions. We spent almost 47 million euros between 2006 and 2007 to acquire a company each in Germany and Italy,” said Jain. The move added a top line of hundred million euros to Endurance and made top global auto majors such as BMW, Audi and Porsche its clients. It supplies suspension parts, engine and transmission parts to these European clients. With capacity expansions and widening of product portfolio, the overseas business revenue is now 252 million euros and it enjoys a high EBIDTA margin of 18 per cent.
In the domestic market too, Jain acquired top clients like Hero MotoCorp, Honda Motorcycle and Scooter India (HMSI) and Royal Enfield. Today, just about one-third of revenues come from Bajaj and its other top customers include FCA (11 per cent), HMSI (9.5 per cent) and Royal Enfield (7.5 per cent). Jain said Endurance has been growing its segment revenue at a rate higher to segment growth. “The Indian two-wheeler industry grew at 15 per cent last year but our business grew at 20 per cent,” he said.
The Indian market where Endurance now also gets some business from car maker Hyundai accounts for 71 per cent of company’s consolidated revenue of Rs 65 billion (FY18), up 17 per cent YoY. Profit last year grew at more than 18 per cent to Rs 3.9 billion. Jain said the actual profit growth would have been over 23 per cent but for a one-time cost of Rs 269 million on a voluntary separation scheme for workers at one of its plants. It shut down two plants last year for better economies of scale and now operates sixteen plants in India and eight overseas with a workforce of almost 5,000. But two new plants are coming up in Gujarat and Karnataka to supply parts to Hero and HMSI later this year and headcount will again go up.
The regulatory changes in two-wheelers such as mandatory ABS systems from April 2019 will give Endurance an opportunity to expand product range further. Jain said the company is getting ready to begin supplies of ABS systems to two-wheeler makers from early 2019. “We are also in touch with many electric two-wheeler makers for supply of suspension products, casting and braking system”. It is also eyeing opportunities for supplying parts to mid-weight bikes that have bigger engines.
Endurance is today the biggest aluminium die casting player in the country and has leading share in rear shock absorbers for two-wheelers and their clutch and disc brake assemblies. “I can say that we are the largest component supplier in the two and three wheeler market in India. Of our Rs 46.59 billion India revenue, ninety per cent comes from two and three wheelers. I do not think any single player gets Rs 42 billion revenue from these two categories,” claimed Jain. Endurance is on the lookout for inorganic growth opportunities in India and overseas.
Jain remains obliged to Bajaj for the first break. “It was not easy to start a business in the eighties due to Licence Raj. Rahul Bajaj helped us in getting the first business. He has been a role model for me right from my childhood days,” said Jain.
Ajay Modi | New Delhi Last Updated at June 26, 2018 21:47 IST
Aurangabad, February 11: Top women’s players from sixteen countries including India will be seen in action at the $10000 Endurance -MSLTA Women’s ITF Tennis Futures which will be organized by the Endurance MSLTA Marathwada Tennis Centre at the EMMTC Tennis complex in Aurangabad from February 12 - February 19th .
The championships which is being sponsored by Endurance Ltd will offer a total prize money of $ 10,000 (approx Rs5,00,000) and will be conducted under the auspices of the ITF , AITA and MSLTA .
Speaking to reporters the tournament director and the Treasurer of MSLTA Mr. Sunder Iyer and the chairperson of EMMTC Mrs. Varsha Jain said that players from Japan, Korea, Belarus, Ukraine, Thailand , France ,Netherlands, Slovakia, Singapore ,China , Italy , Australia, Vietnam , Spain , Belarus, Israel apart from India will be seen in action at the week long event.
“We are happy that the tournament has received a good and strong field from foreign players, we hope the event will help Indian players to make maximum number of points.
The field will be led by Sung-Hee HAN of Korea currently ranked in the top 400 and followed by Italian Nicole CLERICO (473) ,Varatchaya WONGTEANCHAI of Thailand, Kanae HISAMI of Japan , Ting LI of China , Anja PRISLAN of Slovenia and Ai YAMAMOTO of Japan.
The Indian challenge will be led by Fed Cup players Poojashree VENKATESHA and Aishwarya Shrivatsav , they added.
The tournament will also provide an opportunity to young tennis players from the MSLTA Vision programme Pratharna Thombare of Barshi and CYG Medalist Kyra Shroff to garner valuable points; both the players have been awarded the wild cards by the MSLTA. Two other talented players Sharmada Balu and Rushika Sunkara from Bengaluru and Delhi are the other talented juniors who have been awarded the wild cards for the main draw.
“We are glad to host so many talented players from around the world in the beautiful city of Aurangabad, we will ensure international atmosphere to the players " said Ms Varsha Jain Chairperson of EMMTC and Endurance the sponsors of the event.
The EMMTC which has been completed in three stages in a record 1 1/2 years has hosted three national level tournaments so far but will make a debut as an international venue which is a pride for the whole of Marathwada region, she added.
As Endurance we are extremely thrilled with the progress of the EMMTC and hope that in coming years we will be hosting many high level events including coaching activities. I would love to see a player from Marathwada play in high level events in the coming years, Mrs. Jain added.
The winner will receive 12 points and prize money of $1568, The runners up will receive 8 points and prize money of $980, the semifinalists 6 points and prize money of $490, the quarterfinalists 4 points and prize money of $245 and the pre quarterfinalist 1 points and$ 196 prize money while the main draw participant will get no points but a prize money of $98.
The doubles winner pair will get 12 points, the runners up 8, the Semifinalists 6 points, Quarterfinalist 1 point.
Pune's Gold Badge referee Sheetal Iyer has been appointed the ITF supervisor of the event while city's white badge umpire Shriram Gokhale and Leena Nageshkar have been appointed as the White badge officials for the event.
A special organizing committee comprising of Mr. D L Guddin, Mr. Rajand Masad, , Mr. Sanjay Gade, Mr. Vardhaman Randive, Mr. Harshal Sharma, Mr. Gajendra Bhosale, Mr. Ganesh Makhvekar, Mr. Arshad Desai, , Mr. Ravi Kathavi , Mr. Makarand Kulkarni and Mrs. Kumkum Choudhary has been formed for the successful conduct of the event.
EMMTC has also planned a clinic for youngsters from the centre with the international stars and also the students of the EMMTC will have an opportunity to work as ball kids and will be seen for matches’ semifinals onwards to have a closer view of the international stars, Mr. Iyer added.
The main draw of the event will be played from Monday onwards, while the qualifying rounds of the event will begin on Saturday. Tickets will be available at the EMMTC centre, while tennis players will be given free entry to watch the matches. The semifinals and the Finals of the tournament will be shown Live on Doordarshan.
With an aim to integrate Proprietary business carried out by High Technology Transmission Systems (I) Pvt. Ltd. with the parent company, Endurance Technologies Ltd., a Scheme of Amalgamation was filed with the High Court, Mumbai. Approval for amalgamation has been granted by the Hon’ble High Court and after completing the necessary procedural formalities, HTTS stands amalgamated with ETPL effective 10th February, 2014.
Endurance Technologies Private Limited has won the SAP ACE Award for Customer Excellence 2012 in the category of "Best Run Award in Implementation".
These awards were declared on 19th Oct 2012, in a ceremony held at Mumbai.
SAP ACE awards are an industry benchmark to recognize the best of best-run businesses on SAP platform in the Indian subcontinent.
Over 330 projects were nominated for the SAP ACE award for the year 2012, covering rich diversity of companies, industries and sizes, across diverse businesses like Telecom, Banking & Financial services, Automotive, Chemicals, Pharmaceuticals, Oil & Gas, Energy, Utilities, Services, Engineering & Construction. Out of these 330 nominations finally 19 companies won the SAP ACE Award 2012 under various award categories.
The SAP ACE 2012 award is recognition to Endurance's position on achieving business excellence through Information Technology by deploying innovative solutions and setting global benchmarks.
Actis buys stake in Auto Parts Company Endurance Technologies Ltd
Congratulations to entire Endurance Team!!!!
Endurance received the “NADCA 2011 International Die Casting Competition Award” on 19.09.2011 at Columbus City, Ohio, USA.
This is the first time that an Indian Company has received an award from NADCA. It is also printed in September 2011 issue of “NADCA Die Casting Engineer” magazine, which is circulated worldwide across OEMs and Die Casting companies.
This is a major achievement for Endurance and let’s works toward achieving more such milestones.
Endurance Group in AutoExpo-2010.
Endurance entered into a 'Technical Assistance Agreement' with TEKSID ALUMINIUM S.R.L., Italy, for manufacture of 'Aluminum Cylinder Head' castings by the Gravity Die Casting process. This Agreement is a move towards ENDURANCE entering into advanced aluminum castings. TEKSID is a 100% subsidiary of FIAT GROUP, based in Turin, Italy, and supply aluminum cylinder head castings almost to all major OEMs in Europe. - 4th July, 2008.
Aurangabad based Endurance Technologies plans to expand its product base with technology as the main stay and invest in both product design and process technologies. This is perhaps due to customers’ expectations in terms of value added and value engineering solutions, and faster product development on a ‘first time right’ basis.
In an exclusive interview, Managing Director, Endurance Technologies, Anurang Jain told ...
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Endurance acquired its' 3rd High Pressure Die Casting & Machining Company in Europe, namely M/s. FONDALMEC S.p.A. This company is based in Turin with a machining plant having sales turnover of 68 Million Euro, and Die Casting plant (having 10 machines ranging from 400T to 1650T) having a sales turnover of 15 million Euro. Its' major clients are FIAT, RENAULT, PEUGEOT & GENERAL MOTORS. - 23rd May. 2007.
The first Press conference of our group was held at Taj Palace Hotel, Mumbai on 15 Feb 2007. This is a part of our brand building exercise. Twenty journalists from various newspaper, trade magazines and wires were present.
All major newspapers covered the conference next day specially Hindustan Times, Times Of India, DNA, Asian Age, Economic Times etc covered the story highlighting the growth of our group including the acquisitions abroad and acquiring the stakes in Paioli Meccanica.
The three official spokesperson of the group Mr. Anurang Jain MD, Mr. S. B. Bedekar CFO and Mr. B. Choudhury GM (mktg.) attended the conference and addressed the media.
Endurance has acquired 100% of the Equity Stake in Amann Druckguss GmbH and Co KG, Germany. This company is involved in the manufacture of Aluminum Die Casting Components. Its' major customers are Daimler-Chrysler, Porshe, Volkswagon, MAN, John Deere, Audi & Behr.
"Endurance Technologies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its securities and has filed a draft red herring prospectus with the Securities and Exchange Board of India."
"The draft red herring prospectus is available on the website of SEBI at www.sebi.gov.in and the respective websites of the Lead Managers at www.axiscapital.co.in and www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the red herring prospectus, including the section 'Risk Factors'. Potential investors should not rely on the draft red herring prospectus filed with the Securities and Exchange Board of India in making any investment decision."