Endurance Technologies shares surge 6% after company announces change in top management

The company said in a release that its Director and Chief Financial Officer, Satrajit Ray has retired from his post. Ray will continue as a non-executive non-independent director on the board.

The company informed the stock exchanges about the retirement of Ramesh Gehaney, the director and Chief Operating Officer of the company.

Endurance Technologies mentioned in the release that RS Raja Gopal Sastry has been appointed as the company’s new Chief Financial Officer from June 6.

Rajendra Abhange has been appointed as the Chief Operating Officer of the company.

Last week, on June 1, the company informed the stock exchanges that its Italy based subsidiary Endurance Overseas Srl, Italy, acquired a 100% stake in Ingenia Automation Srl. The stake purchase deal was executed for an estimated €3.6 million (₹32.44 crore).

The entire deal comprised an upfront payment of €2.2 million (₹19.82 crore), a deferred amount of €0.8 million (₹7.2 crore) and an earn-out of up to €0.6 million (₹5.4 crore) which will paid after December 31, 2027, if certain conditions are fulfilled. The company said that Ingenia Automation Srl has been the main supplier of automation systems to the Endurance Group. Ingenia Automation is a maker and installer of industrial automation systems.

The auto components manufacturer posted more than 20% growth in its consolidated revenue from operations for the fourth quarter of FY24 at ₹2,711.31 crore against ₹2,255.15 crore in the corresponding quarter of the preceding fiscal. In the March quarter the company’s Profit-After-Tax(PAT) surged 54% to ₹210.15 crore from ₹136.46 crore in the year-ago period.

The auto ancillary company posted a growth of nearly 5% in its revenue from operations for the March quarter compared to ₹2,588.07 crore in the quarter ended December 2023. The company’s PAT for the March quarter grew 38% on a quarter-on-quarter basis from ₹152.27 crore in the preceding quarter.

Endurance Technology’s revenue from operations for the fiscal year ended March 31, 2024, increased more than 16% to ₹10,240.87 crore from ₹8,804.04 crore in the preceding fiscal.

The auto-ancillary company’s net profit for FY24 grew 42% to ₹680.48 crore on a year-on-year basis from ₹479.57 crore in FY23.

The company’s board of directors recommended a dividend of ₹8.5 per share on the face value of ₹10 for the financial year ended March 31, 2024.

Endurance Technologies shares closed at ₹2,421 apiece, up by 2.37%, on the NSE.