Shares of Endurance Technologies slumped more than 8 percent on Wednesday after reporting quarterly numbers. At 11:25 am, shares of the company were down 6 percent at Rs 1,456.75 on BSE.

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The company's consolidated revenue from operations came in at Rs 1,889.1 crore in the quarter ending December 2021, against Rs 2,040.9 crore in the corresponding quarter last year.

Net profit for the reporting quarter stood at Rs 94.6 crore as compared to the year ago's Rs 190 crore.

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“In terms of YOY change in the number of two-wheelers sold by Indian OEM5, Q3 saw a drop of 19.7 percent. In FY21, post the lockdowns, the two-wheeler market saw excellent demand in Q3, which resulted from pent-up demand and a strong preference for personal mobility," said Anurag Jain, Managing Director, Endurance Technologies.

"On the other hand, the market this year is subdued with headwinds in the form of weak rural demand and a higher cost of ownership. Endurance standalone revenues in Q3 this year declined 2.5 percent compared to the same quarter last year,” added Jain.

“In the EU (including UK), the number of new car registrations was down by 23.4 percent YoY in Q3. The European automotive market has been deeply impacted by semi-conductor shortages and soaring energy prices. In Euro terms, our Q3 revenues this year were lower than last year by 19.4 percent,” he added.

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