15 August 2020 Endurance Technologies (ENDU) 1QFY21 performance was a mixed bag as the revenue miss was off-set by good cost management. ENDU continues to outperform the underlying 2W industry, which should further widen due to new customers and content increase. Thus, we believe it is the best proxy on the 2W industry in India. We have upgraded our estimates for FY21E by 15% to factor in the cost cutting initiatives in both its businesses. This translated to recurring loss of INR249m (v/s est. S/A revenues declined ~73% YoY to ~INR3.6b (v/s est. ~INR5.3b) as compared to the underlying 2W industry production decline of 78.5% YoY.