Lumax Industries Results: Latest Quarterly Results & Analysis

Auto Parts & Equipment company Lumax Industries announced Q4FY24 & FY24 results:

• Revenue at Rs 743 crore for Q4FY24 and Rs 2,637 crore for FY24, up by 22.1% and 13.7% YoY respectively
• EBITDA at Rs 71 crore and Rs 242 crore for Q4FY24 & FY24 respectively
• EBITDA margins at 9.6% for Q4FY24 & 9.2% for FY24
• PAT for Q4FY24 at Rs 36 crore vs Rs 21 crore in Q4FY23, a growth of 73.8%
• PAT margin stood at 4.9% for Q4FY24 vs 3.4% in Q4FY23
• Recommends final dividend of Rs 35 per equity share (FV Rs 10/- per equity share)

Commenting on the performance Deepak Jain, Chairman & Managing Director, Lumax Industries Limited said, “We are pleased to report a strong performance for FY24, with revenues increasing by 14% year-over-year. This growth was driven by strong sectoral tailwinds, including the aspirational demand for vehicle ownership in the country, favourable government policies, and our focus on improving efficiencies. As a pioneer in automotive lighting solutions for decades, Lumax Industries remains the preferred choice for OEMs seeking innovative and advanced comprehensive lighting solutions due to our unwavering commitment to excellence.

On the operations front, we inaugurated Phase 1 of our Chakan plant in Q3FY24, which is witnessing strong capacity utilization driven by robust order flows, and we're confident of a swift ramp-up in the coming months. Additionally, we've announced for Phase 2 expansion of the plant, which is set to be commissioned by Q3FY25. Further, we're establishing a new manufacturing facility in Sanand to cater to strong demand for advanced lighting solutions from our OEM partners. This facility is poised to commence operations in the coming month.

We are optimistic about FY25 and will continue to focus on R&D, leveraging our experience to capitalize on sectoral tailwinds. We are confident in our ability to manufacture high-quality lighting solutions for OEMs and remain steadfast in our commitment to maintaining our leadership position in the automotive lighting industry."

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Auto parts & equipment company Lumax Industries announced Q1FY24 results:

• Revenue of Rs 512 crore in Q1FY23 compared to Rs 618 crore in Q1FY24, up 21% YoY
• EBITDA of Rs 48 crore in Q1FY23 compared to Rs 54 crore in Q1FY24, up 12% YoY
• EBITDA margin (%) of 9.4% in Q1FY23 compared to 8.7% in Q1FY24
• PBT of Rs 24 crore in Q1FY23 compared to Rs 23 crore in Q1FY24, a decrease of 2% YoY
• PAT after share of associate of Rs 20 crore in Q1FY23 compared to Rs 23 crore in Q1FY24, up 17% YoY
• EPS of Rs 21.20 in Q1FY23 compared to Rs 24.73 in Q1FY24

Commenting on the performance Deepak Jain, Chairman & Managing Director, Lumax Industries said, “We are delighted to announce our revenues for Q1FY24 grew by 21% YoY and Profit after tax has grown by 17% over Q1FY23, this performance is a testimony of our leadership position in automotive lighting segment by delivering advanced solutions for the evolving needs of customers & industry.

As the industry is witnessing a steady shift in demand from conventional lighting to LED lighting, on the back of technological upgradation and new launches in the pipeline by various OEMs, we are all geared up to capitalize on the same with our technologically advanced lighting products, in-house R&D and long-standing relationship with the customer.”

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Auto Parts & Equipment company Lumax Industries announced Q4FY23 & FY23 results:

• Q4FY22 vs Q4FY23:
  • Revenue (Total): Rs 549 crore vs Rs 608 crore, up 11% YoY
  • EBITDA (Total): Rs 61 crore vs Rs 53 crore, down 12% YoY
  • Margin (%): 11.1% vs 8.8% 
  • PBT: Rs 39 crore vs Rs 24 crore, down 40% YoY
  • PAT: Rs 29 crore vs Rs 21 crore, down 27% YoY
  • Margin (%): 5.2% vs 3.4% 
  • EPS: Rs 30.51 vs Rs 22.20
• FY22 vs FY23:
  • Revenue (Total): Rs 1,751 crore vs Rs 2,320 crore, up 32% YoY
  • EBITDA (Total): Rs 148 crore vs Rs 222 crore, up 50% YoY
  • Margin (%): 8.5% vs 9.6%
  • PBT: Rs 63 crore vs Rs 113 crore, up 78% YoY
  • PAT: Rs 41 crore vs Rs 103 crore, up 153%
  • Margin (%): 2.3% vs 4.4%
  • EPS: Rs 43.57 vs Rs 110.27

Commenting on the performance Deepak Jain, Chairman & Managing Director, Lumax Industries said, “As the automotive landscape undergoes rapid transformation, we remain focused on consistently delivering advanced solutions that address the evolving needs of customers and industry demands. Leveraging our deep expertise and state-of-the-art manufacturing capabilities, with a diverse portfolio of products that ensure enhanced performance, safety, and sustainability across the automotive value chain.

Vehicle premiumization, shift to EVs and rising disposable income are key drivers for our growth. Strategic partnerships with leading technology companies around the world help us maintain a competitive edge. With our continued investments in R&D and technologically advanced product portfolio, we are well positioned to outperform the industry growth.”

Result PDF

Auto parts & equipment firm Lumax Industries announced Q3FY23 results:

• Q3FY23:
  • Q3FY23 Revenue at Rs 579 crore, up by 33% YoY
  • Q3FY23 EBITDA at Rs 57 crore, up by 52% YoY
  • EBITDA margins at 9.8% for Q3FY23, up by 120 bps YoY
  • PAT for Q3FY23 stood at Rs 30 crore, up by 336%. PAT margin stood at 5.1%

Commenting on the performance Mr. Deepak Jain, Chairman & Managing Director, Lumax Industries Limited said, “Indian Auto industry has surpassed Japan auto sales and now has become world’s third largest auto market. Overall, the demand is picking up in both urban & rural segments and the order book continues to grow with the robust outlook for the coming quarters. Automobile production in all segments increased year on year due to the resolving of semiconductor issues and improved economic activity. Our revenues for nine months grew by 42% on a YoY basis, outperforming the industry growth. With the positive outlook for the coming year, deep engagement with customers & addition of wallet share in existing models and new launches, we are optimistic about our journey in the coming years. Our strategic technological tie-ups with global players aid us in remaining competitive. We continue to have strong order wins for new business on account of an array of new launches across the OEMs & product segments.

With our continued investments in R&D and technologically advanced product portfolio, we are well positioned to ride this wave of growth."

Result PDF

Auto parts company Lumax Industries announced Q2FY23 results:

• Q2FY23 revenue at Rs 620 crore, up by 37% YoY; highest ever single quarter revenue
• Q2FY23 EBITDA at Rs 64 crore, up by 54% YoY
• EBITDA margin at 10.2% for Q2FY23, up by 110 bps YoY
• PAT for Q2FY23 stood at Rs 33 crore, up by 115%. PAT margin stood at 5.3%

Deepak Jain, Chairman & Managing Director, Lumax Industries, said, “Auto Industry is growing on the back of a strong recovery in demand in the local market with ease of component supplies. Our revenues for the half year grew by 48% on a year-on-year basis, outperforming the industry growth. The industry is on a revolutionary track, and we have always been at the forefront, offering best-in-class products to our customers. This has enabled us to increase our wallet share with existing customers and add new customers. We continue to have strong order wins for new business because of an array of new launches across the OEMs & product segments. With our continuous investments towards R&D, we are well placed to ride this wave of growth with our technologically advanced product portfolio.”

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Auto Parts & Equipment firm Lumax Industries announced Q1FY23 Result :

• Q1FY23 Revenue at Rs. 512 Cr, up by 63% from Q1FY22
• EBITDA margins at 9.4% for Q1FY23, up by 670 bps from Q1FY22
• PBT Margin stood at 4.6% for Q1FY23

Commenting on the performance Mr. Deepak Jain, Chairman & Managing Director, Lumax Industries Limited said, “Auto industry is witnessing a healthy growth from the last 2 quarters after a long haul and at Lumax Industries we have been able to outperform the industry growth. Our revenues for the quarter grew by 63% and our profitability has increased by 300% on Y-o-Y basis. As the industry is witnessing growth on the back of technological upgradation and new launches in pipeline by various OEM’s, we are all geared up to capitalise on the same with our technologically advanced lighting products and long-standing relationship with customer. This gives us an opportunity to participate & capture significant share in the existing models and new launches. We continue to work on design and development to innovate & provide products with the integrated technologies best suited for the evolving auto industry.”

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Highlights:

• Q2FY22 Revenue at Rs. 453 Cr, growth of 14% YoY, better than industry growth
• EBITDA margins at 9.1% for Q2FY22
• PAT margin after share of associate stood at 3.4% for Q2FY22 vs 1.8% in Q2FY21
• The EBITDA margins for Q2FY22 is down by 130 basis points from Q2FY21 primarily on account of steep increase in raw material prices, the compensation of which is under discussion with customer.

Commenting on the performance Mr. Deepak Jain, Chairman & Managing Director, Lumax Industries Limited said, “Q2FY22 witnessed strong recovery with a growth of 14% on YoY basis. As compared to muted Q1FY22 owing to the 2nd wave of covid, we registered good set of numbers. During Q2, demand was strong and stable, however some of our key customers are facing production challenges in view of the semi-conductor chip shortages. We are envisaging an improved order book in view of new product launches by OEMs and we are well prepared to make the right investments in capacities and design technology to stay ahead.”

Result PDF