- 14 Nov 2024
- ICICI Securities
LUMAX AUTO TECHNOLOGIES REPORTS HEALTHY PERFORMANCE IN Q2FY25
News: On the consolidated basis, total operating income for the quarter came in at ₹842.3 crore (up 20% YoY). EBITDA in Q2FY25 came in at ₹102.2 crore with corresponding EBITDA margins at 12.1% (up 49bps QoQ). Resultant PAT for the quarter stood at ₹42.9 crore (up 56.5% YoY).
Views: Topline performance of the company came in above our expectations. Notably, Passenger Cars segment contribution has increased from 47% in H1FY24 to 50% in H1FY25. Also, the majority of segment such as Advance Plastics, Structures & control system, and mechatronics have witnessed more than 20% YoY growth in this quarter. With the recent 60% of stakes acquisition in Green Fuel’s renewable energy, it will be expanding portfolio in CNG domain which is accretive given the major OEMs such as Maruti & Tata Motor are focusing on increasing share of CNG vehicles. Being a capital efficient business model with ~17% RoE/RoCE profile, it is expected to improve 20%+ levels going forward. With healthy order book led double digit growth prospects, stable margin profile and impressive return ratios matrix, we maintain our positive view on the company.
Impact: Positive