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Dolat Capital Report
Lumax Industries Ltd. displayed a decent set of numbers in Q1. Revenue de- grew 6.8% QoQ to Rs 5.12 billion mainly due to lower revenue from mould business.
Ebitda margin contracted by 200 basis points QoQ to 8.47 % due to negative operating leverage, weaker mix and forex fluctuation.
Despite supply side challenges, Lumax Industries is optimistic for strong revenue growth for FY23 (22-25%) due to ramp up in passenger vehicles production, strong growth in commercial vehicles, winning of new business (MG motors and Toyota), strong demand on the back of strong festive season and improvement in rural demand.
Recovery in original equipment manufacturers volume, in house electronic facilities for manufacturing of printed circuit boards (commissioned plant in Bawal), increasing localisation and cost reduction initiatives will help in sustaining double digit Ebitda margin in ensuing quarters.
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