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Auto Parts & Equipments company Lumax Auto Technologies announced Q1FY24 results:
- Consolidated revenues stood at Rs 632 crore; up by 50% YoY; Highest ever single quarter revenue
- EBITDA stood at Rs 88 crore; up by 82% YoY, EBIDTA margins stood at 14%, up by 250 bps YoY
- Profit after Tax (PAT) and Minority interest stood at Rs 22 crore. PAT margins stood at 3.5%
- Integrated Plastic Modules contributed 47% to overall Revenues followed by Aftermarket at 13%, Gear Shifter at 13%, Fabrication at 8%, Emission at 6%, Lighting products at 5%, and Others at 7%
- Passenger Car contributed 45% to overall Revenues, 2/3?Wheelers at 24%, After Market contributed 13%, CV’s at 9% and others at 8%
Commenting on the results Anmol Jain, MD, Lumax Auto Technologies said, "We are delighted to announce yet another quarter of strong operational & financial performance. In Q1FY24, our revenues grew by 50% on a YoY basis and our EBITDA surged by 250 basis points YoY. Despite encountering several challenges over the past two years, the automotive industry has exhibited remarkable resilience in its growth trajectory. With a concerted emphasis on localizing production, alleviating supply chain bottlenecks, higher EV adoption, integrating digital solutions for enhanced customer experiences, and embracing a shift towards elevated & premium vehicle offerings, the prospects appear promising.
Within the domain of Lumax, our deep industry expertise, long-standing relationships with OEMs, state-of-the-art manufacturing facilities, and continuous innovation gives us the confidence to not only outpace the industry growth but also enhance our client base and deepen our wallet share among existing OEMs.
Our recent partnership, IAC India is performing as per our expectations and is adding significant value to content per vehicle. With the integration of IAC India with Lumax, we have not only enhanced our product portfolio but are also successful in cross-selling and upselling these products to our existing & new clients."
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