CD Equisearch's research report onLumax Industries
Revenue in Q3FY18 surged by 25.5% on account of expansion in volume (15% volume growth y-o-y) as well as value addition of new technology lighting components though sales of moulds plunged by ~72% due to postponement of certain model launches by its clients. The company realized revenue of Rs 6.5 crs ($1m) in Q3FY18 as a result of price negotiations with its customer that was pending since the first quarter of the current fiscal
OutlookThe stock currently trades at 27.2x FY18e EPS of Rs 81.23 and 21.2x FY19e EPS of Rs 104.06.On balance, we assign ‘accumulate‘rating on the stock with a revised target of Rs 2602 (previous target: Rs 1630) based on 25x FY19e earnings (forward PEG Ratio: 0.9).
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