Axis Direct's research report on Lumax Industries
In Q1FY18, Lumax Ind.s reported sales revenues of Rs 390 cr (↑15% YoY & ↓9.8% QoQ), EBIDTA of Rs 26 cr (↑7.2% YoY & ↓5.2 QoQ) with EBIDTA margin at 6.7% (correction of 50 bps on annual comparison). The standalone profit after tax was reported at Rs 8.1 cr (↓12.1% YoY) while consolidated PAT was reported Rs 15.2 cr (up 17.8% YoY).
Outlook
Lumax Inds has been a market leader with share of 55-60%in Indian Automobile Lighting industry and would be a BIG beneficiary of increasing penetration of LED lighting in both 2 wheelers & 4 wheelers along with changing perception about Auto lighting. Backed by the strong R&D capability, Lumax would be able to capitalize on the opportunities available due to rising share of LED in automobile lighting systems and value of lighting content per vehicle as the new regulations are implemented. We recommend a BUY with a price target of Rs 1597.
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