Lumax Industries - A Key Beneficiary Of Uptick In OEMs Volume: Dolat Capital
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Dolat Capital Report
Lumax Industries Ltd. exhibited decent performance in Q3. Revenue/Ebitda grew by 16/11% YoY respectively.
Ebitda margin stood at 10.7% (down 53 basis points YoY/up 152 QoQ), the impact of raw material cost headwind was partially offset by cost control measures and better mix (increase in the proportion of headlamps).
The company underperformed passenger vehicle industry’s growth in Q3 due to adverse model mix (doesn’t supply in Maruti Suzuki India Ltd.’s model Brezza and Baleno), however, supported by strong growth in two-wheeler led by an increasing share of business with TVS Motor Company Ltd. and Honda Motorcycle and Scooter India Pvt. Ltd.
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