Lumax Industries Q4 Review - Positioning For Future Growth: Dolat Capital
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Dolat Capital Report
Lumax Industries Ltd. exhibited impressive performance in Q4.
Revenue/Ebitda grew by 30/47% YoY respectively. Ebitda margin stood at 9.8% (up 114 basis points YoY), benefit of operating leverage and operational cost efficiency suppressed by higher raw material cost headwind.
We expect revenue trajectory to be strong over FY21-24E led by:
Recovery in passenger vehicles volume.
Increasing mix of high value LED business.
Winning new businesses.
Improvement in joint venture performance due to strong volume growth of Hyundai and KIA Motors.
Incremental revenue from heating, ventilation and air conditioning panel.
Improvement in mold part revenue due to new launches and recovery in original equipment manufacturer volume from Q2 onwards.
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