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IDBI Capital Report
Lumax Auto Technologies Ltd.'s Q4 FY22 results were in line with our estimates on account of robust sales growth and operating leverage benefit despite intense raw material inflation.
We understand, going forward, gradual pick up in economy and preference toward personal mobility is likely to drive robust demand from auto original equipment manufacturer in FY23 and FY24.
We expect Lumax Auto Tech to report robust aftermarket performance due to pent up demand and anticipate double digit growth across its entire business segment going forward.
We retain our profit after tax estimates for FY23 and FY24. We forecast sales growth of 17.8% and 14.1% for FY23 and FY24 respectively on the back of robust recovery in the domestic two-wheeler and four-wheeler market.
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