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Dolat Capital Report
Lumax Auto Technologies Ltd. recorded a strong performance in Q2. Ebitda margin expanded 61 basis points YoY to 11.1% benefited from operating leverage and strong aftermarket.
Revenue grew 42% YoY led by strong performance from sheet metal, plastic molded parts and aftermarket.
Management is observing promising recovery in business and expecting 20% plus revenue growth in FY22.
Company has Rs 4.4 billion order book (Rs 3.3 billion of new orders mainly for gear shifter and sheet metal).
Fueled by the improving product mix, new client acquisitions and strong original equipment manufacturer volumes, we reckon that Lumax Auto to see sharp growth in revenues (~1.4 times) and expand margins (to 10% plus on an annual basis) by FY23E.
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