Lumax Auto Technologies (LUMAXTECH) Q2 24/25 earnings summary

Executive summary

• Achieved record Q2 FY25 revenue of INR 842 crores, up 20% YoY, and H1 FY25 revenue of INR 1,598 crores, also up 20% YoY.

• Q2 FY25 EBITDA reached INR 118 crores, up 18% YoY, with EBITDA margin at 14%.

• Q2 FY25 PAT before minority interest was INR 52 crores, up 38% YoY; H1 FY25 PAT before MI at INR 93.5 crores, up 38%.

• Acquisition of Green Fuel Solutions announced, expected to close in Q3 and drive long-term value and growth.

• Board and auditors reviewed and approved consolidated and standalone unaudited financial results for the quarter and half year ended September 30, 2024, with no material misstatements.

Financial highlights

• Q2 FY25 consolidated revenue: INR 842 crores (up 20% YoY); H1 FY25: INR 1,598 crores (up 20% YoY).

• Q2 FY25 EBITDA: INR 118 crores (up 18% YoY); H1 FY25 EBITDA: INR 223 crores (up 19% YoY); EBITDA margin at 14%.

• Q2 FY25 PAT before MI: INR 52 crores (up 38% YoY); H1 FY25 PAT before MI: INR 93.5 crores (up 38% YoY).

• EPS for H1 FY25: INR 10.94 (vs. INR 7.27 in H1 FY24).

• Free cash as of 30 September: INR 387 crores; long-term debt: INR 363 crores.

Outlook and guidance

• Expect strong H2 performance with new model launches and festive season demand.

• Passenger vehicle segment to see low single-digit growth for the full year; two-wheeler segment to maintain upward momentum, especially in rural areas.

• Aftermarket segment expected to recover in H2, targeting high single-digit growth for FY25.

• Consolidated EBITDA margin guidance maintained at 14% for FY25, with potential for further expansion as scale and operational efficiencies improve.

• Expects significant synergies from Green Fuel acquisition.