Lumax Auto Technologies (LUMAXTECH) Q4 19/20 earnings summary

Executive summary

• Consolidated revenue from operations was ₹1,140.91cr, down 3.88% YoY; EBITDA margin eased to 9.5% from 10.4%, amid a prolonged auto-market downturn and COVID-19 disruption.

• Operations adapted with workforce safety measures, a broadened R&D agenda, BS VI-ready products and new technology partnerships.

Financial highlights

• Consolidated EBITDA was ₹108.75cr vs ₹123.86cr; PAT after minority interest was ₹49.79cr vs ₹53.23cr; EPS from continuing operations was ₹7.30 vs ₹7.81.

• Standalone continuing-operations revenue was ₹942.36cr, down 2% YoY; PBT was ₹61.25cr vs ₹71.92cr, while PAT rose to ₹51.27cr from ₹46.91cr.

• PCB business asset sales generated ₹9.49cr profit before tax and ₹8.25cr profit after tax, reported as discontinued operations.

• OCI included a ₹51.14cr loss on FVTOCI equity securities, contributing to consolidated total comprehensive income of ₹8.39cr vs ₹51.59cr.

Outlook and guidance

• Industry estimates projected OEM component volumes to decline 7%–15% across vehicle classes and exports to fall 15% in value; replacement demand was expected to grow 3%.

• Track-and-trace products had entered OEM trials, with revenue expected from FY2020-21; the oxygen-sensor plant was under commissioning, with commercial production expected in Q3 FY2020-21.

• The OK Play auto-component business acquisition was put on hold pending further review because of the pandemic and extended lockdowns.