Lumax Auto Technologies (LUMAXTECH) Q4 22/23 earnings summary

Executive summary

• FY23 revenue reached ₹1,847 crore, up 23% YoY; EBITDA rose 37% to ₹224 crore and PAT after minority interest increased 34% to ₹93 crore.

• Growth reflected maturing JVs, customer relationships, product diversification and the addition of IAC, expanding exposure to passenger-vehicle interiors.

• Consolidated results include IAC from March 10–31, 2023; that period contributed ₹51.22 crore of revenue.

Financial highlights

• Consolidated revenue from customer contracts was ₹1,847.46 crore vs ₹1,507.92 crore, up 22.52% YoY; PBT before exceptional items rose 35.70% to ₹155.59 crore.

• Consolidated PAT after minority interest increased 33.81% to ₹92.88 crore; EPS rose to ₹13.63 from ₹10.18.

• Standalone revenue rose 10.48% to ₹1,321.74 crore; PBT before exceptional items grew 30.82% to ₹98.68 crore and PAT rose 34.13% to ₹73.52 crore.

• Consolidated other comprehensive income included a ₹50.04 crore FVTOCI investment gain; total comprehensive income was ₹161.91 crore.

Outlook and guidance

• Management expects medium-term demand to remain strong across 2-wheelers and passenger vehicles; commercial-vehicle demand is expected to remain robust for 2–3 years.

• Passenger-vehicle interiors, EV-agnostic products, connected vehicles, telematics, antennas, ADAS and localization are identified as growth opportunities.

• New product launches, aftermarket expansion and regulatory changes involving plastic fuel tanks and oxygen sensors are expected to support growth; long-term outlook remains positive.