Lumax Auto Tech reports Rs 27.4 net profit during Q2FY24
The company counts Mahindra & Mahindra, Bajaj Auto, Honda Motorcycles and Scooters, Maruti Suzuki, Tata Motors and Toyota among others among its key customers.
Lumax Auto Tech reported a consolidated net profit of Rs 27 crore during Q2 FY24 as against Rs 29 crore during Q2 FY23, resulting in a 6% slide.
The company's revenues, on the other hand, stood at Rs 700 crore during Q2 FY24, which is a 44 % jump from Rs 487 crore in the same period last year.
As per the company, the integrated plastic modules segment contributed 47% to overall revenue, followed by aftermarket segment at 14%, gear shifter at 13%, fabrication at 8%, emission at 6%, lighting products at 5%, and others at 7%.
Based on vehicle segment, passenger car contributed 47% to overall revenues, 2/3-Wheelers at 24%, after market at 14%, CV at 9% and others at 6%.
Anmol Jain, MD, Lumax Auto Technologies, said, “The demand for premium vehicles has surged, resulting in a higher kit value per vehicle, leading to increased revenues and improved margins."
"Our recent acquisition, IAC India, is performing exceptionally well, and we are seeing an increasing share of customers' wallets due to the realization of synergies.
The industry is set to experience a surge in sales across all vehicle segments, with multiple OEM launches in the pipeline. We are well-prepared to capitalize on this growing demand, expanding our product offerings to enhance our market share and content per vehicle”. he added.
Lumax Auto Technologies Ltd., through its subsidiaries, has been a manufacturer of wide range of products including integrated plastic modules, 2/3-wheeler lighting, chassis, gear shifter, shift towers, emission systems, seat frames, oxygen sensors, on-board antennas, electric devices and components and vehicle interior components.
Some of the company's key customers include Mahindra & Mahindra, Bajaj Auto, Honda Motorcycles and Scooters, Maruti Suzuki, Tata Motors and Toyota among others.
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