Lumax Industries reports Rs 26 crore net profit in Q2FY24

Lumax Industries Limited, the leader in automotive lighting and illumination, reported a net profit of Rs 26 crore during Q2 FY24, which is a drop of 20% as against Rs 33 crore registered in Q2 FY23. The company's revenues, on the other hand, stood at Rs 644 crore during Q2 FY23, a jump of 4% over the Rs 620 crore clocked in Q2FY23.

Based on segment-wise performance, the share of LED lighting stood at 36% of the total revenues, while conventional lighting stood at 64% during the reported quarter.

The product mix as a percentage of total revenue was 66% for front lighting, 25% for rear lighting, and 9% for others.

Passenger vehicles formed 66% of the total revenues, followed by two-wheelers with 29% and commercial vehicles with 5%, the company said in a statement.

Deepak Jain, Chairman & Managing Director, Lumax Industries Limited, said, “We are delighted to announce that our revenues grew by 12% in H1FY24 compared to the same period last year".

Lumax Industries is one of the major suppliers to OEMs, including Hero MotoCorp, HMSI, Honda Cars, Mahindra & Mahindra, Maruti Suzuki, MG Motors, Tata Motors, TVS and others.

Lumax Industries, a key supplier of lighting products to the automotive sector, has commenced its commercial production from its new manufacturing facility near Chakan in Pune, the company said in a regulatory filing.

Autocar Professional reported in September last year that Lumax Industries plans to expand its manufacturing capacities in Western India on the back of strong order books from some leading OEMs such as Tata Motors and Mahindra & Mahindra, among others. The company had earlier upgraded its capacity at Sanand.

Lumax Industries has been exploring the feasibility of future expansion in western India, where it expects the EV market to grow significantly as several OEMs are betting on e-mobility solutions.

Deepak Jain, Chairman and Managing Director, Lumax Industries, earlier told  Autocar Professional that the company is in the process of "post-capacity optimisation and shifting of idle capacities from one region to another, and we will ascertain the need for a greenfield expansion in the coming months."

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Lumax Industries commences operations from new facility in Pune