Lumax Auto Technologies Q4 Review - On The Right Track: Dolat Capital

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Dolat Capital Report

Lumax Auto Technologies Ltd. reported a healthy performance in Q4 led by strong recovery across segments including sheet metal, air intake and aftermarket business.

Revenue/Ebitda grew 6/13% QoQ respectively.

Ebitda margin expanded 62 basis points QoQ to 11% led by operating leverage and strong aftermarket.

Although Q1 is expected to be weak, management expects sharp recovery in business from Q2 onwards.

The company has guided 25- 30% revenue growth in FY22.

Fuelled by the improving product mix, new client acquisitions and strong original equipment manufacturer volumes, we reckon that the company to see sharp growth in revenues and expand margins by FY23E.

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