Automotive components manufacturer Lumax Auto Technologies has reported revenue of Rs 1,358 crore in 2018-19, up by 22 per cent from Rs 1,111 crore in the previous fiscal year.
The earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 25 per cent to Rs 145 crore. Profit after tax and minority interest grew by 35 per cent to Rs 66 crore as against Rs 49 crore in FY 18. Capital expenditure during the year was Rs 79 crore.
"The auto industry has been facing a challenging time since the second half of FY 19," said company's Managing Director Anmol Jain. "OEMs undertook various measures to induce demand and the slowdown seems to be a temporary phenomenon."
Jain said it is expected that the growth in demand will bounce back from second half of FY20 with expectation of improved liquidity, stable government and strong fundamentals of Indian economy.
"The Indian automotive industry is moving towards energy efficiency, e-vehicles, BS VI and aesthetic beautification of vehicles. We believe that our expertise and capabilities will help us drive this change and further cement our position as market leaders," he said.
The company has declared a final dividend of Rs 3 per equity share having face value of Rs 2.
During Q4 of FY19, the company started commercial production at a new unit at Aurangabad in Maharashtra. It has been set up to manufacture and supply chassis frames to Bajaj Auto Limited. The plant has a capacity of about seven lakh units annually.
Lumax also entered into a 50:50 joint venture with JOPP Allied Technologies of Germany to manufacture transmission products for the Indian automotive industry. the joint venture company will engage in design, development and production of gear shift towers, automated manual transmission kits, control housings, all gear sensor and forks.
The commercial production is expected to start in fourth quarter of current financial year from an existing Lumax facility at Manesar in Haryana.
Lumax, a DK Jain Group company, has 60 per cent market share in automotive lighting solutions and gear shift levers. The group has eight global partnerships, 13 entities spread across 28 locations in eight states.
Disclaimer: No Business Standard Journalist was involved in creation of this content
