Lumax Industries said that its board has approved a proposal to set up new manufacturing facility at Sanand (Plant-3), Gujarat, and also the expansion of Chakan Plant (Phase-II) at Pune, Maharashtra.
The company further informed that the new plant at Sanand will cater to the new orders received from OEM customers for advance lighting solutions. The Project is expected to be commissioned by Q1 of FY2024-25. With respect to the Chakan plant, the company stated that this project will cater to the new orders received from OEM customers for advance lighting solutions. The project is expected to be commissioned by Q3 of FY2024-25.
The existing capacity of the Chakan plant is 25.38 lakh lamps per annum and the utilization rate of 80.85%,
The company proposes to add a capacity of 8.50 lakh lamps per annum to the said plant. The capex for the same would Rs 152.60 crore and the project would be funded via a mix of debt and internal accruals.
Lumax Industries is one of the leading players in the domestic automotive lighting industry with a product portfolio of automotive lighting systems such as headlamps, tail lamps, other sundry and auxiliary lamps. The companys presence spans all segments of the auto sector, viz., PVs, 2Ws, CVs, buses, tractors, etc. However, sales of the PV segment continue to remain dominant with approximately 67% contribution in 9M FY2024.
The company's consolidated net profit had declined 13.41% to Rs 25.58 crore despite a 9.03% rise in sales to Rs 631.72 crore in Q3 FY24 over Q3 FY23.
The scrip fell 1.85% to currently trade at Rs 2196.70 on the BSE.
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