Lumax Industries Ltd

₹ 1,624 0.28%
30 Sep - close price
About

Lumax Industries Limited is the flagship company of the DK Jain Group. It was founded as a trading company in 1945 and today it has evolved as market leader of automobile lighting in the Indian automotive industry. In 1984, company entered into a technical collaboration with Stanley Electric Co. Ltd., Japan (SECL), which currently holds around 37.5% equity stake in the company. Other 37.5% is held by Indian promoters (D.K. Jain and family). Company has 29 manufacturing facilities across 7 states in India. [1] [2]

Key Points

Leader in automotive lighting business:
Lumax has significant presence for over 7 decades. It is the largest supplier of automotive lighting solutions in the PV segment with ~60% market share. It has relations with almost 90% of OEMs in India.[1]

  • Market Cap 1,518 Cr.
  • Current Price 1,624
  • High / Low 1,802 / 840
  • Stock P/E 20.8
  • Book Value 452
  • Dividend Yield 0.83 %
  • ROCE 10.9 %
  • ROE 11.8 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 34.8%

Cons

  • Stock is trading at 3.59 times its book value
  • The company has delivered a poor sales growth of 6.62% over past five years.
  • Company has a low return on equity of 11.6% over last 3 years.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
402 429 383 387 78 397 446 504 314 453 435 549 512
364 386 340 354 113 361 398 455 308 416 401 492 469
Operating Profit 38 43 43 34 -35 37 48 50 6 37 34 57 43
OPM % 10% 10% 11% 9% -45% 9% 11% 10% 2% 8% 8% 10% 8%
1 3 1 4 3 5 2 16 2 4 -7 -3 4
Interest 5 5 6 6 8 8 7 6 6 6 5 5 6
Depreciation 15 16 16 16 14 17 17 17 15 16 15 17 19
Profit before tax 20 25 22 15 -53 16 26 43 -13 20 7 33 23
Tax % 29% 25% 26% -53% 47% 48% 47% 46% 28% 28% 31% 20% 34%
Net Profit 14 19 16 23 -28 8 14 23 -9 14 5 26 15
EPS in Rs 14.90 20.27 17.42 24.75 -30.22 9.01 14.61 24.84 -9.96 14.96 4.99 27.92 16.28
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
862 980 1,063 1,110 1,136 1,252 1,271 1,649 1,851 1,602 1,426 1,751 1,949
801 934 1,002 1,059 1,077 1,164 1,170 1,515 1,698 1,443 1,326 1,616 1,777
Operating Profit 61 46 61 51 59 89 101 135 154 158 100 135 172
OPM % 7% 5% 6% 5% 5% 7% 8% 8% 8% 10% 7% 8% 9%
-5 4 5 7 6 4 6 9 62 10 25 -4 -2
Interest 9 12 19 17 14 13 11 8 16 22 29 22 21
Depreciation 24 24 32 37 36 38 41 48 60 64 65 64 67
Profit before tax 24 14 16 4 14 42 55 88 139 82 32 46 82
Tax % 24% 5% 13% -103% -16% 10% 16% 28% 23% 12% 46% 23%
Net Profit 18 13 14 8 17 37 46 63 107 72 17 35 60
EPS in Rs 19.22 13.70 14.54 8.24 17.73 39.98 49.34 67.65 114.89 77.36 18.23 37.90 64.15
Dividend Payout % 31% 44% 31% 42% 31% 30% 29% 34% 30% 30% 38% 36%
Compounded Sales Growth
10 Years: 6%
5 Years: 7%
3 Years: -2%
TTM: 17%
Compounded Profit Growth
10 Years: 14%
5 Years: 1%
3 Years: -15%
TTM: 103%
Stock Price CAGR
10 Years: 16%
5 Years: 5%
3 Years: 12%
1 Year: 13%
Return on Equity
10 Years: 15%
5 Years: 16%
3 Years: 12%
Last Year: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 145 151 160 164 171 195 238 284 363 375 388 413
99 181 176 158 159 127 92 104 140 347 338 401
343 372 392 398 424 463 472 737 602 467 540 629
Total Liabilities 597 714 737 729 764 794 812 1,134 1,114 1,198 1,276 1,452
265 351 406 385 396 408 419 518 549 653 627 711
CWIP 33 50 19 34 26 17 20 34 50 32 47 48
Investments 4 5 5 5 5 5 5 5 5 5 5 8
295 308 308 306 337 365 368 578 510 508 596 685
Total Assets 597 714 737 729 764 794 812 1,134 1,114 1,198 1,276 1,452

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
87 67 84 61 59 81 100 140 104 103 76 108
-50 -125 -70 -18 -30 -37 -62 -128 -97 -194 -31 -129
-13 57 -34 -46 -13 -59 -39 -11 -6 96 -51 34
Net Cash Flow 24 -1 -20 -3 16 -15 -2 1 1 6 -5 13

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 56 49 38 43 46 53 55 70 44 39 55 48
Inventory Days 50 48 55 35 51 45 58 63 63 75 94 91
Days Payable 147 147 148 130 136 135 163 202 117 131 159 163
Cash Conversion Cycle -42 -50 -55 -52 -40 -36 -51 -68 -11 -17 -9 -24
Working Capital Days -27 -36 -44 -43 -40 -34 -31 -35 -22 -17 2 4
ROCE % 16% 9% 10% 6% 9% 16% 20% 26% 26% 17% 8% 11%

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
0.63 0.72 0.73 0.67 0.64 0.64 0.64 0.61 0.53 0.47 0.25 0.24
1.00 0.90 0.93 1.05 1.00 0.81 1.12 0.97 0.36 0.37 0.36 0.30
23.37 23.38 23.34 23.28 23.36 23.55 23.24 23.42 24.11 24.16 24.39 24.46

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