Lumax Industries Ltd

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]

See full details
  • Market Cap 1,358 Cr.
  • Current Price 1,452
  • High / Low 1,820 / 1,188
  • Stock P/E 37.7
  • Book Value 425
  • Dividend Yield 0.48 %
  • ROCE 7.94 %
  • ROE 4.01 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 33.09%

Cons

  • The company has delivered a poor sales growth of 2.63% over past five years.
  • Debtor days have increased from 46.14 to 55.37 days.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
504.78 432.11 432.65 402.02 429.03 383.25 387.29 78.01 397.34 446.24 504.39 314.00
464.25 390.72 401.92 363.71 386.43 340.08 353.63 112.89 360.72 398.32 454.77 307.66
Operating Profit 40.53 41.39 30.73 38.31 42.60 43.17 33.66 -34.88 36.62 47.92 49.62 6.34
OPM % 8.03% 9.58% 7.10% 9.53% 9.93% 11.26% 8.69% -44.71% 9.22% 10.74% 9.84% 2.02%
Other Income 10.95 41.63 8.76 1.09 3.49 0.99 4.09 2.92 4.55 1.89 15.87 2.25
Interest 3.68 4.19 4.58 4.63 5.01 5.98 6.28 7.73 8.30 6.85 5.60 5.96
Depreciation 13.81 14.21 18.97 15.19 15.88 16.13 16.35 13.79 16.53 17.17 17.03 15.49
Profit before tax 33.99 64.62 15.94 19.58 25.20 22.05 15.12 -53.48 16.34 25.79 42.86 -12.86
Tax % 19.68% 21.71% 23.90% 28.80% 24.76% 26.21% -53.04% 47.16% 48.47% 47.03% 45.82% 27.53%
Net Profit 27.30 50.60 12.14 13.93 18.95 16.28 23.14 -28.25 8.42 13.66 23.22 -9.31
EPS in Rs 29.21 54.13 12.99 14.90 20.27 17.42 24.75 -30.22 9.01 14.61 24.84 -9.96

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
632 862 980 1,063 1,110 1,136 1,252 1,271 1,649 1,851 1,602 1,426 1,662
588 801 934 1,002 1,059 1,077 1,164 1,170 1,515 1,698 1,443 1,326 1,521
Operating Profit 44 61 46 61 51 59 89 101 135 154 158 100 140
OPM % 7% 7% 5% 6% 5% 5% 7% 8% 8% 8% 10% 7% 8%
Other Income 8 -5 4 5 7 6 4 6 9 62 10 25 25
Interest 11 9 12 19 17 14 13 11 8 16 22 29 27
Depreciation 34 24 24 32 37 36 38 41 48 60 64 65 66
Profit before tax 6 24 14 16 4 14 42 55 88 139 82 32 72
Tax % 7% 24% 5% 13% -103% -16% 10% 16% 28% 23% 12% 46%
Net Profit 6 18 13 14 8 17 37 46 63 107 72 17 36
EPS in Rs 6.33 19.22 13.70 14.54 8.24 17.73 39.98 49.34 67.65 114.89 77.36 18.23 38.50
Dividend Payout % 47% 31% 44% 31% 42% 31% 30% 29% 34% 30% 30% 38%
Compounded Sales Growth
10 Years:5%
5 Years:3%
3 Years:-5%
TTM:30%
Compounded Profit Growth
10 Years:-4%
5 Years:-16%
3 Years:-37%
TTM:19%
Stock Price CAGR
10 Years:14%
5 Years:11%
3 Years:-9%
1 Year:9%
Return on Equity
10 Years:15%
5 Years:17%
3 Years:15%
Last Year:4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9 9 9 9 9 9 9 9 9 9 9 9
Reserves 134 145 151 160 164 171 195 238 284 363 375 388
Borrowings 101 99 181 176 158 159 127 92 104 140 347 338
211 343 372 392 398 424 463 472 737 602 467 540
Total Liabilities 454 597 714 737 729 764 794 812 1,134 1,114 1,198 1,276
240 265 351 406 385 396 408 419 518 549 653 627
CWIP 30 33 50 19 34 26 17 20 34 50 32 47
Investments 4 4 5 5 5 5 5 5 5 5 5 5
181 295 308 308 306 337 365 368 578 510 508 596
Total Assets 454 597 714 737 729 764 794 812 1,134 1,114 1,198 1,276

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
85 87 67 84 61 59 81 100 140 104 103 76
-44 -50 -125 -70 -18 -30 -37 -62 -128 -97 -194 -31
-41 -13 57 -34 -46 -13 -59 -39 -11 -6 96 -51
Net Cash Flow 0 24 -1 -20 -3 16 -15 -2 1 1 6 -5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 45 56 49 38 43 46 53 55 70 44 39 55
Inventory Days 46 50 48 55 35 51 45 58 63 63 75 94
Days Payable 121 147 147 148 130 136 135 163 202 117 131 159
Cash Conversion Cycle -30 -42 -50 -55 -52 -40 -36 -51 -68 -11 -17 -9
Working Capital Days -19 -16 -22 -28 -28 -26 -24 -29 -35 -22 -11 2
ROCE % 7% 16% 9% 10% 6% 9% 16% 20% 26% 26% 17% 8%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00 75.00
0.85 0.78 0.72 0.63 0.63 0.72 0.73 0.67 0.64 0.64 0.64 0.61
1.14 1.08 1.23 1.18 1.00 0.90 0.93 1.05 1.00 0.81 1.12 0.97
23.01 23.14 23.05 23.19 23.37 23.38 23.34 23.28 23.36 23.55 23.24 23.42

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