Lumax Industries Ltd

Lumax Industries is engaged in the business of manufacture of various types of automotive lighting equipment.

Pros:
Company has good consistent profit growth of 35.92% over 5 years
Company has been maintaining a healthy dividend payout of 31.14%
Cons:
The company has delivered a poor growth of 9.19% over past five years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.61.73 Cr.

Peer Comparison Sector: Auto Ancillaries // Industry: Auto Ancillaries

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
303 304 295 385 340 380 371 559 496 518 432 433
279 279 270 359 316 349 338 513 455 477 391 402
Operating Profit 23 26 26 26 25 30 33 46 41 41 41 31
OPM % 8% 8% 9% 7% 7% 8% 9% 8% 8% 8% 10% 7%
Other Income 1 2 2 2 2 5 2 1 0 11 42 9
Interest 3 3 3 2 1 1 1 4 3 4 4 5
Depreciation 10 10 11 10 11 11 12 14 13 14 14 19
Profit before tax 11 14 14 16 14 22 22 30 25 34 65 16
Tax % 14% 13% 5% 29% 33% 17% 21% 38% 29% 20% 22% 24%
Net Profit 10 12 13 11 9 18 17 19 17 27 51 12
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
532 520 521 632 862 980 1,063 1,110 1,136 1,252 1,271 1,650 1,878
489 486 499 588 801 934 1,002 1,059 1,077 1,164 1,170 1,515 1,725
Operating Profit 43 34 22 44 61 46 61 51 59 89 101 135 153
OPM % 8% 7% 4% 7% 7% 5% 6% 5% 5% 7% 8% 8% 8%
Other Income 7 12 6 8 -5 4 5 7 6 4 6 9 62
Interest 6 7 9 11 9 12 19 17 14 13 11 8 16
Depreciation 17 19 22 34 24 24 32 37 36 38 41 48 60
Profit before tax 28 20 -4 6 24 14 16 4 14 42 55 88 139
Tax % 35% 30% 55% 7% 24% 5% 13% -103% -16% 10% 16% 28%
Net Profit 18 14 -2 6 18 13 14 8 17 37 46 63 107
EPS in Rs 21.04 14.45 0.00 5.83 18.25 12.73 13.77 7.64 16.61 39.98 49.33 67.65
Dividend Payout % 21% 26% -58% 47% 31% 44% 31% 42% 31% 30% 29% 34%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.24%
5 Years:9.19%
3 Years:13.24%
TTM:13.88%
Compounded Profit Growth
10 Years:18.02%
5 Years:35.92%
3 Years:56.39%
TTM:69.29%
Return on Equity
10 Years:12.49%
5 Years:16.38%
3 Years:21.27%
Last Year:23.40%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 73 134 131 134 145 151 160 164 171 195 238 284 363
Borrowings 97 88 129 101 99 181 176 158 159 127 92 104 138
153 162 194 221 345 380 407 418 450 487 525 814 604
Total Liabilities 332 393 464 465 599 721 752 749 790 819 865 1,211 1,114
140 138 221 240 265 351 406 385 396 408 419 532 550
CWIP 6 44 39 30 33 50 19 34 26 17 20 34 49
Investments 3 47 4 4 4 5 5 5 5 5 5 5 5
182 164 200 192 297 315 323 325 363 389 422 640 510
Total Assets 332 393 464 465 599 721 752 749 790 819 865 1,211 1,114

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
22 36 40 85 87 67 84 61 59 81 100 140
-28 -78 -69 -44 -50 -125 -70 -18 -30 -37 -62 -128
21 30 28 -41 -13 57 -34 -46 -13 -59 -39 -11
Net Cash Flow 14 -12 -1 0 24 -1 -20 -3 16 -15 -2 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 20% 11% 2% 7% 16% 9% 10% 6% 9% 16% 20% 26%
Debtor Days 49 48 44 45 56 49 38 43 46 53 55 70
Inventory Turnover 12.04 8.96 7.08 9.70 12.68 11.38 10.74 11.99 12.15 11.68 11.52 11.58