Lumax Industries Ltd

₹ 1,845 -3.43%
05 Dec - 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 1,725 Cr.
  • Current Price 1,845
  • High / Low 2,023 / 840
  • Stock P/E 17.0
  • Book Value 567
  • Dividend Yield 0.73 %
  • ROCE 10.8 %
  • ROE 11.3 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 32.5%

Cons

  • Stock is trading at 3.25 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 10.4% over last 3 years.

* 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

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
429 383 387 78 397 446 504 314 453 435 549 512 620
386 340 354 118 362 398 456 308 416 401 492 469 560
Operating Profit 43 43 34 -40 35 48 49 6 37 34 57 43 60
OPM % 10% 11% 9% -51% 9% 11% 10% 2% 8% 8% 10% 8% 10%
5 4 6 3 5 11 16 2 6 -4 -1 9 15
Interest 5 6 6 8 8 7 6 6 6 5 5 6 7
Depreciation 16 16 16 14 17 17 17 15 16 15 17 19 20
Profit before tax 26 25 17 -59 15 35 42 -14 21 10 35 27 48
Tax % 24% 25% 6% 46% 50% 44% 46% 27% 28% 30% 19% 28% 31%
Net Profit 20 19 16 -32 7 20 23 -10 15 7 29 20 33
EPS in Rs 21.48 20.22 17.50 -33.81 7.73 21.20 24.28 -10.59 16.40 7.25 30.51 21.20 35.27
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,252 1,271 1,649 1,851 1,602 1,426 1,751 2,117
1,164 1,170 1,515 1,698 1,443 1,326 1,616 1,922
Operating Profit 89 101 135 154 158 100 135 195
OPM % 7% 8% 8% 8% 10% 7% 8% 9%
4 17 19 57 19 27 3 19
Interest 13 11 8 16 22 29 22 23
Depreciation 38 41 48 60 64 65 64 71
Profit before tax 41 65 98 134 92 33 53 120
Tax % 10% 16% 27% 23% 22% 45% 23%
Net Profit 52 54 71 104 72 18 41 88
EPS in Rs 55.66 58.16 76.34 111.03 76.92 19.42 43.56 94.23
Dividend Payout % 22% 25% 30% 32% 31% 36% 31%
Compounded Sales Growth
10 Years: %
5 Years: 7%
3 Years: -2%
TTM: 23%
Compounded Profit Growth
10 Years: %
5 Years: 0%
3 Years: -11%
TTM: 111%
Stock Price CAGR
10 Years: 17%
5 Years: -2%
3 Years: 16%
1 Year: 33%
Return on Equity
10 Years: %
5 Years: 14%
3 Years: 10%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
9 9 9 9 9 9 9 9
Reserves 259 300 353 426 437 451 482 521
127 92 104 140 347 338 401 403
463 478 751 615 490 564 654 779
Total Liabilities 859 880 1,217 1,190 1,283 1,362 1,546 1,712
408 419 518 549 653 627 711 706
CWIP 17 20 34 50 32 47 48 46
Investments 69 79 88 81 90 92 102 120
365 362 577 510 508 596 685 840
Total Assets 859 880 1,217 1,190 1,283 1,362 1,546 1,712

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
81 100 140 104 103 76 108
-37 -62 -128 -97 -194 -31 -129
-59 -39 -11 -6 96 -51 34
Net Cash Flow -15 -2 1 1 6 -5 13

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 53 55 70 44 39 55 48
Inventory Days 45 52 57 61 75 94 91
Days Payable 135 146 180 114 131 159 163
Cash Conversion Cycle -36 -39 -53 -9 -17 -9 -24
Working Capital Days -34 -31 -35 -22 -17 2 4
ROCE % 19% 24% 22% 17% 8% 11%

Shareholding Pattern

Numbers in percentages

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 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
0.72 0.73 0.67 0.64 0.64 0.64 0.61 0.53 0.47 0.25 0.24 0.47
0.90 0.93 1.05 1.00 0.81 1.12 0.97 0.36 0.37 0.36 0.30 0.56
23.38 23.34 23.28 23.36 23.55 23.24 23.42 24.11 24.16 24.39 24.46 23.95

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

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