Q3 2024 Lumax Industries Ltd Earnings Call Transcript
Key Points
- Lumax Industries Ltd (BOM:517206) reported a 9% year-on-year revenue growth in Q3 FY24, reaching INR632 crores.
- The company has a healthy order book of INR2,200 crores, with 64% being new business.
- The new manufacturing facility at Chakan, Maharashtra, started commercial production on November 1, 2023, and is expected to significantly contribute to the company's top and bottom lines.
- The company is optimistic about strong demand in the passenger vehicles and 2-wheeler segments, driven by the adoption of electric vehicles (EVs) and government incentives.
- Lumax Industries Ltd (BOM:517206) expects a 20% to 25% revenue growth in Q4 FY24 compared to the previous year's Q4, driven by the new plant's production and more working days.
- The company's profit after tax for Q3 FY24 stood at INR26 crores, down from INR30 crores in Q3 FY23.
- The effective tax rate for nine months is high at 41%, excluding exempted dividend income.
- Employee costs have seen a sharp increase due to the new plant, impacting margins.
- The commercial vehicle sales saw subdued growth due to price hikes from emission regulations, and tractors faced challenges due to delayed monsoons.
- The company faces risks and uncertainties in predicting future performance, as highlighted by the variability in OEM production plans and potential delays in model launches.
Ladies and gentlemen, welcome to the Q3 and nine months FY24 earnings conference call of Lumax Industries Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict.
(Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Anmol Jain. Thank you, and over to you, sir.
Thank you very much. A very good morning, everyone. I hope everyone is doing well. Along with me on this call today, I have Mr. Vishnu Johri, the CEO; Mr. Sanjay Mehta, the Group CFO; Mr. Naval Khanna, Corporate Head of Taxation; Mr. Ravi Teltia, the CFO of the company; Mr. Ankit Thakral from Corporate Finance; Ms. Priyanka Sharma, the Head, Corporate Communications; and SGA,
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