Share price of a leading full-service provider in Automotive Components Industry moved down by 3.6 percent on BSE to hit an intraday low at Rs. 473.9 in the trading session of Tuesday, after a Foreign Institutional Investor (FII) sold stake in the company, bringing the total deal value to nearly Rs. 29 crore.
With a market capitalisation of Rs. 3,278.73 crore, at 12:26 p.m., the shares of Lumax Auto Technologies Limited were trading in the red at Rs. 478.9, down by 2.65 percent.
According to the bulk deal data available with the NSE, the foreign investor Albula Investment Fund Ltd. sold 6.06 lakh equity shares in Lumax Auto worth Rs. 28.96 crore, at an average price of Rs. 478 per share, via open market transactions on Monday.
As of March 2024, Albula Investment Fund Ltd. held nearly 13.8 lakh equity shares, representing a 2.03 percent stake, in the company.
However, domestic portfolio investor Amara Partners Growth Fund I was the buyer in this deal.
Lumax Auto also announced its financial results for FY24 on Monday post-market hours, with an increase in the revenue from operations from Rs. 493.32 crore in Q4 FY22-23 to Rs. 757.4 crore in Q4 FY23-24, indicating a growth of 54 percent YoY, and increased by 3.4 percent QoQ from Rs. 732.5 crore in Q3 FY23-24 to Rs. 757.4 crore in Q4 FY23-24.
The consolidated net profit of the company stood at Rs. 51.34 crore in Q4 FY23-24, indicating a growth of 7.06 percent QoQ from Rs. 47.95 crore in Q3 FY23-24, while it grew by 116.4 percent YoY from Rs. 23.73 crore in Q4 FY22-23.
On a year-on-year basis, the Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA increased from Rs. 224 crore in FY22-23 to Rs. 413 crore in FY23-24, representing an 84 percent growth.
Further, the company’s Board recommended a final dividend of Rs. 5.5 per equity share for FY23-24, subject to the approval of shareholders.
The Board has also approved an investment of Rs. 47.5 lakh to acquire up to a 49 percent stake in the Equity Share Capital of Clean Max Magnus Private Limited (the Special Purpose Vehicle “SPV”) for being qualified as a Captive
User for the solar energy to be generated by the company’s Manesar (Haryana) Plant.
The stock has delivered positive returns of nearly 50.6 percent in the last one year and around 24.4 percent in six months. So far in 2024, the company has given about 24 percent of positive returns.
Lumax Auto Technologies Limited is a market leader in the Design, Testing and Manufacturing of Gear Shifters & Interior Solutions in India.
The company through its wholly-owned subsidiaries and joint ventures, has been a manufacturer of a wide range of products including Integrated Plastic Modules, 2/3-wheeler Lighting, Gear Shifters, Shift Towers, Oxygen Sensors, On-board antennas Electric devices & components, Wiring Harness and Vehicle Interior Components.
Written by Shivani Singh
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