D.K. Jain Group of Lumax Auto Technologies Limited, part of Lumax reported a 539.59% jump in its profit to INR 21.81 crore in the quarter ended June 2022 as against INR 3.41 crore during the previous quarter ended June 2021. Meanwhile, the company's sales rose 61.98% to INR 421.93 crore in the quarter ended June 2022 as against INR 260.48 crore in the previous quarter ended June 2021.
Despite the challenges faced by the auto industry during the last few quarters, we have consistently been able to report strong quarterly revenue and profitability and are optimistic about maintaining a similar growth run rate in the coming future, according to Anmol Jain, MD, Lumax Auto Technologies.
"We are seeing a sharp revival in the auto industry on the back of stabilizing commodity prices and ease of shortages of semiconductors. With increased technological advancements, consumer sentiments and buying behaviour, we envisage demand for more advanced & premium products to increase, which in turn will be the future growth drivers for the auto industry. We have been continuously working to improve our product performance and keep abreast with the shift witnessed in the auto industry," He added.
During the quarter under review, the EBITDA margin stood at 11.5% for Q1FY23 up by 430 bps from Q1FY22. "With a high runway for growth in the industry, our strong product portfolio & long‐standing relationships with OEMs; we are confident of outperforming the industry growth by increasing our wallet share among the existing customers, the addition of our supplies in the new launches and addition of new customers,” He further said.
First rider-driver training institute inaugurated by Honda India Foundation at Karnal
Porsche creates one, a super-exclusive unit of a Cayenne convertible, see why
Tata is giving huge discounts on these cars, read for more details