Lumax Auto Technologies net profit increases 540% in first quarter, Auto News, ET Auto

The company’s sales increased by 61.98% to INR 421.93 crore in the quarter ended June 2022 from INR 260.48 crore in the previous quarter ended June 2021.

New Delhi: Lumax Auto Technologies Limited, part of Lumax – DK Jain Group, reported a 539.59% increase in profit to INR 21.81 crore in the quarter ended June 2022 from 3.41 crore INR during the previous quarter ending June 2021.

Meanwhile, the company’s sales increased by 61.98% to INR 421.93 crore in the quarter ended June 2022 from INR 260.48 crore in the previous quarter ended June 2021.

According to Anmol Jain, MD, Lumax Auto Technologies, despite the challenges faced by the automotive industry in recent quarters, we have still been able to report strong quarterly revenue and profitability and are optimistic that a rate will continue. similar growth in the future. .

“We are seeing a strong recovery in the automotive industry as raw material prices stabilize and semiconductor shortages ease. With increasing technological advancements, consumer sentiments and buying behavior , we expect the demand for more advanced and premium products to increase, which will be the future growth drivers for the automotive industry.We have been working continuously to improve our product performance and keep abreast of the developments seen in the automotive industry,” added Jain.

In the quarter under review, the EBITDA margin was 11.5% for Q1FY23, up 430 basis points compared to Q1FY22.

“With a high growth track in the industry, our strong product portfolio and our long-standing relationships with OEMs, we are confident of outpacing industry growth by increasing our share of wallet among existing customers, adding our supplies in new launches and adding new customers,” Jain said.

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