Lumax Auto Technologies stock slips despite posting strong numbers in Q4

The JV Company Lumax Ituran Telematics Pvt Ltd. has secured Letter of Intent (LOI) from a global OEM, SOP of which is expected in FY23.

Jun 14, 2021 03:06 IST India Infoline News Service

Shares of Lumax Auto Technologies ended lower on the stock exchanges. The net profit of Lumax Auto Technologies rose 246.29% to Rs21.02cr in the quarter ended March 2021 as against Rs6.07cr during the previous quarter ended March 2020.

Sales rose 42.25% to Rs387.98cr in the quarter ended March 2021 as against Rs272.74cr during the previous quarter ended March 2020.

The JV Company Lumax Ituran Telematics Pvt Ltd. has secured a Letter of Intent (LOI) from a global OEM, SOP of which is expected in FY23.

The stock ended at Rs157.40 down by Rs5.65 or 3.47% from its previous closing of Rs163.05 on the BSE. The scrip opened at Rs163 and has touched a high and low of Rs164 and Rs154.10 respectively.

Commenting on the results Mr. Anmol Jain, MD, Lumax Auto Technologies said “The year had started amidst lockdown and ended with similar situation. However, the interim period saw us deliverstrong growth backed by our wide range of product offerings. Our efforts going forward will be to improve the utilization levels of all our plants (including JVs) thereby having operating leverage benefits. The year FY22 has started with new curbs and most of the OEMs had shut their operations in the month of May either voluntarily or due to lockdown imposed by state government. However, demand is expected to rebound as restrictions are lifted. We are hopeful of recovery with expectation of good monsoon and other positive macroeconomic factors.”

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