LUMAX AUTO TECHNO 2023-24 Annual Report Analysis

Mon, 21 Oct

LUMAX AUTO TECHNO has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

LUMAX AUTO TECHNO Income Statement Analysis

• Operating income during the year rose 52.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 92.1% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.1% in FY24 as against 10.4% in FY23.
• Depreciation charges increased by 125.7% and finance costs increased by 312.0% YoY, respectively.
• Other income grew by 88.6% YoY.
• Net profit for the year grew by 49.8% YoY.
• Net profit margins during the year declined from 6.0% in FY23 to 5.9% in FY24.

LUMAX AUTO TECHNO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	18,475	28,217	52.7%
Other income	Rs m	239	450	88.6%
Total Revenues	Rs m	18,713	28,667	53.2%
Gross profit	Rs m	1,919	3,686	92.1%
Depreciation	Rs m	523	1,180	125.7%
Interest	Rs m	167	689	312.0%
Profit before tax	Rs m	1,468	2,267	54.5%
Tax	Rs m	353	598	69.2%
Profit after tax	Rs m	1,115	1,670	49.8%
Gross profit margin	%	10.4	13.1
Effective tax rate	%	24.1	26.4
Net profit margin	%	6.0	5.9

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LUMAX AUTO TECHNO Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 11 billion as compared to Rs 8 billion in FY23, thereby witnessing an increase of 46.9%.
• Long-term debt down at Rs 3 billion as compared to Rs 4 billion during FY23, a fall of 18.5%.
• Current assets rose 34% and stood at Rs 13 billion, while fixed assets rose 7% and stood at Rs 13 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 26 billion as against Rs 22 billion during FY23, thereby witnessing a growth of 19%.

LUMAX AUTO TECHNO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	6,616	7,896	19.3
Current Liabilities	Rs m	7,558	11,105	46.9
Long-term Debt	Rs m	3,947	3,217	-18.5
Total Liabilities	Rs m	21,790	25,964	19.2
Current assets	Rs m	9,853	13,178	33.7
Fixed Assets	Rs m	11,937	12,785	7.1
Total Assets	Rs m	21,790	25,964	19.2

LUMAX AUTO TECHNO Cash Flow Statement Analysis

• LUMAX AUTO TECHNO's cash flow from operating activities (CFO) during FY24 stood at Rs 3 billion, an improvement of 93.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -398 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -236 million from the Rs 262 million net cash flows seen during FY23.

LUMAX AUTO TECHNO Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	1,372	2,654	93.4%
Cash Flow from Investing Activities	Rs m	-4,758	-2,492	-
Cash Flow from Financing Activities	Rs m	3,648	-398	-
Net Cash Flow	Rs m	262	-236	-

Current Valuations for LUMAX AUTO TECHNO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 24.5, an improvement from the EPS of Rs 16.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 544.7, stands at 20.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.7 times, while the price to sales ratio stands at 1.3 times.
• The company's price to cash flow (P/CF) ratio stood at 9.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	271.0	414.0
TTM Earnings per share	Rs	16.4	24.5
Diluted earnings per share	Rs	16.4	24.5
Price to Cash Flow	x	11.2	9.2
TTM P/E ratio	x	16.4	20.8
Price / Book Value ratio	x	2.3	3.3
Market Cap	Rs m	15,450	26,174
Dividends per share (Unadj.)	Rs	4.5	5.5

Ratio Analysis for LUMAX AUTO TECHNO

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.3x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 4.3x during FY24, from 9.8x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 21.1% during FY24, from 16.8% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 26.6% during FY24, from 15.5% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 9.1% during FY24, from 5.9% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.3	1.2
Debtors’ Days	Days	911	757
Interest coverage	x	9.8	4.3
Debt to equity ratio	x	0.6	0.4
Return on assets	%	5.9	9.1
Return on equity	%	16.8	21.1
Return on capital employed	%	15.5	26.6

To see how LUMAX AUTO TECHNO has performed over the last 5 years, please visit here.

LUMAX AUTO TECHNO Share Price Performance

Over the last one year, LUMAX AUTO TECHNO share price has moved up from Rs 360.4 to Rs 544.7, registering a gain of Rs 184.3 or around 51.1%.

Overall, the S&P BSE SENSEX is up 22.4% over the year.

(To know more, check out historical annual results for LUMAX AUTO TECHNO and quarterly results for LUMAX AUTO TECHNO)