Lumax Industries plunges 11% on weak March quarter results

Lumax Industries plunged 11 per cent to Rs 1,447 on the BSE in intra-day trade, after the company reported weak set of numbers for the recently concluded quarter with net profit, revenue and operating margin registering a fall. The stock of auto ancillary firm is trading close to its 52-week low of Rs 1,386 touched on January 28, 2019 in intra-day trade.

The company’s net profit declined 20 per cent at Rs 14 crore, due to 23 per cent fall in revenue at Rs 433 crore as compared to the previous year's corresponding quarter. EBITDA (earnings before interest, tax, depreciation and amortization) margin contracted 120bps at 7.1 per cent from 8.3 per cent y-o-y. The company had reported first quarterly operating profit decline in past three years.

The management said, the auto OEMs are currently facing a challenging time, which is likely to impact the performance of the auto component industry.

At 01:55 pm; Lumax Industries was quoting 10 per cent lower at Rs 1,471 on the BSE, as compared to 0.38 per cent decline in the S&P BSE Sensex. A combined 17,568 shares changed hands on the counter on the NSE and BSE so far.