Lumax Auto Technologies (LUMAXTECH) Q2 24/25 earnings summary

Executive summary

• Achieved record Q2 FY25 revenue of INR 842 crores, up 20% YoY, and H1 FY25 revenue of INR 1,598 crores, also up 20% YoY.

• Q2 FY25 EBITDA reached INR 118 crores, up 18% YoY, with EBITDA margin at 14%.

• Q2 FY25 PAT before minority interest: INR 52 crores, up 38% YoY; H1 FY25 PAT before MI: INR 93.5 crores, up 38% YoY.

• Acquisition of Green Fuel Solutions announced, expected to close in Q3, with annualized revenue potential of INR 300-350 crores and higher EBITDA margins.

• Board and auditors reviewed and approved Q2 and H1 FY25 results, with no material misstatements identified.

Financial highlights

• Q2 FY25 consolidated revenue: INR 842 crores (20% YoY growth); H1 FY25: INR 1,598 crores (20% YoY growth).

• Q2 FY25 EBITDA: INR 118 crores (18% YoY growth); H1 FY25 EBITDA: INR 223 crores (19% YoY growth); EBITDA margin at 14%.

• Q2 FY25 PAT before MI: INR 52 crores (38% YoY growth); H1 FY25 PAT before MI: INR 93.5 crores (38% YoY growth).

• EPS for H1 FY25: INR 10.94 (vs. INR 7.27 in H1 FY24).

• Free cash as of 30 September: INR 387 crores; long-term debt: INR 363 crores.

Outlook and guidance

• Expecting strong H2 performance with new model launches and festive season demand.

• Aftermarket segment anticipated to recover in H2, targeting high single-digit growth for the full year.

• EBITDA margin guidance maintained at 14% for FY25, with potential for expansion to 14-15% over the next three years.

• Organic revenue growth targeted at 50% above industry rate, aiming for 12-15% annual growth.

• Expects significant synergies from Green Fuel acquisition.