Delhi, India- Lumax Industries Limited, a leading player in automotive lighting, reported a Q2 FY24 net profit of Rs 26 crore, marking a 20% decline from Q2 FY23's Rs 33 crore. Revenues, however, increased by 4% to reach Rs 644 crore in Q2 FY23 compared to Rs 620 crore in the same quarter of the previous fiscal year.
The segment-wise breakdown revealed that LED lighting contributed 36% to total revenues, while conventional lighting accounted for 64% in the reported quarter. The product mix comprised 66% front lighting, 25% rear lighting, and 9% others in terms of total revenue.
In terms of revenue distribution, passenger vehicles led with 66%, followed by two-wheelers at 29%, and commercial vehicles at 5%, as stated by the company.
Deepak Jain, Chairman & Managing Director of Lumax Industries, expressed delight at the 12% revenue growth in H1 FY24 compared to the same period last year.
Lumax Industries, a major OEM supplier to companies such as Hero MotoCorp, Honda Cars, Maruti Suzuki, Tata Motors, and more, announced the commencement of commercial production at its new manufacturing facility near Chakan in Pune.
The company is strategically considering future expansion in western India, anticipating significant growth in the electric vehicle market. Deepak Jain mentioned ongoing efforts in post-capacity optimization and the possibility of a greenfield expansion in the coming months, aligning with the evolving automotive landscape.
Stay tuned for more updates on Lumax Industries' contributions to the automotive sector and its plans for expansion in the dynamic electric mobility market.
