External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Lumax Industries (Lumax Inds) reported a stellar set of results which was ahead of our estimates.</li><li>The revenue for the quarter stood at Rs 549 Cr (our estimate – Rs 496 Cr), reporting a 9% YoY growth</li><li>We maintain a BUY rating on the stock with a revised target price of Rs 1,450/share (Rs 1,350 earlier) valuing it at 13x of FY24E P/E, implying an upside of 25% from the CMP.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Lumax Industries (Lumax Inds) reported a stellar set of results which was ahead of our estimates.The revenue for the quarter stood at Rs 549 Cr (our estimate – Rs 496 Cr), reporting a 9% YoY growthWe maintain a BUY rating on the stock with a revised target price of Rs 1,450/share (Rs 1,350 earlier) valuing it at 13x of FY24E P/E, implying an upside of 25% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lumax Industries: Strong Beat on Estimates; Long-Term Outlook Positive

<ul><li>Lumax Industries (Lumax Inds) reported a weak set of results in Q3FY22 which stood below our estimates</li><li>It reported revenue for the quarter at Rs 435 Cr (our estimate – Rs 467 Cr), registering a de-growth of 4% QoQ</li><li>We retain our BUY rating on the stock with a revised target price of Rs 1,350/share (earlier Rs 1,600/share), implying an upside of 26% from the CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Lumax Industries (Lumax Inds) reported a weak set of results in Q3FY22 which stood below our estimatesIt reported revenue for the quarter at Rs 435 Cr (our estimate – Rs 467 Cr), registering a de-growth of 4% QoQWe retain our BUY rating on the stock with a revised target price of Rs 1,350/share (earlier Rs 1,600/share), implying an upside of 26% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lumax Industries: Near-Term Headwinds Persist; Long-Term Outlook Intact

<ul><li>Lumax Industries Ltd (LIL) is one of the leading players in the domestic automotive lighting industry </li><li>With growth momentum improving, we believe LIL’s product mix will also improve and thereby improve the company’s overall margins.</li><li>We maintain a BUY rating on the stock with a target price of Rs 1,635/share.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Lumax Industries Ltd (LIL) is one of the leading players in the domestic automotive lighting industry With growth momentum improving, we believe LIL’s product mix will also improve and thereby improve the company’s overall margins.We maintain a BUY rating on the stock with a target price of Rs 1,635/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Although revenue came in ahead of our estimates, EBITDA and PAT were lower primarily on account of steep increase in raw material prices.</li><li>The expectations of an improved demand scenario from H2FY21 is encouraging for the company</li><li>We maintain a BUY rating on the stock with a target price of Rs 1,600 valuing it at 16x of FY23E P/E, implying an upside of 12% from CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Although revenue came in ahead of our estimates, EBITDA and PAT were lower primarily on account of steep increase in raw material prices.The expectations of an improved demand scenario from H2FY21 is encouraging for the companyWe maintain a BUY rating on the stock with a target price of Rs 1,600 valuing it at 16x of FY23E P/E, implying an upside of 12% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lumax Industries: Near-Term Headwinds Persist But Long-Term Outlook Intact

<p>Lumax Industries (Lumax Inds) reported a muted performance in Q1FY22 with lower-thanexpected revenue at Rs 314 Cr, down by 38% QoQ. Q1FY22 performance was impacted due to regional lockdown and chip shortage resulted in lower OEM production and significant erosion on the margins. Manufacturing revenue was down 39% QoQ to Rs 301 Cr. Mould parts revenue was down 10% QoQ to Rs 13 Cr due to delays in launches by OEM and shortage of components. EBIDTA margin came in much below expectations at 2% vs. 9.8% in Q4FY21 owing to higher raw material cost (extraordinary jump in the prices of electronic components), import content and logistics costs. The weak operating performance led to a loss at the PAT level to Rs 10 Cr vs PAT of Rs 23 Cr in Q4FY21.</p><p>We retain a BUY with a target price revised to Rs 1616 (earlier Rs 1741), implying an upside of 10% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Lumax Industries (Lumax Inds) reported a muted performance in Q1FY22 with lower-thanexpected revenue at Rs 314 Cr, down by 38% QoQ. Q1FY22 performance was impacted due to regional lockdown and chip shortage resulted in lower OEM production and significant erosion on the margins. Manufacturing revenue was down 39% QoQ to Rs 301 Cr. Mould parts revenue was down 10% QoQ to Rs 13 Cr due to delays in launches by OEM and shortage of components. EBIDTA margin came in much below expectations at 2% vs. 9.8% in Q4FY21 owing to higher raw material cost (extraordinary jump in the prices of electronic components), import content and logistics costs. The weak operating performance led to a loss at the PAT level to Rs 10 Cr vs PAT of Rs 23 Cr in Q4FY21.We retain a BUY with a target price revised to Rs 1616 (earlier Rs 1741), implying an upside of 10% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lumax Industries: Near-Term Pressure Exists But Long-Term Positive View Intact!

India

Lumax Industries Limited is a key player in the Indian automotive lighting industry, providing end-to-end automotive lighting solutions including headlamps, tail lamps, and auxiliary lamps for two-wheelers, passenger vehicles, and commercial vehicles. The company also offers LED modules and electronic components. Lumax Industries Limited was established in 1945 and is headquartered in Gurugram, India.

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Lumax Industries (LUMX IN)

Lumax Industries: Strong Beat on Estimates; Long-Term Outlook Positive

We maintain a BUY rating on the stock with a revised target price of Rs 1,450/share (Rs 1,350 earlier) valuing it at 13x of FY24E P/E, implying an...

Axis Direct

Lumax Industries: Near-Term Headwinds Persist; Long-Term Outlook Intact

We retain our BUY rating on the stock with a revised target price of Rs 1,350/share (earlier Rs 1,600/share), implying an upside of 26% from the CMP.

Axis Direct

Pick of the Week: Lumax Industries

Lumax Industries Ltd (LIL) is one of the leading players in the domestic automotive lighting industry. With growth momentum improving, we believe...

Axis Direct

Lumax Industries: Near-Term Headwinds Persist But Long-Term Outlook Intact

We maintain a BUY rating on the stock with a target price of Rs 1,600 valuing it at 16x of FY23E P/E, implying an upside of 12% from CMP.

Axis Direct

Lumax Industries: Near-Term Pressure Exists But Long-Term Positive View Intact!

We retain a BUY with a target price revised to Rs 1616 (earlier Rs 1741), implying an upside of 10% from CMP. Lumax Industries (Lumax Inds)...

Axis Direct

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