Lumax Auto shares skid 4% after Q4 profit declines

The company’s consolidated net profit declined to Rs 18.6 crore for the March FY23 quarter, from Rs 20.9 crore in the year-ago period.

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Shares of Lumax Auto Technologies dipped 4.38 percent to Rs 316.40 in morning trade on May 31 after the automotive components manufacturer reported an 11.4 percent on-year decline in consolidated profit for the quarter ended March, mainly due to higher exceptional losses.

Despite a robust performance in terms of revenue and operational figures, the company’s consolidated net profit declined to Rs 18.6 crore for the March FY23 quarter, from Rs 20.9 crore a year back.

The company’s revenue from operations climbed 18.3 percent over the year-ago period, amounting to Rs 493.3 crore.

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For the full fiscal 2022-23, the company’s net profit jumped 33.7 percent to Rs 92.8 crore, as against Rs 69.4 crore in FY22. Revenue from operations surged 22.51 percent to Rs 1,847.46 crore, from Rs 1,507.92 crore in the preceding fiscal.

The company’s board of directors announced a final dividend of Rs 4.50 per share for the fiscal year 2022-23.

Shares of Lumax Auto are up nearly 30 percent on YTD basis, while the 1-year return stands at 84 percent.

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