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Research
Lumax Auto Technologies Ltd - Result Update - Indsec Securities & Finance Ltd
Posted On : 2012-02-08 20:05:40( TIMEZONE : IST )
Q3FY12 results performance review:-
- In Q3FY12 LAT reported a 19.40% YoY revenue growth to Rs.1807.45 mn. as compared to Rs.1513.93 mn. in Q3FY11. The sale growth on QoQ basis for Q3FY12 declined by 4.65%, however, this is a regular phenomenon for Q3 to report decline in sales as compared to Q2.
- EBIDTA increased by 7.11% on YoY basis and stood at Rs.172.27 mn. as compared to Rs.160.84 mn. in Q3FY11 and registered marginal growth of 0.14% on QoQ basis.
- Operating profit margins have improved from 8.19% to 9.02% on QoQ basis. LAT had witnessed significant decline in its operating profit margins in its previous quarters, however, Q3FY12 witnessed a considerable rise in margins, primarily due to stocking up of inventory and prudent cost control measures. On YoY comparison the margins are still lower by 52 bps.
- The total materials cost has remained stable and increased marginally by 54 bps from 79.03% in Q2FY12 to 79.57% in Q3FY12. However, concerns remain for the total manufacturing cost which has risen from 78.34% in Q2FY12 to 79.16% in Q3FY12, primarily due to increase in employee cost and rise in cost of traded products.
- On QoQ basis, other income figure has substantially come down by more than 45% primarily due to dividends and warranty refunds received in the previous quarter.
- LAT reported YoY rise of 7.7% in PBT at Rs. 151.56 mn. However, on QoQ basis PBT declined marginally by 0.1%. On QoQ basis the PBT has remained more or less stagnant.
- PAT in Q3FY12 stood at Rs.119.16 mn. as compared to Rs.97.30 mn. in Q3FY11 registering a growth of 22.50% on YoY basis. However, on QoQ basis, LAT reported decline of 6.30% due to seasonal factor.
- PAT margins declined by 12 bps on QoQ basis at 6.59%. However, margins have improved on YoY basis from 6.43% in Q3FY11.
- LAT reported EPS of Rs.8.74 as compared to Rs.8.37 in Q3FY11. However on QoQ basis EPS has declined by Rs.0.59.
Valuations: At CMP of Rs.152.50, LAT is trading at 4.5X and 4.3X of its FY2012E and FY2013E EPS, respectively. We continue to recommend BUY on LAT with the target price of Rs.212, implying a PE of 6.0x of its FY2013E earnings with a potential upside of ~39%.
