External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

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External broker reports(aggregated public sources)

Equity Bottom-Up

<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!