HDFC Securities
We Maintain BUY with a revised TP of Rs 208 (16xDec-18). Lumax Auotech (LATL) continued its double digit growth trajectory (Revenue/PAT grew 15/33%) in 3Q despite a slowdown in the OEM segment. LATLs growth is driven by the aftermarket segment as well as higher other income (relating to designing and mould modification charges). We re-iterate our Buy rating due to our expectations of double digit revenue growth (12-13%) over FY20-21 as LATL is diversifying across product segments and margins are expanding on a richer mix (higher aftermarket sales).
Lumax Auto Technologies Ltd. has lost -43.50% in the last 6 Months
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