Lumax Industries rose 5.07% to Rs 1,940 after the company announced that its board has approved setting up greenfield project at Chakan, Pune (Maharashtra) with capital outlay up to Rs 175 crore for Phase 1.
This project will cater to the new orders received from OEM customers for advance lighting solutions.The company said that capex will be funded by mix of debt and internal accruals and peak annualized turnover is expected of Rs 600 crore post commissioning. The project is expected to be commissioned by Q2 FY24.
Further, the company stated that it will avail long term credit facilities to fund the aforesaid project.
Lumax Industries is engaged in the business of manufacture, trading and supply of auto components, mainly automotive lighting systems for four wheeler and two wheeler vehicles.
On consolidated basis, the company's net profit surged 115.1% to Rs 32.97 crore on 37% rise in net sales to Rs 620.06 crore in Q2 FY23 over Q2 FY22.
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