The board of Lumax Industries at the meeting held on Friday (26 March 2021), approved business expansion plans.
The company's board approved capital expenditure (capex) amounting up to Rs 80 crore for setting up of the company's new manufacturing unit(s) in Sanand, Gujarat to cater to the orders received from MG Motors and other customers.
The total capex will be funded by mix of debt and internal accruals and peak annualized turnover is expected to be approximately Rs 150 crore post commissioning. The project is expected to be operational by Q3 FY22.
The board also approved setting up of an office in Czech Republic to strengthen the technological capabilities of the company.
Lumax Industries manufactures automobile lighting for the Indian automotive industry. Its consolidated net profit rose 4.87% to Rs 19.82 crore on a 16.44% increase in net sales to Rs 446.24 crore in Q3 FY21 over Q3 FY20.
The scrip rose 1.08% to end at Rs 1582.55 on the BSE on Friday.
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