Lumax Auto Technologies Ltd. — Interim / Quarterly Report 2019

Nov 12, 2018

	Statement of Standalone unaudited financial results for the Half year and Quarter ended September 30, 2018
			Quarter ended			Half year ended	Year ended
Sr. No.	Particulars	30.09.2018(Unaudited)	30.06.2018(Unaudited)	30.09.2017(Unaudited)	30.09.2018(Unaudited)	30.09.2017(Unaudited)	31.03.2018(Audited)
1	Income from operations
	(a) Revenue from operations	22,128.83	20,174.13	13,402.06	42,302.96	25,791.15	60,750.77
	(b) Other income	1,460.80	275.85	848.49	1,736.65	1,150.20	1,499.47
	Total Revenue	23,589.63	20,449.98	14,250.55	44,039.61	26,941.35	62,250.24
2	Expenses
	(a) Cost of materials consumed	12,240.24	11,243.88	6,487.84	23,484.12	11,921.94	29,398.23
	(b) Purchases of trade goods	3,664.48	2,989.54	3,151.82	6,654.02	5,445.24	12,641.51
	(c) Changes in inventories of finished goods, work-in-progress	(67.65)	(75.38)	(244.19)	(143.03)	(180.48)	(519.43)
	and trade goods
	(d) Excise duty on sales	-	-	(1.72)	-	1,157.49	1,157.49
	(e) Employee benefits expense(f) Finance Cost	2,031.17108.37	1,849.0272.83	1,310.5450.21	3,880.19181.20	2,564.69122.84	5,660.29269.45
	(g) Depreciation and amortisation expense	356.70	347.07	324.15	703.77	643.60	1,332.63
	(h) Other expenses	2,798.24	2,545.86	1,648.14	5,344.10	3,259.59	8,026.56
	Total expenses	21,131.55	18,972.82	12,726.79	40,104.37	24,934.91	57,966.73
3	Profit before exceptional items and tax ( 1- 2)	2,458.08	1,477.16	1,523.76	3,935.24	2,006.44	4,283.51
4	Exceptional Items	-	-	-	-	-	(227.50)
5	Profit before tax (3+4)	2,458.08	1,477.16	1,523.76	3,935.24	2,006.44	4,056.01
6	Tax Expenses
	Current TaxAdjustment of tax relating to earlier periods	384.2320.53	470.89-	323.0510.95	855.1220.53	472.639.87	1,132.22(1.08)
	Deferred Tax	16.69	43.37	(43.39)	60.06	(43.66)	3.10
7	Net Profit for the period/ year (5 - 6)	2,036.63	962.90	1,233.15	2,999.53	1,567.60	2,921.77
8	Other Comprehensive Income (net of taxes)
	Items that will not be reclassified to profit or loss
	(i) Re-measurement gain/(loss) on defined benefits plans	11.65	11.65	-	23.29	-	46.58
	Income tax effect	(4.07)	(4.07)	-	(8.14)	-	(16.28)
	(ii) Gain/(loss) on fair value of investments	(310.01)	(909.30)	(969.15)	(1,219.31)	(727.65)	4,232.55
	Income tax effect	45.23	96.80	-	142.03		(202.72)
		(257.20)	(804.92)	(969.15)	(1,062.13)	(727.65)	4,060.13
9	Total Comprehensive Income for the period [comprising Net
	Profit for the period/ year and other Comprehensive Income	1,779.43	157.98	264.00	1,937.40	839.95	6,981.90
	(7 + 8 )
10	Earning per share (refer note 6):
	Basic & Diluted ( in Rs.)	2.99	1.41	1.81	4.40	2.30	4.29
	Face value per share ( in Rs.)	2.00	2.00	2.00	2.00	2.00	2.00
	Standalone Statement of Assets and Liabilities as on September 30, 2018
						As at	As at
Sr. No.	Particulars					30.09.2018(Unaudited)	31.03.2018(Audited)
I	ASSETS
	Non-current assets
	Property, Plant and Equipment					14,000.79	13,917.40
	Capital work-in-progress					568.90	259.81
	Intangible assets					113.39	98.50
	Investment in subsidiaries and a Jointly controlled entity					3,263.45	1,630.92
	Income tax assets(net)					76.29	-
	Financial assets
	Investments					10,254.83	11,474.14
	Other financial assets					275.36	178.41
	Other non-current assets					636.91	467.98
	Sub-Total Non-Current assets (A)					29,189.92	28,027.16
	Current assets
	Inventories					5,209.95	4,308.59
	Financial Assets
	Loans					47.56	44.45
	Trade receivables					20,119.03	16,651.96
	Cash and bank balances					250.25	817.75
	Other bank balances					12.15	12.15
	Other financial assets					69.08	59.33
	Other current assets					629.02	905.34
	Sub-Total Current assets (B)					26,337.04	22,799.57
	Total Assets (A+B)					55,526.96	50,826.73

Lumax Auto Technologies Limited

Regd. Office : Plot No. 70, Sector 10, PCNTDA, Bhosari, Pune-411026 Website:www.lumaxautotech.com Tel: 020 66304604, 66304617 Email: shares@lumaxmail.com, CIN: L31909MH1981PLC025519

(Rs. in Lacs unless otherwise stated)

Place : New Delhi	D. K. Jain
Date : November 12, 2018	Chairman

Notes:

1. The Company's business activity falls within a single business segment i.e. manufacturing and trading of Automotive Components and therefore, segment reporting in terms of Ind-AS 108 on Segmental Reporting is not applicable.

2. During the half year ended, the Company has sub–divided its Equity Share Capital from Rs. 10/- per Equity Share to Rs. 2/- per Equity Share. Resulting to this, Equity Share Capital of the Company stood at Rs. 13,63,15,410 divided into 6,81,57,705 Equity Shares of Rs. 2/- each as on September 30, 2018. The earning per share of comparative period / year is reinstated accordingly.

Sr. No.	Particulars	As at30.09.2018(unaudited)	As at31.03.2018(audited)
II.	EQUITY AND LIABILITIES
	Shareholders' funds
	Share capital	1,363.15	1,363.15
	Other equity	25,004.34	24,476.96
	Equity attributable to equity holders (A)	26,367.49	25,840.11
	Non-current liabilities
	Financial liabilities
	Borrowings	44.62	36.07
	Deferred tax liabilities (net)	975.03	1,048.85
	Sub-total non-current liabilities (B)	1,019.65	1,084.92
	Current liabilities
	Financial Liabilities
	Borrowings	2,250.78	-
	Trade payables
	- total outstanding dues of micro and small enterprises	1,500.09	811.63
	- total outstanding dues of creditors other than micro and small enterprises	19,834.29	18,006.28
	Other current financial liabilities	1,988.68	2,468.49
	Provisions	421.33	349.27
	Other current liabilities	2,144.65	2,192.92
	Current Tax Liabilities (Net)	-	73.11
	Sub-total current liabilities (C)	28,139.82	23,901.70
	Total Equity and Liabilities (A+B+C)	55,526.96	50,826.73

1. The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 12, 2018. The Statutory Auditors of the Company have conducted Limited Review of these Financial Results, pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

(Rs. in lacs)
Particulars	Quarter endedHalf year ended				Year ended
	30.09.2018	30.06.2018	30.09.2017	30.09.2018	30.09.2017	31.03.2018
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Revenue from operations	22,128.83	20,174.13	13,402.06	42,302.96	25,791.15	60,750.77
Less : excise duty	-	-	1.72	-	(1,157.49)	(1,157.49)
Revenue from Operations (net of excise duty)	22,128.83	20,174.13	13,403.78	42,302.96	24,633.66	59,593.28

1. The lnd-AS 115 " Revenue from Contracts with Customers" is mandatory for reporting period beginning on or after April 01, 2018 and has replaced existing lnd-AS related thereto. Under the modified retrospective approach, there were no significant adjustments required to be made to the retained earning as at April 01, 2018. Also the application of lnd-AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the Financial Results for the Quarter ended September 30, 2018.

2. The above financial results are available on the Company's website www.lumaxautotech.com and also on the websites of NSE (www.nseindia.com) and BSE (www.bseindia.com).

3. These Financial Results have been prepared in accordance with Indian Accounting Standards (lnd-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and / or any Statutory Modifications and / or Re-enactment thereof.

4. According to the requirements of the lnd-AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Revenue for quarter ended and half year ended September 30, 2017 and year ended March 31, 2018 were reported inclusive of Excise Duty. The Government of India had implemented Goods and Services Tax ("GST") from July 01, 2017 replacing Excise Duty, Service Tax and various other indirect taxes. As per lnd-AS 115, the Revenue for the half year ended September 30, 2018 and quarter ended June 30, 2018 and September 30, 2018, are reported net of GST. The following additional information is being provided to facilitate such understanding :

	Statement of Consolidated unaudited financial results for the Half year and Quarter ended September 30, 2018
			Quarter ended			Half year ended	Year ended
Sr. No.	Particulars	30.09.2018(Unaudited)	30.06.2018(Unaudited)	30.09.2017(Unaudited)	30.09.2018(Unaudited)	30.09.2017(Unaudited)	31.03.2018(Audited)
1	Income from operations
	(a) Revenue from operations	36,775.85	33,298.99	26,761.84	70,074.84	52,936.66	1,13,851.32
	(b) Other income	508.08	326.74	299.61	834.82	583.88	1,524.30
2	Total RevenueExpenses	37,283.93	33,625.73	27,061.45	70,909.66	53,520.54	1,15,375.62
	(a) Cost of materials consumed	21,599.80	19,977.96	15,873.17	41,577.76	29,828.38	65,657.58
	(b) Purchases of trade goods	3,664.48(130.99)	2,989.54(127.86)	3,187.49(170.47)	6,654.02(258.85)	5,521.04(182.38)	12,761.09(604.62)
	(c) Changes in inventories of finished goods, work-in-progressand trade goods
	(d) Excise duty on sales	-	-	(1.72)	-	2,669.95	2,704.23
	(e) Employee benefits expense(f) Finance Cost	3,744.46115.60	3,423.0877.32	2,714.8355.98	7,167.54192.92	5,305.10134.96	11,100.44281.27
	(g) Depreciation and amortisation expense	677.02	657.46	613.85	1,334.48	1,218.88	2,525.76
	(h) Other expenses	4,367.44	3,694.78	2,633.03	8,062.22	5,251.53	12,074.90
3	Total expensesProfit before exceptional items and tax ( 1- 2)	34,037.813,246.12	30,692.282,933.45	24,906.162,155.29	64,730.096,179.57	49,747.463,773.08	1,06,500.658,874.97
4	Share of profit / (loss) of jointly controlled entities (profit/(loss) after tax)	(4.66)	(8.47)	44.74	(13.13)	160.24	(61.53)
56	Profit before exceptional items and tax ( 3 + 4 )Exceptional Items	3,241.46(529.08)	2,924.98-	2,200.03-	6,166.44(529.08)	3,933.32-	8,813.44(227.50)
7	Profit before tax (5+6)	2,712.38	2,924.98	2,200.03	5,637.36	3,933.32	8,585.94
8	Tax Expenses
	Current TaxAdjustment of tax relating to earlier periods	997.206.42	934.22-	785.419.87	1,931.426.42	1,330.269.87	2,827.75(15.35)
	Deferred Tax	(65.39)	41.14	(94.44)	(24.25)	(74.50)	62.31
910	Net Profit for the period/ year (7-8)Other Comprehensive Income (net of taxes)Items that will not be reclassified to profit or loss	1,774.15	1,949.62	1,499.19	3,723.77	2,667.69	5,711.23
	(i) Re-measurement gain/(loss) on defined benefits plans	10.53	7.96	(11.24)	18.49	6.99	36.39
	Income tax effect	(2.52)	(4.37)	3.88	(6.89)	(2.43)	(13.60)
	(ii) Gain/(loss) on fair value of investments	(306.61)	(905.19)	(968.16)	(1,211.80)	(722.39)	4,247.39
	Income tax effect	43.92(254.68)	95.49(806.11)	(0.34)(975.86)	139.41(1,060.79)	(1.82)(719.65)	(207.91)4,062.27
11	Total Comprehensive Income for the period / year [comprising NetProfit for the period/ year and other Comprehensive Income (9+10)	1,519.47	1,143.51	523.33	2,662.98	1,948.04	9,773.50
12	Profit attributable to:a) Owners of Lumax Auto Technologies Limited	1,823.98	1,805.67	1,333.13	3,629.65	2,249.75	4,874.37
	b) Non- controlling interests	(49.83)	143.95	166.06	94.12	417.94	836.86
	Other comprehensive income attributable to:a) Owners of Lumax Auto Technologies Limited	(256.46)	(806.03)	(975.55)	(1,062.49)	(721.68)	4,059.02
	b) Non- controlling interests	1.78	(0.08)	(0.31)	1.70	2.03	3.25
	Total comprehensive income attributable to:a) Owners of Lumax Auto Technologies Limited	1,567.52	999.64	357.58	2,567.16	1,528.07	8,933.39
	b) Non- controlling interests	(48.05)	143.87	165.75	95.82	419.97	840.11
13	Earning per share (refer note 6 below) :Basic & Diluted ( in Rs.)	2.68	2.65	1.96	5.33	3.30	7.15
	Face value per share ( in Rs.)	2.00	2.00	2.00	2.00	2.00	2.00
1	Key Standalone Financial InformationRevenue from Operations	22,128.83	20,174.13	13,402.06	42,302.96	25,791.15	60,750.77
2	Profit Before Tax	2,458.08	1,477.16	1,523.76	3,935.24	2,006.44	4,056.01
3	Total Comprehensive Income for the period	1,779.43	157.98	264.00	1,937.40	839.95	6,981.90
	Consolidated Statement of Assets and Liabilities as on September 30, 2018
	S. No. Particulars					As at	As at
						30.09.2018	31.03.2018
						(Unaudited)	(Audited)
I	ASSETS
	Non-current assets
	Property, Plant and EquipmentCapital work-in-progress					24,999.553,421.10	25,150.881,197.87
	Investment property					1,901.96	1,930.74
	Goodwill					16.64	16.64
	Other Intangible assets					228.11	233.18
	Investment in jointly controlled entities					53.84	724.30
	Financial AssetsInvestments					10,795.68	12,007.48
	Other financial assets					482.03	338.79
	Income Tax Assets (net)					148.91	312.43
	Other non-current assets					1,555.14	1,052.45
	Deferred tax assets (net)					203.91	137.11
	Sub-Total Non-Current assets (A)					43,806.87	43,101.87
	Current assetsInventories					9,223.08	7,802.38
	Financial AssetsLoans					72.07	62.41
	Investments					2,331.60	1,477.10
	Trade receivables					35,137.21	28,057.42
	Cash and bank balances					1,822.03	2,234.09
	Other bank balances					2,047.55	1,637.98
	Other financial assets					110.54	99.31
	Other current assetsSub-Total Current assets (B)					1,756.2852,500.36	1,431.7742,802.46
	Total Assets (A+B)					96,307.23	85,904.33

(Rs. in Lacs unless otherwise stated)

Lumax Auto Technologies Limited

Regd. Office : Plot No. 70, Sector 10, PCNTDA, Bhosari, Pune - 411026 Website:www.lumaxautotech.com Tel: 020 66304604, 66304617 Email: shares@lumaxmail.com, CIN: L31909MH1981PLC025519

1. During the half year ended, the exceptional items refers impairment in respect of certain class of assets in respect of one of its subsidiary Companies.

Chairman

1. During the half year ended, the Company has sub–divided its Equity Share Capital from Rs. 10/- per Equity Share to Rs. 2/- per Equity Share. Resulting to this, Equity Share Capital of the Company stood at Rs. 13,63,15,410 divided into 6,81,57,705 Equity Shares of Rs. 2/- each as on September 30, 2018. The earning per share of comparative period / year is reinstated accordingly.

Notes:

1. These Financial Results have been prepared in accordance with Indian Accounting Standards (lnd- AS) as prescribed under section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and / or any Statutory Modifications and / or Re-enactment thereof.

	S. No. Particulars	As at30.09.2018	As at31.03.2018
		(Unaudited)	(Audited)
II	EQUITY AND LIABILITIES
	Shareholders' funds
	Share capital	1,363.15	1,363.15
	Other equity	44,381.34	43,755.49
	Equity attributable to equity holders of the parent (A)	45,744.49	45,118.64
	Non-controlling interests (B)	3,809.10	3,028.25
	Non-current liabilities
	Financial liabilities
	Borrowings	773.88	790.15
	Provisions	764.73	723.51
	Deferred tax liabilities (net)	1,955.50	2,117.84
	Sub-total non-current liabilities (C)	3,494.11	3,631.50
	Current liabilities
	Financial Liabilities
	Borrowings	2,525.78	-
	Trade payables
	- total outstanding dues of micro and small enterprises	1,500.09	811.63
	- total outstanding dues of creditors other than micro and small enterprises	31,624.67	26,218.23
	Other current financial liabilities	3,586.61	3,351.40
	Provisions	582.69	556.91
	Other current liabilities	3,201.50	3,014.72
	Current Tax Liabilities (Net)	238.19	173.05
	Sub-total current liabilities (D)	43,259.53	34,125.94
	Total Equity and Liabilities (A+B+C+D)	96,307.23	85,904.33

1. The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 12, 2018. The Statutory Auditors of the Company have conducted Limited Review of these Financial Results, pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

						(Rs. in Lacs)
		Quarter ended		Half year ended	Year ended
Particulars	30.09.2018	30.06.2018	30.09.2017	30.09.2018	30.09.2017	31.03.2018
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Revenue from operations	36,775.85	33,298.99	26,761.84	70,074.84	52,936.66	1,13,851.32
Less : excise duty	-	-	1.72	-	(2,669.95)	(2,704.23)
Revenue from Operations (net of excise duty)	36,775.85	33,298.99	26,763.56	70,074.84	50,266.71	1,11,147.09

1. According to the requirements of the lnd-AS and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, Revenue for half year ended September 30, 2017 and year ended March 31, 2018 were reported inclusive of Excise Duty. The Government of India had implemented Goods and Services Tax ("GST") from July 01, 2017 replacing Excise Duty, Service Tax and various other indirect taxes. As per lnd-AS 115, the Revenue for the half year ended September 30, 2018 and quarter ened June 30, 2018 and September 30, 2018, are reported net of GST. The following addtional information is being provided to facilitate such understanding :

Place : New Delhi D. K. Jain Date : November 12, 2018

1. The lnd-AS 115 " Revenue from Contracts with Customers" is mandatory for reporting period beginning on or after April 01, 2018 and has replaced existing lnd-AS related thereto. Under the modified retrospective approach, there were no significant adjustments required to be made to the retained earning as at April 01, 2018. Also the application of lnd-AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the Financial Results for the Quarter ended September 30, 2018.

2. The Company's business activity falls within a single business segment i.e. manufacturing and trading of Automotive Components and therefore, segment reporting in terms of Ind-AS 108 on Segmental Reporting is not applicable.

For and on behalf of the Board of Directors

1. During the half year ended, the Company has acquired Management Control over Lumax Gill - Austem Auto Technologies Private Limited. Accordingly the Financials of Lumax Gill-Austem Auto Technologies Private Limited is consolidated as a Subsidiary in accordance with the Ind-AS 110 of "Consolidated Financial Statements" w.e.f. April 01, 2018.

2. The above financial results are available on the Company's website www.lumaxautotech.com and also on the websites of NSE (www.nseindia.com) and BSE (www.bseindia.com).