Lumax Industries : Transcript of Analysts/Institutional Investor Meet/Con. Call

Subject: Transcript of Analysts/Investor Earnings Conference Call- Q2 & H1 FY 2022-23

Dear Sir/Ma'am,

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable Regulations, please find enclosed herewith the Transcript of Analysts/Investor Earnings Conference Call which was held on Monday, November 21, 2022 at 04:00 P.M. to discuss the operational and financial performance of the Company for the 2nd Quarter and Half year ended on September 30, 2022.

The transcript will also be made available on the website of the Company at https://www.lumaxworld.in/lumaxindustries

You are requested to take the same on records and oblige.

Thanking you,

Yours faithfully,

For LUMAX INDUSTRIES LIMITED

PANKAJ MAHENDRU

COMPANY SECRETARY

M.NO. A-28161

Encl: As Stated above

"Lumax Industries Limited

Q2 & H1FY '23 Earnings Conference Call"

November 21, 2022

MANAGEMENT: MR. DEEPAK JAIN - CHAIRMAN AND MANAGING DIRECTOR

• LUMAX INDUSTRIES LIMITED

MR. ANMOL JAIN - JOINT MANAGING DIRECTOR - LUMAX INDUSTRIES LIMITED

MR. VINEET SAHNI - CHIEF EXECUTIVE OFFICER AND SENIOR EXECUTIVE DIRECTOR - LUMAX INDUSTRIES LIMITED

MR. SANJAY MEHTA - GROUP CHIEF FINANCIAL OFFICER

• LUMAX INDUSTRIES LIMITED

MR. SHRUTI KANT RUSTAGI- CHIEF FINANCIAL OFFICER -

LUMAX INDUSTRIES LIMITED

MR. ANKIT THAKRAL - CORPORATE FINANCE - LUMAX

INDUSTRIES LIMITED

MS. PRIYANKA SHARMA - HEAD CORPORATE

COMMUNICATIONS - LUMAX INDUSTRIES LIMITED

SGA - INVESTOR RELATIONS ADVISOR

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Lumax Industries Limited

November 21, 2022

Moderator: Ladies and gentlemen good day, and welcome to the Q2 and H1 FY '23 Earnings Conference Call of Lumax Industries Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict.

As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded.

I'll hand the conference over to Mr. Deepak Jain, Chairman and Managing Director of Lumax Industries Limited for his opening remarks. Thank you, and over to you, sir.

Deepak Jain: A very good afternoon, everyone. Let me first state a very good health to all. Along with me on this call today, I have Mr. Anmol Jain, Joint Managing Director; Mr. Vineet Sahni, CEO and Senior Executive Director; Mr. Sanjay Mehta, Group CFO; and Shruti Kant, CFO, along with Ankit from Corporate Finance and Priyanka for Head Corporate Communications; as well as SGA our Investor Relations Advisor. The results and investor presentations are uploaded on the stock exchange and the company's website.

The Indian auto component industry is undergoing a robust growth path, with shifts in the supply chain, consumer demands and high development prospects. Growth of the global OEM sourcing from India and localization is turning the country into a preferably designing and manufacturing base, strong policy support from the government with

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Lumax Industries Limited

November 21, 2022

FAME II and also constant R&D support has been the lubricant in this journey. The monthly FADA and auto number data has been extremely encouraging and points to the demand recovery in the vehicle retail sales rising to 48% in October compared to the same month last financial year on account of the festive season and monsoon.

Good market sentiment coupled with festive boosts made the festive '22 to as the best in the last four years. If I look at segment-wise as well, I think the passenger car recovery in this financial year will actually be the highest in the country, surpassing the peaks of '18, '19. Other segments are trailing behind.

However, we are encouraged by the government's infrastructure development and also the future mobility that the other segments like the commercial vehicle as well as the 2-wheelers would also catch up. Other key drivers for the industry growth still remains key, which has an increased focus on technical advancement and improved market share. We continue to strengthen our position in this segment and the increased penetration of EV should also help the growing volumes going forward.

This is also substantiated with our great order book of the OEMs and new model launches planned in the near future. With the new launches also across segments and improved demand for premiumization, we find ourselves well-placed. We continue to maintain the market leadership in lighting. The quarter also embarked acquisition of 100% ownership interest of its subsidiary, Lumax Industry, Czech in Czech Republic to further strengthen its technology and innovation capabilities. We are focused on becoming self-reliant in design and development with increased investments in R&D.

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Lumax Industries Limited

November 21, 2022

We have also become the preferred partner for Indian OEMs, offering best-in-class lighting solutions across various sectors. Our collaboration with standard electric company in Japan, which is the only global auto lighting company to manufacture LED worldwide has also been a catalyst to work with technological advancement. We are working towards developing products indigenously and building premium products for which we have seen increasing demand.

On the EV front, as I mentioned, the industry has a huge uptick in demand, and we are going to leverage this with the cutting product portfolio. We are also quite certain that although the 2-wheelers have been the fast adopter of EV, now the passenger cars is also seeing uptick. As mentioned in the previous quarter, out of the order book of around INR 1,000 crores in the next two to three years, 50% of this is consists of EV vehicles. Now I would like to hand over the line to Mr. Sanjay Mehta, Group CFO of the company to update you on the financial performance of the company.

Sanjay Mehta: Good afternoon, everyone. I will update on the operational and financial performance for the quarter 2 and 6 months ended FY '23. The sale of led lighting for the half year as a percentage of revenue strength was 35% and conventional lighting at 65%. With respect to segment mix for six months, 65% of revenues from passenger vehicles, 29% from 2-wheelers and 6% from commercial vehicles. With respect to product mix, 66% of revenues from front lighting, 24% from rear lighting and 10% from other.

Talking about the financial performance, I'm delighted to say that in the quarter 2 FY '23, company has achieved the highest ever quarterly revenue standing at INR 620 crores, depicting a growth of 37% on a year-on-year basis. Revenue for H1 FY '23 is at INR 1,132 crores as against INR 767 crores, witnessing a strong growth of 48%.

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