Lumax Auto Technologies (LATL) has completed the acquisition of 60% stake in Greenfuel Energy Solutions` alternate fuels business for Rs 153.09 crore through its wholly owned subsidiary Lumax Resources. The acquisition has been funded through a combination of debt and internal accruals. This acquisition is the LATL`s entry into the green and alternate fuels segment (across CNG, hydrogen and other applications), which is expected to witness strong and accelerated growth in the coming years. Greenfuel is a prominent supplier of (1) high-pressure fuel delivery and storage systems(including related components and sub-systems) primarily for CNG and hydrogen automobiles and (2) fire and smoke alarm, detection and suppression systems (including related components and subsystems) for the automotive industry. It is a supplier to key OEMs including Maruti Suzuki, TATA Motors and Volvo Eicher Commercial Vehicles among others. Greenfuel has established strong technology collaborations, which provide a competitive advantage in delivering industry leading solutions to customers.Powered by Capital Market - Live News

Lumax Auto Technologies has completed the acquisition of majority shareholding (representing 60% of share capital on a fully diluted basis) in Greenfuel Energy Solutions (Greenfuel) through its wholly owned subsidiary namely Lumax Resources. The consideration paid to the shareholders of Greenfuel, after customary closing review and adjustments as per the Share Purchase Agreement, is Rs 153.09 crore. Accordingly, Greenfuel has become a step-down subsidiary of the Company and subsidiary of Lumax Resources with immediate effect. Powered by Capital Market - Live News

Net profit of Lumax Auto Technologies rose 56.50% to Rs 42.88 crore in the quarter ended September 2024 as against Rs 27.40 crore during the previous quarter ended September 2023. Sales rose 20.29% to Rs 842.26 crore in the quarter ended September 2024 as against Rs 700.17 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales842.26700.17 20 OPM %12.1412.87 - PBDT99.0483.29 19 PBT69.7853.15 31 NP42.8827.40 56 Powered by Capital Market - Live News

Lumax Auto Technologies will hold a meeting of the Board of Directors of the Company on 13 November 2024Powered by Capital Market - Live News

Lumax Auto Technologies announced that the 43th Annual General Meeting (AGM) of the company will be held on 27 September 2024.Powered by Capital Market - Live News