Lumax Industries shares down 6% after Q4 results, dividend announcement

Shares of Lumax Industries, a supplier of automotive components, dropped over 6% during the early trading hours on Monday, May 27, a day after it posted the results for the March 2024 quarter and declared the final dividend for FY24.

Shortly after the opening bell, the stock touched an intraday low of ₹2,671.15 apiece on the National Stock Exchange (NSE), down 6.5% as against the previous day's close.

By 10 am, the shares marginally recovered to trade 5.5% lower at ₹2,699.9 apiece on the NSE.

The dip in shares comes after Lumax Industries' stock soared on Friday, in anticipation of the Q4 results.

The company on Sunday posted a consolidated net profit of ₹36 crore in the March 2024 quarter, up 73.8% from ₹21 crore in the year-ago period.

The consolidated revenue from operations came in at ₹743 crore in Q4FY24, up 22% from ₹608 crore in Q4FY23.

Lumax Industries announces dividend

Along with its quarterly earnings report, Lumax declared the final dividend for the fiscal year ended March 31, 2024.

The company said its board has recommended a final dividend of ₹35 per equity share of face value of ₹10 each. The record date to determine the eligible shareholders, along with the timeline for the payout, was not shared in the media release.

Shares of the company have risen significantly in the past one year, growing at a rate of 42.1%. Year-to-date, the stock has climbed by 7.9%.