The year 2020 was like no other. On one hand, almost all markets and national economies felt the fury of the unpredictable Covid-19 pandemic, and the international Automotive Industry, including our Company, was no exception. On the other hand, we, at Lumax Auto Technologies, surpassed ourselves in many respects as a consequence of this unprecedented crisis. We demonstrated operational strength and great resilience in this situation, and evolved as an organization that braves its challenges with confidence.
At this difficult moment, our thoughts and prayers extend to all those who have been impacted by this pandemic. I sincerely wish a full recovery to those and hope that the world will return to normal as quickly as possible. Furthermore, I would like to express my deepest gratitude to the medical professionals and other frontliners, who continue working towards a stronger nation.
Throughout the history of the world, there have been defining moments that changed the world seemingly overnight, in the industrial, geopolitical, and socio-economic landscape. In FY 2020-21, we were in the middle of one such important event that reshaped the legacy we would leave behind for our future generations. As the year bought an unprecedented time for the global economy, the Indian economy too slumped by 7.3%. However, with the gradual unlocking and the Government’s relief stimulus, the economy turned positive. In the last two quarters of the financial year, the Indian economy posted a growth of 0.3% and 1.6%, respectively.
FY 2020-21 was one of the toughest years for the Automobile Industry. The lockdown caused a cascading effect on the revenue and supply chain processes. Production of automobile Industry witnessed a decline of 14% in FY 2020-21. While the first half of the year was severely impacted, the second half witnessed a revival in sales owing to the regained consumer confidence and pent-up demand. This was further supported by the festive season in the latter quarters as well as rural business. Further to support the industry and to make India an export hub, the Government announced the PLI scheme, the long-awaited scrappage policy, and green taxes.
This year, our results reflect the impact of lockdown and limited operational hours. After posting almost negligible revenue for the first quarter of the year, we made a strong comeback in the consequent quarters.
On a consolidated basis, the Company reported a 3% downfall in revenue from ₹ 1,141 Crore in FY 2019-20 to ₹ 1,108 Crore in this financial year. However, a positive development has been the growth in EBITDA at ₹ 114 Crore, 5% up from the last financial year. On the margin front, we have been able to achieve double digit EBITDA margins at 10.3%, up by 80 BPS from the last financial year. Profit after tax and minority interest was ₹ 47 Crore as against ₹ 50 Crore in FY 2019-20. The capex during FY 2020-21 was ₹ 65 Crore mainly on account of start of production in our subsidiary company Lumax FAE Technologies Pvt Limited and start of manufacturing of Urea Tank in another subsidiary Company Lumax Cornaglia Auto Technologies Pvt Limited.
Our strong and robust business model not only survived in these difficult market conditions but also excelled and pushed higher growth than observed among our contemporaries.
Our relentless focus on R&D and manufacturing only the highest quality products has positioned us as a leader in gear shifters. This year, we also increased our presence in the domestic market and enhanced customer outreach for Emission products with commercialisation of Urea Tank and 2-wheeler Chassis with entry in highend motor cycles.
With effect from October 15, 2020, Lumax Gill Austem Auto Technologies Private Limited became a 100% subsidiary of the Company on acquisition of balance stake from the JV partner Gill Austem LLC and the name of the Comany was also changed to Lumax Mettalics Pvt Limited.
During these testing times, we have witnessed several industries and geographies coming to a standstill. However, at LATL, we approached the disaster hands-on and successfully mitigated the impacts of Covid-19 throughout the organization, across various functions. Regular sanitization at our workplaces, Covid-19 awareness program, coupled with mental health drives enabled us to mitigate the pandemic-incurred risks. We feel, our constant endeavour in fighting the pandemic and supporting our stakeholders has holstered our value creation process.
We truly believe, people are our biggest asset, and so, we prioritized our people’s health and safety during the discourse of the pandemic. We established quarantine centers at various plant locations, fully equipped with oxygen concentrators, ambulance services and had a basic medical support, including a 24x7 doctor onboard. We also arranged for a workforce vaccination drive, which kick started in April 2021 at our facilities. Over 50% of our employees have been vaccinated and we soon plan on covering the rest.
We shall continue making our best possible efforts to hold our longstanding reputation for leadership, trust, and integrity. We also plan on finding innovative ways to add value for our clients. With our highly differentiated capabilities and disciplined business management, we plan on:
Over the period of time, we have managed to build a robust company with stable as well as strong financials. We have established a reputation of manufacturing quality products that are designed to last longer and pride ourselves upon business relationships that have stood the test of time. As a responsible corporate citizen, we have always emphasized safety, community welfare, and the preservation of, and will continue to do so. Over the last few years, Lumax Auto Technologies has undoubtedly established itself as a frontrunner in the R&D, technology, and innovation space. We strategize to leverage this competitive edge to emerge as a leading player in the global automotive space.
We take this opportunity to extend our gratitude to our investors, whose unwavering trust further strengthened our ambitions and helped us fulfill business goals. We would also like to thank our employees for their outstanding commitment and performance, particularly during this challenging period. We remain humbled by the support that our customers, business associates, bankers, and stakeholders have showered us with, and in return, we shall continue to excel and evolve to truly deserve your complete confidence.
Warm regards,