Lumax Industries Ltd. Business Report FY ended Mar. 2015

Financial Overview

(in million INR)

	FY ended Mar. 31, 2015	FY ended Mar. 31, 2014	Rate of change (%)
Net Sales	11,425.6	11,167.0	2.3
EBITDA	648.6	578.2	12.2

R&D Expenditure

(in million INR)

	FY ended Mar. 31, 2015	FY ended Mar. 31, 2014	FY ended Mar. 31, 2013
Overall	252.2	198.4	130.9

R&D Activities

-During the fiscal year ended March 31, 2015, the Company engaged in the following research and development activities:

Introduced a HID head lamp
Designed LED tail lamps for two-wheeled and four-wheeled vehicles
Developed prototypes of various products with LED applications
Designed and developed LED head lamps with daytime running light functions
Designed and developed signature LED tail lamps
Continued development of various design concepts

-The Company's future research and development plans include the following:

Improvement of HID and LED based lamps
Further application of HID high and low beam technology
Introduction of LEDs for use in license plate lamps
Introduction of head lamps with LED projectors
Introduction of head lamps with dual LED beam functions

Technological Alliance

-The Company has a technical partnership with Stanley Electric Co. Ltd.

Capital Expenditure

(in million INR)

	FY ended Mar. 31, 2015	FY ended Mar. 31, 2014	FY ended Mar. 31, 2013
Overall	455.5	353.4	557.5

Investments in India

-The Company plans to invest INR 3,000 million for greenfield, brownfield, and capacity expansion projects through 2019. One project involves the launch of its production facility in Sanand, where the Company will invest approximately INR 400 million for infrastructure development. The Sanand plant is expected to be operational by the fiscal year ending March 2018. Since 2012, the Company has invested approximately INR 1,600 million in its production facilities in Bawal and Banglaore. (From a news article on November 28, 2014)