Home / Knowledge / News / Textiles / LMW expects turnaround in fortunes from TUFS
LMW expects turnaround in fortunes from TUFS
Aug '12
Mr R Rajendran
Mr R Rajendran
Lakshmi Machine Works (LMW) which reported a drop in revenues as well as profits in quarter ending June 30 of fiscal year 2012-13 is optimistic of a turnaround in its fortunes mainly from the extension of the Technology Upgradation Fund Scheme (TUFS).

LMW reported revenues of Rs 4.24 billion (before other operating income); down 15.58 percent from Rs 5.02 billion from a year earlier and also down 13.28 percent from Rs 4.89 billion from the previous quarter ending March 31, 2012.  

Net profits too took a hit in falling by 24.64 percent to Rs 3.1 billion in the second quarter from Rs 4.11 billion from a year ago. However net profits surged 344 percent when compared to quarter ending March 31, 2012, as LMW had made a massive provision for taxes in that quarter.

Speaking exclusively to fibre2fashion, Mr R Rajendran – Financial Controller at LMW said, “Sales are down due to poor off-take from the spinning sector, due to the depressing sentiments. Expansions or new projects have been put on hold”.

However he showed optimism about the future when he said, “Performance levels of the spinning industry are showing improvement and the government too has extended TUFS, which provides us hope of improving our performance in the near future”.

Speaking about the fall in net profits, he said, “Percentage wise, we have been able to maintain net profits, when compared to previous quarters and also hope to improve them”.

“Currently, of our overall order book position, 30 percent are active and the rest inactive. Once positive sentiments are generated, we expect the rest also to become active. This will help us in delivering better results for the remaining quarters”, he concluded by saying. 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search