Home / Knowledge / News / Textiles / Q2FY15 net profit slips in double-digits at LMW
Q2FY15 net profit slips in double-digits at LMW
29
Oct '14
Leading textile machinery manufacturer – Lakshmi Machine Works (LMW) said its income from operations rose 5 percent, while net profits slipped in double-digits, both from a year ago quarter, in the three months to September 30, 2014 of fiscal year 2014-15.

In the second quarter of fiscal 2014-15, total income from operations at the Coimbatore and India based spinning machinery producer, went up just a notch over 5 percent to Rs 589.31 crore from Rs 561.05 crore in corresponding quarter of 2013-14.

Net profit slipped in double-digits or 10.27 percent to Rs 46.84 crore in the second fiscal quarter ending September 30, 2014 from Rs 52.21 crore in same quarter of fiscal 2013-14. Resultantly, earnings per share (EPS) also fell to Rs 41.58 from Rs 46.34.

In the unaudited standalone financial results for the second quarter of 2014-15, LMW reported other operating income of Rs 20.22 crore, a marginal hike from other operating income of Rs 20.00 crore in the second quarter of the prior fiscal year.

In the reporting quarter, LMW spent Rs 535.43 crore as operational expense, up 4.89 percent from 510.43 crore it spent on operations in the same quarter of 2013-14.

Of this, amount spent on raw materials consumed totalled Rs 362.23 crore, up 4.27 percent, employee expense reached Rs 57.43 crore, down 7.62 percent, other expense touched Rs 93.23 crore, up around 7 percent and depreciation and amortisation expense fell 8 percent.

Profit from operations before other income, financial costs and exceptional items climbed 6.44 crores to Rs 53.87 crore in the second quarter of 2014-15 compared to Rs 50.61 crore in the corresponding quarter of 2013-14.

LMW reported other income of Rs 26.27 crore in the quarter under review, again marginally down from Rs 26.48 crore. Finance costs too dropped 6.82 percent to Rs 24.84 crore from Rs 26.66 crore in the second quarter of 2013-14.

In the second quarter of fiscal 2014-15, LMW shelled out Rs 26.47 crore as tax, a rise of 8.79 percent from Rs 24.33 crore, the spinning textile machinery manufacturer paid as tax in the second quarter of fiscal 2013-14. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 27th Mar 2017

NYCEDC announces $51mn package for NYC garment industry

New York City Economic Development Corporation (NYCEDC), in...

Apparel/Garments | On 27th Mar 2017

Fynd raises $500K Series A funding from Venture Catalysts

Fynd, an online to offline (O2O) e-commerce fashion marketplace, has...

Apparel/Garments | On 27th Mar 2017

India's fashion market to touch $30 bn by 2020: Report

The fashion market in India is estimated at $70 billion in 2016, with ...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Ashok Desai
Bombay Textile Research Association

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search