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Lakshmi Machine Works net profit declines in Q3

25
Jan '12
Lakshmi Machine Works (LMW) Limited, a leading textile machinery manufacturer in India and among the top three in the world to produce the entire range of spinning machinery, has posted a net profit of Rs. 396.5 million during the third quarter (Q3) of the current fiscal year 2011-12.

This is a decline of Rs. 61.7 million from the same period of previous fiscal and Rs. 95.9 million compared to the earlier quarter of the current fiscal.

During the October-December 2011 quarter, LMW's registered total earnings of Rs. 5.382 billion, compared to its total earnings of Rs. 4.908 billion during the same period last fiscal. However, there was a drop of Rs. 431.2 million compared to the income earned during the second quarter of the current fiscal.

LMW accounted the decline in profits to 'reduction in schedule'. The manufacturing schedule is decided on the basis of confirmation of requirements from the customer, and a delay in doing so on the part of a customer leads to postponement of manufacturing schedule.

Several textile mills have incurred losses during the second half of last year owing to increase in the price of cotton. Hence, many units are currently not eager to undertake proposals related to new project or upgrading their plant, according to LMW's Director (Finance) Mr. R Rajendran.

At present, around 80 percent of LMW's production capacity is being utilized and the company is executing orders received during 2010-11, he said.

LMW's China project, which at present is only engaged in the production of ring frames, is witnessing good order inflow and the company plans to add more products soon, he added.

Fibre2fashion News Desk - India


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