Home / Knowledge / News / Textiles / LMW expects turnaround in fortunes from TUFS

LMW expects turnaround in fortunes from TUFS

08
Aug '12
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

Pic: Shutterstock

Textiles | On 5th Aug 2021

US manufacturing activity grows in Jul; textile mills report fall: ISM

Economic activity in the US manufacturing sector grew in July, with...

Pic: Shutterstock

Textiles | On 5th Aug 2021

UK inflation to hit 3.9% in early 2022, 2% in 2023, predicts NIESR

UK consumer price inflation will reach 3.9 per cent early next year,...

Pic: Shutterstock

Retail | On 5th Aug 2021

Walmart again ranked largest firm by revenue, Amazon 3rd: Fortune

Walmart has been again ranked the largest company in the world by...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Water stewardship, Stakeholders

Water stewardship
Stakeholders

Water use efficiency remains relatively unexplored

Textile Industry, Head honchos

Textile Industry
Head honchos

Quality & affordability to affect market acceptability of new fibres

Akram Tariq Khan,

Akram Tariq Khan

E-commerce brand YourLibaas meaning "garment or attire" in Udru, was...

Abdullah Mohammad Saad Hossain,

Abdullah Mohammad Saad Hossain

Saad Group is a leading vertically integrated textile group in Bangladesh. ...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

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

Leave your Comments


July 2021

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


Advanced Search