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
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