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

Bangladesh, Sri Lanka may sign FTA soon

Apparel/Garments | On 15th Oct 2018

Bangladesh, Sri Lanka may sign FTA soon

Bangladesh may sign a free trade agreement (FTA) with Sri Lanka as...

China pumps $109 bn into economy amid trade war with US

Textiles | On 15th Oct 2018

China pumps $109 bn into economy amid trade war with US

China has decided to cut the reserve requirement ratios (RRRs) by one ...

Global lingerie market expected to reach $55 bn by 2024

Apparel/Garments | On 15th Oct 2018

Global lingerie market expected to reach $55 bn by 2024

Global lingerie market in 2015 was worth $33 billion and is expected...

Interviews View All

Ghanshyam Ghoghari, Kimora Fashion

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Top executives, Textile industry

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Maya Simova,

Maya Simova

Inter Expo and Congress Center (IEC) is a prominent exhibition centre in...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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


October 2018

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

news category


Related Categories:

Advanced Search