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

Pic: Shutterstock

Textiles | On 23rd Sep 2020

Jakarta eyes 0.4% growth in textile-chemical-pharma sector

Indonesia has targeted 0.4 per cent growth in the chemical,...

Pic: Shutterstock

Apparel/Garments | On 23rd Sep 2020

Sri Lankan apparel sector could lose 100,000 jobs in 2020

The Sri Lankan apparel industry could lose up to 100,000 jobs this...

Pic: Shutterstock

Retail | On 23rd Sep 2020

Ascena Retail achieves key milestones in restructuring

The US bankruptcy court for the Eastern District of Virginia recently ...

Interviews View All

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Bora Akris,

Bora Akris

Realkom, headquartered in Istanbul, is a fully integrated textile company...

Aaron Spivak,

Aaron Spivak

Canada-based Hush Blankets was founded by Lior Ohayon and Aaron Spivak to...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

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

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


September 2020

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


Advanced Search