India : Q2FY15 net profit slips in double-digits at LMW

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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

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