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Results
12-May-22
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Analysis
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Lakshmi Machine Works
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Net jumps 218% on good operating show, lower tax and lower EO exp
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Consolidated net sales (including other operating income) of Lakshmi Machine
Works for the quarter ended Mar 2022 has increased 46.04% to Rs 998.5
crore. Operating profit margin has jumped from 6.45% to 9.08%,
leading to 105.53% rise in operating profit to Rs 90.66 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
63.35% to 64.30%. Employee cost decreased from 11.58% to 8.37%.
Other expenses fell from 18.62% to 18.42%. Other income
fell 36.90% to Rs 14.91 crore. PBIDT rose 55.85% to Rs 105.57
crore. Provision for interest remained nil. PBDT rose 55.96%
to Rs 105.57 crore. Provision for depreciation rose 12.02% to Rs
15.47 crore. Profit before tax grew 67.22% to Rs 90.10
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 7.37 crore, compared to
Rs 15.54 crore. Effective tax rate was 8.18% compared to 37.36%. PAT up 217.58%
to Rs 82.73 crore. Minority interest was nil in both the
periods. Net profit attributable to owners of the company increased
217.58% to Rs 82.73 crore.
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Sales of Textile Machinery Division segment has gone up 61.96% to Rs 760.53
crore (accounting for 74.03% of total sales). Sales of Machine Tool
& Foundry Division segment has gone up 9.87% to Rs 248.89 crore (accounting
for 24.23% of total sales). Sales of Advanced Technology Centre segment
rose 177.25% to Rs 17.87 crore (accounting for 1.74% of total
sales). Inter-segment sales rose Rs 15.39 crore to Rs 27.14
crore.
- Profit before interest, tax and other
unallocable items (PBIT) has jumped 136.98% to Rs 82.75 crore. PBIT
of Textile Machinery Division segment rose 363.09% to Rs 63.23 crore
(accounting for 76.41% of total PBIT). PBIT of Machine Tool &
Foundry Division segment fell 23.07% to Rs 21.20 crore (accounting for 25.62%
of total PBIT). PBIT of Advanced Technology Centre segment rose
73.29% to Rs -1.68 crore (accounting for -2.03% of total PBIT).
- PBIT margin of Textile Machinery
Division segment rose from 2.91% to 8.31%. PBIT margin of Machine
Tool & Foundry Division segment fell from 12.17% to 8.52%. PBIT
margin of Advanced Technology Centre segment rose from negative 97.65% to
negative 9.41%. Overall PBIT margin rose from 4.97% to
8.06%.
Yearly performance
Net sales (including other operating income) of Lakshmi Machine Works has
increased 83.57% to Rs 3170.95 crore. Sales of Textile Machinery
Division segment has gone up 96.41% to Rs 2,403.32 crore (accounting for 73.66%
of total sales). Sales of Machine Tool & Foundry Division
segment has gone up 53.97% to Rs 811.29 crore (accounting for 24.86% of total
sales). Sales of Advanced Technology Centre segment rose 67.22% to
Rs 48.29 crore (accounting for 1.48% of total sales). Inter-segment
sales rose Rs 41.33 crore to Rs 83.27 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 712.59% to Rs 199.03 crore. PBIT
of Textile Machinery Division segment rose 930.88% to Rs 144.21 crore
(accounting for 72.46% of total PBIT). PBIT of Machine Tool &
Foundry Division segment rose 101.76% to Rs 73.39 crore (accounting for 36.87%
of total PBIT). PBIT of Advanced Technology Centre segment rose
28.23% to Rs -18.57 crore (accounting for -9.33% of total PBIT).
PBIT margin of Textile Machinery
Division segment rose from 1.14% to 6.00%. PBIT margin of Machine
Tool & Foundry Division segment rose from 6.90% to 9.05%. PBIT
margin of Advanced Technology Centre segment rose from negative 89.57% to
negative 38.45%. Overall PBIT margin rose from 1.38% to
6.10%.
Operating profit margin has jumped from 4.08% to
7.79%, leading to 250.60% rise in operating profit to Rs 246.96
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 61.00% to 63.88%. Employee cost
decreased from 13.75% to 9.76%. Other expenses fell from 21.19% to
18.70%.
Other income fell 13.20% to Rs 68.34
crore. PBIDT rose 111.37% to Rs 315.3 crore. Provision
for interest rose 12.50% to Rs 0.09 crore. PBDT rose 111.42% to Rs
315.21 crore. Provision for depreciation rose 7.35% to Rs 59.72
crore. Profit before tax grew 173.37% to Rs 255.49
crore. Share of profit/loss were nil in both the
periods. Extraordinary items were increased to Rs -17.17
crore. Provision for tax was expense of Rs 57.27 crore, compared to
Rs 26.74 crore. Effective tax rate was 24.03% compared to 37.48%.
PAT was up 305.94% to Rs 181.05 crore.
Minority interest was nil in both the
periods. Net profit attributable to owners of the company increased
305.94% to Rs 181.05 crore.
Other developments
To pay a dividend of Rs. 40/- per equity share
having face value of Rs.10/- each for the financial year ended 31st March,
2022, subject to the approval of the shareholders.
Equity capital stood at Rs 10.68 crore
as of 31 March 2022 to Rs 10.68 crore as of 31 March 2021. Per share
face Value remained same at Rs 10.00.
Promoters’ stake was 31.13% as of 31
March 2022, compared to 31.11% as of 31 March 2021.
| Lakshmi Machine Works : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 998.50 | 683.70 | 46.04 | 3,170.95 | 1,727.38 | 83.57 | | OPM (%) | 9.08 | 6.45 | 263 bps | 7.79 | 4.08 | 371 bps | | OP | 90.66 | 44.11 | 105.53 | 246.96 | 70.44 | 250.60 | | Other Inc. | 14.91 | 23.63 | -36.90 | 68.34 | 78.73 | -13.20 | | PBIDT | 105.57 | 67.74 | 55.85 | 315.30 | 149.17 | 111.37 | | Interest | 0 | 0.05 | - | 0.09 | 0.08 | 12.50 | | PBDT | 105.57 | 67.69 | 55.96 | 315.21 | 149.09 | 111.42 | | Depreciation | 15.47 | 13.81 | 12.02 | 59.72 | 55.63 | 7.35 | | PBT | 90.10 | 53.88 | 67.22 | 255.49 | 93.46 | 173.37 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 90.1 | 53.88 | 67.22 | 255.49 | 93.46 | 173.37 | | EO Income | 0 | -12.29 | - | -17.17 | -22.12 | 22.38 | | PBT after EO | 90.1 | 41.59 | 116.64 | 238.32 | 71.34 | 234.06 | | Taxation | 7.37 | 15.54 | -52.57 | 57.27 | 26.74 | 114.17 | | PAT | 82.73 | 26.05 | 217.58 | 181.05 | 44.6 | 305.94 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 82.73 | 26.05 | 217.58 | 181.05 | 44.6 | 305.94 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 82.73 | 26.05 | 217.58 | 181.05 | 44.6 | 305.94 | | EPS (Rs)* | 77.44 | 31.59 | 145.13 | 181.68 | 54.69 | 232.23 | | | * EPS is on current equity of Rs 10.68 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Lakshmi Machine Works : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Textile Machinery Division | 74.03 | 760.53 | 469.57 | 61.96 | 73.66 | 2,403.32 | 1,223.62 | 96.41 | | Machine Tool & Foundry Division | 24.23 | 248.89 | 226.52 | 9.87 | 24.86 | 811.29 | 526.92 | 53.97 | | Advanced Technology Centre | 1.74 | 17.87 | 6.45 | 177.25 | 1.48 | 48.29 | 28.88 | 67.22 | | Total Reported Sales | 100.00 | 1,027.28 | 702.54 | 46.22 | 100.00 | 3,262.90 | 1,779.41 | 83.37 | | Less: Inter segment revenues | | 27.14 | 15.39 | 76.34 | | 83.27 | 41.33 | 101.46 | | Net Sales | 100.00 | 1,000.14 | 687.15 | 45.55 | 100.00 | 3,179.63 | 1,738.08 | 82.94 | | PBIT | | Textile Machinery Division | 76.41 | 63.23 | 13.65 | 363.09 | 72.46 | 144.21 | 13.99 | 930.88 | | Machine Tool & Foundry Division | 25.62 | 21.20 | 27.56 | -23.07 | 36.87 | 73.39 | 36.37 | 101.76 | | Advanced Technology Centre | -2.03 | -1.68 | -6.29 | 73.29 | -9.33 | -18.57 | -25.87 | 28.23 | | Total PBIT | 100.00 | 82.75 | 34.92 | 136.98 | 100.00 | 199.03 | 24.49 | 712.59 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 7.35 | 6.66 | 10.29 | | 39.29 | 46.84 | -16.13 | | PBIT Margin(%) | | Textile Machinery Division | | 8.31 | 2.91 | 540.64 | | 6.00 | 1.14 | 485.73 | | Machine Tool & Foundry Division | | 8.52 | 12.17 | -364.81 | | 9.05 | 6.90 | 214.28 | | Advanced Technology Centre | | -9.41 | -97.65 | 8,824.36 | | -38.45 | -89.57 | 5,112.83 | | PBT | 100.00 | 90.10 | 41.58 | 116.68 | 100.00 | 238.32 | 71.33 | 234.09 |
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