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Results
01-Aug-23
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Analysis
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Lakshmi Machine Works
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Steady performance
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Consolidated net sales (including other operating income) of Lakshmi Machine Works for the quarter ended Jun 2023 has increased 21.19% to Rs 1190.82 crore. Operating profit margin has jumped from 8.72% to 9.14%, leading to 27.02% rise in operating profit to Rs 108.87 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 64.00% to 64.40%. Employee cost decreased from 8.89% to 8.79%. Other expenses fell from 18.63% to 17.79%. Other income rose 46.50% to Rs 36.45 crore. PBIDT rose 31.40% to Rs 145.32 crore. Provision for interest remained nil. PBDT rose 31.27% to Rs 145.17 crore. Provision for depreciation rose 38.54% to Rs 22.79 crore. Profit before tax grew 30% to Rs 122.38 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 28.58 crore, compared to Rs 21.52 crore. Effective tax rate was 23.35% compared to 22.86%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 29.17% to Rs 93.80 crore.
- Sales of Textile Machinery Division segment has gone up 23.52% to Rs 962.57 crore (accounting for 77.17% of total sales). Sales of Machine Tool & Foundry Division segment has gone up 5.49% to Rs 243.78 crore (accounting for 19.54% of total sales). Sales of Advanced Technology Centre segment rose 101.33% to Rs 40.99 crore (accounting for 3.29% of total sales). Inter-segment sales rose Rs 37.02 crore to Rs 46.21 crore.
- Profit before interest, tax and other unallocable items (PBIT) has jumped 22.13% to Rs 105.26 crore. PBIT of Textile Machinery Division segment rose 15.79% to Rs 83.47 crore (accounting for 79.30% of total PBIT). PBIT of Machine Tool & Foundry Division segment rose 30.63% to Rs 17.40 crore (accounting for 16.53% of total PBIT). PBIT of Advanced Technology Centre segment rose 462.82% to Rs 4.39 crore (accounting for 4.17% of total PBIT).
- PBIT margin of Textile Machinery Division segment fell from 9.25% to 8.67%. PBIT margin of Machine Tool & Foundry Division segment rose from 5.76% to 7.14%. PBIT margin of Advanced Technology Centre segment rose from 3.83% to 10.71%. Overall PBIT margin rose from 8.36% to 8.44%.
Promoters’ stake was 31.13% as of 30 June 2023 ,compared to 31.13% as of 30 June 2022 .
| Lakshmi Machine Works : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 1,190.82 | 982.63 | 21.19 | 4,719.15 | 3,170.95 | 48.82 | | OPM (%) | 9.14 | 8.72 | 42 bps | 9.52 | 7.79 | 173 bps | | OP | 108.87 | 85.71 | 27.02 | 449.13 | 246.96 | 81.86 | | Other Inc. | 36.45 | 24.88 | 46.50 | 147.82 | 68.34 | 116.30 | | PBIDT | 145.32 | 110.59 | 31.40 | 596.95 | 315.30 | 89.33 | | Interest | 0.15 | 0 | - | 0 | 0.09 | - | | PBDT | 145.17 | 110.59 | 31.27 | 596.95 | 315.21 | 89.38 | | Depreciation | 22.79 | 16.45 | 38.54 | 77.74 | 59.72 | 30.17 | | PBT | 122.38 | 94.14 | 30.00 | 519.21 | 255.49 | 103.22 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 122.38 | 94.14 | 30.00 | 519.21 | 255.49 | 103.22 | | EO Income | 0 | 0 | - | 0 | -17.17 | - | | PBT after EO | 122.38 | 94.14 | 30.00 | 519.21 | 238.32 | 117.86 | | Taxation | 28.58 | 21.52 | 32.81 | 135.2 | 57.27 | 136.07 | | PAT | 93.8 | 72.62 | 29.17 | 384.01 | 181.05 | 112.10 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 93.8 | 72.62 | 29.17 | 384.01 | 181.05 | 112.10 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 93.8 | 72.62 | 29.17 | 384.01 | 181.05 | 112.10 | | EPS (Rs)* | 87.80 | 67.98 | 29.17 | 359.46 | 181.68 | 97.85 | | | * 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) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Textile Machinery Division | 77.17 | 962.57 | 779.29 | 23.52 | 77.72 | 3,825.21 | 24,033.17 | -84.08 | | Machine Tool & Foundry Division | 19.54 | 243.78 | 231.09 | 5.49 | 20.03 | 985.64 | 8,112.86 | -87.85 | | Advanced Technology Centre | 3.29 | 40.99 | 20.36 | 101.33 | 2.25 | 110.75 | 482.94 | -77.07 | | Total Reported Sales | 100.00 | 1,247.34 | 1,030.74 | 21.01 | 100.00 | 4,921.60 | 32,628.97 | -84.92 | | Less: Inter segment revenues | | 46.21 | 37.02 | 24.82 | | 161.93 | 832.68 | -80.55 | | Net Sales | 100.00 | 1,201.13 | 993.72 | 20.87 | 100.00 | 4,759.67 | 31,796.28 | -85.03 | | PBIT | | Textile Machinery Division | 79.30 | 83.47 | 72.09 | 15.79 | 85.42 | 377.91 | 1,442.13 | -73.80 | | Machine Tool & Foundry Division | 16.53 | 17.40 | 13.32 | 30.63 | 13.83 | 61.19 | 733.89 | -91.66 | | Advanced Technology Centre | 4.17 | 4.39 | 0.78 | 462.82 | 0.75 | 3.33 | -185.67 | LP | | Total PBIT | 100.00 | 105.26 | 86.19 | 22.13 | 100.00 | 442.43 | 1,990.35 | -77.77 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 17.12 | 7.95 | 115.35 | | 76.78 | 392.85 | -80.46 | | PBIT Margin(%) | | Textile Machinery Division | | 8.67 | 9.25 | -57.92 | | 9.88 | 6.00 | 387.89 | | Machine Tool & Foundry Division | | 7.14 | 5.76 | 137.36 | | 6.21 | 9.05 | -283.79 | | Advanced Technology Centre | | 10.71 | 3.83 | 687.89 | | 3.01 | -38.45 | 4,145.34 | | PBT | 100.00 | 122.38 | 94.14 | 30.00 | 100.00 | 519.21 | 2,383.20 | -78.21 |
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