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Results
13-Feb-24
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Analysis
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Lakshmi Machine Works
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Sales down 1%, down 13%
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Consolidated net sales (including other operating income) of Lakshmi Machine Works for the quarter ended Dec 2023 has declined 0.62% to Rs 1213.97 crore. Operating profit margin has declined from 10.24% to 9.71%, leading to 5.83% decline in operating profit to Rs 117.86 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.13% to 63.36%. Employee cost increased from 7.45% to 8.44%. Other expenses fell from 18.70% to 18.57%. Other income fell 2% to Rs 31.8 crore. PBIDT fell 5.04% to Rs 149.66 crore. Provision for interest remained nil. PBDT fell 5.70% to Rs 148.61 crore. Provision for depreciation rose 11.04% to Rs 23.34 crore. Profit before tax down 8.28% to Rs 125.27 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 26.5 crore, compared to Rs 23.59 crore. Effective tax rate was 21.15% compared to 17.27%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 12.59% to Rs 98.77 crore. For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Lakshmi Machine Works has increased 9.05% to Rs 3725.21 crore.
Operating profit margin has jumped from 9.69% to 9.74%, leading to 9.62% rise in operating profit to Rs 362.69 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 64.09% to 63.77%. Employee cost increased from 8.07% to 8.44%. Other expenses fell from 18.44% to 18.13%. Other income rose 3.37% to Rs 103.32 crore. PBIDT rose 8.17% to Rs 466.01 crore. Provision for interest remained nil. PBDT rose 7.89% to Rs 464.8 crore. Provision for depreciation rose 24.59% to Rs 69.77 crore. Profit before tax grew 5.39% to Rs 395.03 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 87.35 crore, compared to Rs 84.9 crore. Effective tax rate was 22.11% compared to 22.65%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 6.13% to Rs 307.68 crore. Promoters’ stake was 31.13% as of 31 December 2023 ,compared to 31.13% as of 31 December 2022 .
| Lakshmi Machine Works : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 1,213.97 | 1,221.58 | -0.62 | 3,725.21 | 3,416.11 | 9.05 | 4,719.15 | 3,170.95 | 48.82 | | OPM (%) | 9.71 | 10.24 | -54 bps | 9.74 | 9.69 | 5 bps | 9.52 | 7.79 | 173 bps | | OP | 117.86 | 125.15 | -5.83 | 362.69 | 330.87 | 9.62 | 449.13 | 246.96 | 81.86 | | Other Inc. | 31.80 | 32.45 | -2.00 | 103.32 | 99.95 | 3.37 | 147.82 | 68.34 | 116.30 | | PBIDT | 149.66 | 157.60 | -5.04 | 466.01 | 430.82 | 8.17 | 596.95 | 315.30 | 89.33 | | Interest | 1.05 | 0 | - | 1.21 | 0 | - | 0 | 0.09 | - | | PBDT | 148.61 | 157.60 | -5.70 | 464.80 | 430.82 | 7.89 | 596.95 | 315.21 | 89.38 | | Depreciation | 23.34 | 21.02 | 11.04 | 69.77 | 56 | 24.59 | 77.74 | 59.72 | 30.17 | | PBT | 125.27 | 136.58 | -8.28 | 395.03 | 374.82 | 5.39 | 519.21 | 255.49 | 103.22 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 125.27 | 136.58 | -8.28 | 395.03 | 374.82 | 5.39 | 519.21 | 255.49 | 103.22 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -17.17 | - | | PBT after EO | 125.27 | 136.58 | -8.28 | 395.03 | 374.82 | 5.39 | 519.21 | 238.32 | 117.86 | | Taxation | 26.5 | 23.59 | 12.34 | 87.35 | 84.9 | 2.89 | 135.2 | 57.27 | 136.07 | | PAT | 98.77 | 112.99 | -12.59 | 307.68 | 289.92 | 6.13 | 384.01 | 181.05 | 112.10 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 98.77 | 112.99 | -12.59 | 307.68 | 289.92 | 6.13 | 384.01 | 181.05 | 112.10 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 98.77 | 112.99 | -12.59 | 307.68 | 289.92 | 6.13 | 384.01 | 181.05 | 112.10 | | EPS (Rs)* | 92.46 | 105.77 | -12.59 | 288.01 | 271.38 | 6.13 | 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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