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Results
22-Jul-21
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Analysis
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Lakshmi Machine Works
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OPM turns black
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Consolidated net sales (including other operating income) of Lakshmi Machine Works for the quarter ended June 2021 has increased 171% to Rs 457.62 crore. With OPM stand positive at 1.6% compared to negative 16.6% in corresponding previous period, the operating profit was Rs 7.18 crore compared to a loss of Rs 28.07 crore in the corresponding previous period. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.16% to 62.47%. Employee cost decreased from 30.18% to 14.12%. Other expenses fell from 36.58% to 21.89%. Other income fell 3% to Rs 18.14 crore. Provision for interest remained nil. Provision for depreciation rose 4% to Rs 14.33 crore. Thus PBT before share of profit from associate was higher at Rs 10.99 crore compared to a loss of Rs 23.10 crore in the corresponding previous period. Share of profit/loss were nil in both the periods. Extraordinary items were an expense of Rs 17.17 crore, an increase of 638%. Thus PBT after EO was a loss of Rs 6.18 crore, a fall of 76%. Provision for tax was debit of Rs 3.4 crore, compared to credit of Rs 3.8 crore. Minority interest was nil in both the periods. Net profit attributable to owners of the company was a loss of Rs 9.58 crore, a fall of 56%.
Upside in sales come from lower base due to covid lockdown last year. The sales of textile machinery was up by 141% to Rs 328.05 crore (or 70% of sales). Similarly the sales of machine tools jumped up by 326% to Rs 135.04 crore. That of Advanced technology centre was up by 37% to Rs 8.14 crore.
EBIT was a loss of Rs 9.61 crore, a fall of 71%. While the segment loss of textile machinery was down by 19% to Rs 11.63 crore, the advanced technology centre reported a loss of Rs 6.49 crore, an increase of 12%. But the machine tools business reported a profit of Rs 8.52 crore compared to a loss of Rs 13.09 crore in the corresponding previous period.
Other developments
LMW Aerospace Industries Ltd was incorporated on 16th March, 2021 and the Share capital of Rs. 2.50 crores was subscribed during April, 2021. As on date, the Company is yet to commence operations.
Promoters' stake was 31.13% as of 30 June 2021, compared to 31.11% as of 30 June 2020.
| Lakshmi Machine Works: Consolidated Results
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2106 (3)
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2006 (3)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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| Sales
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457.62
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168.78
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171
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1727.38
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1574.50
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10
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| OPM (%)
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1.6
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-16.6
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4.1
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0.7
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| OP
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7.18
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-28.07
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LP
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70.43
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11.15
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532
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| Other inc.
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18.14
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18.79
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-3
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78.73
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94.00
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-16
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| PBIDT
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25.32
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-9.28
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LP
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149.16
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105.14
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42
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| Interest
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0.00
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0.00
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0.08
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0.61
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-87
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| PBDT
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25.32
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-9.28
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LP
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149.08
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104.54
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43
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| Dep.
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14.33
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13.81
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4
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55.63
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55.26
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1
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| PBT
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10.99
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-23.10
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LP
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93.45
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49.28
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90
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| EO Income
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-17.17
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-2.33
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638
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-22.12
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-2.10
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954
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| PBT after EO
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-6.18
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-25.42
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-76
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71.33
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47.18
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51
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| Current Tax
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3.40
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-3.80
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PL
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26.74
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19.41
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38
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| PAT
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-9.58
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-21.62
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-56
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44.60
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27.77
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61
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| EPS (Rs)*
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#
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#
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54.7
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27.2
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| ^ EPS is on current equity of Rs 10.6830 crore, Face value of Rs 10
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| # EPS is not annualised due to seasonality of business
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| Figures in Rs crore
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| Source: Capitaline Corporate Database
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| LMW : Consolidated Segment Results
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Sales |
% to total
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2106 (3)
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2006 (3)
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Var. (%)
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% to total
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2103 (12)
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2003 (12)
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Var. (%)
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| Textile Machinery Division
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70
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328.05
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136.15
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141
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69
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1223.62
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1194.47
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2
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| Machine Tools & Foundry Division
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29
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135.04
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31.72
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326
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30
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526.92
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401.56
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31
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| Advanced Technology Centre
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2
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8.14
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5.93
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37
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2
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28.88
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33.26
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-13
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| Total
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100
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471.23
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173.79
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171
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100
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1779.41
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1629.29
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9
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11.90
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3.91
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41.33
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32.31
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| Net sales
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459.33
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169.89
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170
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1738.08
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1596.98
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9
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| PBIT
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| Textile Machinery Division
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121
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-11.63
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-14.38
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-19
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57
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13.99
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-8.11
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-273
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| Machine Tools & Foundry Division
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-89
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8.52
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-13.09
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-165
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149
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36.37
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27.86
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31
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| Advanced Technology Centre
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68
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-6.49
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-5.79
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12
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-106
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-25.87
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-16.43
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57
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| PBT before tax and interest
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100
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-9.61
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-33.26
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-71
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100
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24.49
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3.32
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638
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| Add: Other unallocable income
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3.43
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7.83
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-56
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46.84
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43.86
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7
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| PBT
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-6.18
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-25.42
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-76
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71.33
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47.18
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51
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| Figures in Rs crore
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| Var. (%) exceeding 999 has been truncated to 999
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| LP: Loss to Profit; PL: Profit to Loss
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