Lakshmi Machine Works Q1 net loss narrows but exceptional items take their toll on profits

Lakshmi Machine Works reported 171.13% rise in total revenues for the Jun-21 quarter on consolidated basis at Rs457.62cr

Jul 22, 2021 12:07 IST India Infoline News Service

Lakshmi Machine Works reported 171.13% rise in total revenues for the Jun-21 quarter on consolidated basis at Rs457.62cr  on post pandemic demand recovery. On a sequential basis, the revenues were down -33.04% compared to Rs683.40cr revenues in the Mar-21 quarter.

In terms of product verticals, LMW saw good traction in sales on the textile machinery division and the machine tools and foundry division. The advanced technology centre also reported an improvement in revenues on a yoy basis as demand revived.

The net loss for the Jun-21 quarter came in at Rs-8.96cr which was lower than the loss of Rs-20.24cr in the Jun-20 quarter. However, the loss was steep compared to net profits of Rs26.04cr in the Mar-21 quarter.

The quarter also took a one-time hit of Rs17.2cr in profits for provisions towards the VRS scheme compensation. Among product verticals, textiles machinery continued to report negative EBITDA while machine tools turned round to profit.


Financial highlights for Jun-21 compared yoy and sequentially


Lakshmi Machine Works
Rs in Crore Jun-21 Jun-20 YOY Mar-21 QOQ
Total Income (Rs cr) ₹ 457.62 ₹ 168.78 171.13% ₹ 683.40 -33.04%
Net Profit (Rs cr) ₹ -9.58 ₹ -21.62 -55.69% ₹ 26.04 -136.79%
Diluted EPS (Rs) ₹ -8.96 ₹ -20.24 ₹ 24.38
Net Margins -2.09% -12.81% 3.81%

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