Lakshmi Machine Works records PAT at Rs 26 crore in Q4 FY21

On a consolidated basis, Lakshmi Machine Works reported net profit of Rs 26.04 crore in Q4 FY21 as against a net profit of Rs 1.88 crore in Q4 FY20.

Revenue from operations increased 77.1% year-on-year (YoY) to Rs 683.69 crore during the quarter.

On the segmental front, revenue of textile machinery division was Rs 469.57 crore (up 53.3% YoY), revenue of machine tool & foundry division was Rs 226.52 crore (up 157.3% YoY) and that of advanced technology centre was Rs 6.44 crore (down 24.5% YoY) in the fourth quarter.

Profit before tax in Q4 FY21 stood at Rs 41.58 crore compared with Rs 5.58 crore in Q4 FY20. The company incurred a tax expense of Rs 15.53 crore in the fourth quarter.

The textile machinery maker reported 60.6% jump in consolidated net profit to Rs 44.59 crore on 9.7% rise in revenue from operations to Rs 1727.37 crore in the year ended 31 March 2021 over the year ended 31 March 2020.

The company incurred an exceptional expense of Rs 22.11 crore during FY21, which represents compensation towards voluntary retirement scheme opted for by employees (previous year Rs 2.09 crore).

Lakshmi Machine Works is a leading textile machinery manufacturer in india and one among the three in the world to produce the entire range of spinning machinery. It caters to the domestic market as well as exports products to the Asian and Oceanic regions. It has diversified into CNC machine tools. LMW Foundry makes precision castings for industries world over. LMW has added the advanced technology centre to manufacture components for the aerospace industry.

The scrip fell 1.74% to currently trade at Rs 6680 on the BSE.

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