The Hindu Business Line : Lakshmi Machine to pay 100 pc

TEXTILE machinery manufacturing major - Lakshmi Machine Works Ltd (LMW) - has, at its board meeting, resolved to recommend a cent per cent dividend for the fiscal ended March 2004, as against 45 per cent last year. The outgo on this account is expected at Rs 13.95 cr.

The 100 per cent dividend declaration has come at a time, when Textool, a BIFR referred company, but belonging to the same group was merged with LMW. Consequent to this development, LMW allotted 17,752 shares, all of which became eligible for full dividend.

Despite the merger moves, the company's net profit for the period ended March 2003 more than doubled to Rs 60.22 crore compared to Rs 26.32 crore recorded during the corresponding period of the earlier fiscal.

Income from operations swelled to Rs 663.50 crore (Rs 525.45 crore). This included export sales, which accounted for over 13 per cent of the total turnover.

There was no significant difference in the raw material consumption, but the company managed to reduce the stock level to Rs 0.01 crore (Rs 2.31 crore). Staff cost rose to Rs 85.26 crore (Rs 65.55 crore), but this included voluntary retirement compensation of Rs 10.64 crore and other expenditures at Rs 156.65 crore (Rs 82.16 crore) included Rs 1.25 crore, pertaining to transfer of spinning units.

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