The Hindu Business Line : LMW Q1 sales, net profit dip

Textile machinery major Lakshmi Machine Works Ltd (LMW), Coimbatore, has witnessed a near five per cent drop in net sales/income from operations in the first quarter of current fiscal compared to the same period last year.

The net profit also dipped in the Q1 of 2008-09 compared to the corresponding quarter last year.

According to the unaudited financial results, the net sale/income from operations in the first quarter was Rs 459.13 crore as against Rs 483.22 crore in the same period last year. The total income including other income also was less at Rs 484.29 crore (Rs 500.62 crore).

The fall in revenue was due to the decline in earnings from the textile machinery division, the main source of its income. This division’s revenue fell to Rs 430.32 crore in the first quarter of this fiscal from Rs 452.60 crore in the corresponding quarter last year. The machine tool and foundry divisions had a revenue of Rs 44.22 crore (Rs 41.41 crore).

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