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Shares of Coimbatore-based textile machinery manufacturer Lakshmi Machine Works Ltd have risen by 3.36 per cent or Rs 91.95 to Rs 2,825 after the company reported strong Q3 numbers.
While the net sales for the third quarter of the year had jumped by about 45 per cent, the net profit had vaulted nearly three times in the quarter ended December 2013 compared to the same quarter in the previous financial year.
LMW has posted net sales of Rs 608.65 crore in the third quarter of the current fiscal compared with Rs 413.75 crore in the same quarter in 2012-13 FY.
Profit before other income and finance cost had shot up more than four times to Rs 57.29 crore in Q3 of this fiscal against Rs 13.88 crore in the same quarter last year.
Net profit for the quarter was Rs 52.40 crore against Rs 19.10 crore in the corresponding quarter last year. EPS for the third quarter this year was Rs 46.51 compared with Rs 16.95 in the same quarter last year.
The impact of the sharp increase in net income and net profit drove the stock price up by 3.36 per cent to Rs 2,825 with about 12,140 shares being traded on the NSE. The stock touched a high of Rs 2,865 today before easing a bit. It had hit a 52-week high of Rs 2,920 on December 26, 2013 on the NSE.
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