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Lakshmi Mach. Works: A good quarter - Views on News from Equitymaster

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Lakshmi Mach. Works: A good quarter
Oct 31, 2013

Lakshmi Machine Works has announced its September quarter results. The company has reported a 9% growth in topline and a 45% growth in net profits for the quarter ended September 2013. Here is our analysis of the results.

Performance summary
  • Lakshmi Machine Works (LMW) reports a 9% YoY growth in topline during the quarter
  • A 0.5% jump in operating margins leads operating profits to grow by 13% YoY
  • Bottomline witnesses a growth of 45% YoY, helped by a strong 110% jump in other income
(Rs m) 2QFY13 2QFY14 Change 1HFY13 1HFY14 Change
Net sales 5,153 5,611 8.9% 9,843 9,779 -0.6%
Expenditure 4,483 4,851 8.2% 8,610 8,563 -0.5%
Operating profit (EBDITA) 670 759 13.3% 1,233 1,216 -1.4%
EBDITA margin (%) 13.0% 13.5%   12.5% 12.4%  
Other income 126 265 110.2%  329  497 51.1%
Interest (net) 2 3     3   3  
Depreciation 296 253 -14.5%  583  497 -14.8%
Profit before tax 499 768 54.1%  976 1,213 24.2%
Extraordinary items    -      (3)   -     (63)  
Tax 138 243 76.9%  278  373 34.6%
Profit after tax/(loss) 361 522 44.6%  698  776 11.1%
Net profit margin (%) 7.0% 9.3%   7.1% 7.9%  
No. of shares (m) 11.3 11.3   11.3 11.3  
Diluted earnings per share (Rs)*         111.1  
Price to earnings ratio (x)*         21.2  

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