Lakshmi Machine Works Ltd., a leading textile machinery manufacturer in India, reported more than four-fold increase in its stand-alone net profit for the fourth-quarter, on lower tax expenses and nil finance costs.
Stand-alone Results
The Coimbatore-based company's fourth-quarter stand-alone net profit rose more than four-fold to Rs.28.50 crore or Rs.25.30 per share from the Rs.6.99 crore of Rs.6.20 per share in the fourth-quarter of last year. On a sequential basis, the net profit for the quarter grew by 38 percent.
Results for the quarter included tax expenses of Rs.15.71 crore, down by 37 percent from the Rs.24.88 crore in Q4FY12, while the finance costs during the quarter was nil, compared with Rs.5.01 crore in the year-ago quarter.
Its quarterly net income stood at Rs.486.66 crore, flat from last year's Rs.489.05 crore, while 'other operating income' was Rs.15.51 crore, compared with the Rs.12.96 crore in the corresponding quarter last year.
Income for the quarter from 'Textile Machinery Division' segment increased by 11 percent to Rs.457.06 crore from the Rs.413.48 crore in the fourth-quarter of last year, while that of 'Machine Toll & Foundry Division' fell by 36 percent to Rs.58.75 crore from the Rs.92.01 crore in the year-ago quarter. Income from 'Advanced Technology' segment for the quarter was Rs.1.93 crore, compared with Rs.1.45 crore in Q4FY12.
For the fiscal year, the company's stand-alone net profit stood at Rs.117.48 crore, compared with Rs.137.02 crore last year - a decline of 14 percent.
Net income for the year declined by ten percent to Rs.1,864.33 crore from last year's Rs.2,072.49 crore, while 'other operating income' was Rs.52.80 crore, compared with the Rs.40.96 crore a year-ago.
Consolidated Results
For the first 12 months, the company's consolidated dropped by seven percent to Rs.129.59 crore from the Rs.138.83 crore last year. Total net income, including other operating income amounted to Rs.2,017.16 crore, down by 13 percent from the Rs.2,305.37 crore a year-ago.
The company said its board had recommended a dividend of 200 percent or Rs.20.00 per equity share of Rs.10 each for the fiscal year 2013, to be paid on or before September 04.
At the BSE, Lakshmi Machine Works shares are currently trading at Rs.1,990, down 2.21 percent from the previous close.
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