Capitaline

Sales of Textile Machinery Division segment has gone up 39.58% to Rs 10,615.14 crore (accounting for 78.94% of total sales). Sales of Machine Tool & Foundry Division segment has gone up 0.26% to Rs 2,495.26 crore (accounting for 18.56% of total sales). Sales of Advanced Technology Centre segment rose 88.26% to Rs 336.41 crore (accounting for 2.50% of total sales). Inter-segment sales rose Rs 271.45 crore to Rs 388.16 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 30.39% to Rs 1,079.02 crore. PBIT of Textile Machinery Division segment rose 40.05% to Rs 885.55 crore (accounting for 82.07% of total PBIT). PBIT of Machine Tool & Foundry Division segment fell 20.45% to Rs 168.65 crore (accounting for 15.63% of total PBIT). PBIT of Advanced Technology Centre reported profit of Rs 24.82 crore compared to loss of Rs 16.81 crore.
PBIT margin of Textile Machinery Division segment rose from 8.31% to 8.34%. PBIT margin of Machine Tool & Foundry Division segment fell from 8.52% to 6.76%. PBIT margin of Advanced Technology Centre segment rose from negative 9.41% to 7.38%. Overall PBIT margin fell from 8.06% to 8.02%.

Full year results analysis.

Net sales (including other operating income) of Lakshmi Machine Works has increased 48.82% to Rs 4719.15 crore. Sales of Textile Machinery Division segment has gone up 59.16% to Rs 38,252.15 crore (accounting for 77.72% of total sales). Sales of Machine Tool & Foundry Division segment has gone up 21.49% to Rs 9,856.38 crore (accounting for 20.03% of total sales). Sales of Advanced Technology Centre segment rose 129.32% to Rs 1,107.49 crore (accounting for 2.25% of total sales). Inter-segment sales rose Rs 832.68 crore to Rs 1,619.34 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 122.29% to Rs 4,424.33 crore. PBIT of Textile Machinery Division segment rose 162.05% to Rs 3,779.10 crore (accounting for 85.42% of total PBIT). PBIT of Machine Tool & Foundry Division segment fell 16.62% to Rs 611.88 crore (accounting for 13.83% of total PBIT). PBIT of Advanced Technology Centre reported profit of Rs 33.35 crore compared to loss of Rs 185.67 crore.

PBIT margin of Textile Machinery Division segment rose from 6.00% to 9.88%. PBIT margin of Machine Tool & Foundry Division segment fell from 9.05% to 6.21%. PBIT margin of Advanced Technology Centre segment rose from negative 38.45% to 3.01%. Overall PBIT margin rose from 6.10% to 8.99%.

Operating profit margin has jumped from 7.79% to 9.52%, leading to 81.87% rise in operating profit to Rs 449.14 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 63.88% to 64.30%. Employee cost decreased from 9.76% to 7.92%. Other expenses fell from 18.70% to 18.42%. Other income rose 116.30% to Rs 147.82 crore. PBIDT rose 89.33% to Rs 596.96 crore. Provision for interest remained nil. PBDT rose 89.38% to Rs 596.96 crore. Provision for depreciation rose 30.17% to Rs 77.74 crore. Profit before tax grew 103.23% to Rs 519.22 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 135.2 crore, compared to Rs 57.27 crore. Effective tax rate was 26.04% compared to 24.03%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 112.11% to Rs 384.02 crore.

Other developments

The Board has recommended a Final Dividend of Rs 98.50 per share (of the face value of Rs.10 each) for the year 2022-23 subject to the approval o the shareholders in Annual General Meeting.

Equity capital stood at Rs 10.68 crore as of 31 March 2023 to Rs 10.68 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 31.13% as of 31 March 2023 ,compared to 31.13% as of 31 March 2022 .

Loan funds remained nil. Inventories rose to Rs 701.80 crore as of 31 March 2023 from Rs 515.14 crore as of 31 March 2022. Sundry debtors were lower at Rs 232.56 crore as of 31 March 2023 compared to Rs 322.38 crore as of 31 March 2022. Cash and bank balance rose to Rs 761.38 crore as of 31 March 2023 from Rs 494.50 crore as of 31 March 2022. Investments rose to Rs 508.36 crore as of 31 March 2023 from Rs 448.42 crore as of 31 March 2022 . Fixed assets increased to Rs 911.82 crore as of 31 March 2023 from Rs 713.79 crore as of 31 March 2022. Intangible assets increased from Rs 13.15 crore to Rs 15.40 crore.

Cash flow from operating activities decreased to Rs 364.14 crore for year ended March 2023 from Rs 484.77 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 278.11 crore, compared to Rs 76.06 crore during the year ended March 2022.

Quarter ended

Year ended

Particulars

202303

202203

Var.(%)

202303

202203

Var.(%)

Net Sales (including other operating income)

1,303.04

998.50

30.50

4,719.15

3,170.95

48.82

OPM (%)

9.08

0 bps

9.52

7.79

173 bps

118.26

90.66

30.44

449.14

246.96

81.87

Other Inc.

47.87

14.91

221.06

147.82

68.34

116.30

PBIDT

166.13

105.57

57.36

596.96

315.30

89.33

Interest

0.09

PBDT

166.13

105.57

57.36

596.96

315.21

89.38

Depreciation

21.73

15.47

40.47

77.74

59.72

30.17

PBT

144.40

90.10

60.27

519.22

255.49

103.23

Share of Profit/(Loss) from Associates

PBT before EO

144.4

90.1

60.27

519.22

255.49

103.23

EO Income

-17.17

PBT after EO

144.4

90.1

60.27

519.22

238.32

117.87

Taxation

50.3

7.37

582.50

135.2

57.27

136.07

PAT

94.1

82.73

13.74

384.02

181.05

112.11

Minority Interest (MI)

Net profit

94.1

82.73

13.74

384.02

181.05

112.11

P/(L) from discontinued operations net of tax

Net profit after discontinued operations

94.1

82.73

13.74

384.02

181.05

112.11

EPS (Rs)*

88.08

77.44

13.74

359.47

181.68

97.86

* EPS is on current equity of Rs 10.68 crore, Face value of Rs 10, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

Quarter ended

Year ended

% of (Total)

202303

202203

Var.(%)

% of (Total)

202303

202203

Var.(%)

Sales

Textile Machinery Division

78.94

10,615.14

7,605.27

39.58

77.72

38,252.15

24,033.17

59.16

Machine Tool & Foundry Division

18.56

2,495.26

2,488.88

0.26

20.03

9,856.38

8,112.86

21.49

Advanced Technology Centre

2.50

336.41

178.69

88.26

2.25

1,107.49

482.94

129.32

Total Reported Sales

100.00

13,446.80

10,272.85

30.90

100.00

49,216.02

32,628.97

50.84

Less: Inter segment revenues

388.16

271.45

43.00

1,619.34

832.68

94.47

Net Sales

100.00

13,058.64

10,001.40

30.57

100.00

47,596.68

31,796.28

49.69

PBIT

Textile Machinery Division

82.07

885.55

632.33

40.05

85.42

3,779.10

1,442.13

162.05

Machine Tool & Foundry Division

15.63

168.65

212.00

-20.45

13.83

611.88

733.89

-16.62

Advanced Technology Centre

2.30

24.82

-16.81

0.75

33.35

-185.67

Total PBIT

100.00

1,079.02

827.51

30.39

100.00

4,424.33

1,990.35

122.29

Less : Interest

0.00

Add: Other un-allcoable

364.91

73.49

396.55

767.82

392.85

95.45

PBIT Margin(%)

Textile Machinery Division

8.34

8.31

2.80

9.88

6.00

387.89

Machine Tool & Foundry Division

6.76

8.52

-175.90

6.21

9.05

-283.80

Advanced Technology Centre

7.38

-9.41

1,678.78

3.01

-38.45

4,145.77

PBT

100.00

1,443.94

901.00

60.26

100.00

5,192.15

2,383.20

117.86