Textile machinery manufacturer Lakshmi Machine Works registered a 44 per cent increase in net profit for the second quarter of this financial year compared to the same period last year. For the first six months of 2013-14, net profits were up by 10 per cent compared to the same period last year.
R. Rajendran, Director (Finance), said that performance improved during the last three months with export of textile machinery to countries such as Turkey, Pakistan, Indonesia and Bangladesh picking up. Rupee depreciation had resulted in higher income, he said. Further, domestic demand had also gone up. Machinery offtake was better across the country.
Net sales have gone up by 7.3 per cent during the second quarter this year compared to the same period last year. It was Rs.541 crore for the second quarter this year as against Rs.504 crore during the same period last year.
Net profit for the quarter ended September, 2013 was Rs.52 crore as against Rs.36 crore.
