Lakshmi Machine Works will hold a meeting of the Board of Directors of the Company on 27 January 2021.

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Lakshmi Machine Works announced that the company has received a communication from LIC of India intimating about nomination ofT. C Suseel Kumar, in place of Anil Gupta as Nominee Director of LIC of India on the Board of Directors of the Company.

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Lakshmi Machine Works announced the resignation of Anil Gupta, Nominee Director of Life Insurance Corporation of India.

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On the segmental front, the revenue from the textile machinery division was at Rs 289.84 crore (down 6.2% YoY), revenue from the machine tool & foundry division was at Rs 106.88 crore (up 2% YoY) and the revenue from the advanced technology centre was at Rs 9.05 crore (up 3.6% YoY) during the quarter.

The company incurred an exceptional expenditure of Rs 6.68 crore in Q2 FY21. Exceptional items represent compensation towards Voluntary Retirement Scheme opted for by employees,” the company said.

Profit before tax in Q2 September stood at Rs 8.56 crore, down 53.8% from Rs 18.54 crore in Q2 September 2020. Current tax expense in the second quarter declined by 74.1% year-on-year (YoY) to Rs 1.65 crore.

The scrip shed 0.75% to Rs 4007 on the BSE. It traded in the range of 4000 and 4060 so far during the day.

The stock is near its 52-week high of Rs 4,085 hit on 15 October 2020. It has surged 100.3% from its 52-week low of Rs 2,001 hit on 25 March 2020.

Lakshmi Machine Works is engaged in the manufacturing and selling of textile spinning machinery, computer numerical control machine tools, heavy castings, and parts and components for aerospace industry.

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