Net profit of Lakshmi Machine Works rose 10.70% to Rs 62.38 crore in the quarter ended December 2018 as against Rs 56.35 crore during the previous quarter ended December 2017. Sales rose 19.45% to Rs 647.91 crore in the quarter ended December 2018 as against Rs 542.42 crore during the previous quarter ended December 2017.

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Lakshmi Machine Works has signed a MoU with Government of Tamil Nadu at the Global Investors Meeting (GIM) held at Chennai on 24 January 2019.

As per the MoU the Company proposes to invest Rs. 600 crore over a period until 2024 in its existing business operations. The investment funded through internal accruals would be for modernising/upgrading existing business operations of the Company in the areas of Textile Machinery, Machine Tools, Foundry castings and Aerospace products. As per the MoU, the Government of Tamil Nadu will support by extending fiscal and other incentives, infrastructural support like uninterrupted power supply and regulatory facilitation.

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Lakshmi Machine Works will hold a meeting of the Board of Directors of the Company on 4 February 2019.

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The result was announced after market hours yesterday, 22 October 2018.

Meanwhile, the S&P BSE Sensex was down 376.06 points, or 1.10% to 33,758.32.

On the BSE, 3148 shares were traded in the counter so far compared with average daily volumes of 3705 shares in the past two weeks. The stock had hit a high of Rs 5863.70 and a low of Rs 5705.55 so far during the day. The stock hit a record high of Rs 9,380 on 9 May 2018. The stock hit a 52-week low of Rs 5,500 on 5 February 2018.

Meanwhile, Lakshmi Machine Works said after market hours yesterday, 22 October 2018, that it will buy back 2.66 lakh shares at Rs 6,000 each.

Lakshmi Machine Works is a leading textile machinery manufacturer in India and one among the three in the world to produce the entire range of spinning machinery. It caters to the domestic market as well as exports products to the Asian and Oceanic regions.

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