For the second quarter Lakshmi Machine Works net profit rose by 139 per cent. Net sales during the quarter increased by 50 percent.

Revenue of the textile machinery division was up 61 per cent. Revenue of the machine tool and foundry division was up 24 per cent. Total expenses rose by 47 per cent due to higher raw material costs, higher employee expenses and higher other expenses.

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. Lakshmi Machine Works provides spinning technology to Indian textile mills.The company is a leading textile machinery manufacturer and has brought out various innovative products during the year and worked towards its three pillars – automation, digitization and sustainability – with a greater focus on after sales and service.

Currently exports sales contribute to more than 40 per cent of the total revenue. The company has a strong presence in Bangladesh, Vietnam, Pakistan, Turkey, Indonesia, Iran, China and many African countries.

LMW Aerospace is involved in the production, assembly, supply of products and rendering of services for the aerospace industry. It is yet to commence operations.Lakshmi Machine is making the said investment in order to support working capital requirements of the wholly owned subsidiary company upon commencement of business operations.