Lakshmi Machine Works Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 04.02.2019. Statutory Auditors have carried out limited review of the above results.
2. Revenue from operations for the period ended 31.12.2018 is not comparable with 31.12.2017 on account of inclusion of excise duty of Rs.6198.86 lakhs in the period ended 31st December, 2017.
3. Exceptional item represents Compensation towards Voluntary Retirement scheme opted by Employees.
4. The Board of Directors of the Company had approved a proposal for buyback of Equity Shares from the Open Market through the Stock Exchanges at its meeting held on 22.10.2018. further to the said approval, the buy back commenced on 02.11.2018 and the Company had in total bought back 2,72,504 Equity Shares of Rs.10 each (representing 2.49% of total pre-buyback paid up equity capital) as on 31.12.2018, from the shareholders at an average price of Rs.5,852.47 per equity share for an aggregate amount of Rs.15,948 lakhs in accordance with the provisions of the Companies Act, 2013 and the SESI (Buy Back of Securities) Regulations, 2018. The company withdrew the buy back offer with effect from the close of business hours on 01.01.2019 and public announcement regarding completion of buy back was made on 03.01.2019.
5. Figures of the previous periods regrouped / rearranged wherever necessary.
Sanjay Jayavarthanavelu Chairman & Managing Director