Lakshmi Energy & Foods Limited
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BSE Code:
519570
NSE Code:
LAKSHMIEFL
Business Profile
Business Profile
Lakshmi Energy and Foods (LAKSHMIO) was incorporated as a private company on July 20, 1990 and became public on March 18, 1993, and got its present name in 2006. The company was formerly known as Lakshmi Overseas Industries. LAKSHMIO is one of the leading manufacturers and processors of food grains.
LAKSHMIO produces and markets long grain white rice, Punjabi white rice, and non-basmati rice under the brand name Lakshmi Foods; refined oil made of rice bran, sunflower, mustard, cottonseed, and soya under the brand name Gold Crown; and cattle feed under the brand name Hira Moti. With the commissioning of the new 120 MT per hour state-of-the-art, fully automated, PLC-fitted paddy processing plant in Punjab, the installed capacity of the company?s plant has been raised to 1.35 million MTPA of paddy. An automatic packaging unit for the retail market products with ultra modern facilities has been commissioned. It is setting up a wheat flour mill, the first phase of which was completed in early 2007.
The biomass-based power plant using 100% own fuel has been set up. Income from the power generated would be tax-free and earn carbon credits under the Kyoto protocol. LAKSHMIO has been granted levy exemption by the Punjab Government on non-FCI grade paddy purchases for a period of 10 years starting from FY08 on account of setting up of the biomass power plant. Punjab Greenfield Resources is a wholly-owned subsidiary of the company. Entering the retail market in FY08 with non-basmati rice under the brand name Lakshmi Foods, the company will package rice wheat flour, rice bran cooking oil and other food products.
The registered office of the company is located at Chandigarh, India.
Financials
The company disclosed a substantial drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 46.77% to Rs 175.43 million from Rs 329.60 million in the same quarter previous year. Net sales declined 29.19% to Rs 1,746 million, while total income for the quarter fell 29.18% to Rs 1,748.76 million, when compared with the prior year period. It reported earnings of Rs 2.78 a share during the quarter, registering 50.18% decline over prior year period.