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Lakshmi Machine Works Ltd.

Industry: Manufacturing

Inducted: 2008

Regions: apac

Country: India

Announcement Excerpt:

Lakshmi Machine Works Ltd. (LMW) is one of the world’s leading textile equipment manufacturers, with sales of $504 million and 3,500 employees. LMW is ranked by Standard & Poor’s as one of the eight emerging Indian Blue Chip Companies, and by BusinessWeek as one of Asia’s Top Growth Companies. The cyclical nature of India’s $35 billion textile industry—growth typically followed by 4-5 years of recession—drove the adoption of the Balanced Scorecard at LMW to focus the company on its strategic performance drivers and to mitigate risk. Guided by its Office of Strategy and Risk Management, LMW has integrated its strategic performance management system with its Six Sigma, Activity-Based Management, knowledge management, and ERP implementation. In four years revenues have soared from $120M to $504M, profits from $8.8M to $84.8M, and market capitalization from $33. 8M to $1,158B. “Despite the recession in India’s textile industry, we’ve achieved record results by becoming a Strategy-Focused Organization” says Director Sanjay Jayavarthanavelu. “The BSC has helped us to clarify our strategy, align resources to that strategy, set targets, and achieve greater transparency. More than 1,100 of our staff have their own scorecards, and the BSC has become a way of life at LMW.”

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