Net sales rose 14.76 per cent to Rs 550.78 crores compared to Rs 479.92 crores during the same quarter previous year. Exports sales during the quarter grew by 61.90 per cent to Rs 251.41 crores from Rs 155.29 crores during the corresponding quarter last year.
Commenting on the results, Dilip Jiwrajka, Managing Director, Alok Industries Limited said, “We are satisfied with the performance, especially on the export front. This overall performance has come about in spite of the challenges like the pressure on the rupee, the global recessionary trends and the restoration of our own texturising plant affected by the fire on 16th August 2007. Our endeavour would be to continue to post encouraging results and surpass expectations.”
At the beginning of this quarter, Alok undertook a restructuring exercise of the textile, infrastructure, domestic retail and international businesses of the Company and the same is underway. Alok is also hiking its holding in Mileta International by acquiring an additional 19.80 per cent stake in Mileta International for 1.75 million Euro thereby taking its stake in Mileta to 79.80%.
Another milestone for the quarter included the formalization of the Joint Venture with National Textile Corporation Ltd (NTC) for the revival of the textile mills located at the New City of Bombay Manufacturing Mills, Mumbai and Aurangabad Textile Mills, Aurangabad and for development of textile related infrastructure therein.
Established in 1986, Alok Industries Ltd. is amongst the fastest growing vertically integrated textiles solutions provider in India. A diversified manufacturer of world-class home textiles, apparel fabrics, garments and polyester yarns, Alok has capacities of 82.50 mn meters of sheeting fabric and 6700 tons of terry towels for its home textiles business, 105.00 mn meters of apparel width woven fabrics, 67200 tons per annum of knitted fabrics and 22 million pieces per annum of garments. With the commencement of spinning of cotton yarn (30000 tons per annum), Alok has achieved complete integration. The company also has a strong presence in the polyester segment with a capacity of 117550 tons per annum of polyester textured yarn supplanted by 108000 tons per annum of POY and 185000 tons of PET. The company has a blue chip international customer base comprising of world renowned retailers, importers and brands.