Alok Industries Limited (Alok), amongst India's leading integrated textile manufacturers, has posted a 104.35 per cent rise in net profit at Rs 55.01 crores for the first quarter ended June 30 2007, as compared to Rs 26.92 crore in the corresponding quarter previous year.
This is inclusive of “Other Income” that includes forex gain of Rs 39.55 crore. The net profit excluding “Other Income” grew by 1.93 per cent to Rs 27.44 crores as compared to the corresponding quarter of the previous year.
Net sales rose 17.06 per cent to Rs 418.90 crore compared to Rs 357.86 crore during the same quarter previous year. Exports sales during the quarter grew by 85.35 per cent to Rs 187.61 crore from Rs 101.22 crore during the corresponding quarter last year.
Commenting on the results, Mr Dilip Jiwrajka, Managing Director, Alok Industries Limited said, “It was an encouraging performance considering the current challenges. The Company's recent initiatives in the areas of organic cotton and re-aligning of its garment and retail businesses into wholly owned subsidiaries for rapid growth is expected to pay rich dividends."
"Our international home textile presence is set to expand substantially with the licensing agreement signed with the NY headquartered AISLE 5 LLC for distribution of home textiles in US super markets under their lifestyle brands. We are optimistic about our performance in the ensuing quarters.”
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