Alok Industries Limited, one of the leading integrated textile companies in India, reported net sales of Rs. 1,644.89 crore for the quarter ended June 30, 2011, as compared to Rs. 1,098.97 crore in the corresponding period of the last fiscal, registering a growth of 49.68%.
Export sales for the quarter ended June 30, 2011 stood at Rs. 602.19 crore, as against Rs. 326.85 crore in the same period of the last fiscal, registering a growth of 38.57%.
During the June' 11 quarter the company's net profit stood at Rs. 57.77 crore, higher by 24.21%, as compared to Rs. 46.51 crore posted in the same quarter of last fiscal year.
The EBIDTA for the quarter was at Rs. 452.92 crores as against Rs. 326.85 crores in the corresponding quarter of last fiscal year, registered a growth of 38.57%.
Earning per share (EPS) for June quarter stood at Rs. 0.73.
Dividend for Financial Year 2010-2011 The company's board, in a meeting, has recommended a dividend of 2.5%, or Rs. 0.25 per share, on the equity shares of Rs 10 each for the financial year 2010 -11.
Merger of Grabal Alok Impex Ltd with the company The Board of Directors of the company have considered and approved the proposal for amalgamation of Grabal Alok Impex Limited (GAIL) into the company as per the terms and conditions mentioned in the Scheme of Amalgamation placed before the Board, subject to necessary approvals from the statutory and regulatory authorities.
The swap ratio as determined by M/s Ernst & Young Pvt Ltd., independent valuer and the fairness report provided by M/s Fortune Financials Services (India) Ltd. and as approved by the Board is 1 (One) fully paid equity share of Rs. 10/- each of the company to be issued and allotted for every 1 (One) fully paid equity share of Rs. 10/- each held in GAIL.
Grabal Alok is promoted by Alok Industries Limited in technical and financial collaboration with Grabal Albert Grabher Gesellschaft m.b.H & Co., of Austria. The company is a manufacturer of all kinds of embroidered products having wide application in home textiles, apparel fabrics and garments.
25th AGM to be held on Thursday, September 29, 2011 The board has also fixed Thursday, September 29, 2011 as the date for holding the company's Twenty Fifth Annual General Meeting. The meeting will be held at the registered office of the company at Silvassa at 11.00 AM.
Management Comment Commenting on the results, Mr. Dilip Jiwrajka, Managing Director, Alok Industries Limited, said, "Our business performance was quite encouraging in Q1 FY 2012 and we were able to achieve satisfactory growth. We are glad to see the continued demand for our products, the widening of the business across product segments and geographies. We look forward to encash our real estate investments in subsidiaries, optimize our expanded capacities and reduce cost, which would benefit all stake holders."
On the scheme of amalgamation of Grabal Alok Impex Limited with the company, he said, “This corporate action should bring about operational and financial synergies besides enabling focused management attention through a single unified Textile enterprise.”
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