Feb '08
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.
Alok Industries Limited
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