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MD of Alok Industries pleased with Q1 operating results
30
Jul '10
Alok Industries Limited, one of the leading integrated textile companies in India, today reported net sales of Rs 1098.97 crores for the quarter ended June 30, 2010 registered a growth of 39.77% as against Rs. 786.28 crore posted in the same period of the last fiscal.

Operating PAT for the first quarter stood at Rs. 46.51 crore, a growth of 45.79%, as compared to Rs. 31.90 crore posted in the same period of last year. The EBITDA margin for Q1FY11 was at 29.74% as against 27.38% recorded in Q1FY10.

Export Sales for Q1FY11 was at Rs. 435.85 crore, registering a growth of 64.56% as compared to Rs. 264.86 crore posted in the same period of last year.

Commenting on the results, Mr. Dilip Jiwrajka, Managing Director, Alok Industries Limited said, “we are pleased with the Q1FY11 operating results of our company. The rising export graph is a key indicator of the global acceptability of our products and our widening geographical reach. The ability to expand existing relationships and compete effectively in winning new business is the fulcrum behind our growth strategy. This is critically backed by our focus on innovation, customer satisfaction, value-added product suite and speed to market. We will continue to objectively aim towards optimizing capacities, costs and product mix in our effort to maintain the growth rate.”

Major Developments in the quarter:

1) The Advanced Academy for Development of Textile Technologists (AADTT) was launched with the first batch of students identified and selected from premier Institutes across the country. They are being imparted with a judicious mix of advanced theory courses, shop floor experience and management skills before being offered back to the industry.

2) The `H&A' chain of stores opened an additional 10 shops during the quarter; taking the total number to 226; target is to have 450 stores operational by March 2011

3) `Store Twenty One', the UK retail value-format chain of stores seems well on way to register a record growth this year with gross sales for Q1 2010-11 at £ 31.18 million as compared to £ 27.48 million in the corresponding quarter of the previous period, a growth of 13.46%. It achieved a PAT of £ 0.07 million as compared to loss of £ 0.45 million in the previous corresponding quarter

4) Company's Long Term Rating has upgraded by Credit Analysis & Research Limited to 'CARE A+' [Single A Plus] from 'CARE A' [Single A] and Reaffirmed 'PR1 Under Basel ' II for its Short Term Borrowings and PR1+' [PR One Plus] rating to the Commercial Paper / Short Term Debt issues

5) The company has intensified efforts to sell / lease its prime properties at Lower Parel, Mumbai (held by wholly owned subsidiaries) and is confident of making significant progress in this direction by the year end. The proceeds of the same will be used primarily for repayment of debt

6) The Managing Director of the Company, Mr. Dilip B Jiwrajka has been appointed on the Board of Governors of the National Institute of Fashion Technology (NIFT)

7) The outstanding FCCBs aggregating to US$ 23.75 million have been redeemed along with premium on 26 May 2010 as per the terms of the Offering Circular. The Company had issued and allotted US$ 55,000,000 - B - 1% - Unsecured Foreign Currency Convertible Bonds (FCCBs) of the face value of US$50000 each in May 2005.

Alok Industries Limited

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