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Integrated textile manufacturer Alok net profit up 25.67%

31
Jan '07
Alok Industries Ltd., amongst India's leading integrated textile manufacturer, has posted a 25.67 per cent rise in net profit at Rs 37.06 crore for the third quarter ended December 31, 2006, as compared to Rs 29.49 crore in the corresponding quarter previous year.

Net sales rose 30.98 per cent to Rs 479.92 crore compared to Rs 366.41 crore during the same quarter previous year. Exports sales during the quarter grew by 68.23 per cent to Rs 155.29 crore from Rs 92.31 crore during the corresponding quarter last year.

For the nine months ended December 31, 2006, net profit grew 27.97 per cent to Rs 96.62 crore compared to Rs 75.5 crore in the corresponding period previous year. Net sales in the nine months ended December 31, 2006 rose 24.13 per cent to Rs 1254.96 crore compared to Rs 1011.02 crore in the corresponding period previous year.

Commenting on the results, Mr Dilip Jiwrajka, Managing Director, Alok Industries Ltd said, “Export sales have been climbing steadily since the past few quarters and the impressive growth this quarter reiterates the traction that we are witnessing in our key export markets. The benefits of the Mileta acquisition and the alliance with Teviz, will accrue in terms of penetration in the European markets and the manufacture of value added products, which will reflect on realisations.”

Alok had signed a Memorandum of Understanding (MOU) with Mileta International (Mileta) to acquire 60% stake in Mileta with an understanding to acquire a further 19.6% on certain mutually agreed terms and conditions.


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