Alok Industries net profit up at Rs 55.01 crores

Mumbai, Aug 1: Integrated textiles company Alok Industries has posted a 104.35 per cent rise in net profit at Rs 55.01 crore for the first quarter ended June 30, as compared to Rs 26.92 crore in the corresponding quarter previous year.

Net sales of the company rose 17.06 per cent to Rs 418.90 crore against Rs 357.86 crore during the same quarter previous year. Exports sales during the quarter grew 85.35 per cent to Rs 187.61 crore from Rs 101.22 crore.

Commenting on the results, Alok managing director Dilip Jiwrajka 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.''

UNI