Alok Industries Q2 net up 40% to Rs 79.8 cr

Textile manufacturing company Alok Industries today reported rise of 40.01 per cent in its operating net profit to Rs 79.80 crore for the quarter ending September 30, 2010.

The company had posted a net operating profit of Rs 57 crore in the same period last fiscal, the company said in a statement to the Bombay Stock Exchange.

Net sales of the company were up 48.90 percent to Rs 1,451.50 crore, as against Rs 974.79 crore for the same period last fiscal.

"Our current quarter performance is indeed satisfying and a reflection of our conviction in our business and the Indian textile industry", Alok industries Managing Director Dilip B Jiwrajka said in a statement.

Operating net profit for the six month ended September 30 this year stood at Rs 126.32 crore as against Rs 89.01 crore in the corresponding period last fiscal, a rise of 41.91 per cent.

For the six month period ended September, the company's net sales rose by 44.83 per cent to Rs 2,550.48 crore, as against Rs 1,761.07 crore for the same period last year.

"We are witnessing buoyancy in the trade after a long time and this appears to be a sustainable development. We are fully geared in terms of capacity, technology, product development and human capital to tap the emerging opportunities in this exciting scenario, both on cotton and polyester fronts", he added.

Shares of Alok Industries closed 0.18 per cent lower at Rs 27.15 on the BSE.