Alok Industries Q2 profit up 283% at Rs 289 cr

Textile company Alok Industries today reported 283.02% growth in net profit at Rs 289.62 crore on a standalone basis for the quarter ended September 30, compared to the same period last year.

The company's net profit stood at Rs 75.61 crore in the corresponding quarter of last fiscal, Alok Industries said in a release issued here.

Alok Industries net sales went up by 51.28% to Rs 3,324.77 crore for the period under review, compared to Rs 2,197.70 crore in the same period of the last fiscal.

"This performance is a reflection of the company's strategy of diversifying products, markets and customers along with integrated business operations in cotton and polyester segments. We will continue our focus on improving operational parameters, exiting non-core businesses and monetising them to reduce debt and improving cash flows," Alok Industries Managing Director Dilip Jiwrajka said.

The company is not undertaking any new projects barring those that are ancillary to the existing ones and for de-bottlenecking, he said.

Exports for the second quarter stood at Rs 832.97 crore, against Rs 786.99 crore in the same period of the last fiscal, registering a growth of 8.32%.