Capitaline

Analyst Meet / AGM 17-Feb-12

Conference Call

Alok Industries

Capex for FY13 would be around Rs 500 crore

Alok Industries came out with the financial results for the quarter ended December 11 and conducted concall to discuss financial results and the prospects of the company. Dilip Jiwrajka – Managing Director, Sunil Khandelwal – CFO addressed the call
Highlights of the call are:

For the quarter ended December 11, the company has reported loss of Rs 36.57 crore due to charge of Rs 184.23 crore of EO on unusual depreciation of rupee in the quarter under review. The sales grew healthy 48% to Rs 2386.65 crore mainly on the back of volume growth. Domestic revenues grew 59% to Rs 1608.33 crore and export revenue grew 31% to Rs 778.33 crore.

Revenues from Polyester yarn has jumped 85% to Rs 797.49 crore while Apparel grew 38% to Rs 1136.92 crore in the quarter under review.

The company has 350 H&A stores as on date on franchisee basis including shop in shop. The management expects to consolidate its operations by closing down non profitable stores. Gross sales from theses stores grew 53% to Rs 57.79 crore in YTD December 11.

UK retail stores Twenty One currently comprises of 221 stores. YTD sales were GBP 97.80 million and EBIDTA of (GBP 6.23 million).

Inventory turnover days have increased to 132 at end of December 11 against 114 for FY11.

Net debt stood at Rs 9740 crore at end of December 11. Of this Rs 2000 crore is foreign currency debt. The average cost of debt has increased to 10.5% and increase of 350 bps from a year ago.

The company is implementing capex for 100000 ton of CP, 50000 tons of Texturized yarn and 24000 tons of Cationic yarn and 70000 tons of PSF capacity. In the apparel division, it is implementing 6800 tons of knit apparel fabric. All the capex would be completed and be ready for commercial production in FY13.

Capex for FY 13 would be to the tune of Rs 500 crore. Capex for FY12 was to the tune of Rs 1500 crore of which Rs 250 crore will be spent in Q4FY12.

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