Alok eyes Rs 550 cr export pie

Mumbai-based textile company Alok Industries is eyeing Rs 550 crore export target this fiscal. This marks 40 per cent jump over its last year's exports.

The Rs 1,400 crore company has already added one more export destination to its fold. It Czech Republic the company expects to supply 2 million metre of fabric valued at $3 million (approx Rs 13.5 crore).

Next on the company's radar is the countries in the Middle East and Far eastern nations. Presently, there are 50 countries where Alok's products are shipped.They include the US, Latin America, European Union, Sri Lanka, Bangladesh and Nepal.

Home textiles segment constitutes more than three-fourth (Rs 306 crore) of its Rs 394 crore export in financial year 2006.

Around 60 per cent of the company's exports is to US which was 90 per cent Earlier. The decline indicates Alok is gearing up to expand its export network.

"We are trying to bring the American share below 50 per cent but at the same time want the export figures to grow," said company sources. However, they added that the US market will remain a main source.

On the domestic front, the company is bullish in the home textile segment with the current boom in the housing sector in the country.

The present manufacturing capacity of the company in the apparel fabric segment is 82.5 million metre per annum, knit fabric 16,800 tonne per annum, home textiles 60 million metre per annum, polyester texturing 85,000 tonne per annum and garment 7 million pieces per annum.

Alok Industries has 12 plants. In The fiscal 2006, the company's revenues grew by 16 per cent, reaching Rs 1,419 crore and profit after tax stood at Rs 110.19 crore.