Alok Industries Operates in a diversified business portfolio ranging from Home Textiles, Retail (Home and Apparels), Garments, Spinning, Yarn and Apparel Fabrics.
Alok revenue mix comes from Home textiles (18%), Textursing (26%), Apparel Fabrics (49%), Garment (2%) and Cotton Spinning(5%).
Currently Exports account for 35% of the total revenue. Out of which exports to US account for 53% and Asia 24%.
At the current market price of Rs. 66/- the stocks trades at around 6 times it's trailing 12 month EPS. Investor with a Low to medium risk profile can consider investment into this stock with a horizon of 18-24 months. Since the company has major additions coming up across it's businesses, it is too early to set a target price for the stock. The company seems to me a multibagger in the making.
Inspite of the rupee appreciation the company current quarter Operating margin were flat at 26.35%. This was made possible due to the mix of it's high margin business and diversified geographical portfolio. The Net profit margin were not impressive but it is expected to increase with the current expansion in place.
Alok's current significant customer base include Walmart, Kohls, Bed Bath and Beyond, GAP, CK, Ambercrombie & Fitch and others.
Expansion Details
1) Alok is scaling up it's Home Textile capacity from 60 to 82.5 million meters p.a. This is expected to get completed by end of FY2008.
2) Alok is adding a Terry towel manufacturing unit of 6,700 TPA and expected to commence operation by end of FY2008
3) Alok is currently increasing it's garments capacity from 8 to 15 million pieces p.a by FY08. The company is expected to get better realization on garments as 80% of it's garment is exported to EU territories.
4) Expansion of it's Texturising capacity from 75,500 TPA to 118,000 TPA is on the way and is expected to add in FY09 revenues.
The company has further expansions to it's plate which will be effective FY09. The details of these expansions are not covered in the current analysis.
Positives
1) The company subsidiary is planing to add around 100 stores as part of it's retail wing (H&A) by end of March' 2008. Currently it operates around 14 stores in major metros.
2) Alok has entered in to a agreement with "Aisle 5 LLC", under which it will manufacture and distribute home decor, bath, sleeping and dining home products in US and Canadian Market.
3) Acquisition of 60% stake in Mileta, a czech company to add to revenues.
4) Alok has signed a trademark license with peacock alley to market it's home linen products in the domestic market.
Risks
1) High Debt/Equity ratio.
2) Frequent increase in equity base which inturn has dampened the Earnings Per Share
3) Further rupee appreciation can impact profit margins of the company.
Buy Microsoft Products with us and Save upto 60%
Monday, November 5, 2007
Buy Alok Industries - A hidden gem in Textile Arena
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