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Business News/ Companies / Company Results/  Alok Industries Q4 Results: Net loss narrows to 215.9 crore, revenue declines 6%
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Alok Industries Q4 Results: Net loss narrows to ₹215.9 crore, revenue declines 6%

Alok Industries Q4 Results: The revenue of the textile company declined 6% year-on-year from ₹1,570.4 crore to ₹1,469.3 crore during the period under review

Alok Industries Q4 Results:. Shares of Alok Industries closed at ₹27.90, down 2.79 per cent on the NSE on Friday. (Equity Bulls)Premium
Alok Industries Q4 Results:. Shares of Alok Industries closed at 27.90, down 2.79 per cent on the NSE on Friday. (Equity Bulls)

Alok Industries Q4 Results: Textile company Alok Industries Ltd released the January-March quarter results on Saturday and posted a consolidated net loss of 215.9 crore, as compared to 297.5 crore reported during the same quarter last year. 

The revenue of the textile company declined 6 per cent year-on-year from 1,570.4 crore to 1,469.3 crore during the period under review.

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Its total expenses in the fourth quarter of the fiscal year 2024 stood at 1,696.98  crore as compared to 1,875.49  crore in the same period a year ago.

In a stock exchange filing, Alok Industries Limited said: “The Holding Company incurred a loss of 206.88 crore for the quarter and 813.71 crore for the year ended March 31, 2024 and has accumulated losses of 22,099.59 crore as on that date, its current assets exceeds its current liabilities by 794.12 crore and it has earned EBITDA of 20.89 crore for the quarter and 84.89 crore for the year ended March 31, 2024."

For the full fiscal year ended March 31, 2024, the textile company reported revenue from operations at 5,509.59 crore, down from 6,989.20 crore in fiscal year 2023.

Alok Industries reported a loss at 846.82 crore for FY24 as compared to a loss of 880.46 crore in FY23.

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In January this year, Alok Industries had said that Reliance Industries Ltd (RIL) invested 3,300 crore in the company through non-convertible redeemable preference shares.

As a part of its financial restructuring, the company “during the previous quarter ended December 31, 2023, availed terms loans of Rs. 1,750/- crore from Axis Bank Limited and Rs. 1,700/-crore from State Bank of India, along with working capital facilities," said the filing.

Shares of Alok Industries closed at 27.90, down 2.79 per cent on the NSE on Friday.

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Published: 20 Apr 2024, 07:21 PM IST
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