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: 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.
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.
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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Business NewsCompaniesCompany ResultsAlok Industries Q4 Results: Net loss narrows to ₹215.9 crore, revenue declines 6%
First Published:20 Apr 2024, 07:21 PM IST
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