Alok Industries Q4 Earnings Report: Net Loss Shrinks to ₹215.9 Crore as Revenue Drops by 6%

Alok Industries Ltd released its quarterly results, reporting a consolidated net loss of ₹215.9 crore in the January-March quarter. This is a decrease from the ₹297.5 crore loss reported during the same quarter last year. The company’s revenue also saw a decline of 6 per cent year-on-year, dropping from ₹1,570.4 crore to ₹1,469.3 crore.

Total expenses for the textile company in the fourth quarter of fiscal year 2024 stood at ₹1,696.98 crore, compared to ₹1,875.49 crore in the same period a year ago. Alok Industries Limited disclosed in a stock exchange filing that the Holding Company incurred a loss of ₹206.88 crore for the quarter and ₹813.71 crore for the year ended March 31, 2024. The company reported accumulated losses of ₹22,099.59 crore as of that date, with current assets exceeding current liabilities by ₹794.12 crore.

For the full fiscal year ended March 31, 2024, Alok Industries reported revenue from operations at ₹5,509.59 crore, down from ₹6,989.20 crore in fiscal year 2023. The company reported a loss of ₹846.82 crore for FY24 compared to a loss of ₹880.46 crore in FY23.

In January of this year, Alok Industries announced that Reliance Industries Ltd (RIL) invested ₹3,300 crore in the company through non-convertible redeemable preference shares. As part of its financial restructuring, the company availed term loans of Rs. 1,750 crore from Axis Bank Limited and Rs. 1,700 crore from State Bank of India in the previous quarter ended December 31, 2023. Shares of Alok Industries closed at ₹27.90, down 2.79 per cent on the NSE on Friday.