Alok Industries Reports Consolidated Net Loss Of Rs 84.11 Crore In Q2 Earnings

Integrated textile company Alok Industries Ltd on Monday reported a consolidated net loss of Rs 84.11 crore for the second quarter ended September.       

The Mumbai-based bankrupt company, which was acquired by Reliance Industries along with JM Financial Asset Reconstruction through NCLT-monitored insolvency proceedings, had reported a net profit of Rs 4,798.64 crore in the July-September period a year ago.       

Revenue from operations climbed over two-fold to Rs 1,904.57 crore as against Rs 813.07 crore in the corresponding period of the last fiscal, Alok Industries said in a BSE filing.

Total expenses were at Rs 1,994.36 crore, up 95.80 per cent from Rs 1,018.54 crore earlier.

The company had exceptional gains of Rs 5,021.77 crore in Q2 FY21 as the corporate insolvency resolution process was concluded in the previous year.       

“Though the Holding Company has incurred a loss of Rs 74.52 crore (standalone) for the quarter and Rs 166.95 crore for the half-year ended September 30, 2021 and has accumulated losses of Rs 20,393.76 crore as on that date, its current assets exceed its current liabilities by Rs 201.75 crore and it has earned EBITDA of Rs 123.07 crore for the quarter and Rs 226.61 crore for the half-year ended September 30, 2021," it said.  

(With PTI Inputs)