Alok Industries plunges 3% post Q1 results

Its net loss for the quarter widened by 59.73 percent to Rs 226.14 crore in Q1FY24, compared to Rs 141.58 crore in the corresponding quarter of the last fiscal year.

Alok Industries Ltd shares declined by over 3 percent to Rs 15.45 on July 20 at 9:36 am, following the company’s announcement of its financial and operating results for the first fiscal quarter ending June 30, 2023.

The textile manufacturer reported a 28.93 percent year-on-year decline in total income at Rs 1,415.66 crore for the quarter ended June FY24, as against Rs 1992.02 crore in the corresponding quarter last year.

Its net loss for the quarter widened by 59.73 percent to Rs 226.14 crore in Q1FY24, compared to Rs 141.58 crore in the corresponding quarter of the last fiscal year.

The company has reported earnings per share (EPS) of Rs -0.46 for the period ended June 30, 2023 as compared to Rs -0.29 for the period ended June 30, 2022.

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Alok Industries Ltd is a textile manufacturing company based in Mumbai. The company has created global sized capacities and expanded its markets across the global territories.

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