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Alok Industries post a net loss of Rs 5 billion in Q4

Apr 29, 2021
Alok Industries post a net loss of Rs 5 billion in Q4

Mumbai, Maharashtra

In the regulatory filing for the Q4 ending on March 31st, Alok Industries, that offers innovative textile solutions, has reported a net loss of Rs 5 billion. It is to be noted that the company had registered a profit of Rs. 17.9 billion in the same quarter last year.

The brand also mentioned that its total income increased by 95.04% since last year, from Rs 7.58 billion to Rs 14.78 billion. Reliance Industries announced that it would acquire 37.7% of stake in Alok Industries in February 2020 for Rs 2.50 billion.

Reliance Industries had announced in February last year that it will acquire a 37.7% stake for Rs 2.5 billion in Alok Industries. It was auctioned under the insolvency and bankruptcy law by the lenders to recover unpaid loans. Reliance Industries had jointly bid with JM Financial Asset Reconstruction Co Ltd for acquiring a stake in the company.

Alok Industries manufacturer had posted a gain of Rs 2.05 billion in January-March 2020, due to this debt resolution plan.

Source: The Economic Times

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