Integrated textile company Alok Industries on Saturday reported a widening of its consolidated net loss to Rs 191.50 crore for the second quarter that ended on September 30, 2022.
The company, which was acquired by Reliance Industries along with JM Financial Asset Reconstruction through NCLT-monitored insolvency proceedings last year, had reported a net loss of Rs 84.11 crore in the July-September quarter a year ago.
Its revenue from operations was down 10.81 per cent to Rs 1,698.58 crore during the quarter under review as against Rs 1,904.57 crore in the corresponding period of the last fiscal, Alok Industries said in a BSE filing.
Alok Industries” total expenses were at Rs 1,920.32 crore, down 3.71 per cent, in Q2/FY 2022-23 as against Rs 1,994.36 crore.
“Though the Holding Company has incurred a loss of Rs. 191.05 crore for the quarter… has accumulated losses of Rs 20,744.49 crore as on that date, its current liabilities exceeds its current assets by Rs 349.47 crore and it has earned EBITDA of Rs. 14.07 crore for the quarter,” the company informed.
Further, to improve the performance of the company, the re-constituted Board has “adopted a business plan with a specific focus on utilising the existing capacities and exploring various avenues” of enhancing revenues and bringing in efficiencies to enhance profitability, it said.
“Accordingly, the financial results have been prepared on a going concern basis,” Alok Industries added. PTI KRH MR
