Alok Industries Q4 Results: Net loss at Rs 500 crore

NEW DELHI: Textile firm Alok Industries on Tuesday reported a consolidated net loss of Rs 500.11 crore for the quarter ended March 31, 2021. The company had reported net profit of Rs 1,790.87 crore of the corresponding quarter a year ago.

Total income during the quarter under review stood at Rs 1,478.63 crore, up 95.04 per cent, as against Rs 758.11 crore reported in the same quarter a year ago, Alok Industries said in a regulatory filing.

The company reported exceptional gain of Rs 2,052.55 crore in January-March 2020, on account of debt resolution plan.

In February 2020, Reliance Industries announced it will acquire 37.7 per cent stake in textile manufacturer Alok Industries Ltd for Rs 250 crore.

Reliance had jointly with JM Financial Asset Reconstruction Co Ltd bid for acquiring Alok Industries that was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans.