Alok Industries' net loss widens in Q2, FY25

Textile major Alok Industries has reported a widening of its net loss for the second quarter of the current fiscal year (Q2, FY25). The company's net loss for the quarter ended September 30, 2024, amounted to Rs 262.10 crore, compared to a net loss of Rs 182.30 crore during the corresponding period of the previous fiscal year (Q2, FY24). The company is jointly owned by Reliance Industries and JM Financial Asset Reconstruction

Alok Industries’ revenues were down 35.46 per cent to Rs 885.66 crore during the quarter from revenues of Rs 1,372.34 crore in the corresponding quarter a year ago. Operational in in-home textiles, cotton yarn, apparel fabrics, garments and polyester yarn markets, Alok Industries is partly owned by Reliance Industries with a 40.01 per cent stake and JM Financial Asset Reconstruction Company with a 34.99 per cent stake.

Commenting on the results, Alok Industries' Managing Director, Rajendra Singhvi, said, "The challenging market conditions continued to impact our performance during the quarter. We are taking steps to reduce our costs and improve our competitiveness. We are confident that we will be able to turnaround our business and return to profitability in the coming quarters."

The outlook for Alok Industries remains uncertain, given the ongoing challenges in the textile industry. However, the company is hopeful that the measures it is taking to improve its efficiency and reduce costs will help it to weather the storm and emerge stronger.