Net sales declined 20% to Rs 1359.02 crore during the period under review as compared with the same period last year.

Total expenses fell by 20% to Rs 1,543.87 crore in Q2 FY24 over Q2 FY23, due to lower raw material costs (down 12% YoY), lower power & fuel costs (down 15% YoY) and lower other expenses (down 31% YoY). Finance costs and employee expenses, however, rose by 19% YoY and 3% YoY, respectively.

Alok Industries (AIL) is one of the largest fully integrated textile players having a presence across the value chain – right from cotton spinning, polyster yarn, apparel fabrics, home textiles, and garments. The company has more than 10 manufacturing plants located over Dadra and Nagar Haveli (Silvassa), Gujarat, and Maharashtra. Post implementation of the approved Resolution Plan that was approved by the NCLT, RIL holds a 40.01% equity stake whereas JM Financial Asset Reconstruction Company holds a 34.99% equity stake in AIL and the balance equity stake is held by the public.

The scrip shed 0.73% to currently trade at Rs 17.60 on the BSE.