Alok Industries skid 4.01% to Rs 14.35 after the company reported consolidated net loss of Rs 249.83 crore in Q3 FY23 compared with Rs 0.09 crore in Q3 FY22.
Net sales declined 19.9% to Rs 1,705.69 crore in Q3 FY23 as against Rs 2,129.60 crore in the same quarter last year.Total expense decreased by 9.5% to Rs 1,748.34 crore in Q3 FY23 as against Rs 1,932.35 crore in corresponding quarter last year. Raw material consumed stood at Rs 1,151.27 crore (down 22.2% YoY), finance cost was at Rs 120.79 crore (down 2.3% YoY). While employee benefit expense stood at Rs 118.25 crore (up 5.2% YoY).
Alok Industries is primarily engaged in the business of textile manufacturing including mending and packing activities. Reliance Industries held 40.01% while JM ARC held 34.99% in the company as on 31 December 2022.
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