Alok Industries gains on Rs 1,750-crore facility agreements with SBI

In Q2FY24, Alok Industries reported net sales at Rs 1,359.02 crore, a 19.99 percent drop from Rs. 1,698.58 crore in September 2022.

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Shares of Alok Industries gained 1.24 percent in early trades on the NSE on December 7, a day after it announced that it would be entering into facility agreements with State Bank of India for a term loan. As of 9:50am, the stock was trading at Rs 20.45.

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As per a regulatory filing, Alok Industries has entered into facility agreements with SBI for a term loan of Rs 1,750 crore for repayment of existing loans from banks as a part of financial restructuring. It also signed agreements with SBI for working capital facility of Rs 90 crore for meeting its working capital requirements.

Also read: Alok Industries Consolidated September 2023 Net Sales at Rs 1,359.02 crore, down 19.99% YoY

In Q2FY24, Alok Industries reported net sales at Rs 1,359.02 crore, a 19.99 percent drop from Rs 1,698.58 crore in September 2022. Net loss for the period declined 8.7 percent to Rs 174.83 crore in September 2023 from Rs 191.50 crore in September 2022. EBITDA (earnings before interest, taxes and depreciation) stood at Rs 46.18 crore in September 2023 up 140.27 percent from Rs 19.22 crore in September 2022.

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