Alok Industries shares rise higher after textile firm's profit improves in Q2 FY24

Alok Industries Share Price: Shares of textile company Alok Industries are rising higher by 1.47 per cent, or Rs 0.26, at Rs 17.99 each on BSE on Wednesday after the firm reported its second-quarter results post market hours on Monday.

The rise on Wednesday helped the stock recover a bit as it has been down by 8.07 per cent in the last five trading session and 3.07 per cent in the last month.

The shares have underperform the benchmark Nifty 50, which is down 2.47 per cent in the last five trading sessions and 1.89 per cent in the one month.

On Wednesday, shares of Alok Industries started the session at Rs 17.70 apiece after closing at Rs 17.73 on Monday.

The stock's high for the day was Rs 18.29 and the low was Rs 17.68. 

Alok Industries Q2 Results

The company's second quarter has been operationally good as its EBIDTA showed a profit of Rs 36 crore against the losses of Rs 11 crore in the previous quarter.  

The company's consolidated losses in the quarter under review improved to 175 crore from Rs 192 crore in the same quarter last year.

The company's consolidated revenue from operations were down 20 per cent to Rs 1,369.26 crore in the September quarter from Rs 1,729.05 in the corresponding period last year.