Alok Industries benefits from facility arrangements with SBI of Rs 1,750 crore

7 Dec 2023 , 03:09 PM

On December 7, just one day after the company stated that it would be engaging into facility agreements with State Bank of India for a term loan, shares of Alok Industries increased 2.72% on the NSE. 

Alok Industries has engaged into facility agreements with SBI for a term loan of Rs 1,750 crore for the repayment of previous bank loans as part of financial restructuring, according to a regulatory filing. In order to cover its working capital needs, it recently signed agreements with SBI for a working capital facility of Rs 90 crore.

Alok Industries recorded net sales of Rs 1,359.02 crore for the second quarter of FY24, a 19.99 percent decrease from Rs 1,698.58 crore in September of 2022. From Rs 191.50 crore in September 2022 to Rs 174.83 crore in September 2023, the net loss for the period decreased by 8.7%. Earnings before interest, taxes, and depreciation, or EBITDA, increased by 140.27 percent from Rs 19.22 crore in September 2022 to Rs 46.18 crore in September 2023.

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