Alok Industries plunges 6% as losses widen multi-fold in Q4

Textile sector has been under pressure in recent quarters. Exports have fallen as demand has declined.

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Shares of textile company Alok Industries plunged on April 20 following weak March quarter earnings with revenues down and losses deepened.

On a consolidated basis, the total revenue of the company fell to Rs 1,569.72 crore during the quarter from Rs 2,031.44 crore a year back. Losses for the quarter also surged over 10-fold to Rs 297.55 crore from Rs 26.76 crore in Q4FY22.

As of 9.55am, the stock traded down 5.75 percent to Rs 12.14 on BSE.

Textile sector has been under pressure in recent quarters. Exports have fallen as demand has declined. For instance, Indian cotton sheet exports to the US declined 13.1 percent MoM in February 2023, data shows.

“Our Industry checks suggest that the more painful part of global destocking in the home textile space is behind us and demand recovery could start trickling in by the end of Q2FY24,” said Ashutosh Somani of JM Financial.

He added that Indian home textile companies will also benefit from lower cotton prices which will likely aid margins going forward. The apparel companies also remain hopeful of market conditions improving from CY24 (resulting in improved order book from H2FY24).

For Somani, Gokaldas Exports is the preferred pick in the space, while Welspun India stands to benefit from lower cotton prices and likely pick up in demand, he added.

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