Alok Inds appoints Anil Kumar Mungad as CFO

Alok Industries announced that its board has approved the appointment of Anil Kumar Mungad as chief financial officer (CFO) with effect from 01 July 2024.

Anil Kumar Mungad is a Chartered Accountant (CA), Company Secretary (CS) and Science & Law Graduate having 30 years of experience in the field of Finance & Accounts. He was named among top 10 CFOs of Malaysia by the CEO Insight Asia magazine in the year 2022.

Before joining the company, he was working as chief financial officer of Recron (Malaysia) Sdn. Bhd (Sendirian Berhad), Kuala Lumpur. Prior to that, he was working as Senior Vice President- Commercial (Polymer Chain) with Reliance Group at its Mumbai Office. He has been associated with Reliance Group, since 2002.

 

Meanwhile, the company has received an order from the Superintendent of CGST & Central Excise, Range II, Division VIII, Daman Commissionerate, levying a penalty of Rs 6,31,501 under the Goods and Services Tax (GST) regime.

The order has been passed alleging wrong availment of Input Tax Credits (ITC) for the period from April 2019 to March 2020 The company intends to file an appeal against the Order.

The company said that there is no impact on operations or other activities due to the Order.

Alok Industries is an integrated textile manufacturer with operations in both cotton & polyester value chain. The company is primarily engaged in the business of textile manufacturing including mending and packing activities. It has global retailers, brands, reputed garment manufacturer and traders.

The companys consolidated net loss narrowed to Rs 215.93 crore in Q4 FY24 as compared to a net loss of Rs -297.55 crore recorded in Q4 FY23. Net saled declined 6.4% year on year to Rs 1,469.31 crore during the quarter.

The scrip rose 0.25% to Rs 27.87 on the BSE.

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