diff --git a/src/pytorch_lightning/CHANGELOG.md b/src/pytorch_lightning/CHANGELOG.md
index 8c95200e02146..4139dc469dbd8 100644
--- a/src/pytorch_lightning/CHANGELOG.md
+++ b/src/pytorch_lightning/CHANGELOG.md
@@ -8,6 +8,9 @@ The format is based on [Keep a Changelog](http://keepachangelog.com/en/1.0.0/).
 
 ### Fixed
 
+- Fixed a bug that caused spurious `AttributeError` when multiple `DataLoader` classes are imported ([#14117](https://github.com/Lightning-AI/lightning/pull/14117))
+
+
 - Fixed epoch-end logging results not being reset after the end of the epoch ([#14061](https://github.com/Lightning-AI/lightning/pull/14061))
 - Fixed saving hyperparameters in a composition where the parent class is not a `LightningModule` or `LightningDataModule` ([#14151](https://github.com/Lightning-AI/lightning/pull/14151))
 
diff --git a/src/pytorch_lightning/utilities/data.py b/src/pytorch_lightning/utilities/data.py
index 862c7f2de905b..f2d3040125141 100644
--- a/src/pytorch_lightning/utilities/data.py
+++ b/src/pytorch_lightning/utilities/data.py
@@ -514,15 +514,17 @@ def _replace_init_method(base_cls: Type, store_explicit_arg: Optional[str] = Non
     It patches the ``__init__`` method.
     """
     classes = _get_all_subclasses(base_cls) | {base_cls}
-    wrapped = set()
     for cls in classes:
-        if cls.__init__ not in wrapped:
+        # Check that __init__ belongs to the class
+        # https://stackoverflow.com/a/5253424
+        if "__init__" in cls.__dict__:
             cls._old_init = cls.__init__
             cls.__init__ = _wrap_init_method(cls.__init__, store_explicit_arg)
-            wrapped.add(cls.__init__)
     yield
     for cls in classes:
-        if hasattr(cls, "_old_init"):
+        # Check that _old_init belongs to the class
+        # https://stackoverflow.com/a/5253424
+        if "_old_init" in cls.__dict__:
             cls.__init__ = cls._old_init
             del cls._old_init
 
diff --git a/tests/tests_pytorch/utilities/test_data.py b/tests/tests_pytorch/utilities/test_data.py
index ffb898efaa815..5b0087a245924 100644
--- a/tests/tests_pytorch/utilities/test_data.py
+++ b/tests/tests_pytorch/utilities/test_data.py
@@ -1,3 +1,4 @@
+import random
 from dataclasses import dataclass
 
 import pytest
@@ -173,6 +174,30 @@ def __init__(self, randomize, *args, **kwargs):
     assert isinstance(new_dataloader, GoodImpl)
 
 
+def test_replace_init_method_multiple_loaders_without_init():
+    """In case of a class, that inherits from a class that we are patching, but doesn't define its own `__init__`
+    method (the one we are wrapping), it can happen, that `hasattr(cls, "_old_init")` is True because of parent
+    class, but it is impossible to delete, because that method is owned by parent class. Furthermore, the error
+    occured only sometimes because it depends on the order in which we are iterating over a set of classes we are
+    patching.
+
+    This test simulates the behavior by generating sufficient number of dummy classes, which do not define `__init__`
+    and are children of `DataLoader`. We are testing that a) context manager `_replace_init_method` exits cleanly, and
+    b) the mechanism checking for presence of `_old_init` works as expected.
+    """
+    classes = [DataLoader]
+    for i in range(100):
+        classes.append(type(f"DataLoader_{i}", (random.choice(classes),), {}))
+
+    with _replace_init_method(DataLoader, "dataset"):
+        for cls in classes[1:]:  # First one is `DataLoader`
+            assert "_old_init" not in cls.__dict__
+            assert hasattr(cls, "_old_init")
+
+        assert "_old_init" in DataLoader.__dict__
+        assert hasattr(DataLoader, "_old_init")
+
+
 class DataLoaderSubclass1(DataLoader):
     def __init__(self, attribute1, *args, **kwargs):
         self.at1 = attribute1