Kolkata, 30th August, 2023: Dollar Industries Limited, one of the leading Garment & Hosiery companies in the country has announced its financial results for the quarter ended 30th June, 2023.
“The financial results for the first quarter of FY23-24 indicate that the Company has given favorable margins as compared to the previous quarter Q4FY23. The year 22-23 was very challenging for the hosiery industry due to volatile raw material prices and high-cost inventory and it had an impact on our Q1FY24 financial results as well if we compare it with Q1FY23. But things have started to stabilize now and the effect of the same can be seen in our margins which have improved from the previous quarter. Overall, we expect FY24 to be good with increased demand for the products and controlled raw material prices will help us to maintain our margins. Our commitment to sustainability remains a top priority. We continue to implement environment-friendly practices throughout our operations, focusing on reducing our carbon footprint and promoting responsible manufacturing processes. For this company has planned a capital expenditure of Rs 35 crore towards power generation capacity through Solar Power which would generate 6 MW of power. This capital expenditure would help us in reducing our operational cost and will improve margins”, said, Mr Vinod Gupta, Managing Director, Dollar Industries Limited.
The company’s flagship Project Lakshya has done well and has increased the share of revenue contribution from 19% in FY23 to 27% in Q1FY24. It has shown volume growth of 13% on a Y-o-Y basis. The company has added 20 distributors in Q1FY24 under project Lakshya. The company has also started rollouts of Distributors in Tamil Nadu and Kerala. We are
confident of our long-term growth on the back of Project Lakshya, industry, and economic drivers”, said Mr Ajay Kumar Patodia, Chief Financial Officer.
Dollar is poised to open 125 Exclusive Brand Outlets mostly in Tier 2 & Tier 3 cities by 2025. These outlets are a one-stop destination for all Dollar products and will cater to the hosiery needs of men, women, and kids. Currently, 17 such EBOs are operational.