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Apparels & accessories company Dollar Industries announced Q1FY24 results:
- Total revenue of Rs 31,958.25 lakh in Q1FY24 compared to Rs 36,422.16 lakh in Q1FY23, down 12.26% YoY
- Gross profit of Rs 10,315.52 lakh in Q1FY24 compared to Rs 12,268.79 lakh in Q1FY23, down 15.92% YoY
- EBITDA of Rs 2,544.58 lakh in Q1FY24 compared to Rs 3,977.20 lakh in Q1FY23, down 36.02% YoY
- PBT of Rs 1,782.19 lakh in Q1FY24 compared to Rs 3,253.32 lakh in Q1FY23, down 45.22% YoY
- PAT of Rs 1,409.57 lakh in Q1FY24 compared to Rs 2,787.08 lakh in Q1FY23, down 49.43% YoY
Commenting on the results, Vinod Kumar Gupta, Managing Director, Dollar Industries said, “The financial results for Q1FY24 indicate that the Company has given favorable margins as compared to previous quarter Q4FY23. FY23 was very challenging for the hosiery industry due to volatile raw material prices and high-cost inventory and it had a domino effect 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 good 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 environmentally 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 costs and will improve margins.
The company’s flagship Project Lakshya has done well and has increased the share of revenue contribution in the domestic sales from 19% in FY23 to 27% in Q1FY24. It has shown volume growth of 13% on a YoY basis. The company has added 20 distributors in Q1FY24 under project Lakshya. The company has 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 Ajay Kumar Patodia, Chief Financial Officer.
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