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. Result PDF
Other Apparels & Accessories company Dollar Industries announced Q4FY23 & FY23 results: Total Revenue for Q4FY23 & FY23 stood at Rs 407.57 crore & Rs 1,398.52 crore as compared to Rs 375.72 & Rs 1,349.06 crore for Q4FY22 & FY22 growth of 8% for Q4FY23 & 4% for FY23. Operating Revenue for Q4FY23 & FY23 stood at Rs 406.35 & Rs 1,393.80 crore as compared to Rs 371.94 & Rs 1,342.53 crore for Q4FY22 & FY22, growth of 9.25% for Q4FY23 & 3.82% for FY23. EBITDA for Q4FY23 & FY23 stood at Rs 12.82 crore i.e. 3.15% & Rs 103.27 crore i.e. 7.38% as compared to Rs 59.16 crore i.e. 15.75% & Rs 223.23 crores i.e. 16.55% for Q4FY22 & FY22, de-growth of 78% & 54% for Q4FY23 & FY23. PAT for Q4FY23 & FY23 stood at Rs 3.68 crore i.e. 0.90% & Rs 58.24 crore i.e. 4.16% as compared to Rs 37.10 crore i.e. 9.88% & Rs 145.87 crore i.e. 10.81% for Q4FY22 & FY22, de-growth of 90% & 60% for Q4FY23 & FY23 “Financial Year 23 was very challenging, where we saw huge volatility in raw material prices. High-cost inventory coupled with cyclical slowdown impacted our margins. Despite all these challenges, we touched down the volume of around 20.12 crore pieces at the Yearly level (i.e. 5% volume growth) which was Rs 19.08 crore pieces in FY22. However, we expect FY24 to be good with increasing demand for the products and controlled raw material prices will help us to maintain our margins. We are confident of our long-term growth on the back of Project Lakshya, industry, and economic drivers”, said Vinod Kumar Gupta, Managing Director, Dollar Industries. “Additionally, our Modern Trade sales have shown 33 % growth in sales for FY23 (y-o-y). We would continue to focus on increasing our distribution network, strengthening the product portfolio, and keeping our supply chain robust”, added Vinod Kumar Gupta. Result PDF
Dollar Industries announced Q3FY23 results: Standalone Q3FY23 & 9MFY23: Total revenue for Q3FY23 & 9MFY23 stood at Rs 285.89 crore & Rs 990.94 crore as compared to Rs 382.98 crore & Rs 973.34 crore for Q3FY22 & 9MFY22 de-growth of 25.35% for Q3FY23 & growth of 1.81% for 9MFY23. Operating revenue for Q3FY23 & 9MFY23 stood at Rs 285.33 crore & Rs 987.45 crore as compared to Rs 381.49 crores & Rs 970.59 crore for Q3FY22 & 9MFY22 de-growth of 25.20% for Q3FY23 & growth of 1.74% for 9MFY23. Gross margin for Q3FY23 & 9MFY23 stood at 30.12% & 31.72% as compared to 34.20% & 35.06% in Q3FY22 & 9MFY22 EBITDA for Q3FY23 & 9MFY23 stood at Rs 19.96 crore & Rs 90.44 crore as compared to Rs 65.80 crores & Rs 164.07 crore for Q3FY22 & 9MFY22 de-growth of 69.66% & 44.87% for Q3FY23 & 9MFY23. PAT for Q3FY23 & 9MFY23 stood at Rs 8.73 crore & Rs 54.56 crore as compared to Rs 44.40 crores & Rs 108.76 crore for Q3FY22 & 9MFY22 de-growth of 80.33% & 49.83% for Q3FY23 & 9MFY23. Commenting on the results, Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Limited said, “Due to the shift in seasonality and cyclical slowdown in discretionary demand in winter products, coupled with volatile raw material prices and high-cost inventory, our Q3 sales and margin has been adversely effected. Despite all these challenges company generated a positive cash flow of Rs 98 crore from operating activities in 9MFY23 as compared to Rs 92 lacs in 9MFY22. But now things are getting stable and channel inventory has also been reduced due to low volume offtake by the business partners in this quarter. High inventory cost has also been optimized. With these, we are expecting a good demand in coming quarters due to early festival sales in quarter four. Our marketing spends have also been optimized and we don’t have any major campaigns in the coming quarter. In order to strengthen our market share, we have always been aggressive to increase our product portfolio by including a new range of products in the Women's segment and Activewear in the Premium Segment. Recently, we have launched our new product, Dollar Raincoat, under the Dollar Protect category, which will add an extra boost to the sales in coming quarters. Project Lakshya, our Flagship project, is doing well and has increased the share of revenue contribution in our sales from 7% in 9MFY22 to 17% in 9MFY23. This has led us to strengthen our sales force for smoother operations. We, at Dollar, are happy to announce that we have opened our 12th EBO on Pan India level and few more EBO’s are expected to open by Q4FY23 which will create extra demand in the D2C segment. Additionally, our E-Commerce sale has shown 16% growth in sales for 9MFY23 (YoY). We would continue to focus on increasing our distribution network, strengthening the product portfolio and keeping our supply chain robust.” Result PDF
Other apparels & accessories company Dollar Industries announced Q2FY23 results: Q2FY23 & H1FY23: Total Revenue for Q2FY23 & H1FY23 stood at Rs 342.30 crore & Rs 706.30 crore as compared to Rs 391.00 crore & Rs 596.50 crore for Q2FY22 & H1FY22--de-growth of 12.45% for Q2FY23 & growth of 18.41% for H1FY23. Operating Revenue for Q2FY23 & H1FY23 stood at Rs 341.91 crore & Rs 703.35 crore as compared to Rs 390.67 crore & Rs 595.25 crore for Q2FY22 & H1FY22--de-growth of 12.48% for Q2FY23 & growth of 18.16 % for H1FY23. Gross Margin for Q2FY23 & H1FY23 stood at 31.03% & 32.50% as compared to 34.55 % & 36.29% in Q2FY22 & H1FY22 EBITDA for Q2FY23 & H1FY23 stood at Rs 30.71 crore & Rs 70.48 crore as compared to Rs 62.01 crore & Rs 98.26 crore for Q2FY22 & H1FY22--de-growth of 50.48% & 28.27% for Q2FY23 & H1FY23. PAT for Q2FY23 & H1FY23 stood at Rs 17.95 crore & Rs 45.82 crore as compared to Rs 41.24 crore & Rs 64.35 crore for Q2FY22 & H1FY22--de-growth of 56.47% & 28.79% for Q2FY23 & H1FY23. Vinod Kumar Gupta, Managing Director, Dollar Industries Ltd, said, “Currently the entire Indian hosiery sector is facing the impact of price volatility in cotton and yarn prices. In the last quarter and half year that ended in Sept 2022 there has been substantial inventory losses due to the continuous fall in cotton and yarn prices. However, such losses are temporary in nature and seem to have come to an end as the cotton and yarn prices stabilized at a sustainable level. We want to also share that our Project Lakshya has given us a 100% growth compared to the last financial year. 6MFY23 revenue contribution from Project Lakshya is 16% as compared to 8% in last entire year.” Result PDF
Apparels & Accessories firm Dollar Industries announced Q1FY23 Result : Total Revenue for Q1FY23 stood at Rs. 363.99 crore as compared to Rs. 205.49 crore for Q1FY22 growth of 77.13% for Q1FY23. Operating Revenue for Q1FY23 stood at Rs.361.43 crore as compared to Rs. 204.58 crore for Q1FY22, growth of 76.67% for Q1 FY23. Gross Margin for Q1FY23 stood at 33.9% as compared to 32.1% in Q4FY22 EBITDA for Q1 FY23 stood at Rs.39.77 crore i.e. 10.93% as compared to Rs.36.25crore i.e. 17.64% for Q1 FY22, growth of 9.71 % for Q1FY23. PAT for Q1FY23 stood at Rs.27.87 crore i.e. 7.66% as compared to Rs. 23.11 crore i.e. 11.25% for Q1FY22, growth of 20.60% for Q1 FY23. Result PDF
Apparels & Accessories company Dollar Industries declares Q3FY22 result: Highest ever EBITDA & PAT The company has achieved highest ever EBITDA & PAT in Q3FY22. EBITDA and PAT stood at Rs 6580.34 lacs & 4,440.67 lacs respectively, growing at 50.2% & 56.5% respectively. 11% volume growth in Q3 Channel Financing Update Company has entered into an agreement with a large private sector bank for channel financing with an aim to reduce overall receivables. 55 distributors on-boarded. Project Lakshya Update 21,000 outlets mapped in Q3FY22 7.4% of domestic sales from Lakshya Distributors for 9MFY22 115 distributors enrolled until end of Dec’21 vs 91 in Sep’21 Started mapping Haryana in Q3 Working Capital improvement Working Capital improved from 178 days in Mar’21 to 154 days in Dec’21 led by - Receivables: 103 days vs 122 days - Inventory: 107 days vs 112 days Result PDF
Highlights Highest ever Revenue, EBITDA & PAT In spite of challenges faced in Q1FY22, the company has achieved highest ever growth in Q2. Revenue, EBITDA and PAT have grown 51.8% , 73.8% and 84.4% respectively Channel Financing: Company has entered into an agreement with a large private sector bank for channel financing with an aim to reduce overall receivables. All distributors will be brought under channel financing. First EBO inaugurated: Company inaugurated its first EBO in October 2021 at Ayodhya, Uttar Pradesh on a FOFO Model. Will look to open 8-10 stores in FY22 across Uttar Pradesh and Rajasthan initially. Project Lakshya Updates 1.5 lac estimated outlets mapped 42,451 of mapped outlets enrolled 6% of total revenue from Lakshya Distributors for H1FY22 91 distributors enrolled until end of September 2021 Result PDF