Donear Industries Ltd., a renowned textile company, has reported a decrease in its net profit for the fourth quarter ended March 2023. The company’s net profit witnessed a decline of 19 per cent, amounting to Rs. 9 crore (US $ 1.1 million), compared to Rs. 11 crore in the corresponding quarter of the previous year.
Despite this setback, Donear’s sales performance showed promising growth during the same period, with a remarkable 23 per cent increase in sales, reaching Rs. 214 crore. In the previous fiscal year, the company had reported sales of Rs. 174 crore for the same quarter.
For the entire financial year 2023, Donear Industries achieved a notable upturn in its net profit, experiencing a substantial 59 per cent surge. The net profit for the fiscal year ending March 2023 amounted to Rs. 36 crore, in contrast to Rs. 22 crore reported in the previous year. This impressive growth in net profit can be attributed to the company’s effective strategies and improved market performance.
In terms of overall income, Donear Industries witnessed a remarkable increase during the fourth quarter. The company’s total income for the quarter soared by 43 per cent, reaching Rs. 835 crore, compared to Rs. 581 crore reported in the previous fiscal year. This significant growth in total income can be attributed to the combined effect of increased sales and other revenue streams.
Donear’s fabrics are sold across India through a network of agents, wholesalers, and retailers. It exports to over 30 countries across the globe. Donear’s fabrics are used by India’s leading brands like Louis Philippe, Van Heusen, Peter England, Blackberry, Arvind, Wills Lifestyle, Future Group, and more for their apparel products.
