Kolkata-based leading innerwear company Dollar Industries Limited has announced its financial results for the quarter ended 30th September 2022.
Total revenue of the company for Q2 of FY ’23 and 6M of FY ’23 stood at Rs.342.30 crore and Rs.706.30 crore respectively as compared to Rs.391 crore and Rs.596.50 crore for Q2 of FY ’22 and 6M of FY ’22. There has been a de-growth of 12.45 per cent in Q2 of FY ’23 and growth of 18.41 per cent during 6M of FY ’23.
PAT for Q2 of FY ’23 and 6M of FY ’23 stood at Rs.17.95 crore and Rs.45.82 crore respectively as compared to Rs.41.24 crore and Rs.64.35 crore for Q2 of FY ’22 and 6M of FY ’22, showing de-growth of 56.47 per cent and 28.79 per cent for Q2 of FY ’23 and 6M of FY ’23.
Vinod Kumar Gupta, MD of the company said, “Currently the entire Indian hosiery sector is facing the impact of price volatility in cotton and yarn prices. Yarn, being the basic raw material for the industry, plays a vital role in determining the overall market scenario.”
He further added that inspite of these challenges, the company showed revenue growth of 18 per cent in terms of total revenue on 6 months basis as compared to the same period last year. Domestic sales showed a growth of 10 per cent in terms of volume while modern trade and e-commerce sale showed a growth of 67 per cent in terms of volume on 6 months basis as compared to the same period last year.
The company is keeping fingers crossed for the upcoming winter demands and new cotton crops.
The company’s Project Lakshya is going on the right path while increasing the distributors’ reach and range of the products. Currently it has 189 distributors until 30th September, 2022 which will keep on increasing month-on-month basis. The company has also planned to start this project in two new sates of Southern India – Tamil Nadu and Kerala.
