Dollar Industries Limited announces Q1 FY23 results

Dollar Industries Limited, one of the leading Garment & Hosiery companies in the country has announced its financial results for the quarter that ended June 30^th, 2022.

Commenting on the results, Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Limited said, “The financial results for the first quarter of FY22-23 indicate that the Company has given robust performance in terms of revenue as well as volume. Our total revenue has given a growth of 77.13 % YoY led by volume growth of 54% YoY. The growth in revenue was driven mainly by our flagship brands Dollar Man and Dollar Always. Adding on to this our Dollar Woman brand also did significantly well along with premium brand Force Nxt. The Company’s latest offering in the Brassiere product range under the Dollar Woman brand has opened a new gate for the women’s product segment and has received good feedback from the market. We are sure that it will help us capture a reasonable share of the market in the coming years. Our EBITDA has shown a growth of 9.71% in comparison to the same quarter last year, but the EBITDA margin has declined on account of an increase in Advertisement Expenses. In the current quarter, we have spent around Rs.35 crore on Advertisement whereas it was Rs.14.65 crore in the same quarter last year. This expenditure was mainly in Sponsoring IPL 2022 (nonrecurring), the Launch of our new TVC for Dollar Woman, and the campaign for the completion of 50 glorious years of Dollar Industries Ltd. We are sure that this promotional expenditure will maximize our reach and help us in targeting a newer consumer base, giving us the benefit throughout the year. Further our Working capital cycle stands at 172 days Inventory stood at around 122 days mainly on account of an increase in the procurement of winter products as the demand for winter products will begin from Second Quarter. Further our efforts towards introducing the Channel Financing Scheme has shown some results thereby decreasing Debtors’ days from 141days in Q1FY22 to 98 days in  Q1FY23 as on 30^th June, 2022. With this positive approach, we continue to be focused on our vision of 2025.”