Dollar Industries Records Highest-Ever Revenue in 2023-24, Plans 50 New Outlets in South India by 2027

Dollar Industries, in its recent regulatory filing to both stock exchanges, records its highest revenue in 2023-24. The notice issued on June 11 mentions the signing of South Indian superstar “Mahesh Babu” as a Brand ambassador for the growth and continued success of the company in the South. The actor has signed up for the promotion of the brand through print and electronic media advertisements. With a strong foothold in the South, the company plans to establish 50 new exclusive brand outlets across the land by 2027. Based on these openings and an 8% increase in domestic sales in FY23, the company now aims for a 50% growth in sales from the Southern Market as compared to last year.

About the company:

Dollar Industries began as a hosiery brand and is now a leader in the innerwear segment. It is one of the top hosiery and garment manufacturing giants in India and covers an entire range of knitted garments, from basic wear to innerwear. With its focus on satisfying the needs of a globalized world and end customer satisfaction, Dollar has achieved global excellence in cost, quality, and productivity. Along with its pan-India presence the company has footprints in countries like UAE, Oman, Jordan, Qatar, Kuwait, Bahrain, and more such East Asian countries. Dollar Industries holds a total of 15% of the total market share in the organized segment and is the first Indian Innerware company with a fully integrated manufacturing unit.

Company’s Financials

For FY24, the gross profit of the company grew by 22.6% YoY to Rs. 505.88 Crores and achieved a PAT of Rs. 90.20 Crores, showing a growth of 71.7% YoY. The EBITDA grew by 61.5% to Rs. 158.64 Crores. Thus, for the FY23-24 the company recorded its highest ever revenue. Additionally, the company’s green mission initiative plans to increase the existing 4 MW solar power plant by a further 2 MW. 

Conclusion

Dollar Industries with the signing of Mahesh Babu and recording its highest-ever revenue in FY23-24 has set new targets of a sale growth of up to 50% in 2024-25.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.