Dollar Industries records highest ever turnover

Dollar Industries records highest ever turnover: Dollar Industries Limited, a well-known name in the lifestyle clothing industry, shared its financial results for the fourth quarter and full year of the financial year 2023-24. The company’s Board of Directors met on May 21st, 2024, to review and approve the Audited Financial Results for this period. Dollar Industries has a strong domestic and international presence, operating in over 15 countries.

Expressing their views on the results, Mr. Vinod Kumar Gupta and Mr. Binay Kumar Gupta, the Managing Directors of Dollar Industries Limited, stated, “We are pleased to announce that the company has witnessed significant growth in both the fourth quarter and the full year of FY24. In Q4 FY24, the company achieved its highest-ever quarterly income of Rs 50,204 Lacs, marking a 23.2% increase compared to the previous year. For the entire FY24, the total income reached Rs 1,57,677 Lacs, reflecting a 12.7% growth year-on-year. Additionally, we observed a volume growth of 17.6% in Q4 FY24 and 21.4% for the entire FY24.”

In Q4FY24, the gross profit surged by 53.6% year-on-year to Rs 15,305 Lacs, with a gross profit margin expansion of 609 basis points year-on-year to 30.6%. Moreover, the EBITDA witnessed a sharp increase of 372.0% year-on-year to Rs 5,924 Lacs, with an EBITDA margin expansion of 872 basis points year-on-year to 11.8%.

For the full financial year 2023-24, the gross profit increased by 22.6% year-on-year to Rs 50,588 Lacs, with a gross profit margin expansion of 256 basis points to 32.2%. Additionally, the EBITDA grew by 58.4% to Rs 16,314 Lacs, with an EBITDA margin expansion of 298 basis points year-on-year, surpassing the 10% mark.

The company reported a Profit After Tax (PAT) of Rs 3,309 Lacs in Q4FY24, a remarkable increase of 5,911.8% compared to the same quarter of the previous year, with a PAT margin of 6.6%. For the full FY24, the PAT reached Rs 9,020 Lacs, demonstrating growth of 71.7% year-on-year, with a PAT margin of 5.7%.

Furthermore, the Board of Directors has proposed a dividend of Rs 3 per share, subject to approval by the shareholders, which amounts to 150% of the face value.

Dollar Industries reaffirms its commitment to the ongoing success of Project Lakshya and is pleased to report the addition of 61 distributors under this project in FY24. The contribution of Project Lakshya distributors increased to 26.3% in FY24, up from 18.6% in FY23. The company aims for Project Lakshya distributors to contribute 65-70% of its revenue by FY26, significantly enhancing its market share and margins.

With strong demand and a growing proportion of higher-margin products in its portfolio, Dollar Industries is well-positioned to achieve its desired growth in both top-line and bottom-line soon.