Kolkata: Dollar Industries Ltd on Thursday announced a major expansion in South India, with plans to open 50 new stores across the region over the next three years. The company, which has a 15-per cent stake in the branded hosiery segment, is aiming at an 11-12 percent growth on a year-on-year basis, officials said.
Under its ‘Vision South India’ initiative, Dollar Industries anticipates a 50-per cent surge in sales from markets in that region compared to the current year, they said.
“The southern markets have welcomed our products… With Mahesh Babu (Telegu actor) championing our brand in the south, we are setting a target of 20 per cent of our domestic revenue originating from this region from 8 per cent at present,” Dollar Industries MD Vinod Kumar Gupta.
The expansion will also help in reaching its revenue milestone of Rs 2,000 crore by 2025-26, the company officials said.
Dollar Industries has already made “significant investments” to expand its spinning unit capacity in Tirupur, they said.
“In response to robust demand and an increasing proportion of higher-margin products, the company has plans to inaugurate 50 new exclusive brand outlets across the southern market within the next three years,” Gupta said.
The company has manufacturing units in Kolkata, Ludhiana, Tirupur and New Delhi. It also operates a 6-MW solar power plant and is awaiting government approval for an additional 2 MW unit.
For the 2023-24 fiscal, Dollar Industries reported 71.7-per cent on-year rise in net profit to Rs 90.20 crore, with EBITDA increasing by 61.5 per cent to Rs 158.64 crore.
