Kolkata, Dollar Industries Ltd on Thursday announced a major expansion in South India, with plans to open 50 new stores across the region in the next three years.
The company, which has 15 per cent share in the branded hosiery segment, is targeting 11-12 per cent growth on a year-on-year basis, officials said.
He said that under its 'Vision South India' initiative, Dollar Industries expects a 50 per cent increase in sales in the markets in the region compared to the current year.
“The southern markets have welcomed our products…With Mahesh Babu (Telugu actor) promoting our brand in the south, we are targeting to get 20% of our domestic revenue from this region which is currently It's 8%." Vinod Kumar Gupta, MD of Dollar Industries.
Company officials said the expansion will also help it reach the revenue target of Rs 2,000 crore by 2025-26.
He said Dollar Industries has already made "significant investment" to expand its spinning unit capacity in Tirupur.
"In response to the strong demand and increasing proportion of high-margin products, the company plans to open 50 new exclusive brand outlets in the southern market within the next three years," Gupta said.
The company has manufacturing units in Kolkata, Ludhiana, Tiruppur and New Delhi. It also operates a 6-MW solar power plant and is awaiting government approval for an additional 2 MW unit.
For FY 2023-24, Dollar Industries' net profit increased 71.7 per cent year-on-year to Rs 90.20 crore, while EBITDA increased 61.5 per cent to Rs 158.64 crore.
The company, which has 15 per cent share in the branded hosiery segment, is targeting 11-12 per cent growth on a year-on-year basis, officials said.
He said that under its 'Vision South India' initiative, Dollar Industries expects a 50 per cent increase in sales in the markets in the region compared to the current year.
“The southern markets have welcomed our products…With Mahesh Babu (Telugu actor) promoting our brand in the south, we are targeting to get 20% of our domestic revenue from this region which is currently It's 8%." Vinod Kumar Gupta, MD of Dollar Industries.
Company officials said the expansion will also help it reach the revenue target of Rs 2,000 crore by 2025-26.
He said Dollar Industries has already made "significant investment" to expand its spinning unit capacity in Tirupur.
"In response to the strong demand and increasing proportion of high-margin products, the company plans to open 50 new exclusive brand outlets in the southern market within the next three years," Gupta said.
The company has manufacturing units in Kolkata, Ludhiana, Tiruppur and New Delhi. It also operates a 6-MW solar power plant and is awaiting government approval for an additional 2 MW unit.
For FY 2023-24, Dollar Industries' net profit increased 71.7 per cent year-on-year to Rs 90.20 crore, while EBITDA increased 61.5 per cent to Rs 158.64 crore.
