With intentions to open 50 additional stores in the South Indian region over the next three years, Dollar Industries Ltd. has announced a significant expansion in the region.
According to executives, the company, which holds a 15 per cent share in the branded hosiery market, hopes to increase by 11–12 per cent annually.
Dollar Industries has announced that it expects a fifty percent increase in sales from markets in that region in comparison to this year under its ‘Vision South India’ strategy.
“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,” said Dollar Industries MD Vinod Kumar Gupta.
According to corporate authorities, the expansion will also assist in achieving its revenue milestone of Rs. 2,000 crore by 2025–2026. According to them, Dollar Industries has already made “significant investments” to increase the number of spinning units it can produce in Tirupur.
The company operates production facilities in New Delhi, Tirupur, Ludhiana, and Kolkata. In addition, it runs a 6-MW solar power plant, and a second, 2-MW unit is pending regulatory permission.
Dollar Industries reported a 71.7 per cent year-over-year increase in net profit to Rs. 90.20 crore for the fiscal year 2023–24. EBITDA increased by 61.5 per cent to Rs. 158.64 crore.
