Dollar Industries registered 56 per cent drop in standalone net profit at ₹18 crore for the quarter ended September 30, 2022, against ₹41 crore in the same period last year.
Total revenue dropped by nearly 12 per cent to ₹342 crore (₹391 crore).
According to Vinod Kumar Gupta, Managing Director, Dollar Industries, the Indian hosiery sector is facing the impact of price volatility in cotton and yarn prices. Yarn being the basic raw material for the industry plays a vital role in determining the overall market scenario.
“In spite of these challenges company showed the revenue growth of 18 per cent in terms of total revenue on six month basis as compared to same period last year. Our domestic sale showed a growth of 10 per cent in terms of volume while modern trade and e-commerce sale showed a growth of 67 per cent in terms of volume on six month basis as compared to same period last year. We are keeping our fingers crossed for the upcoming winter demands and new cotton crops. We hope that this time we will experience a good winter,” he said in a press statement.