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Results
07-Feb-24
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Analysis
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Dollar Industries
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Net profit up 128.8% YoY to Rs 17.7 cr in Q3FY2024
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On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Dollar Industries has increased
16.19% to Rs 331.55 crore.
Operating profit margin has jumped
from 6.81% to 9.84%, leading to 68.02% rise in operating profit to Rs 32.63
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 45.68% to 51.81%. Employee cost
decreased from 7.95% to 5.46%. Other expenses fell from 38.21% to
34.68%. Expenses from contract rose from 18.16% to 20.46%.
Other income rose 123.64% to Rs 1.23
crore. PBIDT rose 69.55% to Rs 33.86 crore. Provision for
interest rose 22.36% to Rs 4.87 crore.
PBDT rose 81.30% to Rs 28.99
crore. Provision for depreciation rose 29.08% to Rs 6.17
crore.
Profit before tax grew 103.57% to Rs
22.82 crore. Share of profit/loss was 87% higher at Rs -0.13
crore. Provision for tax was expense of Rs 4.92 crore, compared to
Rs 2.47 crore. Effective tax rate was 21.68% compared to 24.19%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 128.81% to Rs 17.71 crore.
Promoters’ stake was 73.09% as of 31
December 2023 ,compared to 72.91% as of 31 December 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Dollar Industries has increased
8.59% to Rs 1072.31 crore.
Operating profit margin has jumped
from 8.81% to 9.46%, leading to 16.72% rise in operating profit to Rs 101.49
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 49.91% to 50.64%. Employee cost
decreased from 5.92% to 5.48%. Other expenses rose from 34.98% to
35.41%. Expenses from contract rose from 16.95% to 19.89%.
Other income fell 30.86% to Rs 2.42
crore. PBIDT rose 14.88% to Rs 103.91 crore. Provision
for interest rose 13.03% to Rs 12.23 crore.
PBDT rose 15.13% to Rs 91.68
crore. Provision for depreciation rose 9.27% to Rs 14.62
crore.
Profit before tax grew 16.32% to Rs
77.06 crore. Share of profit/loss was 37.74% higher at Rs -1.6
crore. Provision for tax was expense of Rs 17.68 crore, compared to
Rs 11.69 crore. Effective tax rate was 23.43% compared to 18.36%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
increased 9.85% to Rs 57.11 crore.
Promoters’ stake was 73.09% as of 31
December 2023 ,compared to 72.91% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Dollar Industries has increased
3.82% to Rs 1393.83 crore.
Operating profit margin has declined
from 16.37% to 7.05%, leading to 55.30% decline in operating profit to Rs 98.25
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 51.39% to 50.29%. Employee cost
increased from 4.27% to 6.01%. Other expenses rose from 29.66% to
36.02%. Expenses from contract fell from 17.95% to 17.44%.
Other income fell 27.26% to Rs 4.75
crore. PBIDT fell 54.49% to Rs 103 crore. Provision for
interest rose 47.82% to Rs 14.22 crore. Loan funds declined from Rs
213.92 crore as of 31 March 2022 to Rs 175.28 crore as of 31 March 2023. Inventories
declined from Rs 475.21 crore as of 31 March 2022 to Rs 357.61 crore as of 31
March 2023. Sundry debtors were higher at Rs 428.34 crore as of 31
March 2023 compared to Rs 402.09 crore as of 31 March 2022. Cash and
bank balance rose to Rs 1.41 crore as of 31 March 2023 from Rs 0.51 crore as of
31 March 2022. Investments declined from Rs 5.40 crore as of 31
March 2022 to Rs 1.70 crore as of 31 March 2023.
PBDT fell 59.03% to Rs 88.78
crore. Provision for depreciation rose 6.39% to Rs 17.64
crore. Fixed assets increased to Rs 185.17 crore as of 31 March 2023
from Rs 140.14 crore as of 31 March 2022. Intangible assets declined
from Rs 2.74 crore to Rs 0.04 crore.
Profit before tax down 64.45% to Rs
71.14 crore. Share of profit/loss was 196.24% lower at Rs -5.51
crore. Provision for tax was expense of Rs 13.18 crore, compared to
Rs 51.17 crore. Effective tax rate was 20.08% compared to 25.81%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 64.28% to Rs 52.54 crore.
Equity capital stood at Rs 11.34
crore as of 31 March 2023 to Rs 11.34 crore as of 31 March 2022. Per
share face Value remained same at Rs 2.00.
Promoters’ stake was 73.09% as of 31
March 2023 ,compared to 72.91% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 135.95 crore for year ended March 2023 from Rs 0.34 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 55.72 crore, compared to Rs 59.16
crore during the year ended March 2022.
Management Commentary:
Commenting on the results, Mr. Binay Kumar Gupta and Mr.
Vinod Kumar Gupta, Managing Directors, Dollar Industries said: “We are happy to
announce that the company achieved strong all-round growth in the quarter gone
by. Total Income increased by 16.4% year-over-year (YoY) reaching ? 33,278 Lacs
in Q3 FY24. Additionally, the company achieved a notable volume growth of 30.4%
YoY.
Gross profit grew 30.7% YoY to ? 11,230 Lacs, as GP margin
expanded by 375 bps to 33.9%, whereas EBITDA grew sharply by 69.6% to ? 3,385
Lacs. EBITDA margin expanded by 319 bps YoY, crossing the 10% mark.
The company achieved PAT of ? 1,771 Lacs, up by 128.9%
against the same quarter of the previous year, registering a PAT margin of
5.3%.
The company remains steadfast in its commitment towards
continued growth and success of Project Lakshya, and we have added 9
distributors under this project in Q3 FY24. The contribution of Project Lakshya
distributors stood at 26.5% in 9M FY24, up from 18.6% in FY23. We are aiming
for Project Lakshya distributors to contribute 65-70% of our revenue by FY26,
and this will go a long way in increasing our market share and improving
margins.
Your company continues to witness strong demand and growing
share of higher margin products, which should enable us to achieve the desired
topline and bottom-line growth in the near future as well.”
| Dollar Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 331.55 | 285.34 | 16.19 | 1,072.31 | 987.45 | 8.59 | 1,393.83 | 1,342.53 | 3.82 | | OPM (%) | 9.84 | 6.81 | 304 bps | 9.46 | 8.81 | 66 bps | 7.05 | 16.37 | -932 bps | | OP | 32.63 | 19.42 | 68.02 | 101.49 | 86.95 | 16.72 | 98.25 | 219.79 | -55.30 | | Other Inc. | 1.23 | 0.55 | 123.64 | 2.42 | 3.50 | -30.86 | 4.75 | 6.53 | -27.26 | | PBIDT | 33.86 | 19.97 | 69.55 | 103.91 | 90.45 | 14.88 | 103.00 | 226.32 | -54.49 | | Interest | 4.87 | 3.98 | 22.36 | 12.23 | 10.82 | 13.03 | 14.22 | 9.62 | 47.82 | | PBDT | 28.99 | 15.99 | 81.30 | 91.68 | 79.63 | 15.13 | 88.78 | 216.70 | -59.03 | | Depreciation | 6.17 | 4.78 | 29.08 | 14.62 | 13.38 | 9.27 | 17.64 | 16.58 | 6.39 | | PBT | 22.82 | 11.21 | 103.57 | 77.06 | 66.25 | 16.32 | 71.14 | 200.12 | -64.45 | | Share of Profit/(Loss) from Associates | -0.13 | -1 | 87.00 | -1.6 | -2.57 | 37.74 | -5.51 | -1.86 | -196.24 | | PBT before EO | 22.69 | 10.21 | 122.23 | 75.46 | 63.68 | 18.50 | 65.63 | 198.26 | -66.90 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 22.69 | 10.21 | 122.23 | 75.46 | 63.68 | 18.50 | 65.63 | 198.26 | -66.90 | | Taxation | 4.92 | 2.47 | 99.19 | 17.68 | 11.69 | 51.24 | 13.18 | 51.17 | -74.24 | | PAT | 17.77 | 7.74 | 129.59 | 57.78 | 51.99 | 11.14 | 52.45 | 147.09 | -64.34 | | Minority Interest (MI) | 0.06 | 0 | - | 0.67 | 0 | - | -0.09 | 0 | - | | Net profit | 17.71 | 7.74 | 128.81 | 57.11 | 51.99 | 9.85 | 52.54 | 147.09 | -64.28 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 17.71 | 7.74 | 128.81 | 57.11 | 51.99 | 9.85 | 52.54 | 147.09 | -64.28 | | EPS (Rs)* | 3.12 | 1.36 | 128.81 | 10.07 | 9.17 | 9.85 | 9.26 | 25.93 | -64.28 | | | * EPS is on current equity of Rs 11.34 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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