On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Dollar Industries has increased
23.03% to Rs 499.96 crore.
Operating profit margin has jumped
from 2.78% to 11.43%, leading to 405.84% rise in operating profit to Rs 57.16
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 51.37% to 45.95%. Employee cost
decreased from 6.29% to 5.00%. Other expenses fell from 38.96% to
36.98%. Expenses from contract rose from 18.81% to 21.73%.
Other income rose 66.40% to Rs 2.08
crore. PBIDT rose 372.03% to Rs 59.24 crore. Provision
for interest rose 84.12% to Rs 6.26 crore. Loan funds rose to Rs
321.20 crore as of 31 March 2024 from Rs 175.28 crore as of 31 March
2023. Inventories rose to Rs 486.57 crore as of 31 March 2024 from
Rs 357.61 crore as of 31 March 2023. Sundry debtors were higher at
Rs 492.96 crore as of 31 March 2024 compared to Rs 428.34 crore as of 31 March
2023. Cash and bank balance rose to Rs 2.18 crore as of 31 March
2024 from Rs 1.41 crore as of 31 March 2023. Investments declined
from Rs 1.70 crore as of 31 March 2023 to Rs 0.10 crore as of 31 March
2024.
PBDT rose 479.02% to Rs 52.98
crore. Provision for depreciation rose 56.10% to Rs 6.65
crore. Fixed assets increased to Rs 247.08 crore as of 31 March 2024
from Rs 185.17 crore as of 31 March 2023. Intangible assets stood at
Rs 0.04 crore.
Profit before tax grew 847.44% to Rs
46.33 crore. Share of profit/loss was 98.30% higher at Rs -0.05
crore. Provision for tax was expense of Rs 12.68 crore, compared to
Rs 1.49 crore. Effective tax rate was 27.40% compared to 76.41%.
Net profit attributable to owners of
the company increased 5,916.36% to Rs 33.09 crore.
Equity capital stood at Rs 11.34
crore as of 31 March 2024 to Rs 11.34 crore as of 31 March 2023. Per
share face Value remained same at Rs 2.00.
Promoters’ stake was 72.21% as of 31
March 2024 ,compared to 73.09% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Dollar Industries has increased
12.80% to Rs 1572.27 crore.
Operating profit margin has jumped
from 7.05% to 10.09%, leading to 61.47% rise in operating profit to Rs 158.64
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 50.29% to 49.31%. Employee cost
decreased from 6.01% to 5.35%. Other expenses fell from 36.02% to
35.85%. Expenses from contract rose from 17.45% to 20.42%.
Other income fell 5.26% to Rs 4.5
crore. PBIDT rose 58.39% to Rs 163.14 crore. Provision
for interest rose 30.03% to Rs 18.49 crore. Loan funds rose to Rs
321.20 crore as of 31 March 2024 from Rs 175.28 crore as of 31 March
2023. Inventories rose to Rs 486.57 crore as of 31 March 2024 from
Rs 357.61 crore as of 31 March 2023. Sundry debtors were higher at
Rs 492.96 crore as of 31 March 2024 compared to Rs 428.34 crore as of 31 March
2023. Cash and bank balance rose to Rs 2.18 crore as of 31 March
2024 from Rs 1.41 crore as of 31 March 2023. Investments declined
from Rs 1.70 crore as of 31 March 2023 to Rs 0.10 crore as of 31 March
2024.
PBDT rose 62.93% to Rs 144.65
crore. Provision for depreciation rose 20.58% to Rs 21.27
crore. Fixed assets increased to Rs 247.08 crore as of 31 March 2024
from Rs 185.17 crore as of 31 March 2023. Intangible assets stood at
Rs 0.04 crore.
Profit before tax grew 73.43% to Rs
123.38 crore. Share of profit/loss was 70.05% higher at Rs -1.65
crore. Provision for tax was expense of Rs 30.36 crore, compared to
Rs 13.18 crore. Effective tax rate was 24.94% compared to 20.08%.
Net profit attributable to owners of
the company increased 71.68% to Rs 90.20 crore.
Equity capital stood at Rs 11.34
crore as of 31 March 2024 to Rs 11.34 crore as of 31 March 2023. Per
share face Value remained same at Rs 2.00.
Promoters’ stake was 72.21% as of 31
March 2024 ,compared to 73.09% as of 31 March 2023 .
Cash flow from operating activities
has turned negative Rs 25.57 crore for year ended March 2024 from positive Rs
136.00 crore for year ended March 2023. Cash flow used in acquiring
fixed assets during the year ended March 2024 stood at Rs 81.72 crore, compared
to Rs 55.72 crore during the year ended March 2023.
Operational highlights:
Total volume saw a growth of 17.6%
YoY in Q4 FY24 & 21.4% in FY24.
Number of DFS dealers stood at 328
& Number of EBOs 17 as on Mar’24.
Number of Lakshya Distributors increased
from 229 as on Mar’23 to 290 as on Mar’24. Increase in contribution of Lakshya
Distributors from 18.6% in FY23 to 26.3% in FY24.
Dividend:
The board has recommended a dividend of rs 3 per equity share of face value Rs
2 each.
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 both in the fourth
quarter and in full year FY24. In Q4 FY24, the company recorded its
highest-ever quarterly income of ?50,204 Lacs, marking a 23.2% year-over-year
increase. For the full year, total income stood at ?1,57,677 Lacs, reflecting a
12.7% YoY growth. Additionally, the company saw a volume growth of 17.6% YoY in
Q4 FY24 and 21.4% YoY for the entire FY24.
Gross profit in Q4 FY24 grew 53.6% YoY to ? 15,305 Lacs, as
GP margin expanded by 609 bps YoY to 30.6%, whereas EBITDA grew sharply by
372.0% YoY to ? 5,924 Lacs. EBITDA margin expanded by 872 bps YoY to 11.8%.
For FY24, Gross profit grew 22.6% YoY to ? 50,588 Lacs, as
GP margin expanded by 256 bps to 32.2%, whereas EBITDA grew by 58.4% to ?
16,314 Lacs. EBITDA margin expanded by 298 bps YoY, crossing the 10% mark.
The company achieved PAT of ? 3,309 Lacs in Q4 FY24, up by
5,911.8% against the same quarter of the previous year, registering a PAT
margin of 6.6%. For FY24, the company achieved PAT of ? 9,020 Lacs, showing a
growth of 71.7% YoY, registering a PAT margin of 5.7%.
We are also happy to announce that the Board of Directors
has recommended a Dividend of ? 3 per share, subject to Shareholders’ approval,
which is 150% of the face value.
The company remains steadfast in its commitment towards
continued growth and success of Project Lakshya, and we have added 61
distributors under this project in FY24. The contribution of Project Lakshya
distributors stood at 26.3% in FY24, up from 18.6% in FY23. We target 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.
Our company is experiencing robust demand and an increasing
proportion of higher-margin products in our portfolio. This positive trend
positions us well to achieve our desired topline and bottom-line growth in the
near future.”
| Dollar Industries : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 499.96 | 406.38 | 23.03 | 1,572.27 | 1,393.83 | 12.80 | | OPM (%) | 11.43 | 2.78 | 865 bps | 10.09 | 7.05 | 304 bps | | OP | 57.16 | 11.30 | 405.84 | 158.64 | 98.25 | 61.47 | | Other Inc. | 2.08 | 1.25 | 66.40 | 4.50 | 4.75 | -5.26 | | PBIDT | 59.24 | 12.55 | 372.03 | 163.14 | 103.00 | 58.39 | | Interest | 6.26 | 3.40 | 84.12 | 18.49 | 14.22 | 30.03 | | PBDT | 52.98 | 9.15 | 479.02 | 144.65 | 88.78 | 62.93 | | Depreciation | 6.65 | 4.26 | 56.10 | 21.27 | 17.64 | 20.58 | | PBT | 46.33 | 4.89 | 847.44 | 123.38 | 71.14 | 73.43 | | Share of Profit/(Loss) from Associates | -0.05 | -2.94 | 98.30 | -1.65 | -5.51 | 70.05 | | PBT before EO | 46.28 | 1.95 | 2,273.33 | 121.73 | 65.63 | 85.48 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 46.28 | 1.95 | 2,273.33 | 121.73 | 65.63 | 85.48 | | Taxation | 12.68 | 1.49 | 751.01 | 30.36 | 13.18 | 130.35 | | PAT | 33.6 | 0.46 | 7,204.35 | 91.37 | 52.45 | 74.20 | | Minority Interest (MI) | 0.51 | -0.09 | PL | 1.17 | -0.09 | PL | | Net profit | 33.09 | 0.55 | 5,916.36 | 90.2 | 52.54 | 71.68 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 33.09 | 0.55 | 5,916.36 | 90.2 | 52.54 | 71.68 | | EPS (Rs)* | 5.83 | 0.10 | 5,916.36 | 15.90 | 9.26 | 71.68 | | | * 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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