Dollar Industries Ltd Q4 net profit down 41 percent to Rs 13 crore
Dollar Industries Ltd witnessed a 41 percent slump in its net profit to Rs 13 crore ($1.73 million) for the fourth quarter ended March 2020, as against Rs 23 crore it reported in the corresponding period last year.
The company’s revenue for the quarter declined 20 percent to Rs 238 crore, as against Rs 298 crore it reported in the previous quarter ended March 2019.
For the financial year 2019-20, the company’s net profit declined 21 percent to Rs 59 crore as against Rs 75 crore during the previous year, while revenue declined 6 percent to Rs 969 crore as against Rs 1,029 crore it posted in the last fiscal.
Dollar Industries has attributed to the fall in revenue and profit to the Covid-19 pandemic and resultant lockdowns. The company expects the markets to recover in the coming quarters and already started production at its factories.
“The outbreak of Covid-19 globally and resultant lockdown in many countries, including India from March 25, 2020, has impacted the business activities of the company. The company has since resumed its business activities by reopening its factories and offices on a gradual basis in line with the guideline issued by the government authorities,” the company said in its earnings report.
The Kolkata-based knitwear manufacturer Dollar Industries Ltd had recently revamped its brand identity with the launch of a new logo and campaign, ‘Wear the change’, to project itself as a youthful brand.
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