<p>Hosiery and knitwear company, Dollar Industries Limited, has grand plans to strengthen, and expand, its manufacturing facilities in Tamil Nadu.</p>.<p>With a 67 per cent rise in year-on-year net profit, Dollar is optimistic about becoming a Rs 2,000 crore company by 2024-25, as it continues to gain positive response, and see market expansion, with Karnataka having a strong growth potential. “Karnataka market is good, and we are expanding very well there,” Vinod Kumar Gupta, managing director of Dollar Industries Limited, told Deccan Herald.</p>.<p>Dollar is the only hosiery and knitwear company in India consisting of a fully integrated production unit. Now, as part of its expansion, the company plans to add a new spinning mill at its Dindigul facility. In Tirupur, the knitting unit will be expanded on a purchased plot, and this could incur an investment of Rs 60-65 crore—a part of the Rs 120 crore investment earmarked for expansion.</p>.<p>“We are expanding our product manufacturing facility in sync with our growing turnover and product demand,” Gupta said. “In Tamil Nadu, we are doubling our spinning mill capacity.”</p>.<p>Dollar’s total revenue for FY22 stands at Rs 1,356.85 crore, with a more than 30 per cent rise, as compared to FY21’s Rs 1040.43 crore. The profit after tax also rose a steep 67 per cent.</p>.<p>The exports form around eight per cent of the company’s revenue. The brand has a presence in West Asian markets. Gupta said that a 15-20 per cent growth in exports is expected this year. While the products have had an association with African markets, the company intends to have its products reach countries like Zambia and Sierra Leone.</p>.<p>A proposed hike of the goods and services tax (GST) on textiles—from 5 per cent to 12—had been deferred at the end of last year as apparel manufacturers had expressed concern that this would not be favourable for the industry.</p>.<p>Karnataka CM Basavaraj Bommai heads the group of ministers on GST rate rationalisation. Gupta said that industry representatives had earlier met Bommai requesting him to consider the issue, as he finalises his report on the rate rationalisation. </p>
<p>Hosiery and knitwear company, Dollar Industries Limited, has grand plans to strengthen, and expand, its manufacturing facilities in Tamil Nadu.</p>.<p>With a 67 per cent rise in year-on-year net profit, Dollar is optimistic about becoming a Rs 2,000 crore company by 2024-25, as it continues to gain positive response, and see market expansion, with Karnataka having a strong growth potential. “Karnataka market is good, and we are expanding very well there,” Vinod Kumar Gupta, managing director of Dollar Industries Limited, told Deccan Herald.</p>.<p>Dollar is the only hosiery and knitwear company in India consisting of a fully integrated production unit. Now, as part of its expansion, the company plans to add a new spinning mill at its Dindigul facility. In Tirupur, the knitting unit will be expanded on a purchased plot, and this could incur an investment of Rs 60-65 crore—a part of the Rs 120 crore investment earmarked for expansion.</p>.<p>“We are expanding our product manufacturing facility in sync with our growing turnover and product demand,” Gupta said. “In Tamil Nadu, we are doubling our spinning mill capacity.”</p>.<p>Dollar’s total revenue for FY22 stands at Rs 1,356.85 crore, with a more than 30 per cent rise, as compared to FY21’s Rs 1040.43 crore. The profit after tax also rose a steep 67 per cent.</p>.<p>The exports form around eight per cent of the company’s revenue. The brand has a presence in West Asian markets. Gupta said that a 15-20 per cent growth in exports is expected this year. While the products have had an association with African markets, the company intends to have its products reach countries like Zambia and Sierra Leone.</p>.<p>A proposed hike of the goods and services tax (GST) on textiles—from 5 per cent to 12—had been deferred at the end of last year as apparel manufacturers had expressed concern that this would not be favourable for the industry.</p>.<p>Karnataka CM Basavaraj Bommai heads the group of ministers on GST rate rationalisation. Gupta said that industry representatives had earlier met Bommai requesting him to consider the issue, as he finalises his report on the rate rationalisation. </p>
