{"id":173765,"date":"2026-01-22T10:27:33","date_gmt":"2026-01-22T15:27:33","guid":{"rendered":"https:\/\/alphastreet.com\/india\/dollar-industries-limited-dollar-q2-2025-earnings-call-transcript\/"},"modified":"2026-01-22T10:27:33","modified_gmt":"2026-01-22T15:27:33","slug":"dollar-industries-limited-dollar-q2-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/dollar-industries-limited-dollar-q2-2025-earnings-call-transcript\/","title":{"rendered":"Dollar Industries Limited (DOLLAR) Q2 2025 Earnings Call Transcript"},"content":{"rendered":"

Dollar Industries Limited (NSE: DOLLAR) Q2 2025 Earnings Call dated Nov. 12, 2024<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Ankit Gupta<\/strong> \u2014 President, Marketing<\/em><\/p>\n

Gaurav Gupta<\/strong> \u2014 Vice President, Strategy<\/em><\/p>\n

Ajay Kumar Patodia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Vishal Panjwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Vijay Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Gaurav Jogani<\/strong> \u2014 Analyst<\/em><\/p>\n

Shrinjana Mittal<\/strong> \u2014 Analyst<\/em><\/p>\n

Prerna Jhunjhunwala<\/strong> \u2014 Analyst<\/em><\/p>\n

Madhur Rathi<\/strong> \u2014 Analyst<\/em><\/p>\n

Srinath Sridhar<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, welcome to the Q2 FY ’25 Results Conference Call of Dollar Capital, hosted by Emkay Global Financial Services. [Operator Instructions]<\/p>\n

I would now like to hand the conference over to Mr. Vishal Panjwani from Emkay Global Financial Services. Thank you, and over to you, sir.<\/p>\n

Vishal Panjwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Hi, good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Ankit Gupta, President, Marketing; Mr. Gaurav Gupta, Vice President, Strategy; and Mr. Ajay Patodia, Chief Financial Officer.<\/p>\n

I would now hand over the call to management for their opening remarks. Over to you, sir.<\/p>\n

Ankit Gupta<\/strong> \u2014 President, Marketing<\/em><\/p>\n

Thank you, Vishal. Good afternoon, everyone, and a warm welcome to you all. Thank you for joining us today for the Dollar Industries Q2 FY ’25 earnings investor call. Gaurav and I will take you through the business and operational highlights of the quarter gone by, while our CFO, Mr. Ajay Patodia, will share the financial matrices.<\/p>\n

Before we dive into the financial results and operational highlights for Q2 and the first half of FY ’25, I want to express our gratitude to our shareholders, analysts and stakeholders for being with us today. Your ongoing support and engagement are invaluable as we navigate the opportunities and challenges in our industry. Quarterly total income stood at INR448 crores, increasing by 34% quarter-on-quarter and 8.5% year-on-year. For the half yearly, total income stood at INR782 crores, showing a growth of 5.5% year-on-year basis. Net profit for the quarter grew by 73.2% quarter-on-quarter and 6.6% year-on-year to INR27 crore rupees.<\/p>\n

For the half year, net profit stood at INR42 crores, registering a growth of 6.1% year-on-year. I would also like to highlight that historically, our H2 performance has been stronger than H1, hence, we are on track to meet our guidance of 12% to 13% growth in operating income. With our continued focus on project Lakshya, we welcomed 17 new distributors through the initiative in H1 FY ’25, increasing our total distributor count to 307 from 290 in March 2024. We are pleased to share that Project Lakshay’s share of domestic sales rose from 26% in FY ’24 to 31% in H1 FY ’25.<\/p>\n

Looking forward by FY ’26, 65% to 70% of our revenue is expected to be contributed by by distributors under project Lakshya. To further enhance our reach and product range, we are excited to announce that in FY ’24, ’25, we’ll be expanding project Lakshya into three new states, Madhya Pradesh, Himachal Pradesh and Jharkhand.<\/p>\n

Thank you. Now, Gaurav will further — will give further information on the business and operational highlights of the quarter gone by.<\/p>\n

Gaurav Gupta<\/strong> \u2014 Vice President, Strategy<\/em><\/p>\n

Thank you, Ankit. Hello and good afternoon, everyone, and a warm welcome to each one of you. For quarter two FY ’25, Dollar Thermal accounted for about 10% of our revenue, with a forecast predicting a longer winter season this year, we’re also seeing strong demand for thermal products in the current quarter.<\/p>\n

Force NXT accounted for about 5% of our revenue in quarter two FY ’25, showing a 30% growth in the value, and a 38% increase in volume terms Y-o-Y. As of H1 FY ’25, the southern region has contributed to 8% of our operating income. To enhance our presence in the southern Indian market, we have appointed actor, Mahesh Babu as a brand ambassador for Dollar Big Boss. Also our initiatives to drive growth in the e-commerce channel have started showing results. In quarter two FY ’25, sales from modern trade and e-commerce made up approximately 7.5% of our total sales, up from 3.6% in quarter two FY ’24 and 6.5% in quarter one FY ’25, bringing the contribution to around 8% in H1 FY ’25.<\/p>\n

Our target is to achieve the contribution from this channel in the range of 8% to 10% till FY ’26. Committed to a greener future, we continue to expand our renewable energy capacity. As of September 2024, our total power generation capacity reached 8 megawatts, marking an increase of 2 megawatts in the first half of financial year ’24-’25. This progress highlights our dedication to sustainability and reducing our carbon footprint.<\/p>\n

Thank you, everyone. And now I will hand over the call to our CFO, sir, Mr. Ajay Patodia to talk about the financial matrices.<\/p>\n

Ajay Kumar Patodia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you, Gauravji. Good afternoon, everyone, and thank you for joining us for the quarter two and H1 FY ’25 earnings call. Before we begin the question-and-answer session, I’d like to offer a brief overview of our financial performance for the quarter. I trust everyone has had the chance to review the earnings presentation and press release. While Ankitji has already shared insight on the macro outlook, I will take a closer look at our financial performance over the past quarter.<\/p>\n

Our revenue from operation rose by 33.9% quarter-on-quarter basis and 8.3% year-on-year basis to INR446.87 crore, in quarter two FY ’25 from INR412.52 crore in quarter two FY ’24. For H1 FY ’25, revenue from operations stood at INR780.61 crore, increasing 5.4% year-on-year basis. Consequently, we are on the course to achieve our growth target of 12% to 13% in operating income, as mentioned by Ankitji. Gross profit for quarter two FY ’25 reaches INR149.67 crores, witnessing a quarter-on-quarter growth of 25.9%, and year-on-year growth of 11.3%. Gross profit margin for quarter two FY ’25 stood at around 33.5% against 32.6% in quarter two FY ’24, expanding by 90 basis points year-on-year basis.<\/p>\n

Gross profit for half yearly ended 30 September ’24 was INR268.54 crores, witnessing a year-on-year growth of 11.6%. Gross profit margin for H1 FY ’25 stood at around 34.4% against 32.5% in H1 FY ’24, expanding by 192 basis points year-on-year basis. Operating EBITDA in quarter two FY ’25 increased by 37.4% quarter-on-quarter and 17.2% year-on-year, reaching INR48.93 crores. Operating EBITDA margin for the quarter expanded by 83 basis points year-on-year basis to 10.9%.<\/p>\n

Operating EBITDA for the half year stood at INR84.53 crores, increasing by 22.8% year-on-year basis. Operating EBITDA margin for the same period expanded by 153 basis point year-on-year to 10.8%. Profit-after-tax for the quarter, which witnessed a 73.2% quarter-over-quarter basis and 6.6% year-on-year growth, reaching INR26.51 crores with the PAT margin at 5.9% for the half year, profit-after-tax stood at INR41.82 crores, growing at 6.1% year-on-year basis.<\/p>\n

I will quickly run through the brand-wise contribution for the quarter. Our Big Boss mid segment contributed around 38%. Our economic segment Lehar contributed around 39%. Our women segment, Missy contributed around 9%. Our premium segment, Force NXT contributed around 4.35%, a high EBITDA margin product. Winter wear contributed, thermal wear contributed around 6%, and socks — Dollar Socks around 2%.<\/p>\n

We remain deeply committed to our strategic priorities and growth pillars as we work towards our long-term goal of sustainable growth and profitability. We are confident that our focus on premiumization, the ongoing success of project Lakshya, and our expanding presence in the South Indian market will drive strong performance in the coming quarters. We are well-positioned to achieve solid revenue and profit growth both this financial year and in the future.<\/p>\n

With this, we will now open the floor for the question-and-answer.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much, sir. [Operator Instructions] The first question is from the line of Vijay Shah from Insightful Investment Managers. Please go ahead.<\/p>\n

Vijay Shah<\/strong><\/p>\n

Hello. Thank you for the opportunity and congratulations on the improved performance. I had just two questions. One is, I’m seeing that there is some increase in our capital work-in-progress in terms of capex that we are doing. So if you could just explain what is the capex which has happened in FY ’24 and what is this capital work-in-progress for now?<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

Hello, Vijayji. Good afternoon. With regard to capex, we want to inform that we have two projects in our capex we announced in FY ’21, ’22, that is one regarding the warehousing project at West Bengal Hosiery Park and one, our increase in the capacity of our spinning unit from 22,000 to 40,000. So in FY ’24, we capitalize — we completed warehousing project at West Bengal and 50% of the spinning capacity.<\/p>\n

So in FY ’24, 50% of the spinning capacity and the West Bengal Hosiery Park project is capitalized. Balance 50% of the spinning capacity is completed in these six months. So this is capitalized during the year. And now there is no any capex spending.<\/p>\n

Vijay Shah<\/strong><\/p>\n

So this capital work-in-progress as on 30th September is now finished, you are saying?<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

Yes, they are related to only minor regular matter only.<\/p>\n

Vijay Shah<\/strong><\/p>\n

Got it. And the second question was, sir, with regard to this whole move to project Lakshya, getting 30% of our turnover from there, plus modern trade and you know our e-commerce sales having gone up. All this — should it not show somewhere in our inventory levels in terms of that coming down?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So see, there are 17 new distributors who have come into the picture, and it takes time for the distributors also to get stabilized. And with e-commerce also coming into the picture, apart from — so what happens is, although you get the money early in e-commerce, but there are lot of goods which are sold on the sales or return basis also, when you do additional pace of business with Flipkart or Amazon or Myntra. So the thing is that it won’t show up in your debtors, but yeah, it will show in your inventory cycle.<\/p>\n

So overall, yes, you are right, the overall receivable days should have come down, but it will come down eventually.<\/p>\n

Vijay Shah<\/strong><\/p>\n

Yeah, actually my question, receivable was a little later but first on inventory, actually. Inventory has gone up in from March from INR467 crores INR467 crores to INR533 crores in September.<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

So it’s cyclical. Vijayji, it’s cyclical because during this period, we will stock up the thermal goods also, which is higher ASP products and higher cost products as well, which will get sold off in quarter three. So second half is usually heavy for our industry. It’s to the tune of 55%, 60% to our total sales, which happens during the first half. So overall target that we have taken, 60% of the sales takes place in the second half of the year. So that’s why you have to build up inventory in order to cater to the market needs.<\/p>\n

Vijay Shah<\/strong><\/p>\n

Got it. Got it. Fair enough. Thank you so much. Wish you all the best.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. [Opreator Instructions] The next question is from the line of Gaurav Jogani from JM Financial. Please go ahead.<\/p>\n

Gaurav Jogani<\/strong><\/p>\n

Thank you for the opportunity, sir. Sir, my first question is with regards to this — the Bangladesh issue. Would this in any way help the overall hosiery industry in India, given that earlier there was a lot of inventory that was getting sold into the system and there was huge competition in terms of pricing? So any color that you can give on this aspect?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So this Bangladesh issue will impact the textile industry, but it won’t impact the hosiery industry, because not much manufacturing takes place in Bangladesh of hosiery products. And the products that we deal in it won’t — won’t have any impact basis the Bangladesh issue.<\/p>\n

Gaurav Jogani<\/strong><\/p>\n

Okay, okay. And sir, how about the competitive intensity now? How do you see this? Has this competitive intensity remained high, low or how has been the demand patterns if you can highlight something on that, sir?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So from the competition side, see, there’ll always be pressure from the competition side. Everyone is aggressive, everyone wants to capture more and more shelf space in the market and increase their market share. And even we are doing the same, right? So the intensity of competition is really high in the market because we have five players at a similar level. If we keep a page aside also, there are three players in — there are three players in the listed space and two in the unlisted space. So the competition is a very aggressive in the market. But yeah, we have changed our entire go-to-market strategy, and dealing with the situation and trying to capture much more retail space as possible?<\/p>\n

Gaurav Jogani<\/strong><\/p>\n

Okay, okay. But sir, I mean, if you can highlight has this come down or gone up because what we are hearing from the market is that the competition has now become more stainer and the level of discounting has come down. So just wanted to get a sense on that front.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So on that front, it is getting stabilized. So the extra discounting that was going in the market from the other players, it has come down, and it’s a process. So maybe another one or two quarter, it should get stabilized.<\/p>\n

Gaurav Jogani<\/strong><\/p>\n

Okay, sir. And sir —<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So that intensity has reduced over time, yes.<\/p>\n

Gaurav Jogani<\/strong><\/p>\n

Okay. Okay. And sir, just wanted to get a sense from you in terms of profitability growth. While the top line growth has been decent, I think the profitability growth on a Y-o-Y basis has been impacted. So on an annualized basis, how do you see this shaping up? And if you can help us out the trajectory for the next two to three years?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So basically, this year at an EBITDA level, we are — we are very hopeful that we’ll be able to do somewhere around, 11%, 11.5% this particular fiscal. Next fiscal where we are targeting INR2,000 crores of revenue, we are very hopeful that we’ll be able to achieve somewhere between 13% to 14% of EBITDA level. And going ahead, I think in long-term, if you ask me when everything gets stabilized, 14% to 15% for our kind of an industry is very much sustainable EBITDA levels.<\/p>\n

Gaurav Jogani<\/strong><\/p>\n

Sir, just margin improvement that you’re talking about for the next year, what will be the key levers for this margin improvement?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So one would be the operating leverage that we — that will be created after reaching INR2,000 crores of business. Then the second would be the change in the product mix as well, because this year also we are seeing 3% to 4% kind of a change in the ASP towards the positive side because of the product mix change. It’s because of Force NXT growing at a rate of 35% year-on-year basis. Our athleisure segment is doing well. Then thermals, we are very hopeful for the winter season also this time, and getting a good demand from the market. So all these product ranges, which has high-value products and good margin products, they’ll definitely help us achieve our targets.<\/p>\n

Gaurav Jogani<\/strong><\/p>\n

Sure, sir. Thank you and that’s all for me.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. The next question is from the line of Shrinjana Mittal from RatnaTraya. Please go ahead.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Hi. Thank you for the opportunity. I have two questions. So one is on the gross margin side. So if I look at the gross margin after subcontracting. It’s come down compared to last quarter from about 35.6% to now 33.5%. So can you explain that change, please? Like what has led to that? Is it a mix impact? Or is it like a price — raw material price impact?<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

Basically, the gross margin impact due to sometimes we offer incentive also. So on thermal product we offer incentive to dealer. Due to this the incentive portion is actually deducted from the top line only. So it is reflected in the gross margin. There is — with regard to raw material prices, they are stable.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood sir, that sir — this will come every time in the Q2 and Q3 because that’s when we see the thermal sales?<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

Correct.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

And the second question is, like last quarter, you had mentioned that because we were implementing SAP Hana, we had lost some sales because of that. So like is ther eimplementation done, is there any impact in this quarter as well?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So no, there is no such impact because of our technological advancement and the implementation of SAP is completed and has been stabilized.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood. Just one last follow-up question. On like — as per your guidance, like to do 12%, 13% growth, the second half has to do a lot better, like more than 15% growth, right?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Definitely. So generally, what happens is if we have a good winter, the third quarter is always good. And the fourth quarter itself is very, very heavy for our industry. So we are very hopeful that we’ll be able to achieve 12% to 13% very easily.<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

And also this time Eid is on the 30th March itself. So Eid sales is also coming in fourth quarter only. So we’re hopeful that our target of 12% to 13% we can achieve easily.<\/p>\n

Shrinjana Mittal<\/strong><\/p>\n

Understood. Thank you. Thank you for taking my questions. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. The next question is from the line of Prerna Jhunjhunwala from Elara Capital. Please go ahead.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Thank you for the opportunity. Sir, wanted to understand the Lakshya project progress, the addition of distributors in the first half in our opinion is quite low than what we envisaged earlier. So could you just help us understand what is happening there, though, we are meeting the revenue composition targets, but network addition is somewhere a miss is what I feel. So please help us understand that.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yes, Prerna. So you rightly pointed out that the addition has been on a lower side but this is because of the fact that our — all the ongoing states that were — that we’ve started in FY ’24 it’s almost completed or at a completion stage. So these additions are there only. With respect to the new states, the mapping process is still going on. So it really takes time to map the area and appoint a distributor, although we have appointed two to three distributors in new areas as well. But yes, that’s why first half was a bit slow. And it should pick up in the second half.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

So how much distributors can — will we be adding in the second half? Any number that has come up till date?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

No. As of now, the mapping is still in progress. So we are exactly — unable to give you the exact numbers because with new states, as you already know that there’s a lot of problem with the new states. People are skeptical, we have to create success stories in those states and then we have to hunt for the new distributors and everything, right? So it will take some time, but I’m unable to comment on the exact number of distributors that will be appointing in the second half.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay, understood. Sir, also wanted to understand on this 30% contribution that is coming in from Lakshya network. Now this contribution is increasing, so which means our existing network is the growth lower there or how should we interpret it?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

See in Lakshya project the growth is higher than the non-Lakshya area, but it’s not that the non-Lakshya areas are also at a degrowth level. Because this year particularly what we’re seeing is that, overall Lakshya sales are growing at a — but the mature states, which have been there for like two years, three years time period, they are not — they won’t be growing at 35%, 40% kind of a growth. They’ll grow at 15%, 17% kind of a growth. So our non-Lakshya states are also growing, it’s not that they are degrowing. But overall at a company level, yeah, we are standing at 5%, I understand.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. Understood. And the next question is on the volume growth. What was the volume growth overall for the quarter? And if you could just help us in the volume growth for each of the brands?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So volume growth overall was 2% for this particular quarter. But at the year-end, what we are looking-forward to is 9% to 10% kind of a volume growth overall and rest would be 3% — around 3% would be the product mix change that we are looking forward to. And volume growth brand-wise, if you ask me for quarter two, Big Boss grew by 5%, whereas the value growth was 11% in Big Boss. Economy range of products grew by 2%. Thermal grew by 4%. Missy grew by 4%, Force NXT grew by 38%.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. And these are all volume growth that you have given?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yeah, yeah, volume growth.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. Thank you so much, sir. I’ll come back to the question queue for any further questions.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Sure. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. [Operator Instructions] The next question is from the line of Madhur Rathi from Counter Cyclical Investments. Please go ahead.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, I’m trying to understand your average sale price per piece? Sir, your average sales price for realization per piece, which was INR71.11 in FY ’22 was INR69 in FY ’23 and sir, what is it now?<\/p>\n

Gaurav Gupta<\/strong><\/p>\n

It is around INR70 right now.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, so I understand last year it was INR68, sir, so we have taken some kind of price hike?<\/p>\n

Operator<\/strong><\/p>\n

Mr. Madhur, may I request you to speak a little louder or use your handset to ask the question? Your voice sounds a bit muffled.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir,. so last year, what kind of price hikes have we taken on a year-on-year and quarter-on-quarter basis?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So we have not taken any kind of a price hike in the last year, as well as this year. This year the industry tried to take a price hike in the first quarter, but due to some players we had to reverse it.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

So sir, when last did you take a price hike?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So the price hike last we took was FY ’22.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay. So basically then due to your product mix change, average sales price has gone up year-on-year?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yes. So the value change that you are seeing in the ASP is basically due to the product mix change, which is majorly contributed by Force NXT, which is growing by 35% to 40% year-on-year basis for the last two to three years.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Right. And sir, now if we look at sir, the Company was doing 13% margin way back in 2018 also. So now after doing so much products here, Lakshya and all, sir, still if we are going to reach 13% next year, sir, so then what is the meaning of all this so-called transformation?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Sir, the thing is that if you compare it with FY ’18, a lot of dynamics have changed in the industry. A lot of things have happened in the industry, whether it’d be cotton prices moving up or cotton prices going down, high-value inventory in the system or low-value inventory in the system. So if you look at FY ’22, we touched 16% kind of EBITDA level, which gone down to 5%, 6% kind of an EBITDA level in FY ’23 and FY ’24 — so the industry in FY ’24, the industry was still recovering and then again some dynamics changed in the industry due to which there was a lot of pressure in the pricing also, the competition getting intensified. But yeah, we are very sure that we’ll be able to achieve the long-term sustainable profit, which would be somewhere between 14% to 15%.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, and by when do you foresee us reaching that level of 14% to 15% EBITDA margin?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

In next like three year time period.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

And sir, what are our capex plans and with the current capacity, what kind of revenue can be, provided demand is there?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So our industry is more based on job work basis of production, contract basis production wherein the each and every processes are being outsourced to a job worker. So we don’t really need to do any kind of a capex to increase our production capacity. It can be increased by adding more and more job workers, which are readily available in the market. So we don’t think that much more capex is required in the next two to three years time period.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

And sir, our inventory is very high and our receivable is also almost 110, 120 days. Sir, so any plans to reduce that?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So by FY ’26, we are planning to reduce it to around 135 days, somewhere around 135 days by FY ’26. It will be majorly because of the debtor days that we will going to reduce. Inventory days, as on September you are seeing it on a higher side because of the thermal stocks that we have, the winterwear product.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Right. And sir, how much money are we spending on advertisement and sale promotion? Have we reached a 6.5% of revenue that you had predicted in last two con-calls?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yeah. So this year we — this year till half yearly — on a half yearly basis we have spent around INR31 crores, which is equal to the amount that we spent last year only. Sorry, INR56 crores, which was around INR58 crores in last year six months. So overall, we’ll be spending somewhere around INR100 crores only this year.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Right, sir. Thank you very much and best of luck.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. [Operator Instructions] The next question is from the line of Vishal Panjwani from Emkay Global Financial Services. Please go ahead, sir.<\/p>\n

Vishal Panjwani<\/strong><\/p>\n

Hi, Ankit. Thanks for the opportunity and congrats for the good set of numbers. We are already past six weeks into the Q3. So can you give some color on the demand trends and especially how is athleisure doing in current year with the leader also launching sub-1,000 price point products, like are we seeing competition in that sense?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So the demand is good. In the third quarter also, we are seeing good demand because of most of the festive season going into the third quarter, and plus winterwear products also have started moving from the distributor to the retailers also. In North India, we have seen some shift in the season like morning and evening temperatures are down. And yeah, we are seeing good demand.<\/p>\n

And the second part like you were saying like which competition came out with what kind of a range? Sorry, I didn’t get that.<\/p>\n

Vishal Panjwani<\/strong><\/p>\n

Yes, so Page has launched sub-1,000 products in athleisure, right? So like are you seeing any competition in that sense in those ranges?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

See so, Page is never our competitor. So he operates in a very different market segment and the price points also are very different from what we sell. So — and the entire market, the consumer segment is very different. So it doesn’t really matter like whether Page is launching below 1,000 product or not, because still it’s higher when it’s compared to our kind of a Company. But overall athleisure product we are seeing good traction in the market. It’s just that a lot of unorganized players are present in the market, but yeah people are opting for like good products, good-quality products at a reasonable pricing. That’s what we provide them.<\/p>\n

Vishal Panjwani<\/strong><\/p>\n

Okay. And we have now started entering into e-commerce space with this Zepto and Swiggy Instamart. Are we planning to onboard more players in that sense? And like how are the unit economics in this?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

See, the unit economics are pretty much similar to what we have in the other e-commerce platforms. It’s not very different. And moreover, we have started with Swiggy and Zepto also the products have started getting dispatched from our warehouse to Zepto also. And very soon, we’ll start off with Myntra Speed and Flipkart Minutes, which are the quick commerce part of Myntra and Flipkart. Apart from that, we’ll be reaching out to Big Basket and Blinkit as well. So we are planning to be present at all the platforms that serves quick commerce?<\/p>\n

Vishal Panjwani<\/strong><\/p>\n

Okay, okay. And like how has been traction in the women, like what kind of marketing initiatives we are taking? Like how is the marketing skewed across categories? Can you specify?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So this year also like any other year, we are spending around 45% on TV commercials. Around 20% of our total budget goes to the digital marketing and rest goes for the outdoor hordings, retail branding, retail, like point-of-sale visibility. So that’s where we spend. So this INR100 crore that we’ll be spending this particular fiscal, around INR40 crore, INR45 would be spent on the TV commercials and rest would be hordings and the retail —<\/p>\n

Vishal Panjwani<\/strong><\/p>\n

Ankit, my question is more with regards to understanding like how much is spend on Missy or men’s innerwear or athleisure in that sense like?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So that rationalization, we do every year we take a call. Like earlier four years back, if you would have asked me, it would be, 80%, 85% would be Big Boss. But now we have reduced the Big Boss to a sustainable level where nothing more is required in terms of advertisement and we have rationalized that into Force XT and Missy. So in Missy, around 15% to 17% of our budget goes to Missy, around 12% budget goes for Force NXT and this is how we have rationalized among the different brands.<\/p>\n

Vishal Panjwani<\/strong><\/p>\n

Okay. Okay. Thanks. Thanks. That’s it from my side.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you, Vishal.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. The next question is from the line of Prerna Jhunjhunwala from Elara Capital. Please go ahead.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Hi. Sir, just wanted to understand the Force NXT improvement that is visible now. Is it the innerwear or the athleisure and what is helping the growth in this brand?<\/p>\n

Gaurav Gupta<\/strong><\/p>\n

So can I take this?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yeah.<\/p>\n

Gaurav Gupta<\/strong><\/p>\n

So hi. So in Force NXT all the categories are doing pretty good. There’s growth in every category. There’s no de-growth in any the existing categories. But at the same time, we have also launched something called sportswear, that’s active-wear category and the socks and that is why you are seeing the higher increase in terms of volume and value in this particular brand. So we are trying to expand the categories in the premium segment as well.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. Can you help us with the mix like how innerwear is doing in Force NXT and how Activewear is doing?<\/p>\n

Gaurav Gupta<\/strong><\/p>\n

So Activewear is we have just launched Activewear. It’s just not even — probably just been a year that we have completed for about say nine months, 10 months. So I — even if I tell you the mix, it’d not be probably justified to you because socks got launched this year and Activewear got launched like eight months back.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. Okay. So these two will be the growth drivers [Speech Overlap]<\/p>\n

Gaurav Gupta<\/strong><\/p>\n

We are hopeful for — yes, we are hopeful for these two categories to be the growth driver for the coming years as well. Especially after launching the more higher price MRP products going into more of eminent fabrics, there’s a lot of traction in the market. So that category is doing especially very well.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay, understood. Okay. And how has been the performance of rainwear this first half and in this quarter?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So in the first half, it was just the first-quarter when — when the Rainguard was sold. So in a half yearly basis, we’ve sold around INR16 crore — we had INR16 crore of business coming in from Rainguard. Q2 is majorly muted for Rainguard because there’s no sales which happens from the Company side. The primary sales happens in the Q4 and Q1 only.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. So as a category, how it was in Q4 and Q1 if — whether it was in line with our expectations?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Definitely, we saw a growth of like — it was a 100% growth for us and we did a good business like this particular season, Q4 of FY ’24 and Q1 of FY ’25, in totality, we did a business of somewhere around INR35 crores to INR37 crores of business.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. Fantastic. And are we present across regions in Rainguard or —<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yes, we are present Pan India basis.<\/p>\n

Prerna Jhunjhunwala<\/strong><\/p>\n

Okay. Okay. Thank you and all the best.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. The next question is from the line of Srinath Sridhar from Infinite Financial Services. Please go ahead.<\/p>\n

Srinath Sridhar<\/strong><\/p>\n

Yeah. Hi, sir. Good evening. My question is, Q3 and Q4, based on your target of INR1,750 for the whole year, we still have about INR980 crores of revenue yet to achieve. So can you give us a breakup of what our numbers might look like in Q3 and Q4 of this year?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So Q3, we are targeting that we should close somewhere around INR370 crores to INR400 crores. And in Q4 — the balance would be Q4.<\/p>\n

Srinath Sridhar<\/strong><\/p>\n

So that’s 400 and — almost we’ll have to achieve INR580 crores in Q4, right, then?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Last year was the first time when we crossed INR500 crore in any of the quarter. It was the first time for the Company. So yeah, we are very hopeful for the Q4.<\/p>\n

Srinath Sridhar<\/strong><\/p>\n

So INR580 crore, almost INR580 crores in Q4.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So also around that. But yeah, it really depends upon the season how it pans out.<\/p>\n

Srinath Sridhar<\/strong><\/p>\n

Right, right. So demand for this quarter looks good for you. I wanted to ask, why is it seasonally a weak quarter Q3?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Because most of the focus, like all the mom-and-pop stores start focusing on the thermal wear products, like whether it’d be jackets or hoodies or sweatshirts or a thermal wear which we make. So all the retailers’ focus is on more on the thermal wear rather than inner wear. And the thermal wear also it really depends upon the season because last two years, the winters have shifted to January instead of coming in November. So the winter was late for the last two years. We are seeing that. But this year, due to the extended monsoon, we are very hopeful that the onset of the winter season would be early at faster, yeah.<\/p>\n

Srinath Sridhar<\/strong><\/p>\n

Sir, my next question is the numbers, even though your top line has been growing in both the quarters, it’s not [Technical Issues] the bottom line, mainly because of their interchange ratio. So what is your target on that?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So Ajay?<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

Basically our target is to reduce working capital days by FY ’26 around 135 to 140 days and we have the internal target to be become debt-free.<\/p>\n

Srinath Sridhar<\/strong><\/p>\n

By when by?<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

By FY ’27, ’28.<\/p>\n

Srinath Sridhar<\/strong><\/p>\n

Debt-free by FY ’27, ’28. Okay, sir. Thank you.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. [Operator Instructions] The next question is from the line of Madhur Rathi from Counter Cyctical Investments. Please go ahead.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, I’m trying to understand that you alluded to the fact that in between post-COVID, first the cotton prices shot up, yarn price shot up, now they have again come down, inflation also has come down. Sir, so now what is the problem as far as I understand, cotton and yarn prices are at their long-term averages. Sir, so basically now — sir, has — sir and what — has any significant new player which entered this category? Is it that other players like organized retailers they have started their own private label or some D2C brands have come or is it that the existing players themselves are fighting among each other with — more aggressively?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So I would say, it is mostly the last part that you talked about. It’s because of the higher intensity of competition that we are seeing. We didn’t see any new players coming in or impact from the private label, but it is because of few players in our industry which led to such kind of a problem in the profitability. But yeah things are getting stabilized now. It was, in the past like FY ’24 we saw a huge dent because of that. Plus also when the prices started decreasing, we had to — like all the players they decreased it to a level and was unable to take the last price hike that they had to take to maintain their profitability.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Also sir now among the other various sales channels like the multi-brand retail that we do through dealers, through our exclusive brand outlet through e-commerce and quick commerce. Sir, so amongst all of these, sir, what kind of receivables we have and what kind of margins do we have in each of these segments?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Sorry, what kind of —<\/p>\n

Madhur Rathi<\/strong><\/p>\n

What are the receivables, let’s say, from our normal — the multi-brand dealers, what is our receivable and what is our margin? And from exclusive brand outlets, what is our receivable period and what is our margin? What is our margin and receivable from e-commerce players, what is it from the modern retail people and what is it from quick commerce like Swiggy et cetera, Zepto?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Overall, at a company level, if you talk about the realized sales figure, it’s almost similar, around 50%, 52% kind of a realized sales that we see with respect to the MRP. And with respect to the margin level, the quick commerce and all the e-commerce platforms are at a similar level. And even in this domestic sales also, the margin levels that we keep are almost at a similar level. It’s not that the e-commerce is more profitable and domestic is not that profitable because, if you’re selling on e-commerce platforms also, you need to advertise digitally, you need to occupy the mindspace of your consumer, the target market. Although you can target much more specifically when we talk about digital marketing, but they spend the — what we call the ROI that we generate like after spending is much lower in digital marketing.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

And sir, basically really what you are saying that our margins in general trade, modern trade Company, the exclusive brand outlet that we have and —<\/p>\n

Ankit Gupta<\/strong><\/p>\n

If it’s almost at a similar level, yeah. In exclusive brand outlet, we are not making any money right now, but this exclusive brand outlet has been treated more as a experience center for our consumers where the consumer can actually see what are the product ranges that the Company makes. Because if you go to a mom-and-pop store, you might find innerwear or you might find the athleisure. You might find a men’s innerwear or women’s innerwear, but you won’t find the entire set of product range that the Company is offering to the consumer. So it is just to change the consumer perception towards the Company that we are operating our exclusive brand outlet.<\/p>\n

You can treat them as more of an experience center or an advertisement permanent hording that we have over there.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Right. So I understood that in our EBO, the margins are low and for understandable reasons. Sir, but amongst all other general trade, modern trade and online, the margins are by and large they are same. Is that —<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yeah, by and large, they are same. They are similar — at a similar level.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

And sir, what about the receivables? How — what is the credit period for each of these?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So in modern trade, mostly the large-format stores operate on sales or return basis. Whatever gets sold, they pay in the coming months by 15th. So that is the — that is the payment cycle they follow in the modern trade and whether it’d be the e-commerce platforms also. So whatever you sell in this particular month, next month by 15, they credit the amount to into your bank account. And in domestics — in domestic, the sale through the distributor and through the traditional channel, as per the Company norms, the payment cycle is around 60 days, but yeah, our receivable is on a higher side, which is somewhere around 110, 112.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

And sir what about online?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

I told you about the online that whatever we sell in this particular month, next month it gets corrected to a bank account.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

And sir is it same for modern retail, for online and for quick commerce there is no difference?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Mostly same.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay. Now sir, lastly, I wanted to understand that, sir all these efforts that we have been making in project Lakshya et cetera, sir, so basically have we been able to shrink our difference between the average selling price between the market-leader and dollar? And sir, how much was it like, let’s say, a few years back, and how much is it now? And in your judgment, where do you want it to be? And sir, so what is — if let’s say, the market leader is selling at INR100 at what price are we selling at?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Okay. So who do you consider the market-leader?<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Page Industries Jockey.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yeah. So again, like I said earlier also, he is not our direct competitor. He operates in a very different market segment. He deals into the premium segment where his ASP is 2.5 times than ours. But if you see volume-wise he is similar to what we sell at. So last year we sold around 24 crore pieces, that was the similar quantity that Jockey also sold in the market. It’s just because the — because of the ASP that his revenue is being seen as 2.5 times than ours. So that gap can never be built. That difference will always be there because he operates in a very different market segment.<\/p>\n

But yeah, if you compare Force NXT ASP vis-a-vis jockey ASP our Force NXP is doing an ASP of around INR230 to INR40 which is close enough.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Right. Sir so what — let’s keep Jockey aside. What about Lux and what about Rupa and what —<\/p>\n

Ankit Gupta<\/strong><\/p>\n

The gap is to the tune of 1%, 1.5% maximum and going ahead like within a 1.5 year, two-year’s time period, we will be able to cover that also.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, so basically, as of now, we are selling at, let’s say, 1.5% discount to Lux and we hope to bridge that in the, let’s say, coming few years?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Yes, yes so because the reason is, we have late entrant into the market as compared to Rupa or Lux, and they were — they are present from 1952s or ’55 and we came into picture in 1972. So there is a 20-year gap. During — when we started in order to penetrate gateway into the market, the price difference was somewhere around 10% to 12% in the beginning. But over time, we have been able to build the bridge and now the difference stands only around 1%, 1.5%, which is very minuscule, which can be covered in some quarters to come.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, so basically, we are selling at a discount to Lux also and Rupa also?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

So Rupa and Lux are at a similar pricing level. And sir, what about Dixcy and Amul? So our Dixcy’s products are not very much comparable apple-to-apple plus they have been — they have moved into more extra discounting deep discounting kind of a model into the market. And I don’t think that company is also growing from past couple of years. With respect to Amul, Amul is selling at a premium, so it would be somewhere around where Lux sales only.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay. Sir, so as far as we are concerned, basically — okay, sir, I understood that. And sir, as far as the — in general trade, what margin we give to our dealer? Sir, so how does that compare with Page Industries and also the other Rupa and Lux? Sir, are we giving the maximum margin?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

No, not really the margin levels for the distributor and at a retail level also, it’s quite similar. But yeah, it’s — there are some changes when we talk about Page Industries. The retail margin is very much restricted, I suppose. And even the distributor margin is quite similar to what we give.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Sir, so basically our margin that we give is similar to Lux and Rupa, but it is higher than what they give, is that understanding correct?<\/p>\n

Ankit Gupta<\/strong><\/p>\n

To the retailer.<\/p>\n

Madhur Rathi<\/strong><\/p>\n

Okay. Okay, sir. Thank you very much.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. [Operator Instructions] As there are no further questions from the participants, I now hand the conference over to the management for closing comments.<\/p>\n

Ankit Gupta<\/strong><\/p>\n

Thank you all for taking the time out to join the earnings call. Have a good day. Thank you.<\/p>\n

Ajay Kumar Patodia<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n","protected":false},"excerpt":{"rendered":"

Dollar Industries Limited (NSE: DOLLAR) Q2 2025 Earnings Call dated Nov. 12, 2024 Corporate Participants: Ankit Gupta \u2014 President, Marketing Gaurav Gupta \u2014 Vice President, Strategy Ajay Kumar Patodia \u2014 Chief Financial Officer Analysts: Vishal Panjwani \u2014 Analyst Vijay Shah \u2014 Analyst Gaurav Jogani \u2014 Analyst Shrinjana Mittal \u2014 Analyst Prerna Jhunjhunwala \u2014 Analyst Madhur […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[952,10169,9175,9104,9092,14492,10089],"class_list":["post-173765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-consumer-goods","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":41715,"url":"https:\/\/alphastreet.com\/india\/wipro-limited-wit-q2-2020-earnings-snapshot\/","url_meta":{"origin":173765,"position":0},"title":"Wipro 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"Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, 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