Dixon Technologies (India) Ltd
Dixon Technologies (India) Limited is the largest* home grown design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones/smart phones markets in India. Their diversified product portfolio includes (i) consumer electronics like LED TVs; (ii) home appliances like washing machines; (iii) lighting products like LED bulbs and tubelights, downlighters; (iv)mobile phones/smart phones; and (v) CCTV & DVRS (vi) Medical Equipment. Dixon also provides solutions in reverse logistics i.e. repair and refurbishment services of set top boxes, mobile phones /smart phones and LED TV panels.
- Market Cap ₹ 45,057 Cr.
- Current Price ₹ 7,532
- High / Low ₹ 7,986 / 2,820
- Stock P/E 218
- Book Value ₹ 211
- Dividend Yield 0.04 %
- ROCE 24.2 %
- ROE 20.4 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 30.1% CAGR over last 5 years
- Company's median sales growth is 31.4% of last 10 years
- Company's working capital requirements have reduced from 13.7 days to 10.0 days
Cons
- Stock is trading at 35.8 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Consumer Durables Industry: Electronics - Consumer
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
568 | 725 | 1,062 | 1,115 | 1,252 | 1,645 | 2,210 | 2,526 | 3,672 | 5,675 | 7,484 | 6,997 | 6,690 | |
564 | 710 | 1,043 | 1,092 | 1,223 | 1,560 | 2,104 | 2,400 | 3,467 | 5,401 | 7,201 | 6,631 | 6,333 | |
Operating Profit | 4 | 15 | 18 | 23 | 29 | 85 | 107 | 126 | 204 | 274 | 284 | 367 | 357 |
OPM % | 1% | 2% | 2% | 2% | 2% | 5% | 5% | 5% | 6% | 5% | 4% | 5% | 5% |
2 | 0 | 8 | 1 | 26 | 0 | 3 | 4 | 9 | 2 | 3 | 15 | 30 | |
Interest | 9 | 8 | 8 | 6 | 7 | 15 | 13 | 26 | 39 | 31 | 35 | 39 | 43 |
Depreciation | 4 | 4 | 4 | 5 | 6 | 10 | 14 | 20 | 32 | 38 | 51 | 58 | 65 |
Profit before tax | -7 | 3 | 14 | 13 | 41 | 61 | 82 | 84 | 142 | 206 | 200 | 285 | 280 |
Tax % | 20% | 44% | 22% | 24% | 12% | 28% | 31% | 33% | 22% | 26% | 25% | 26% | |
-6 | 2 | 11 | 10 | 36 | 44 | 57 | 56 | 111 | 152 | 151 | 211 | 207 | |
EPS in Rs | -3.85 | 1.25 | 7.08 | 6.33 | 23.48 | 7.97 | 10.07 | 9.96 | 19.10 | 25.95 | 25.44 | 35.45 | 34.64 |
Dividend Payout % | 0% | 16% | 3% | 3% | 11% | 15% | 4% | 4% | 4% | 4% | 8% | 8% |
Compounded Sales Growth | |
---|---|
10 Years: | 25% |
5 Years: | 26% |
3 Years: | 24% |
TTM: | -4% |
Compounded Profit Growth | |
---|---|
10 Years: | 54% |
5 Years: | 30% |
3 Years: | 24% |
TTM: | 14% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 74% |
3 Years: | 24% |
1 Year: | 152% |
Return on Equity | |
---|---|
10 Years: | 21% |
5 Years: | 21% |
3 Years: | 21% |
Last Year: | 20% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 3 | 3 | 3 | 3 | 3 | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 12 |
Reserves | 57 | 59 | 69 | 78 | 110 | 179 | 292 | 349 | 503 | 691 | 910 | 1,154 | 1,248 |
114 | 87 | 87 | 65 | 70 | 43 | 45 | 139 | 76 | 223 | 373 | 243 | 287 | |
87 | 111 | 108 | 136 | 145 | 265 | 320 | 605 | 831 | 1,494 | 1,431 | 1,323 | 1,676 | |
Total Liabilities | 261 | 259 | 268 | 283 | 328 | 498 | 668 | 1,103 | 1,421 | 2,419 | 2,726 | 2,732 | 3,223 |
66 | 66 | 71 | 76 | 85 | 129 | 168 | 207 | 350 | 381 | 608 | 741 | 753 | |
CWIP | 4 | 5 | 0 | 0 | 0 | 2 | 16 | 19 | 10 | 72 | 19 | 52 | 75 |
Investments | 7 | 8 | 9 | 9 | 25 | 9 | 13 | 18 | 45 | 140 | 227 | 138 | 124 |
184 | 181 | 188 | 198 | 217 | 359 | 471 | 859 | 1,016 | 1,826 | 1,872 | 1,801 | 2,270 | |
Total Assets | 261 | 259 | 268 | 283 | 328 | 498 | 668 | 1,103 | 1,421 | 2,419 | 2,726 | 2,732 | 3,223 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4 | 43 | 6 | 40 | 26 | 46 | 61 | -12 | 238 | 158 | 214 | 404 | |
-3 | -6 | 2 | -11 | -19 | -39 | -97 | -54 | -93 | -266 | -249 | -283 | |
-1 | -37 | -9 | -29 | -7 | -7 | 42 | 67 | -61 | 51 | 110 | -189 | |
Net Cash Flow | -0 | -0 | -1 | 0 | 0 | -0 | 7 | 1 | 84 | -57 | 75 | -67 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 34 | 19 | 13 | 15 | 20 | 30 | 21 | 63 | 43 | 65 | 41 | 49 |
Inventory Days | 51 | 45 | 32 | 35 | 29 | 41 | 45 | 50 | 42 | 40 | 35 | 26 |
Days Payable | 57 | 56 | 33 | 43 | 40 | 59 | 45 | 92 | 82 | 103 | 71 | 71 |
Cash Conversion Cycle | 28 | 8 | 12 | 7 | 9 | 11 | 21 | 21 | 2 | 2 | 5 | 3 |
Working Capital Days | 45 | 28 | 23 | 17 | 17 | 17 | 17 | 33 | 16 | 18 | 13 | 10 |
ROCE % | 1% | 8% | 15% | 13% | 23% | 37% | 33% | 26% | 33% | 31% | 21% | 24% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
5h - Read with Para A and Part A of schedule III of the said regulations, please find attached the details of scheduled Call/Meeting between the officials …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
5h - Read with Para A and Part A of schedule III of the said regulations, we hereby inform that the Company's officials had Meeting with the …
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Announcement Under Regulation 30- Updates
12h - Press Release- Dixon''s Wholly Owned Subsidiary- Padget Electronics enters into an Agreement with Longcheer Mobile India Private Limited for manufacturing and sale of smart phones …
- COMPLIANCES- COMPLIANCE CERTIFICATE ISSUED As per Regulation 40(9) OF SEBI (LODR) REGULATIONS 2015 10 Apr
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Compliances- Compliance Certificate For The Year Ended 31St March, 2024
9 Apr - Compliance Certificate As per Regulation 7(3) of SEBI (LODR) Regulations, 2015 for the year ended 31st March, 2024.
Annual reports
Concalls
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Feb 2024Transcript PPT
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Oct 2023TranscriptPPT
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Nov 2018Transcript PPT
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Feb 2018Transcript PPT
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Nov 2017Transcript PPT
Market Leadership
Dixon is the one of the largest LED TV manufacturers in India and it services more than 35% of India’s requirement. [1] It is the largest ODM player in lighting & has the largest capacity in various SKU’s. With around 160 models in the semi-automatic category, the Co. has the largest product portfolio ranging from 6kgs to 14kgs. [2]