Dixon Technologies (India) Ltd

Dixon Technologies (India) Ltd

₹ 7,925 2.04%
24 Apr 12:00 p.m.
About

Dixon Technologies (India) Limited, incorporated in 1993 , is a Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical such as consumer electronics, lighting, home appliance, closed-circuit television cameras (CCTVs), and mobile phones. It also undertakes reverse logistics operations. Besides, it manufactures security surveillance equipment, wearables & audibles, AC-PCBs. Recently, it has entered a JV with Imagine Marketing Private Limited for designing and manufacturing wireless audio solutions in India.[1]

Key Points

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]

  • Market Cap 47,411 Cr.
  • Current Price 7,925
  • High / Low 7,986 / 2,820
  • Stock P/E 230
  • 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 37.6 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,897 1,839 1,531 2,194 2,090 1,670 1,504 2,293 1,533 1,667 1,509 2,073 1,441
1,804 1,762 1,489 2,099 2,021 1,597 1,434 2,196 1,454 1,553 1,426 1,979 1,375
Operating Profit 93 77 42 95 68 73 70 98 79 114 83 94 66
OPM % 5% 4% 3% 4% 3% 4% 5% 4% 5% 7% 6% 5% 5%
0 2 0 1 1 0 2 3 10 4 8 8 9
Interest 7 6 7 5 8 10 7 9 9 11 10 9 12
Depreciation 10 11 11 12 12 15 12 14 14 17 16 15 16
Profit before tax 76 62 24 80 48 48 52 77 66 90 65 78 47
Tax % 25% 28% 24% 22% 27% 28% 25% 24% 26% 29% 26% 27% 21%
57 45 18 62 35 35 39 59 49 64 48 57 37
EPS in Rs 9.79 7.60 3.11 10.63 5.95 5.90 6.61 9.91 8.19 10.79 8.05 9.61 6.19
Raw PDF

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: 75%
3 Years: 26%
1 Year: 171%
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%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
35.03% 34.93% 34.52% 34.30% 34.30% 34.27% 34.06% 34.05% 34.04% 33.80% 33.63% 33.44%
19.85% 18.41% 18.51% 16.39% 15.08% 16.27% 16.66% 12.04% 15.00% 15.66% 17.41% 17.85%
9.48% 8.74% 7.60% 7.98% 8.07% 18.59% 18.92% 23.76% 24.61% 27.44% 26.39% 27.01%
35.64% 37.92% 39.37% 41.33% 42.56% 30.87% 30.35% 30.13% 26.36% 23.11% 22.58% 21.71%
No. of Shareholders 2,78,1853,03,6743,24,0123,79,1603,91,2833,67,7733,47,7283,67,7273,15,6832,85,5662,67,5362,52,843

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls