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 ₹ 44,742 Cr.
- Current Price ₹ 7,479
- High / Low ₹ 7,580 / 2,766
- Stock P/E 127
- Book Value ₹ 242
- Dividend Yield 0.04 %
- ROCE 24.2 %
- ROE 22.5 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 33.3% CAGR over last 5 years
- Company's median sales growth is 15.7% of last 10 years
Cons
- Stock is trading at 30.8 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
572 | 767 | 1,094 | 1,201 | 1,389 | 2,457 | 2,842 | 2,984 | 4,400 | 6,448 | 10,697 | 12,192 | 16,098 | |
567 | 746 | 1,067 | 1,169 | 1,340 | 2,365 | 2,729 | 2,848 | 4,172 | 6,156 | 10,313 | 11,673 | 15,427 | |
Operating Profit | 5 | 21 | 26 | 32 | 49 | 92 | 113 | 136 | 228 | 292 | 384 | 519 | 671 |
OPM % | 1% | 3% | 2% | 3% | 4% | 4% | 4% | 5% | 5% | 5% | 4% | 4% | 4% |
1 | 0 | 8 | 2 | 23 | 1 | 4 | 6 | 5 | 1 | 4 | 4 | 17 | |
Interest | 11 | 11 | 11 | 10 | 13 | 16 | 13 | 26 | 39 | 33 | 49 | 64 | 68 |
Depreciation | 5 | 5 | 5 | 7 | 8 | 11 | 15 | 22 | 37 | 44 | 84 | 115 | 143 |
Profit before tax | -9 | 5 | 18 | 17 | 51 | 66 | 88 | 94 | 157 | 217 | 255 | 345 | 476 |
Tax % | 16% | 30% | 19% | 24% | 16% | 28% | 31% | 32% | 23% | 26% | 25% | 26% | |
-7 | 3 | 14 | 13 | 43 | 48 | 61 | 63 | 120 | 160 | 190 | 255 | 358 | |
EPS in Rs | -4.52 | 3.21 | 8.72 | 7.65 | 27.46 | 8.66 | 10.76 | 11.19 | 20.81 | 27.28 | 32.05 | 42.90 | 59.23 |
Dividend Payout % | -0% | 6% | 2% | 3% | 9% | 14% | 4% | 4% | 4% | 4% | 6% | 7% |
Compounded Sales Growth | |
---|---|
10 Years: | 32% |
5 Years: | 34% |
3 Years: | 40% |
TTM: | 33% |
Compounded Profit Growth | |
---|---|
10 Years: | 54% |
5 Years: | 33% |
3 Years: | 29% |
TTM: | 48% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 74% |
3 Years: | 27% |
1 Year: | 168% |
Return on Equity | |
---|---|
10 Years: | 23% |
5 Years: | 23% |
3 Years: | 23% |
Last Year: | 23% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 53 | 58 | 71 | 82 | 120 | 186 | 304 | 367 | 530 | 726 | 985 | 1,273 | 1,439 |
Preference Capital | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 9 | |
119 | 94 | 94 | 82 | 80 | 43 | 45 | 141 | 87 | 295 | 667 | 444 | 273 | |
98 | 121 | 124 | 157 | 215 | 549 | 606 | 971 | 1,069 | 1,814 | 2,613 | 2,950 | 4,636 | |
Total Liabilities | 274 | 277 | 291 | 324 | 417 | 789 | 966 | 1,491 | 1,697 | 2,846 | 4,277 | 4,679 | 6,359 |
79 | 80 | 84 | 97 | 124 | 137 | 179 | 241 | 414 | 550 | 1,003 | 1,244 | 1,412 | |
CWIP | 4 | 5 | -0 | -0 | 0 | 2 | 16 | 19 | 10 | 72 | 22 | 120 | 410 |
Investments | 4 | 7 | 6 | 6 | 0 | -0 | 11 | 8 | -0 | 95 | 141 | 44 | 15 |
186 | 185 | 201 | 221 | 294 | 650 | 759 | 1,224 | 1,273 | 2,128 | 3,111 | 3,272 | 4,521 | |
Total Assets | 274 | 277 | 291 | 324 | 417 | 789 | 966 | 1,491 | 1,697 | 2,846 | 4,277 | 4,679 | 6,359 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
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 | 45 | 10 | 44 | 42 | 53 | 68 | -3 | 237 | 170 | 273 | 726 | |
-4 | -9 | 1 | -22 | -22 | -43 | -100 | -64 | -99 | -265 | -464 | -356 | |
1 | -37 | -13 | -22 | -20 | -8 | 42 | 69 | -57 | 63 | 304 | -330 | |
Net Cash Flow | 0 | -0 | -1 | -0 | 1 | 1 | 10 | 2 | 81 | -32 | 113 | 41 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 36 | 20 | 15 | 17 | 23 | 42 | 38 | 63 | 43 | 62 | 46 | 51 |
Inventory Days | 57 | 49 | 34 | 38 | 41 | 47 | 47 | 57 | 47 | 47 | 43 | 32 |
Days Payable | 66 | 60 | 36 | 46 | 56 | 84 | 75 | 103 | 89 | 108 | 86 | 81 |
Cash Conversion Cycle | 27 | 9 | 13 | 9 | 8 | 5 | 10 | 17 | 1 | 1 | 3 | 2 |
Working Capital Days | 39 | 24 | 22 | 16 | 15 | 11 | 12 | 28 | 15 | 14 | 9 | -0 |
ROCE % | 10% | 18% | 16% | 29% | 37% | 34% | 27% | 34% | 30% | 23% | 24% |
Documents
Announcements
- Closure of Trading Window 3m
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
21 Mar - Read with Para A and Part A of schedule III of the said regulations, the details of scheduled Meeting(s)/Call between the officials of the Company …
- Announcement Under Regulation 30 Of SEBI LODR- Outcome Of Nomination &Remuneration Committee Meeting 21 Mar
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
15 Mar - Read with Para A and Part A of schedule III of the said regulations, the Company's officials had Meeting(s) with the Analyst(s)/advisor(s)/investor(s)as mentioned in the …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
11 Mar - Read with Para A and Part A of schedule III of the said regulations, the details of scheduled Meeting(s) between the officials of the Company …
Annual reports
Concalls
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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]