Dixon Technologies (India) Ltd

Dixon Technologies (India) Ltd

₹ 12,552 -1.01%
16 Jul - close price
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 75,104 Cr.
  • Current Price 12,552
  • High / Low 12,879 / 3,953
  • Stock P/E 204
  • Book Value 283
  • Dividend Yield 0.02 %
  • ROCE 28.8 %
  • ROE 24.7 %
  • Face Value 2.00

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 42.3% CAGR over last 5 years
  • Company's median sales growth is 15.7% of last 10 years

Cons

  • Stock is trading at 44.3 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,110 1,867 2,804 3,073 2,953 2,855 3,867 2,405 3,065 3,272 4,943 4,818 4,658
2,030 1,819 2,694 2,970 2,835 2,755 3,722 2,294 2,909 3,140 4,744 4,634 4,476
Operating Profit 80 48 110 103 118 100 145 111 156 132 199 184 182
OPM % 4% 3% 4% 3% 4% 4% 4% 5% 5% 4% 4% 4% 4%
1 0 1 1 2 0 1 4 3 6 3 4 19
Interest 7 9 9 12 14 14 16 15 15 14 17 22 21
Depreciation 12 15 22 28 19 24 29 29 32 34 36 41 51
Profit before tax 61 24 80 63 87 62 100 70 112 90 149 126 130
Tax % 28% 25% 22% 27% 27% 27% 23% 26% 28% 25% 24% 23% 25%
44 18 63 46 63 45 77 52 81 67 113 97 97
EPS in Rs 7.56 3.10 10.68 7.82 10.61 7.70 13.02 8.72 13.54 11.55 18.02 16.12 15.91
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
767 1,094 1,201 1,389 2,457 2,842 2,984 4,400 6,448 10,697 12,192 17,691
746 1,067 1,169 1,340 2,365 2,729 2,848 4,172 6,156 10,313 11,673 16,993
Operating Profit 21 26 32 49 92 113 136 228 292 384 519 698
OPM % 3% 2% 3% 4% 4% 4% 5% 5% 5% 4% 4% 4%
0 8 2 23 1 4 6 5 1 4 4 33
Interest 11 11 10 13 16 13 26 39 33 49 64 75
Depreciation 5 5 7 8 11 15 22 37 44 84 115 162
Profit before tax 5 18 17 51 66 88 94 157 217 255 345 494
Tax % 30% 19% 24% 16% 28% 31% 32% 23% 26% 25% 26% 24%
3 14 13 43 48 61 63 120 160 190 255 375
EPS in Rs 3.21 8.72 7.65 27.46 8.66 10.76 11.19 20.81 27.28 32.05 42.90 61.47
Dividend Payout % 6% 2% 3% 9% 14% 4% 4% 4% 4% 6% 7% 8%
Compounded Sales Growth
10 Years: 32%
5 Years: 43%
3 Years: 40%
TTM: 45%
Compounded Profit Growth
10 Years: 39%
5 Years: 42%
3 Years: 32%
TTM: 43%
Stock Price CAGR
10 Years: %
5 Years: 95%
3 Years: 39%
1 Year: 190%
Return on Equity
10 Years: 24%
5 Years: 24%
3 Years: 23%
Last Year: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 3 3 3 3 11 11 11 12 12 12 12 12
Reserves 58 71 82 120 186 304 367 530 726 985 1,273 1,683
94 94 82 80 43 45 141 87 295 667 453 489
121 124 157 215 549 606 971 1,069 1,814 2,613 2,941 4,808
Total Liabilities 277 291 324 417 789 966 1,491 1,697 2,846 4,277 4,679 6,991
80 84 97 124 137 179 241 414 550 1,003 1,244 2,000
CWIP 5 0 0 0 2 16 19 10 72 22 120 64
Investments 7 6 6 0 0 11 8 0 95 141 44 20
185 201 221 294 650 759 1,224 1,273 2,128 3,111 3,272 4,907
Total Assets 277 291 324 417 789 966 1,491 1,697 2,846 4,277 4,679 6,991

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
45 10 44 42 53 68 -3 237 170 273 726 584
-9 1 -22 -22 -43 -100 -64 -99 -265 -464 -356 -531
-37 -13 -22 -20 -8 42 69 -57 63 304 -330 -70
Net Cash Flow -0 -1 -0 1 1 10 2 81 -32 113 41 -17

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 20 15 17 23 42 38 63 43 62 46 51 48
Inventory Days 49 34 38 41 47 47 57 47 47 43 32 39
Days Payable 60 36 46 56 84 75 103 89 108 86 81 92
Cash Conversion Cycle 9 13 9 8 5 10 17 1 1 3 2 -6
Working Capital Days 24 22 16 15 11 12 28 15 14 9 -0 -1
ROCE % 10% 18% 16% 29% 37% 34% 27% 34% 30% 23% 24% 29%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
34.93% 34.52% 34.30% 34.30% 34.27% 34.06% 34.05% 34.04% 33.80% 33.63% 33.44% 33.24%
18.41% 18.51% 16.39% 15.08% 16.27% 16.66% 12.04% 15.00% 15.66% 17.41% 17.85% 19.33%
8.74% 7.60% 7.98% 8.07% 18.59% 18.92% 23.76% 24.61% 27.44% 26.39% 27.01% 26.08%
37.92% 39.37% 41.33% 42.56% 30.87% 30.35% 30.13% 26.36% 23.11% 22.58% 21.71% 21.35%
No. of Shareholders 3,03,6743,24,0123,79,1603,91,2833,67,7733,47,7283,67,7273,15,6832,85,5662,67,5362,52,8432,67,314

* 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.

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Documents

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