Dixon Technologies (India) Ltd

Dixon Technologies (India) Ltd

₹ 6,989 4.56%
01 Mar 12:38 p.m.
About

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.

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 41,807 Cr.
  • Current Price 6,989
  • High / Low 7,048 / 2,754
  • Stock P/E 119
  • 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 28.1 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

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
2,183 2,110 1,867 2,804 3,073 2,953 2,855 3,867 2,405 3,065 3,272 4,943 4,818
2,082 2,030 1,819 2,694 2,970 2,835 2,755 3,722 2,294 2,909 3,140 4,744 4,634
Operating Profit 100 80 48 110 103 118 100 145 111 156 132 199 184
OPM % 5% 4% 3% 4% 3% 4% 4% 4% 5% 5% 4% 4% 4%
0 1 0 1 1 2 0 1 4 3 6 3 4
Interest 8 7 9 9 12 14 14 16 15 15 14 17 22
Depreciation 11 12 15 22 28 19 24 29 29 32 34 36 41
Profit before tax 82 61 24 80 63 87 62 100 70 112 90 149 126
Tax % 25% 28% 25% 22% 27% 27% 27% 23% 26% 28% 25% 24% 23%
62 44 18 63 46 63 45 77 52 81 67 113 97
EPS in Rs 10.53 7.56 3.10 10.68 7.82 10.61 7.70 13.02 8.72 13.54 11.55 18.02 16.12
Raw PDF

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: 72%
3 Years: 21%
1 Year: 127%
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%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
35.04% 35.03% 34.93% 34.52% 34.30% 34.30% 34.27% 34.06% 34.05% 34.04% 33.80% 33.63%
19.84% 19.85% 18.41% 18.51% 16.39% 15.08% 16.27% 16.66% 12.04% 15.00% 15.66% 17.41%
11.02% 9.48% 8.74% 7.60% 7.98% 8.07% 18.59% 18.92% 23.76% 24.61% 27.44% 26.39%
34.10% 35.64% 37.92% 39.37% 41.33% 42.56% 30.87% 30.35% 30.13% 26.36% 23.11% 22.58%
No. of Shareholders 2,12,7142,78,1853,03,6743,24,0123,79,1603,91,2833,67,7733,47,7283,67,7273,15,6832,85,5662,67,536

* 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