Dixon Technologies

₹8450 190.3 | 2.3%

WEBSITE BSE:540699 NSE : DIXON 10 May, 16:01

Market Cap ₹50549 Cr.

Stock P/E 142.6

P/B 32.7

Current Price ₹8450

Book Value ₹ 258.4

Face Value 2

52W High ₹8656.7

Dividend Yield 0.04%

52W Low ₹ 2846.5

Edit Ratio

Dixon Technologies Research see more...

EQUITY RESEARCH: DIXON TECHNOLOGIES (INDIA) LIMITED

Overview Inc. Year: 1993Industry: Consumer Durables - Electronics

Dixon Technologies (India) Ltd, previously Dixon Technologies (India) Pvt Ltd, is an India-based design-focused products and solutions business enterprise. The Company is engaged in manufacturing products in the client durables, lighting fixtures and mobile telephones markets in India. Its product portfolio includes customer electronics; domestic appliances; lighting merchandise; and cellular phones. It additionally presents solutions in reverse logistics, which includes repair and refurbishment services of set top boxes, cellular phones and LED television panels. Consumer electronics include LED tv. Home appliance includes washing machine. Lighting products consists of LED bulbs and tube lighting fixtures, down lighters and compact fluorescent lamp (CFL) bulbs. It operates in six manufacturing centers placed in the states of Uttar Pradesh and Uttarakhand, India.

Dixon Technologies Share Price

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Peer Comparison

Dixon Technologies Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	2804	3073	2953	2855	3867	2405	3065	3272	4943	4818
Other Income	1	1	2	0	1	3	2	3	1	2
Total Income	2805	3074	2955	2855	3867	2408	3067	3274	4944	4821
Total Expenditure	2694	2970	2835	2755	3722	2294	2909	3140	4744	4634
Operating Profit	111	104	120	101	146	114	158	135	200	187
Interest	9	12	14	14	16	15	15	14	17	22
Depreciation	22	28	19	24	29	29	32	34	36	41
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	80	63	87	62	101	70	111	87	146	124
Provision for Tax	18	17	24	17	23	19	31	23	35	29
Profit After Tax	63	46	63	46	78	51	79	64	111	95
Adjustments	0	0	-0	0	-0	1	2	5	-4	1
Profit After Adjustments	63	46	63	46	77	52	81	69	107	96
Adjusted Earnings Per Share	10.7	7.8	10.6	7.7	13	8.7	13.5	11.6	18	16.1

Dixon Technologies Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1094	1201	1388	2457	2842	2984	4400	6448	10697	12192	16098
Other Income	8	3	3	1	4	6	5	2	4	6	8
Total Income	1102	1204	1391	2458	2846	2990	4405	6450	10701	12198	16106
Total Expenditure	1068	1170	1332	2366	2729	2848	4173	6156	10313	11676	15427
Operating Profit	34	35	59	93	117	142	233	293	388	522	680
Interest	11	10	12	16	13	26	39	33	49	64	68
Depreciation	5	7	8	11	15	22	37	44	84	115	143
Exceptional Income / Expenses	0	0	-3	0	0	0	0	0	0	0	0
Profit Before Tax	17	17	35	66	88	94	157	217	255	345	468
Provision for Tax	4	5	8	19	27	30	36	57	64	90	118
Profit After Tax	13	12	27	48	61	63	121	160	190	255	349
Adjustments	-1	-1	0	0	0	0	0	0	-0	0	4
Profit After Adjustments	13	11	27	48	61	63	121	160	190	256	353
Adjusted Earnings Per Share	3.5	3	7.6	8.7	10.8	11.2	20.8	27.3	32	42.9	59.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	14%	40%	34%	0%
Operating Profit CAGR	35%	31%	35%	0%
PAT CAGR	34%	28%	33%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	192%	30%	79%	NA%
ROE Average	23%	23%	23%	22%
ROCE Average	28%	29%	30%	28%

Dixon Technologies Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	84	95	118	197	315	378	541	737	997	1285
Minority's Interest	2	3	0	0	0	0	0	0	1	-0
Borrowings	40	41	52	10	8	6	11	80	297	145
Other Non-Current Liabilities	7	8	10	3	8	177	111	158	247	309
Total Current Liabilities	154	174	233	579	635	929	1034	1871	2736	2941
Total Liabilities	287	321	412	788	966	1491	1697	2846	4277	4679
Fixed Assets	84	97	124	137	179	241	414	550	1003	1244
Other Non-Current Assets	17	17	16	14	32	181	37	104	127	297
Total Current Assets	186	207	272	638	754	1069	1246	2191	3147	3139
Total Assets	287	321	412	788	966	1491	1697	2846	4277	4679

Dixon Technologies Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	2	1	1	2	3	13	14	96	64	176
Cash Flow from Operating Activities	10	44	41	53	68	-3	237	170	273	726
Cash Flow from Investing Activities	2	-22	-22	-43	-100	-64	-99	-265	-464	-356
Cash Flow from Financing Activities	-12	-22	-19	-8	42	69	-57	63	304	-330
Net Cash Inflow / Outflow	-1	-0	1	1	10	2	81	-32	113	41
Closing Cash & Cash Equivalent	1	1	2	3	13	14	96	64	176	217

Dixon Technologies Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.46	3.05	7.57	8.66	10.76	11.19	20.83	27.29	32.04	42.91
CEPS(Rs)	5.2	5.28	9.91	10.61	13.44	15.01	27.14	34.76	46.21	62.08
DPS(Rs)	0.6	0.2	2.5	1.2	0.4	0.4	0.8	1	2	3
Book NAV/Share(Rs)	23.36	26.24	32.52	35.88	55.62	66.33	92.84	124.44	166.1	212.94
Core EBITDA Margin(%)	2.27	2.6	3.96	3.65	3.95	4.56	5.17	4.52	3.59	4.23
EBIT Margin(%)	2.54	2.28	3.36	3.28	3.56	4.03	4.46	3.87	2.84	3.35
Pre Tax Margin(%)	1.54	1.43	2.5	2.66	3.09	3.14	3.56	3.36	2.38	2.83
PAT Margin (%)	1.2	1	1.94	1.9	2.13	2.12	2.74	2.47	1.78	2.09
Cash Profit Margin (%)	1.68	1.57	2.54	2.33	2.67	2.85	3.57	3.15	2.56	3.03
ROA(%)	4.69	4.01	7.47	7.93	6.94	5.16	7.56	7.04	5.34	5.7
ROE(%)	15.95	13.61	25.78	30.24	23.79	18.35	26.41	25.25	22.2	22.63
ROCE(%)	15.97	15.76	25.65	37.37	33.7	27.33	34.2	32.83	25.9	27.98
Receivable days	15.41	15.35	18.66	26.95	37.01	49.85	42.8	45.34	41.66	45.94
Inventory Days	30.43	30.87	32.29	30.56	38.67	44.68	37.59	35.08	32.35	31.61
Payable days	31.33	34.96	46.28	57.61	73.99	87.74	79.37	83.78	75.08	78.92
PER(x)	0	0	0	0	61.01	42.03	34.33	134.47	134.55	66.69
Price/Book(x)	0	0	0	0	11.8	7.09	7.7	29.49	25.95	13.44
Dividend Yield(%)	0	0	0	0	0.06	0.09	0.11	0.03	0.05	0.1
EV/Net Sales(x)	0.08	0.06	0.05	0.02	1.31	0.93	0.94	3.35	2.42	1.39
EV/Core EBITDA(x)	2.73	2.19	1.24	0.46	31.8	19.52	17.72	73.52	66.63	32.56
Net Sales Growth(%)	0	9.84	15.56	76.99	15.65	5.03	47.43	46.55	65.89	13.98
EBIT Growth(%)	0	-2.23	70.45	72.94	24.11	18.14	63.33	27.28	21.78	34.44
PAT Growth(%)	0	-9.42	124.42	73.73	28.02	4.03	90.19	32.61	19.11	34.02
EPS Growth(%)	0	-11.9	148.41	14.35	24.18	4.04	86.16	31.03	17.4	33.91
Debt/Equity(x)	1.11	0.84	0.66	0.24	0.14	0.38	0.16	0.21	0.46	0.14
Current Ratio(x)	1.2	1.19	1.17	1.1	1.19	1.15	1.21	1.17	1.15	1.07
Quick Ratio(x)	0.6	0.54	0.59	0.61	0.68	0.71	0.72	0.77	0.73	0.74
Interest Cover(x)	2.53	2.69	3.92	5.27	7.56	4.56	4.97	7.63	6.16	6.38
Total Debt/Mcap(x)	0	0	0	0	0.01	0.05	0.02	0.01	0.02	0.01

Dixon Technologies Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	34.52	34.3	34.3	34.27	34.06	34.05	34.04	33.8	33.63	33.44
FII	18.51	16.39	15.08	16.27	16.67	12.05	14.99	15.66	17.41	17.84
DII	7.6	7.97	8.07	18.59	18.91	23.76	24.61	27.44	26.4	27.01
Public	39.37	41.33	42.56	30.87	30.36	30.14	26.36	23.1	22.57	21.71
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.05	2.04	2.04	2.03	2.03	2.03	2.03	2.01	2.01	2
FII	1.1	0.97	0.89	0.97	0.99	0.72	0.89	0.93	1.04	1.07
DII	0.45	0.47	0.48	1.1	1.13	1.41	1.47	1.63	1.58	1.62
Public	2.34	2.45	2.53	1.83	1.81	1.8	1.57	1.38	1.35	1.3
Others	0	0	0	0	0	0	0	0	0	0
Total	5.93	5.93	5.93	5.93	5.96	5.96	5.96	5.96	5.98	5.98

Pros

Company has delivered good profit growth of 33% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 23%
Company has reduced debt.
Company is almost debt free.

Cons

Promoter holding is low: 33.44%.
Debtor days have increased from 75.08 to 78.92days.
Stock is trading at 32.7 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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Dixon Technologies

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Dixon Technologies Research see more...

Overview Inc. Year: 1993Industry: Consumer Durables - Electronics

Dixon Technologies Share Price

Alert Data

Quarterly Price

Peer Comparison

Dixon Technologies Quarterly Results

Dixon Technologies Profit & Loss

Growth Rates

Dixon Technologies Balance Sheet

Dixon Technologies Cash Flow

Dixon Technologies Ratios

Dixon Technologies Shareholding Pattern

Dixon Technologies News

Top Unlisted Companies & InstaBuy Companies

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