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Dixon Technologies

₹8955.6 18.1 | 0.2%

Market Cap ₹53574 Cr.

Stock P/E 145.3

P/B 31.6

Current Price ₹8955.6

Book Value ₹ 283.3

Face Value 2

52W High ₹9064

Dividend Yield 0.06%

52W Low ₹ 2966.1

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.

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Dixon Technologies Share Price

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Dixon Technologies Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 3073 2953 2855 3867 2405 3065 3272 4943 4818 4658
Other Income 1 2 0 1 3 2 3 1 2 17
Total Income 3074 2955 2855 3867 2408 3067 3274 4944 4821 4675
Total Expenditure 2970 2835 2755 3722 2294 2909 3140 4744 4634 4476
Operating Profit 104 120 101 146 114 158 135 200 187 199
Interest 12 14 14 16 15 15 14 17 22 21
Depreciation 28 19 24 29 29 32 34 36 41 51
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 63 87 62 101 70 111 87 146 124 127
Provision for Tax 17 24 17 23 19 31 23 35 29 32
Profit After Tax 46 63 46 78 51 79 64 111 95 94
Adjustments 0 -0 0 -0 1 2 5 -4 1 1
Profit After Adjustments 46 63 46 77 52 81 69 107 96 95
Adjusted Earnings Per Share 7.8 10.6 7.7 13 8.7 13.5 11.6 18 16.1 15.9

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 17691
Other Income 8 3 3 1 4 6 5 2 4 6 23
Total Income 1102 1204 1391 2458 2846 2990 4405 6450 10701 12198 17714
Total Expenditure 1068 1170 1332 2366 2729 2848 4173 6156 10313 11676 16994
Operating Profit 34 35 59 93 117 142 233 293 388 522 721
Interest 11 10 12 16 13 26 39 33 49 64 74
Depreciation 5 7 8 11 15 22 37 44 84 115 162
Exceptional Income / Expenses 0 0 -3 0 0 0 0 0 0 0 0
Profit Before Tax 17 17 35 66 88 94 157 217 255 345 484
Provision for Tax 4 5 8 19 27 30 36 57 64 90 119
Profit After Tax 13 12 27 48 61 63 121 160 190 255 364
Adjustments -1 -1 0 0 0 0 0 0 -0 0 3
Profit After Adjustments 13 11 27 48 61 63 121 160 190 256 367
Adjusted Earnings Per Share 3.5 3 7.6 8.7 10.8 11.2 20.8 27.3 32 42.9 61.6

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 200% 32% 80% 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

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 31.6 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.

Dixon Technologies News

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