BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
Dixon Technologies (India) Ltd. reported consolidated revenue of Rs 28 billion (+71% YoY), 26.9%/12.1% above our/consensus estimate.
Gross margin was down 290 bps YoY at 8.9%. Ebitda came in at Rs 1.1 billion (+23.1% YoY) with Ebitda margin of 3.9% (-160bps YoY), below our/consensus estimate of 4.6%/4.2%. PAT at Rs 626 million was above ours/consensus estimate of Rs 609 million/Rs 613 million.
Rising commodity prices continue to adversely affect the margin which will normalise going forward. Management has guided for Rs 110-120 billion of topline in FY22 and Rs 160-170 billion in FY23.
The growth outlook for the next few years remains robust, led by;
1. Mobile phone PLI revenue booking (already started from Q4 FY21)
2. Value and volume growth in LED TV business
3. International business opportunities in lighting (4) foray into new verticals (fully automatic top-load washing machines, refrigerators, wearables etc)
5. Further diversification prospects through PLI schemes (IT Products like laptops and tablets, telecom equipment etc)
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR