Dixon Technologies - Strong Q4; New Growth Opportunities Priced In: Nirmal Bang
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Nirmal Bang Report
Dixon Technologies India Ltd. reported consolidated revenue of Rs 21.1 billion (up 146% YoY) broadly inline with ours/consensus estimates.
Gross margin was down 570 basis points YoY at 10.1%. Ebitda came at Rs 798 million (up 43% YoY) with margin of 3.8% (down 270 basis points YoY), below ours/consensus estimate of 4.7%/4.9%.
Profit after tax at Rs 443 million was below ours/consensus estimate of Rs 605 million/Rs 546 million.
Management highlighted that lower margin resulted due to substantial change in segment-mix with higher share of LED TVs business (original equipment manufacturer business) and also increase in commodity cost (impacted original design manufacturer business).
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