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Revenue
₹3,272 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹135 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dixon Technologies reported a solid Q1 FY24 with consolidated revenue of INR 3,274 crore (+15% YoY), EBITDA of INR 135 crore (+34% YoY), and PAT of INR 57 crore (+28% YoY). EBITDA margins expanded 60 bps YoY to ~4.1% (implied), driven by operating leverage and cost optimization. The mobile segment led growth (+38% YoY) with strong order books from Motorola, Itel, Xiaomi, and Jio Bharat Phone (15M units). Consumer electronics and lighting were subdued due to sluggish demand and pricing pressure. Management guided for robust growth in mobile, wearables, and washing machines, with new customer acquisitions and capacity expansions. Key risks include delayed ramp-up of new facilities and competitive intensity in TV/lighting.
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Guidance to track
- Motorola volumes expected to increase to 2 million per quarter from Q3, and Itel/Xiaomi production to ramp up from September.
- New 1.2 million unit capacity refrigerator plant in Greater Noida to start commercial production in October-December quarter.
- Capital expenditure guided at INR 400-420 crore for the full year, primarily for mobile expansion, refrigerator project, and new facilities.
- Management sees potential to build a $200 million export business in lighting over the next couple of years, driven by Europe and US.
Risks flagged
- Consumer electronics and lighting segments saw flat/declining revenues due to sluggish demand and pricing pressure; recovery uncertain.
- Production for Xiaomi and Itel is starting in September; any delays in approvals or scaling could impact revenue guidance.
- Management acknowledged increased competition from a multinational TV entrant and brand players in lighting, potentially pressuring market share.
- The JV with Tinno Group is stalled pending government BIS Phase 3 approval, with no clear timeline for resolution.
Key quotes
- We have got an order for 15 million units. We've already delivered 1 million units. This business looks very healthy. It's almost a INR 1,500 crore business for us in the current fiscal.
- In the current financial, it is going to be a small opportunity, but if we are able to get breakthroughs, which we are fairly confident about, both in Europe and US, it can be a large opportunity, which can be turned into a $200 million business in a couple of years.
- The margin profile of the business will be somewhere in the range of 2.3%-2.7%, something like that.
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