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Revenue
₹4,821 Cr
verified against source
Revenue YoY
100%
reported change
EBITDA
₹187 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 stellar Q3 FY24 with consolidated revenue surging 100% YoY to INR 4,821 crore, driven by a 251% YoY jump in mobile & EMS revenue to INR 3,214 crore. EBITDA grew 64% YoY to INR 187 crore, while PAT rose 87% to INR 97 crore. The mobile segment benefited from ramp-up in Motorola (including exports to the US) and commencement of Xiaomi production, with two more large global brands expected to start production in the coming months. Management guided for mobile volumes of ~25 million units in FY25 and maintained mobile operating margins at ~3.2%. Other segments like consumer electronics, home appliances, and telecom also posted healthy growth. The company is investing in backward integration and new capacities, with FY25 capex expected at ~INR 400 crore. Key risk: potential slowdown in consumer demand and competitive intensity in lighting and TV segments could pressure margins.
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Guidance to track
- Management expects to produce around 25 million smartphones in FY25, driven by existing customers and two new large global brands.
- Despite start-up costs, management expects mobile margins to sustain in the 3.2% range with potential slight improvement.
- Similar level of capex as FY24, subject to budget finalization, to support capacity expansion and new customer programs.
- Mass production for Lenovo tablets to start in current quarter; notebooks expected by August-September 2024.
Risks flagged
- Lighting revenue declined due to price erosion and subdued demand; competitive intensity remains high, especially from other contract manufacturers.
- TV volumes declined sequentially despite value growth; wearables saw seasonal dip post-Diwali. Overall consumer demand remains soft.
- Mobile & EMS contributed 67% of revenue; any slowdown in customer ramp-up or loss of market share could impact overall growth.
- Reduction in import duties on components could reduce the arbitrage for local manufacturing, potentially impacting plans for display and module manufacturing.
Key quotes
- We feel that in a couple of years, we should at least be at 35%-40% of that market.
- We have created an annual capacity of 13 million smartphones and 15 million feature phones across four plants in Noida.
- We are looking very seriously now at the vertical integration play in mobiles.
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