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Nirmal Bang Report
Dixon Technologies (India) Ltd. reported consolidated revenue of Rs 29.5 billion (+40% YoY), 16.4%/15.5% below our/consensus estimates.
Gross margin was down 90 basis points year-on- at 9.2%.
Ebitda came in at Rs 1.18 billion (+48.1% YoY) with Ebitda margin of 4% (+20bps YoY), above our/consensus estimate of 3.3%/3.5%.
Margins improved on account of operating leverage, continuous improvement in the cost structure across all businesses and continued implementation of the strategic price increases across ODM business of washing machine and lighting.
PAT at Rs 632 million (+42.8% YoY) was above our estimate by 16.2%, but below consensus estimate by 21% YoY.
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