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Dolat Capital Report
Dixon Technologies India Ltd.'s Q1 was a tough quarter with a 55% drop in sales, with a 32-80% drop across different segments.
Margins were weak at 3.3% due to lower scale of operations and under-absorption of overheads, with increase in capital employed due to working capital.
Given new customer acquisitions, deepening business with existing customers, and increase in the original design manufacturer mix, we expect Dixon's sales/earning per share to grow at a compound annual growth rate of 20%/25% over FY20-22E.
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