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Systematix Report
Despite a mixed bag Q2, companies remained bullish on their growth outlook.
Government of India's vision of Make in India, make for world, backed by various schemes and incentives have aided to India's growing acceptance as an alternate manufacturer to China.
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Import substitution and India's rising penetration in domestic market provide large opportunity for the Indian electronics manufacturing services industry. We thus remain structurally positive on the industry.
Top Picks: Dixon Technologies India Pvt. Ltd, Elin Electronics Ltd., Avalon Technologies Ltd., Syrma SGS Technology Ltd.
Q2 FY24 - hits and misses:
The nine EMS companies under our radar reported healthy revenue growth (up 28% YoY and 17% QoQ) in Q2 FY24. Syrma (up 52% YoY and 18% QoQ), Kaynes (up 32% YoY and 21% QoQ), Dixon (up 28% YoY and 51% QoQ) and Cyient DLM (up 72% YoY and 34% QoQ) led the pack while Elin Electronics Ltd. (down 12% YoY, up 8% QoQ) and Avalon Technologies Ltd. (down 18% YoY and 15% QoQ) were prime draggers.
Despite healthy growth, companies (led by Elin Electronics, Avalon Technologies, Syrma SGS Technology) could not see margin expansion due to elevated raw material costs and other expenses. Working capital cycle also remained stretched (likely reduction by end Q4).
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