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Dolat Capital Report
Dixon Technologies Ltd.'s Q1 sales, Ebitda and profit after tax all grew 3.6 times, 2.8 times and 11 times YoY respectively given the weak base of last year.
Margins dropped to 2.6%, below its average range at 3.8% due to gross margin pressures as well as adverse operating leverage in Q1, which we believe should normalise in future quarters.
Dixon Technologies is among the best play on production linked incentive in India.
Besides mobiles, it has plans to utilise PLI for IT, telecom, air conditioners and LEDs.
It has multiple tailwinds with its increase in capacity, backward integration capability and new client additions.
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