Dixon Technologies tanks 18% in worst-ever fall on weak Q3, FY23 guidance cut

Foreign brokerage firm Credit Suisse has downgraded the stock to ‘neutral’ with the target cut to Rs 3,300 from Rs 4,500 a share

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Electronics manufacturing services firm Dixon Technologies fell over 18 percent on January 27 morning after the company cut its FY23 revenue guidance to Rs 12,200 crore ?Rs 12,700 crore from Rs 15,000 crore following a weak October-December quarter.

At 10 am, the stock was quoting at Rs 2,740 a share on the National Stock Exchange, down 18.32 percent, its worst fall since September 18, 2017 when it made its market debut. Trading volumes at 1.9 million shares were about ten times the 20-day average volume of 1.4 lakh shares.

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The company’s revenue from operations fell 22 percent year-on-year to Rs 2,405 crore while its net profit grew 13 percent to Rs 52 crore. Operating margins improved from 3.4 percent to 4.7 percent.