Dixon Technologies share price rises 5% on partnership with Xiaomi India

Broking house Sharekhan has maintained ‘Hold’ rating on the stock with a revised price target of Rs 4,050.

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Shares of Dixon Technologies (India) gained 5 percent intraday on May 31 after the company proposes to partner with Xiaomi India for manufacturing and export of mobile phones.

Dixon Technologies (India) proposes to partner with Xiaomi India to carry out manufacturing and export of mobile phones and to also explore enhancing the component ecosystem in India through wholly owned subsidiaries of Dixon, the company said in its release.

The proposed association will be formalised, subject to execution of the definitive agreements, it said.

“Xiaomi, which has built a strong brand equity over the years in India is known for its high quality and efficiency is reckoned as a strong force in smart mobile phones market in India and people across the nations have strong faith in their products. We are ecstatic and encouraged by the trust they have reposed on Dixon for the proposed association,” said Atul B Lall, Vice Chairman and Managing Director of Dixon Technologies (India).

“This partnership will leverage Dixon’s manufacturing excellence, superior execution track record and Xiaomi’s expertise and leadership in Indian business ecosystem and it represents a major milestone in Indian Governments “Make in India” initiative,” he said.

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Broking house Sharekhan has maintained ‘Hold’ rating on the stock with a revised price target of Rs 4,050.

The company has reported strong Q4 numbers and provided an optimistic outlook for FY24 without any specific revenue guidance. It has toned down its mobile revenue guidance to Rs 6,000 crore in FY24 but expects to surpass it, said Sharekhan.

Broking house believe, in the long-term, Dixon could benefit from scaling up of its existing verticals, new customer additions and expansion into other verticals such as refrigerators, LED monitors, AC components, and other hardware products.

Sharekhan expect sales/PAT CAGR of 27 percent/39 percent over FY23-FY25 and margin expansion of 25-30 bps to 4.5 percent over the same period and reckoned that scalability in the mobile division holds the key to growth in the future.

The company had reported better-than-expected earnings for the March quarter as Q4FY23 consolidated net profit surged 27.7 percent year-on-year (YoY) at Rs 80.6 crore. Consolidated revenue stood at Rs 3,065.5 crore during the period, up 3.8 percent against Rs 2,953 crore a year ago.

EBITDA jumped 32.3 percent to Rs 156.3 crore in the fourth quarter of this fiscal over Rs 118.2 crore last year. EBITDA margin stood at 5.1 percent in the reporting quarter against 4 percent a year ago.

At 11:59am, Dixon Technologies was quoting at Rs 3,809.05, up Rs 127.05, or 3.45 percent on the BSE.