DIXON · Consumer Durables
Dixon Technologies (India) Ltd. reported revenue of ₹11,534 cr for July to September 2024, +133.3% on the year and +75.3% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹426 cr, a margin of 3.7%, −33 bps on the year and −8 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 3.7% to 4.0%). Operating costs grew +134.1%, faster than revenue at +133.3%, so operating profit grew less than sales.
Net profit was ₹412 cr, +264.6% on the year and +194.3% on the quarter, with earnings per share of ₹65.15. Profit before other income, one-offs and tax grew 121.2%, so 143 points of the headline growth came from outside the core business. The tax rate of 22% is in line with its recent average.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹119.52 over the last four quarters, the stock at ₹12,309.00 trades at 103.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +264.6% on the year; profit before other income, exceptional items and tax +121.2%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 39% of profit before tax, against 2% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,818 cr | ₹4,658 cr | ₹6,580 cr | ₹11,534 cr | ₹10,454 cr | ₹10,293 cr | ₹12,836 cr | ₹14,855 cr | ₹10,672 cr | ₹10,511 cr | ₹15,548 cr | ₹21,794 cr |
| YoY | — | — | +101% | +133% | +117% | +121% | +95% | +29% | +2% | +2% | +21% | +47% |
| EBITDA margin | 3.8% | 3.9% | 3.8% | 3.7% | 3.7% | 4.3% | 3.8% | 3.8% | 3.9% | 3.9% | 3.0% | 2.7% |
| Other income, % of PBT | 3% | 15% | 9% | 39% | 4% | 46% | 2% | 54% | 34% | 24% | 62% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 25% | 22% | 22% | 24% | 19% | 23% | 19% | 22% | 19% | 17% | 23% |
| Net profit | ₹97.0 cr | ₹97.0 cr | ₹140 cr | ₹412 cr | ₹216 cr | ₹465 cr | ₹280 cr | ₹746 cr | ₹321 cr | ₹298 cr | ₹718 cr | ₹411 cr |
| YoY | — | — | +109% | +265% | +123% | +379% | +100% | +81% | +49% | −36% | +156% | −45% |
| Core profit YoY | — | — | +95% | +121% | +125% | +180% | +118% | +32% | −1% | −10% | −7% | +8% |
| EPS | ₹16.12 | ₹15.91 | ₹22.34 | ₹65.15 | ₹28.50 | ₹66.54 | ₹37.20 | ₹110.72 | ₹47.34 | ₹42.17 | ₹108.60 | ₹56.18 |
| Flags | · | · | ✓ | 2 | ✓ | 2 | ✓ | 2 | 2 | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dixon Technologies (India) Ltd. reported revenue of ₹11,534 cr (+133.3% on the year) and net profit of ₹412 cr (+264.6% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +121.2% on the year, against +264.6% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.