Dixon Technologies shares gain as Q3 net profit rises 86%

Shares of Dixon Technologies (India) Ltd rose 6% in early trade today after the electronics manufacturer reported a 86% year-on-year growth in net profit in the third quarter. The Q3 show was boosted by a sharp rise in its mobile phone manufacturing business. Shares of Dixon Tech hit a high of Rs 6,350, rising 6.09% against the previous close of Rs 5985.35 on BSE.

The stock of Dixon Technologies opened higher at Rs 6177.45 today against the previous close of Rs 5,985.35. The market cap of the consumer durables firm rose to Rs 36,544 .96 crore. Total 0.13 lakh shares changed hands over the counter amounting to a turnover of Rs 8.32 crore.

The firm posted a revenue of Rs 4,821 crore in Q3FY24 as compared to Rs 2,408 crore a year ago, with net profit rising to Rs 97 crore as compared to Rs 52 crore in the year-ago period.

However, revenue fell 2.5% while net profit declined 14.2%, due to a seasonality of sales on account of Diwali, the company said.

Company’s revenue from mobile phone manufacturing zoomed 251% year-on-year to Rs 3214 crore in the quarter ended December 2023 from Rs 915 crore a year. Operating profit in the segment climbed 215% year-on-year to Rs 104 crore with an operating profit margin of 3.2%.

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