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DIXON TECHNOLOGIES 2021-22 Annual Report Analysis
Thu, 4 Aug

DIXON TECHNOLOGIES has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

DIXON TECHNOLOGIES Income Statement Analysis

  • Operating income during the year rose 65.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 31.7% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 3.6% in FY22 as against 4.5% in FY21.
  • Depreciation charges increased by 92.0% and finance costs increased by 51.0% YoY, respectively.
  • Other income grew by 141.1% YoY.
  • Net profit for the year grew by 19.1% YoY.
  • Net profit margins during the year declined from 2.5% in FY21 to 1.8% in FY22.

DIXON TECHNOLOGIES Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 64,482 106,971 65.9%
Other income Rs m 16 38 141.1%
Total Revenues Rs m 64,498 107,009 65.9%
Gross profit Rs m 2,919 3,843 31.7%
Depreciation Rs m 437 840 92.0%
Interest Rs m 327 494 51.0%
Profit before tax Rs m 2,170 2,548 17.4%
Tax Rs m 572 644 12.5%
Profit after tax Rs m 1,598 1,904 19.1%
Gross profit margin % 4.5 3.6
Effective tax rate % 26.4 25.3
Net profit margin % 2.5 1.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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DIXON TECHNOLOGIES Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 27 billion as compared to Rs 19 billion in FY21, thereby witnessing an increase of 46.2%.
  • Long-term debt stood at Rs 3 billion as compared to Rs 800 million during FY21, a growth of 271.8%.
  • Current assets rose 44% and stood at Rs 31 billion, while fixed assets rose 73% and stood at Rs 11 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 43 billion as against Rs 28 billion during FY21, thereby witnessing a growth of 50%.

DIXON TECHNOLOGIES Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 7,286 9,858 35.3
 
Current Liabilities Rs m 18,708 27,359 46.2
Long-term Debt Rs m 800 2,973 271.8
Total Liabilities Rs m 28,457 42,772 50.3
 
Current assets Rs m 21,911 31,470 43.6
Fixed Assets Rs m 6,546 11,302 72.7
Total Assets Rs m 28,457 42,772 50.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DIXON TECHNOLOGIES Cash Flow Statement Analysis

  • DIXON TECHNOLOGIES's cash flow from operating activities (CFO) during FY22 stood at Rs 3 billion, an improvement of 60.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -5 billion, an improvement of 75.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs 3 billion, an improvement of 379% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs 1 billion from the Rs -318 million net cash flows seen during FY21.

DIXON TECHNOLOGIES Cash Flow Statement 2021-22

Particulars No. of months 12 12 % Change
Year Ending Mar-21 Mar-22
Cash Flow from Operating Activities Rs m 1,701 2,727 60.3%
Cash Flow from Investing Activities Rs m -2,654 -4,645 -
Cash Flow from Financing Activities Rs m 635 3,043 379.5%
Net Cash Flow Rs m -318 1,126 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DIXON TECHNOLOGIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 32.1, an improvement from the EPS of Rs 27.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 3,831.0, stands at 104.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 23.1 times, while the price to sales ratio stands at 2.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 104.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Sales per share (Unadj.) Rs 1,100.9 1,802.7
TTM Earnings per share Rs 27.3 32.1
Diluted earnings per share Rs 26.9 32.1
Price to Cash Flow x 107.0 104.5
TTM P/E ratio x 136.3 104.4
Price / Book Value ratio x 99.9 29.1
Market Cap Rs m 727,562 286,621
Dividends per share (Unadj.) Rs 1.0 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DIXON TECHNOLOGIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY22, from 1.2x during FY21. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 6.2x during FY22, from 7.6x during FY21. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 19.3% during FY22, from 21.9% during FY22. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 23.7% during FY22, from 30.9% during FY21. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 5.6% during FY22, from 6.8% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Current ratio x 1.2 1.2
Debtors’ Days Days 616 463
Interest coverage x 7.6 6.2
Debt to equity ratio x 0.1 0.3
Return on assets % 6.8 5.6
Return on equity % 21.9 19.3
Return on capital employed % 30.9 23.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how DIXON TECHNOLOGIES has performed over the last 5 years, please visit here.

DIXON TECHNOLOGIES Share Price Performance

Over the last one year, DIXON TECHNOLOGIES share price has moved down from Rs 4,234.8 to Rs 3,831.0, registering a loss of Rs 403.8 or around 9.5%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 40,448.7 (up 0.7%). Over the last one year it has moved up from 36,660.0 to 40,448.7, a gain of 3,789 points (up 10.3%).

Overall, the S&P BSE SENSEX is up 10.0% over the year.

(To know more, check out historical annual results for DIXON TECHNOLOGIES and quarterly results for DIXON TECHNOLOGIES)

Annual Report FAQs

What is the current share price of DIXON TECHNOLOGIES?

DIXON TECHNOLOGIES currently trades at Rs 0.0 per share. You can check out the latest share price performance of DIXON TECHNOLOGIES here...

What was the revenue of DIXON TECHNOLOGIES in FY22? How does it compare to earlier years?

The revenues of DIXON TECHNOLOGIES stood at Rs 107,009 m in FY22, which was up 65.9% compared to Rs 64,498 m reported in FY21.

DIXON TECHNOLOGIES' revenue has grown from Rs 28,341 m in FY18 to Rs 107,009 m in FY22.

Over the past 5 years, the revenue of DIXON TECHNOLOGIES has grown at a CAGR of 39.4%.

What was the net profit of DIXON TECHNOLOGIES in FY22? How does it compare to earlier years?

The net profit of DIXON TECHNOLOGIES stood at Rs 1,904 m in FY22, which was up 19.1% compared to Rs 1,598 m reported in FY21.

This compares to a net profit of Rs 1,205 m in FY20 and a net profit of Rs 634 m in FY19.

Over the past 5 years, DIXON TECHNOLOGIES net profit has grown at a CAGR of 33.0%.

What does the cash flow statement of DIXON TECHNOLOGIES reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of DIXON TECHNOLOGIES reveals:

  • Cash flow from operations increased in FY22 and stood at Rs 2,727 m as compared to Rs 1,701 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs -4,645 m as compared to Rs -2,654 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs 3,043 m as compared to Rs 635 m in FY21.

Here's the cash flow statement of DIXON TECHNOLOGIES for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations679-312,3731,7012,727
From Investments-997-638-993-2,654-4,645
From Financial Activity418686-5746353,043
Net Cashflow10018812-3181,126

What does the Key Ratio analysis of DIXON TECHNOLOGIES reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of DIXON TECHNOLOGIES reveals:

  • Operating profit margins witnessed a fall and stood at 3.6% in FY22 as against 4.5% in FY21.
  • Net profit margins declined from 2.5% in FY21 to 1.8% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.3 as compared to 0.1 in FY21.

Here's the ratio/financial analysis of DIXON TECHNOLOGIES for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)4.04.65.24.53.6
Net Profit Margin (%)2.22.12.72.51.8
Debt to Equity Ratio (x)0.00.00.00.10.3

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