DIXON TECHNOLOGIES 2024-25 Annual Report Analysis

Wed, 3 Sep

DIXON TECHNOLOGIES has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

DIXON TECHNOLOGIES Income Statement Analysis

• Operating income during the year fell 69.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 3.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.7% in FY25 as against 4.0% in FY24.
• Depreciation charges decreased by 56.4% and finance costs decreased by 32.6% YoY, respectively.
• Other income grew by 194.6% YoY.
• Net profit for the year grew by 50.9% YoY.
• Net profit margins during the year grew from 2.1% in FY24 to 10.5% in FY25.

DIXON TECHNOLOGIES Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	176,909	54,009	-69.5%
Other income	Rs m	226	665	194.6%
Total Revenues	Rs m	177,135	54,674	-69.1%
Gross profit	Rs m	7,141	7,376	3.3%
Depreciation	Rs m	1,619	707	-56.4%
Interest	Rs m	810	545	-32.6%
Profit before tax	Rs m	4,938	6,789	37.5%
Tax	Rs m	1,189	1,130	-5.0%
Profit after tax	Rs m	3,749	5,659	50.9%
Gross profit margin	%	4.0	13.7
Effective tax rate	%	24.1	16.6
Net profit margin	%	2.1	10.5

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DIXON TECHNOLOGIES Balance Sheet Analysis

• The company's current liabilities during FY25 down at Rs 10 billion as compared to Rs 47 billion in FY24, thereby witnessing an decrease of -77.8%.
• Long-term debt down at Rs 270 million as compared to Rs 1 billion during FY24, a fall of 76.0%.
• Current assets fell 77% and stood at Rs 11 billion, while fixed assets rose 10% and stood at Rs 24 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 35 billion as against Rs 70 billion during FY24, thereby witnessing a fall of 50%.

DIXON TECHNOLOGIES Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	16,764	20,780	24.0
Current Liabilities	Rs m	47,316	10,488	-77.8
Long-term Debt	Rs m	1,126	270	-76.0
Total Liabilities	Rs m	69,895	34,804	-50.2
Current assets	Rs m	48,363	11,042	-77.2
Fixed Assets	Rs m	21,533	23,763	10.4
Total Assets	Rs m	69,895	34,804	-50.2

DIXON TECHNOLOGIES Cash Flow Statement Analysis

• DIXON TECHNOLOGIES's cash flow from operating activities (CFO) during FY25 stood at Rs 3 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -4 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs 1 billion, an improvement of 273% on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs 177 million from the Rs -166 million net cash flows seen during FY24.

DIXON TECHNOLOGIES Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	5,843	2,786	-52.3%
Cash Flow from Investing Activities	Rs m	-5,309	-3,817	-
Cash Flow from Financing Activities	Rs m	-700	1,208	-
Net Cash Flow	Rs m	-166	177	-

Current Valuations for DIXON TECHNOLOGIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 93.9, an improvement from the EPS of Rs 62.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 17,690.0, stands at 78.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 51.5 times, while the price to sales ratio stands at 19.7 times.
• The company's price to cash flow (P/CF) ratio stood at 124.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	2,957.4	896.6
TTM Earnings per share	Rs	62.7	93.9
Diluted earnings per share	Rs	62.0	93.5
Price to Cash Flow	x	84.3	124.2
TTM P/E ratio	x	124.1	78.9
Price / Book Value ratio	x	18.4	38.0
Market Cap	Rs m	308,949	790,602
Dividends per share (Unadj.)	Rs	5.0	8.0

Ratio Analysis for DIXON TECHNOLOGIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.1x during FY25, from 1.0x during FY24. 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 improved and stood at 13.4x during FY25, from 7.1x during FY24. 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 improved and stood at 27.2% during FY25, from 22.4% during FY25. 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 improved and stood at 34.8% during FY25, from 32.1% during FY24. 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 improved and stood at 17.8% during FY25, from 6.5% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	1.0	1.1
Debtors’ Days	Days	478	411
Interest coverage	x	7.1	13.4
Debt to equity ratio	x	0.1	0.0
Return on assets	%	6.5	17.8
Return on equity	%	22.4	27.2
Return on capital employed	%	32.1	34.8

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 up from Rs 12,977.2 to Rs 17,690.0, registering a gain of Rs 4,712.8 or around 36.3%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 62,222.5 (up 0.7%). Over the last one year it has moved down from 64,175.9 to 62,222.5, a loss of 1,953 points (down 3.0%).

Overall, the S&P BSE SENSEX is down 2.9% over the year.

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