Dixon Technologies share price: JM Financial maintains buy with price target of Rs 17500
Dixon Technologies Q3 FY21 numbers posted an all round beat. Net sales jumped 120% YoY to Rs 21.8 bn, while EBITDA grew 95% YoY. The surprise was primarily led by consumer electronics (+199% YoY) and mobile and EMS (+114%), while other segments also reported strong growth i.e. lighting (+26%), home appliances (+68%). Margins contracted by 60bps to 4.6% due to adverse sales mix, rising commodity prices and freight costs.
JM Financial forecast sales/ EPS CAGR of 53%/55% over FY20-23E and maintained BUY with target price of Rs 17500, valuing the stock at PE of 45x FY23E: image taken from ANI