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Dixon Technologies Stock Crash: Dixon Technologies shares are heavily sold on Friday after poor quarterly results. The company’s shares fell by Rs 691, or 20%, to Rs 2673.05 in intraday trading. This is also the new 52 week low price. Let us tell you that the company suffered a huge setback in the third quarter ended December 2022. Sales fell by 22%.
Quarterly report of the company
The company reported a disappointing report for the December quarter (Q3FY23). The company’s revenue fell 22 percent year-on-year (YoY) in Q3FY23 to Rs.2,405 crore. The reason for the lower sales is a 39 percent drop in sales in consumer electronics and lighting. However, profit after tax during the quarter rose 12 per cent to Rs 52 crore versus Rs 46 crore in Q3FY22. Earnings before Ebitda margin also rose 130 basis points (bps) to 4.7 percent from 3.4 percent in the year-ago quarter.
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What do experts say?
According to brokerage firm Edelweiss, the company’s earnings have fallen, so the stock could fall further in the coming days. However, the brokerage firm has retained a Buy rating with a price target of £3,865 per share. Meanwhile, brokerage house Yes Securities upgraded the stock to Neutral (target price: £3,506). According to Brokerage, “The stock has already rebounded strongly and is expected to resume strong growth momentum as the order book remains healthy across all categories. The new capacities have started commercial production. New product categories such as wearables and refrigerators can generate revenue. At the same time, another broker has given MK a target of Rs 3,165.
