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Dixon hits 52-week low before closing 19.19% down on poor Q3 show

Cuts FY23 guidance, but expects sales to improve in FY24

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3 min read Last Updated : Jan 27 2023 | 10:19 PM IST

Shares of Dixon Technologies (India) shed about 22 per cent intraday and hit a 52-week low of Rs 2,673.05 on Friday after the company reported disappointing results for the December quarter (Q3FY23). At close, the stock was down 19.19 per cent.

Revenues declined 22 per cent year on year (YoY) to Rs 2,405 crore in Q3FY23, due to slower ramp up in the mobile segment and a muted show in consumer electronics and lighting businesses. The revenues of these segments fell 39 per cent each from the year-ago quarter.

The sluggishness in mobile segment sales was on account of weak exports of Motorola handsets and lower festival demand. Lower realisation in LED televisions led to a revenue dip in the consumer electronics segment.