Dixon’s Revenue To More Than Double In FY25: Report

Electronics contract manufacturer Dixon Technologies India, which assembles smartphones for companies like Google, Xiaomi and Oppo, is on track to more than double its revenue in the fiscal year 2024-25 (FY25).

“For the sector and Dixon, the growth path is going to be extremely aggressive in the coming future,” the company’s managing director Atul Lall told Reuters.

This comes at a time when India’s electronics manufacturing sector is booming amid rising demand for electronics products, favourable government policies such as production-linked incentive (PIL) scheme and the Electronics Manufacturing Cluster (EMC) scheme and increased investments in semiconductor and electronics component manufacturing.

Global tech giants like Apple and Google are also moving production to India and building an ecosystem of Indian suppliers for components used in devices like iPhones, Macbooks, and Pixels, among others.

It is pertinent to note that the finance ministry approved an incentive scheme worth nearly $3 Bn (about INR 25K Cr) last month to boost domestic manufacturing of electronics components. 

The potential government sops for component manufacturing, coupled with Dixon’s heavy investments to cater to the rising export demand for electronics, will likely be a shot in the company’s arm.

Dixon Technologies predominantly manufactures consumer durables, home appliances, lighting products, mobile phones, telecom products and security gadgets, among others. The company has also initiated talks to set up a $3 Bn display fabrication plant in India to boost its presence in the electronics components market.

In December 2024, Dixon inked a pact with Vivo India to launch an original equipment manufacturer (OEM) facility via a joint venture.

Last November, the electronics goods player set up a wholly-owned subsidiary, Dixon Teletech, to manufacture IT hardware components. The company has also entered into a joint venture with China’s HKC to make display modules and assembly devices. 

The company is setting up an IT hardware manufacturing unit in Chennai for the mass production of laptops for HP and ASUS. It already makes laptops for Lenovo and Acer and is a key beneficiary of the government production-linked incentive (PIL) 2.0 scheme.

Dixon Technologies India’s consolidated profit after tax (PAT) zoomed 47% to INR 375 Cr in FY24 from INR 255 Cr in the previous fiscal year.

Revenue from operations surged 45% to INR 17,691 Cr during the year under review from INR 12,192 Cr in FY23.