Dixon Technologies (India) Limited — Interim / Quarterly Report 2021

May 27, 2021

EARNINGS PRESENTATION Q4 & FY 20-21

Table of contents

Key highlights of Q4 & FY 20-21	03
Consolidated Results Summary	04
Segment Wise Analysis	05-10
Expenditure Analysis	11
Balance Sheet	12
Cash Flow	13
Key Financial Ratios	14

Key highlights of Q4, FY 20-21

Key highlights of FY 20-21

*Revenue and EBITDA include other income

**EBITDA after ESOP expenses of INR 803 Lacs & INR 938 Lacs for Q4 & FY 20-21 respectively 3

Consolidated Results Summary

Particulars (INR Lacs)	Q4, FY 20-21	Q4, FY 19-20	% Change	FY 20-21	FY 19-20	% Change
Income	210,971	85,741	146%	644,817	440,012	47%
Expenses*	202,990	80,153	153%	616,158	417,705	48%
Operating Profit	7,981	5,588	43%	28,659	22,307	28%
Operating Profit Margin	3.8%	6.5%	-2.7%	4.4%	5.1%	-0.7%
Other Income	98	(3)	3367%	158	520	-70%
EBITDA	8,079	5,585	45%	28,817	22,827	26%
EBITDA Margin	3.8%	6.5%	-2.7%	4.5%	5.2%	-0.7%
Depreciation	1,229	1,091	13%	4,372	3,653	20%
EBIT	6,850	4,494	52%	24,445	19,174	27%
Finance Cost	713	768	-7%	2,744	3,497	-22%
PBT	6,137	3,726	65%	21,701	15,677	38%
PBT Margin	2.9%	4.3%	-1.4%	3.4%	3.6%	-0.2%
Tax	1,711	968	77%	5,721	3,627	58%
PAT	4,426	2,758	60%	15,980	12,050	33%
PAT Margin	2.1%	3.2%	-1.1%	2.5%	2.7%	-0.2%
Diluted EPS	7.4	4.7	58%	26.9	20.5	31%

*Includes ESOP expenses of INR 803 Lacs & INR 938 Lacs for Q4 & FY 20-21 respectively

Consumer Electronics

INR 13,001 Lacs in FY 20, down 11%

5

Lighting Products

Home Appliances

Mobile & EMS Division

8

Security Systems (Dixon 50% share)

Reverse Logistics

Expenditure Analysis : Q4,FY 20-21 vs Q4,FY 19-20

Particulars (As a % of operating revenues)	Q4, FY 20-21	Q4, FY 19-20	% Change
Cost of Material Consumed	89.9%	84.2%	5.7%
Employee benefit expenses	2.1%	3.6%	-1.5%
Finance Cost	0.3%	0.9%	-0.6%
Depreciation and Amortization Expense	0.6%	1.3%	-0.7%
Other expenses	4.3%	5.7%	-1.4%

Expenditure Analysis : FY 20-21 vs FY 19-20

Particulars (As a % of operating revenues)	FY 20-21	FY 19-20	% Change
Cost of Material Consumed	89.5%	87.7%	1.8%
Employee benefit expenses	2.1%	2.7%	-0.6%
Finance Cost	0.4%	0.8%	-0.4%
Depreciation and Amortization Expense	0.7%	0.8%	-0.1%
Other expenses	4.0%	4.5%	-0.5%

Balance sheet

Particulars (INR Lacs)		31st Mar '21	31st Mar '20	0.21
Net Fixed Assets	(A)	49,043	33,347
Right-of-use asset	(B)	13,218	9,017		0.16
Other Non Current Assets	(C)	3,196	2,740	73,730		Equity
Cash & Bank & Investments	(D)	16,414	10,016		54,133	Gross Debt
Current Assets
Trade Receivables		108,907	51,512	15,609	8,667
Inventories		74,325	49,784	31-Mar-21 31-Mar-20
Other Current Assets		19,463	13,306
Total Current Assets		202,695	114,602
Less: Current Liabilities & Provisions		179,463	95,833	Particulars (INR Lacs) Gross Debt	31st Mar '21 15,609	31st Mar '20 8,667
Net Current Assets	(E)	23,232	18,769
Total Assets (A+B+C+D+E)		105,103	73,889	Cash & Cash Equivalents	16,414	10,016
Total Shareholder funds	(A)	73,730	54,133	Net Debt	(805)	(1,349)
Equity share capital		1,171	1,157	Gross Debt /Equity	0.21	0.16
Other equity		72,559	52,976	Net Debt/Equity	(0.01)	(0.02)
Total Debt	(B)	15,609	8,667
Short Term Borrowings		7,134	7,180	Gross Debt /EBITDA	0.5	0.4
Long Term Borrowings		8,475	1,487	Net Debt/EBITDA	(0.03)	(0.05)
Other Non Current Liabilities	(C)	15,763	11,088
Total Liabilities (A+B+C)		105,103	73,889

Particulars (INR Lacs)	31st Mar '21	31st Mar '20
Gross Debt	15,609	8,667
Cash & Cash Equivalents	16,414	10,016
Net Debt	(805)	(1,349)
Gross Debt /Equity	0.21	0.16
Net Debt/Equity	(0.01)	(0.02)
Gross Debt /EBITDA	0.5	0.4
Net Debt/EBITDA	(0.03)	(0.05)

Cash Flow

Particulars (INR Lacs)	FY 20-21
PBT	21,701
Depreciation & Amortization	4,372
Others ( Net interest expenses, ESOP expenses etc.)	3,855
Working capital change	(7,428)
Taxes Paid	(5,488)
Cash Flow from Operating Activities (A)	17,011
Capital expenditure	(16,795)
Investment in Liquid mutual funds & FDs	(9,745)
Cash Flow from Investing Activities (B)	(26,540)
Interest Paid	(3,223)
(Repayment) / Proceeds from Borrowing	6,884
Proceeds from issue of shares	2,686
Cash Flow from Financing Activities (C)	6,347
Net Change in Cash & Cash Equivalents (A+B+C)	(3,182)
Opening Cash & Cash Equivalents (D)	9,566
Closing Cash & Cash Equivalents (A+B+C+D)	6,384

* Positive Free cash flow generation of INR 216 Lacs

*Free Cash Flow : Cash from Operating activities Less capital expenditure

Key Financial Ratios

Dixon
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Particulars	As on 31st Mar 2021
Inventory days (A)	26
Debtors Days (B)	46
Creditors days (C)	72
Cash Conversion Cycle / Working Capital Days (A+B-C)*	0
ROCE (%)**	31.4%
ROE (%) ***	25.0%

* Working capital days for 31st Mar, 21 calculated on quarterly basis

**ROCE = EBIT/Average Net Capital Employed based on the Capital employed as on 31st Mar 21 & 31st Mar 20 ***ROE = PAT / Average Shareholder Funds based on the Shareholder Funds as on 31st Mar 21 & 31st Mar 20