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

Feb 2, 2021

Dixon Technologies (India) Ltd.

2^nd February, 2021

To	To
Secretary	Secretary
Listing Department	Listing Department
BSE Limited	National Stock Exchange of India Limited
Department of Corporate Services	Exchange Plaza,
Phiroze Jeejeebhoy Towers,	Bandra Kurla Complex
Dalal Street, Mumbai - 400 001	Mumbai - 400 051
Scrip Code: 540699	Symbol: DIXON

Dear Sir/Madam,

Sub: Outcome of Board Meeting

In furtherance to our intimation dated $14^th$ January, 2021 and in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations, 2015'). we wish to inform you that the Board of Directors of the Company, Dixon Technologies (India) Limited, at their meeting held today i.e., $2^{nd}$ February, 2021 have, inter alia, considered and approved the following businesses:

i. Un-audited Financial Results (Standalone and Consolidated) of the Company for the Quarter ended 31st December, 2020. Following are the key highlights, on consolidated basis:

Particulars	Quarter ended 31.12.2020		Nine months ended 31.12.2020
	Amount (In Rs.	Up/Down $\frac{9}{6}$	Amount (In Rs. Lakhs)	Up/Down $\%$
	Lakhs)	(T/L)		(T/L)
Revenue from operations	2,18,278	$120$ T	4,33,846	22 †
EBIDTA	10,064	89 †	20,738	$20^{\circ}$
PBT	8,168	130 1	15,565	30 †
PAT	6,159	134	11,555	241

The detailed format of the Un-Audited Financial Results (Standalone and Consolidated) together with the Limited Review Report is enclosed as Annexure-1. A copy of the same is also uploaded on the Company's website www.dixoninfo.com.

Further, an extract of the afore-stated Financial Results shall be published in the manner as prescribed under Listing Regulations, 2015.

Regd. Office: B-14 & 15, Phase-II, Noida-201 305, (U.P.) India, Ph. 0120-4737200 E-mail: info@dixoninfo.com • Website: http://www.dixoninfo.com, Fax: 0120-4737263 CIN: L32101UP1993PLC066581

ii. The sub-d ivision/ stock split of existing I (one) Equity Share of face value of Rs. 10/- each fully paid up into 5 (Five) Equity Shares of Rs. 2/- each full y paid up, subject to shareholders' approval.

Detailed disclosure in terms of Regu lation 30 of Listing Regulations, 2015 read with SEBl c ircular dated 9¹ h September, 201 5 is enclosed at Annexure 2;

Further, the record date for the purpose of subdivision of equity shares sha ll be decided after obtaining approval for sub-division from the members through postal ballot and will be intimated in due course.

• iii. Alteration of A uthorised Share Capital of the Company from Rs. 26,00,00,000/- (Rupees Twenty-Six Crores Only) divided into 2,60,00,000 (I'wo Crore Sixty Lakhs) Equity Shares having face value of Rs. I OI- each to Rs. 26,00,00,000/- (Rupees Twenty-Six Crores Only) divided into I 3, 00, 00, 000/- (Thirteen Crores) Equity Shares having face value of Rs. 21- each and consequent alteration in Capital Clause of Memorandum of Association of the Company, subject to shareho lders' approval;
• iv. Considered and approved the draft notice of Postal Ballot to seek shareho lders' approval.

The meeting of the Board of D irectors commenced at 11 .30 A.M. and concluded at 02.1 5 P.M.

You are requested to kindly take the same on your records and oblige.

Thanking you,

Yours faithfully, For Dixon Technologies (India) Limited v\,v

b~ ^~.. (~~-i~any Secretary, Head-Legal & H.R.

Encl: As above

Annexure-1

S.N. Dhawan & CO LLP

421 , II Floor, Udyog Vihar Phase IV, Gurugram, Haryana 122016, India

Tel: +91 124 481 4444

LIMITED REVIEW REPORT ON UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020

To the Board of Directors of DIXON TECHNOLOGIES (INDIA) LIMITED

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of DIXON TECHNOLOGIES (INDIA) LIMITED ("the Company") for the quarter and nine months ended 31 December 2020 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India ("the SEBI") {Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement which is the responsibility of the Company 's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'I nterim Financial Reporting' ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 rthe Act") read with relevant Rules issued thereunder; and other accounting principles generally accepted in India. Our responsibi lity is to issue a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial I nformation Performed by the I ndependent Auditor of the Entity', issued by the I nstitute of Chartered Accountants of Indra. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Ind AS and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.N. Dhawan & CO LLP Chartered Accountants Firm Registratron No.: 0OO0S0N/NS00045

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l

Vinesh Jain Partner Membership No. : 08770 1 UDIN No.: 21087701AAAABU8647

Place: Delhi Date: 02 February 2021

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DIXON TECHNOLOGIES (INDIA) LIMITED REGISTERED OFFICE B14 & 15, PHASE II, NOIDA

CIN: L32101UP1933PLC066581, Website: www.dixoninfo.com
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020

							(Rupees in Lakhs)
S.No.	Particulars	Quarter ended			Nine Months Ended	Year ended
		$31 - Dec - 20$	30-Sep-20	$31 - Dec - 19$	$31 - Dec - 20$	$31 - Dec-19$	31-Mar-20
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Revenue from operations Other Income	1,89,693 18	1,47,288	80,880 107	3,83,559 74	2,90,860 407	3,67,150 920
з	Total income $(1+2)$	1,89,711	1,47,319	80,987	3,83,633	2,91,267	3,68,070
$\overline{4}$	Expenses a) Cost of materials consumed b) Changes in inventories of finished goods, work-in-progress and stock-in-trade Employees benefits expense C) d) Finance costs Depreciation and amortisation expense. e) f) Other expenses	1,70,575 140 3,437 749 999 6.214	1,29,861 (270) 3,306 686 869 6.154	68,998 346 2.695 830 876 4,228	3.36.417 4,763 8,579 1,991 2,773 14,660	2,53,364 640 8,022 2,758 2,237 13,959	3, 21, 211 (3, 157) 10,874 3,510 3,178 18,213
	Total expenses	1,82,114	1,40,705	77,973	3,69,183	2,80,980	3,53,829
5	Profit before exceptional items and tax	7,597	6,614	3,014	14,450	10,287	14,241
	Exceptional items
6	Profit before tax	7,597	6,614	3,014	14,450	10,287	14,241
$\overline{7}$	Tax expenses (Net) a) Current tax b) Deferred tax c) Income tax related to earlier years	1,934 (66)	1,793 (14)	783 (45) 58	3,827 (121)	2,698 (493) 58	3,645 (523) 58
8	Net Profit for the period/year (6-7)	5,729	4,835	2,218	10,744	8,024	11,061
9	Other Comprehensive Income ('OCI') a) Items that will not be reclassified to Profit or Loss (net of tax) b) Items that will be reclassified to Profit or Loss (net of tax)	(11) ÷	(11) ۰		(33)	(3) ×	(50)
10	Total Comprehensive Income	5,718	4,824	2,219	10,711	8,021	11,011
11	Paid-up equity share capital (Face value per share Rs. 10)	1,171	1,157	1,157	1,171	1.157	1,157
12 13	Other equity excluding revaluation reserve Earning per share of Rs. 10/- each (not annualised)						50,259
	(a) Basic (Rs.)	49.43	41.78	19.51	92.71	70.58	96.88
	(b) Diluted (Rs.)	48.59	40.88	18.84	91.13	68.15	94.26

Notes:

$\overline{2}$

These financial results have been prepared in accordance with Indian Accounting Standards (Ind-AS) as prescribed under section 133 of Companies Act, 2013 read with Rule 3 of
the companies (Indian Accounting Standards) Rule $\mathbf 1$

The Company had made an Initial Public Offer (TPO') during the Quarter ended 30 September, 2017, for 33,93,425 equity shares of Rs. 10 each, comprising of 3,39,750 fresh issue of equity share haddens. The equity shares wer

Details of utilisation of IPO Proceeds are as follow

	Particulars	Object of the Issue as per Prospectus	Total Utilization Up to Dec 31. 2020	(Rupees In Lakhs) Amount Pending Utilization
	Re-payment/pre-payment, in full or in part, of certain borrowings availed by the Company	2,200	2,200
b.	Setting up a unit for manufacturing of LED TVs at the Tirupati (A.P)	758	758	u
	c. Finance the enhancement of our backward integration capabilities in the lighting products vertical at Dehradun Facility (see note 'b' below)	796	796	×
	d. Upgradation of the information technology infrastructure of the Company (see note 'b' below)	941	941
	e. General corporate purposes (see note 'a' & 'b' below)	1.017	1.017
	Sub-total	5,712	5,712
	IPO Expenses (see note 'a' below)	288	288
	Total	6.000

Notes:

a. Estimated IPO expenses reduced by Rs. 54 Lakhs and accordingly expense transferred to General Corporate Expenses.

b. The members of the Company had, at its Annual general Meeting held on 29^th September, 2020 approved "variation in the terms of the Object of the public issue as stated in
the prospectus of the Company dated 11th Septe

The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on February 02, 2021. The Limited Review for
the quarter and nine months ended 31 December, 20 $\overline{\mathbf{3}}$

• The chief operating decision maker (CODM) comprises of the Board of Directors ,Managing Director cum Vice chairman & Chief financial officer which examines the Company's
  performance on the basis of single operating segment a.
• The Code on Social Security, 2020 ('Code') relating to employee benefits, during employment and post-employment benefits, has rec
  2020. This Code has been published in the Gazette of India. However, the effective date from eived the Presidential assent in September 5 to be not fied and the rules for quantifying
  in the financial statements in the period in

Figures of the previous periods have been regrouped /rearranged, wherever necessary

Place: Noida
02.02.2021 Date

$.01₀$ B-14,15, Phase-II, Noida $\frac{\pi}{\sqrt{2\pi}}$

For DIXO Atul.B.Lal

Managing Director cum Vice Chairman
Director Identification Number: 00781436 00781436

S.N. Dhawan & CO LLP

Tel: +91 124 481 4444

Limited Review Report on Consolidated Unaudited Financial Results for the quarter and nine months ended 31 December 2020

To the Board of Directors of DIXON TECHNOLOGIES {INDIA) LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of DIXON TECHNOLOGIES {INDIA) LIMITED ("the Holding Company") and its subsidiaries (the holding company and its subsidiaries together referred to as "the Group"), and joint venture for the quarter and nine months ended 3 1 December 2020 ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Secunt1es and Exchange Board of India ("the SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared In accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute 9f Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. This statement includes the results of the following entities: .

I Name of the Company	l ation	~ Percentage of J ownership interest
AIL Dixon Technologies Private Limited 1	Joint venture	__ 50°_vo
Padget Electronics Private Limited	Subsidiary	----"i 100%
1 Dixon Global Private Limited -	Subsidiary	100%
I Dixon Electro Appliances Private Limited	Subsidiary	100%

1. Based on our review conducted ~~~!!. performed as stated in paragraph 3 above and based on the consider reports of other auditors referred to

S.N Ohawan & co LLP 15 regisiered w,th hrr,led hab,lity Wllh ,den "'-......,,_, fVJ-1-1125 and Its reg1s1ered office ,s 108. Mercantole House. 15. Kaslurba Gandhi Marg, New Delhi t t0001 , India

in paragraph 6 below nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Ind AS and other accounting principles generally accepted In India, has not disclosed the Information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. Other Matter

This statement includes the financial results of two subsidiaries, included in the consolidated financial results, whose financial results reflect total revenues of Rs. 26,707 lakhs and 48,187 lakhs, profit after tax of Rs. 260 lakns and 615 lakhs and total comprehensive Income of Rs. 262 lakhs and Rs. 618 lakhs for the quarter and nine months ended 31 December 2020 respectively, as considered in the consolidated financial results, whose financial results have not been reviewed by us. These financial results have been reviewed by other auditors, whose reports have been furnished to us by the Management and our conclusion on the Statement, In so far as It relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement Is not modified in respect of the above matter.

For S.N. Dhawan & CO LLP Chartered Accountants

Firm Registration No.: 000050N/N500045

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Vinesh lain Partner Membership No.: 087701 UDIN No.: 21087701AAAABV3038

Place: Delhi Date: 02 February 2021

DIXON TECHNOLOGIES (INDIA) LIMITED
BEGISTERED OFFICE
B14 & 15,PHASE II, NOIDA
UTTAR PRADESH-201305
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020

							(Rupees in Lakhs)
	S.No. Particulars		Quarter ended		Nine Months Ended		Year Ended
		31-Dec-20	30-Sep-20	31-Dec-19	31-Dec-20	31-Dec-19	31-Mar-20
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1 $\overline{2}$	Revenue from operations Other income	2,18,278 14	1,63,874 25	99.381 183	4,33,846 60	3,54,270 523	4,40,012 520
$\overline{\mathbf{3}}$	Total income $(1+2)$	2,18,292	1,63,899	99,564	4,33,906	3,54,793	4,40,532
4	Expenses a) Cost of materials consumed	1,97,499	1,45,244	85,615	3,81,143	3, 12, 218	3,91,334
	b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(98)	(772)	1,040	6,230	1,583	(5, 314)
	Employees benefits expense c).	3,768	3,588	2.716	9,333	8,714	11,796
	Finance costs d).	771	691	806	2,031	2,729	3,497
	e) Depreciation and amortisation expense	1,125	1,092	984	3,142	2,562	3,653
	Other expenses	7,059	6,875	4,857	16,462	15,037	19,889
	Total expenses	2,10,124	1,56,718	96,018	4,18,341	3,42,843	4,24,855
5	Profit before exceptional items and tax	8,168	7,181	3,546	15,565	11,950	15,677
	Exceptional items
6	Profit before tax	8,168	7,181	3,546	15,565	11,950	15,677
$\overline{ }$	Tax expenses (Net)
	a) Current tax	2,046	1,917	890	4,071	3,087	4,066
	Deferred tax br		34		(22)	(415)	(402)
	c) MAT credit entitiement	(39)	(6)	(36)	(45)	(73)	(78)
	d) Income tax related to earlier years			58		60	41
8	Net Profit for the period/year (6-7)	6,159	5,236	2,630	11,555	9,291	12,050
9	Other Comprehensive Income ('OCI') a) Items that will not be reclassified to Profit or Loss (net of tax)	(10)	(11)		(31)	(2)	(45)
	b) Items that will be reclassified to Profit or Loss (net of tax)
10	Total comprehensive income	6,149	5,225	2,631	11,524	9,289	12,005
11	Paid-up equity share capital (Face value per share Rs.10/-)	1,171	1,157	1,157	1,171	1,157	1,157
12	Other equity excluding revaluation reserve					×.	52,976
13	Earning per share of Rs. 10/- each (not annualised)
	(a) Basic (Rs.)	53.14	45.25	23.13	99.69	81.74	105.54
	(b) Diluted (Rs.)	52.23	44.28	22.33	97.99	78.92	102.70

Not.

These financial results have been prepared in accordance with Indian Accounting Standards (Ind-AS) as prescribed under section 133 of Companies Act, 2013 read with Rule 3 of the
companies (Indian Accounting Standards) Rule $\overline{1}$

The Holding Company had made an Initial Public Offer (TPO') during the Quarter ended 30 September, 2017, for 33,93,425 equity shares of Rs. 10 each, comprising of 3,39,750 fresh issue of equity shares by the Company and 30 $\overline{2}$

Details of utilisation of IPO Proceeds are as follow

	Rupees in Lakhs)
Particulars		Object of the Issue as per Prospectus	Total Utilization Up to Dec 31. 2020	Amount pending utilisation
	a. [Re-payment/pre-payment, in full or in part, of certain borrowings availed by the Company	2.200	2.200
	(b. Setting up a unit for manufacturing of LED TVs at the Tirupati (A.P)	758	758
	c. Finance the enhancement of our backward integration capabilities in the lighting products vertical at Dehradun Facility (see note 'b' below)	796	796
Ìd.	Upgradation of the information technology infrastructure of the Company (see (note 'b' below)	941	941
	e. General corporate purposes (see note 'a' & 'b' below)	1.017	1,017
	Sub-total	5,712	5,712
	IPO Expenses (see note 'a' below)	288	288
	Total	6,000

Notes:
a. Estimated IPO expenses reduced by Rs. 54 Lakhs and accordingly expense transferred to General Corporate Expenses.

b. The members of the Company had, at its Annual general Meeting held on 29^th September, 2020 approved "variation in the terms of the Object of the public issue as stated in the prospectus of the Company dated 11th Septe eeds outstanding for utilisation

• 3 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on February 02, 2021. The Limited Review for the quarter and nine months ended 31 December,
• The chief operating decision maker (CODM) comprises of the Board of Directors , Managing Director cum Vice chairman & Chief financial officer which examines the Company's
  performance on the basis of single operating segmen
• 5 The Code on Social Security, 2020 ('Code') relating to employee benefits, during employment and post-employment benefits, has received the Presidential assent in September 2020. This Code has been published in the Gazette of India. However, the effective date from which the changes are applicable is yet to be netthed and the rules for quantifying the financial impact are also yet to be issued. The effective and the related rules are published.

6 Figures of the previous periods have been regrouped /rearranged, wherever necessary

Place: Noida
Date: 02.02.2021

DXON ECHNOLOGIES (INDER LIMITED

Atul.B.Lall Managing Director cum Vice Chairman
Director Identification Number : 00781436 00781436

s. o.	Particulars	Description
1.	Split ratio	I :5 i.e. existing one (l) equity share o f face value of Rs.IO/- each into Five (5) equity shares of face value of Rs. 2/- each
2.	Rationale behind the split	To encourage wider participation of small investors and to enhance the liquidity of the Equity Shares at the Stock Market
3.	Expected time of completion	2-3 months (including the time required for approval of the shareholders)
4.	Class of shares which are subdivided	Equity Shares of face value of Rs. I 0/- each
5.	Number of shares of each class pre and post stock split	The details are stated at Po int 7 below.
6.	umber of shareholders who did not get any shares in consolidation and their pre-consolidation shareholding	Not Applicable

Details on ub-divisioo in terms of SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9¹ September, 2015:

7. Pre and Post share capital -

Particulars	Pre Stock Split Share Capital				Post Stock Split Share Capital
	No. of Shares	Face Total (io Rs.) Value		No. of Shares	Face Value	Total (in Rs.)
Authorised Share Capital	2,60,00,000	10	26,00,00,000/-	13,00,00,000	2	26,00,00,000/-
ls ued, Subscribed & Pa id-up Share Capital	1, 17,09,87 1	10	11,70,98,710/-	5,85,49,355	2	11, 70,98,7 I 0/-

ote: Pre and Post Paid-up Capital may undergo corre5ponding changes ^{0 11}account of any further increase i11 capital due ro exercise of ESOPs or otherwise, occurring between the date of this i11timatio11 and the record date for subdivision to be fixed later.

For Dixon T~ hnologies (India) Limited

.~~ Ash mar (Gr. ny Secretary, Head-Legal &