Indian Economy News

Indian electronics maker Dixon expects near 50% revenue growth in 2024: Executive

  • IBEF
  • January 24, 2024

Dixon Technologies (India) anticipates a nearly 50% surge in revenue for the current fiscal year, primarily driven by growth in its mobile phone business, according to Managing Director Mr. Atul Lall. Mr. Lall stated that the mobile phone segment is the significant growth catalyst, projecting a full-year revenue of US$ 2.16 billion (Rs. 180 billion )  by March, with 40%-50% originating from mobile phone manufacturing and assembly.

This estimate exceeds the approximately US$ 1.5 billion (Rs. 122 billion) reported in the last financial year. Dixon reported US$ 1 billion (Rs. 82.18 billion) in revenue for the six months ending December 31, slightly below half of Lall's full-year prediction. The company, which commenced color television production in India in 1994, now operates 23 manufacturing plants in the country, catering to clients such as Samsung and Germany's Robert Bosch.

The US$ 155 billion Indian electronics market benefits from global manufacturers diversifying their supply chains away from China. The Indian government's production-linked incentives further support companies like Dixon. As the focus shifts towards localizing manufacturing components and raw materials, Dixon and other electronics makers align with the evolving landscape of assembling imported parts.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.