Dixon Tech Q1 results: Consolidated PAT jumps 1,035% to Rs 18 cr, but misses estimates

MUMBAI: Dixon Technology today reported a 1,035 per cent rise in its consolidated net profit to Rs 18.2 crore for the quarter ended June, which was sharply lower than analysts’ estimate.

The contract manufacturer reported a 261 per cent year-on-year rise in consolidated revenues to Rs 1,867 crore for the reported quarter.

The June quarter performance was aided by an extremely weak base in the year-ago period, which was marred by the national lockdown to contain the spread of Covid-19 infections.

The company’s operating profit in the quarter soared 182 per cent on-year to Rs 48.3 crore, which also missed analysts’ expectations.

The lower-than-expected earnings of the company were likely a result of the impact of the second wave of Covid-19 infections in the country during the quarter and the localized lockdowns it triggered.

Shares of Dixon Tech were up 0.1 per cent at Rs 4,536.1 on the National Stock Exchange.