Dixon Technologies shares hit record high; here's what brokerages say

Shares of Dixon Technologies hit a record high of Rs 4,614.90 on Monday, as the company announced its Q1 results for the current fiscal year. The stock has gained over 42% since April 2023.

Dixon Technologies, a leading manufacturer of consumer electronics and home appliances, reported a 22% increase in its revenue to Rs 2,638 crore in Q1 FY23. The company's net profit also rose by 18% to Rs 163 crore during the same period.

Analysts at several brokerages have maintained their bullish stance on Dixon Technologies shares following the strong Q1 results. Here's what some of them have to say:

• Motilal Oswal: "Dixon Technologies reported a strong Q1 with revenue and PAT beating estimates by 5% and 10%, respectively. The company's revenue growth was driven by strong demand for TVs, washing machines, and air conditioners. We maintain our Buy rating on the stock with a target price of Rs 5,200."
• ICICI Securities: "Dixon Technologies' Q1 results were in line with our expectations. The company's revenue and PAT growth was driven by strong execution and market share gains. We believe that Dixon is well-positioned to benefit from the growing demand for consumer electronics in India. We maintain our Buy rating on the stock with a target price of Rs 4,800."
• Kotak Institutional Equities: "Dixon Technologies' Q1 results were impressive. The company's revenue growth was driven by strong demand for its products in both the domestic and export markets. We believe that Dixon is a key beneficiary of the PLI scheme for consumer electronics. We maintain our Buy rating on the stock with a target price of Rs 4,900."

Overall, brokerages are positive on Dixon Technologies shares following the company's strong Q1 results. The company's diversified product portfolio, strong execution, and market share gains are expected to drive its growth in the coming quarters. Investors who are looking for opportunities in the consumer electronics sector may consider investing in Dixon Technologies shares.