Dixon Technologies (India) Ltd

- There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript. - Debt levels have increased due to acquisition and increased business, but no new debt raising plans were discussed. - Management emphasized strong capital allocation discipline and effective working capital management. - CAPEX guidance for FY25 is around 550-580 crores, with future CAPEX still under consideration. - No direct comments on raising equity were made. - Management focus appears to be on internal accruals and operational efficiencies to fund growth. Overall, no specific announcements or plans for new fundraising via debt or equity were disclosed during this call.

- FY25 CAPEX guidance: Approximately ₹550-580 crores by year-end; ₹360 crores already spent in first half. - Additional CAPEX planned for backward integration, especially in component business including HKC plant (~₹375 crores) and other projects under evaluation (~₹370 crores). - Chennai IT hardware facility (3 lakh sq. ft) to be ready by December 2024, supporting expansion with HP, Asus production targeted by Q4 FY25. - Phase one IT hardware CAPEX: ₹150 crores for 1.2 million units capacity, with plans to expand to 3-3.5 million units. - Pursuing strategic investments in industrial and automobile electronics, PCBA manufacturing in advanced stages of discussion. - Potential monetization opportunity from unlisted company investment (expected listing in 6-8 months), cash inflow timing TBD. - Overall, focused on deepening backward integration, component ecosystem, and scaling IT hardware and mobile businesses.

- Mobile phones expected to be the largest growth driver over the next two years, with current run rates of ~2.7-2.8 million units per month. - IT hardware business (laptops, tablets) is scaling up rapidly, targeting ~4500 crores in revenue from around 1.2 million units, with production starting for key brands like HP, Asus, Acer, Lenovo. - High-margin backward integration/component business projected to start contributing meaningfully to margins and revenue in 15-18 months, with planned CAPEX around 370-375 crores. - Lighting and telecom segments expected to grow with new product additions and capacity expansions. - Post-PLI (Production Linked Incentive) period, growth expected to be sustainable supported by strong domestic manufacturing and diversified customer base. - Overall revenue grew 133% year-on-year to 11,528 crores in Q2 FY25, with a healthy order book and multiple brand associations signaling continued strong growth trajectory.

- Margins expected to gradually improve starting in the next 15-18 months due to operating leverage and backward integration, currently around 3.6%-3.9% (Page 21). - Growth drivers for the next two years are largely mobile and IT hardware businesses, which are lower margin; high margin businesses will contribute meaningfully later (Pages 20-21). - Earnings growth expected from margin expansion post 18 months as high margin component business scales up (Pages 20-21). - Consolidated PAT growth in Q2 FY25 was 265% YoY (includes a fair value gain); adjusted PAT growth was 109% YoY, showing strong earnings momentum (Page 4). - Operating profit and ROCE expected to improve with scale and backward integration initiatives (Pages 16-17). - PLI incentives will support margin expansion but not factored in budgeting yet, indicating further upside potential (Page 17).

- Telecom business order book is extremely healthy, with expectations of reaching INR 6000 to 7000 crores next year. (Page 14) - Mobile segment order book is strong, supported by sharp ramp-up in volumes and acquisition of Ismartu. (Pages 9, 8) - Order book for mobile and IT hardware segments looks robust, with expected continued growth. (Pages 8, 14) - No specific figures given for Ismartu beyond current year revenue projections of INR 7000-7500 crores. (Page 7) - Discussions ongoing to expand manufacturing and partnerships, indicating potential future order growth. (Pages 4, 11)