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Dixon Technologies con call was today at 4:00 PM.

"Company will be focusing on expenditure in R&D and disciplined capital allocation for future growth"

Here are the key takeaways of the call. 😀

@sonalbhutra @drprashantmish6 @varinder_bansal @Milind4profits @gvkreddi

🧵👇

 Opening remarks

- Company had a good all around performance with highest sales.

- Growth of 120% in revenue

- EBITDA had a robust growth of 89%.

- Growth has been broad based.

- order book continues to be very strong.

- Growth is reflected across businesses.
- Overall demand outlook remains positive

- Due to global trade mismatch in commodity prices resulted in higher input cost and disturbed supply chain

- It could disturb the ODM revenue a bit
- Company is well positioned with robust balance sheet with good cash position.

- Company is focusing towards investing in people and R&D

- Company is extremely focused towards disciplined capital allocation
LED

- govt regulation has helped in growth.

- Company did well in this segment because of backward integration, operating leverage & sales of larger size tv.

- 4.4 million capacity that is 30% of India's total requirement

- Company is expanding its capacity to 5.5 millions
- Lighting

- Within a short span of time company has recached back to pre-covid levels.

- margins expanded to 9.5%

- Solutions for smart lighting segment and emergency lighting.

- Order book is very healthy thus company is expanding the capacity further more
- Decorative lamp capacity has been expanded.

- Company is setting up a new factory for lighting and will be operational by Q3 of next fiscal year.

- Company has started exporting to US & Indonesia.

- Company is in talks with very large retailer internationally.
- The team is developing household lighting solution

- Company is looking to venture into international markets

- Global market is 8 billion dollar. Company is globally no.2 or 3 manufacturer.
Washing machine Business

- Margins would be under some pressure this quarter

- Order book remains very high thus, company is going to expand the capacity of semi automatic in Dehradun.

- Tirupati plant is almost complete
Mobile Phones

- Revenue grew by 114%

- commercial production has started for Nokia

- commercial production for Motorola will start soon

- The new factory under PLI scheme is being constructed.

- The annual capacity for smartphone would be 20 million
- From this quarter company would start reporting the revenues of this vertical separately

- Company has the largest capacity for 2g phones which is used for domestic and export sales

- ROC will be robust and there will be quick payback on the project.
- Company is seriously considering backward integration in Chargers, batteries & mechanics

Medical electronics

- Healthy operating margin with very high level of ROCE

- Company has entered into wearables segments

- Reverse logistics segment: Mainly for set up boxes and LED TV
- Motorola business is going to be mainly for international market.

- 4-5 years is good enough time for government to support the manufacturing industry that is in nascent stage.

- Company will do business in segments that are not in PLI scheme as well
PLI scheme

- Nokia and Motorola are the first 2 customers that the company has finalized.

- The order made by Motorola is almost exceeding the govt ceiling.

- Motorola production is to cater the global markets

- Due to PLI there would be deepening of manufacturing in India
- Samsung has a good relationship with Dixon. The company is producing 2g smartphones

- Samsung is eligible for PLI scheme in smartphone business

Pli scheme

- Due to supply chain constraints the company will not be able to meet the thresholds
- Other competitors would also not be able to achieve the threshold

- Next year threshold will be met fairly faster.

- issue is not with order book. issue is with supply chain management.
- Market has shifted from 32 inches to 43 inches which has led to expansion in revenue and margins.

- Company has added smasung, flipkart's private label, Reliance's private label and tata croma for sales

- Almost 75% of revenue are coming from Xiaomi and Samsung in LED TV
- This revenue from top 2 customer will get lower to 65% with more customer acquisition

Motorola partnership

- By year 3 or year 4 the company would be catering the 30-40% of Motorola's demand. The China production is mainly being shifted to India
- Dixon has passed the the level 1 quality audit & the commercial production will start by next quarter.

- Lower Cost would be achieved by the company.

- Nokia production would be for domestic market.
- Company is in talks with another large mobile brand for smartphone manufacturing.

Backward integration

- Company is not looking for backward integration in terms of PCB
Capex

- Lighting side: Capacity would be coming in Uttarakhand

- PLI week of lighting would be announced by 2nd week of feb and the company would be applying for that.

- 104 crores Capex has been done till now for washing machine and Pli project
Volumes

Consumer electronics volume has been 200%

- Washing machine 2.4 lacs

- 75 lac for mobile phones

- Cctv 9lac

- Setup box 9 lac

- Medical equipment 450 units

- Talent acquisition

- Strengthen the HR department
- Strengthen middle management team in design, manufacturing, quality management system.

- Have tied up with global consultant in this talent management

- Company is strengthening the IT segment
New opportunity for PLI

- Company is looking for IT and wearables PLI.

- For IT the company has a good relationship with a very large brand.

- cost and productivity is better in India than in Vietnam.

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Aarti Drugs conducted their earnings con-call today at 4:00 PM

"Target of 4500+ cr topiline till 2025"

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Here are the key highlights 😀👇

Business Updates:
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(Blog & a Summarized

Govt. of India recently passed 3 Farm bills relating to Agriculture sector to bring speedy reforms in Agriculture.
To attract more private investments from the big FMCGs like ITC [E-Choupal] and doubling Farmers income by 2022.

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Solara Active Pharma Science con call was today at 3:30 PM.

@Gautam__Baid @unseenvalue @drprashantmish6 @rdkriplani

Here are the key takeaways of the call. 👇🧵

Business Updates:

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How Amazon makes money?

[ Amazon's business model decoded😃]

@dmuthuk @unseenvalue @FI_InvestIndia @Vivek_Investor @drprashantmish6 @caniravkaria

🧵👇


1/ A person named Jeffery earns 100 dollars per month and has an expenditure of 120 dollars monthly. He has a very good reputation in the society. So, he takes a loan of 1k dollars for a month and this 1k cash is invested in new business ventures.

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Zurich axioms - A book on Risk taking, by Max Gunther

@safiranand @jposhaughnessy @Vivek_Investor @BalakrishnanR @Covel @shyamsek @_anshulkhare

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#Bookthread 👇🧵


Switzerland, a country with no strategic or geographical advantage, became the world’s banker by learning how to manage risk and facing it head on.

Zurich axioms are simple rules in order to learn about betting to win.

The First Major Axiom:
ON RISK

- Life is an adventure. In order to experience life to its full potential one has to take meaningful risk.. All Investments are speculation. Some people accept it. some don’t.
Always play for meaningful stakes.


- An investment with a small stake would not incur significant loss but will not generate any significant gain too. It should also not be so huge that loss would bankrupt a person.

- Resist the allure of diversification. The more one diversifies, the smaller the speculation gets. Through diversification all the losses and gains are likely to cancel out and no sizable difference is made.
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